Origen Financial Slips To Loss In Q4; Plans Possible Sale Of Assets Or Entire Company; To Suspend Loan Origination Portfolio - Quick Facts
Thursday, March 13, 2008; Posted: 11:30 PM
(RTTNews) - Origen Financial Inc. (
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) reported fourth quarter net loss of $39.1 million or $1.54 per diluted share, compared to a net income of $2 million or $0.08 per diluted share in the same period last year.
Total interest income for the quarter rose to $25.06 million from $20.22 million in the year-ago quarter. Net interest income after losses and impairment declined to $4.98 million from $5.42 million in the last year period.
The company said that recent and current conditions in the credit markets have adversely impacted its business and financial condition.
The company said its board is assessing possible continuation of company's business that is currently pared down to third-party fee business and management of $1 billion loan portfolio and also a possible sale of certain company assets or entire company. The company said it has been in discussions and expects to sell its un-securitized loans.
Origen also announced its decision to suspend portfolio loan originations and steps to right-size its workforce.
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