Origen Financial releases 2 Quarter 2011 statements

Origen_Financial_Logo posted on Manufactured Home Marketing Sales Management MHMSM.com Daily Business News MHProNews.com Marketwatch reports that Origen Financial Announces Second Quarter 2011 Results. Origen is real estate investment trust managing residual interests in securitized manufactured housing loan portfolios. They reported a net loss of $3.5 million, or $0.13 per share, for the quarter ended June 30, 2011, as compared to a net loss of $4.1 million, or $0.16 per share, for the second quarter of 2010, as restated, an improvement of approximately 15 percent. Year to date the Company recorded a net loss of approximately $6.3 million as compared to a net loss of $9.3 million, as restated, for the year ago period, an improvement of approximately 32 percent. On August 18, 2011, Origen’s Board of Directors declared a common stock dividend of $0.09 per share to be paid to holders of Origen’s common stock of record on September 2, 2011. Ronald A. Klein, chief executive officer, stated, “While our cash flow was strong during the quarter, the weak housing market continues to impact our loan pools as recovery rates remain low. Overall loan performance was stable, however we did see a small increase in delinquency in some of our pools as our borrowers remain challenged by the high unemployment rate and the weak economy.” The second quarter 2011 provision for loan losses was $6.4 million versus $6.1 million for the prior year quarter, an increase of approximately 5 percent. The year to date 2011 provision for loan losses was $13.2 million as compared to $14.0 million for the year ago period, a decrease of approximately 6 percent.

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