BNC Mortgage, Inc. Reports Greenlight Withdraws Proposal to Purchase BNC Mortgage, Inc

Business Wire, May 12, 2000

Business Editors

IRVINE, Calif.--(BUSINESS WIRE)--May 12, 2000

BNC Mortgage, Inc. (Nasdaq: BNCM) Friday announced that it has received formal notification that Greenlight Capital, Inc. has withdrawn its previously announced offer to buy BNC Mortgage.

The withdrawal of the offer by Greenlight Capital does not affect BNC Mortgage's previously announced agreement to merge with an entity formed by an investor group led by senior members of BNC Mortgage's management. Under this agreement, the public stockholders of BNC Mortgage will receive $10 per share in cash.

BNC Mortgage is a specialty finance company engaged in the business of originating, purchasing and selling, on a whole loan basis for cash, conforming and non-conforming, residential mortgage loans secured by one-to-four family residences.

Except for historical information contained herein, this news release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended in Section 21E of the Securities Exchange Act of 1934, as amended and involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements can be identified by the use of words "anticipate," "may," "will," expect," "intend," "could," "would," and "remain," "continue," or the negative or other variations thereof or comparable terminology. The company's actual results could differ materially from those anticipated in the forward-looking statements based on changes in the company's business strategy.