Origen Financial has reported a net loss of $4.42m, or $0.17 per share, for the fourth quarter ended December 31, 2008, as compared to a net loss of $39.13m, or $1.54 per share, for the fourth quarter ended December 31, 2007.
For the full year ended December 31, 2008, the company has reported a net loss of $35.36m, or $1.38 per share, versus a net loss of $31.77m, or $1.26 per share, for the full year ended December 31, 2007.
The company’s total assets as of December 31, 2008 were $965.53m as compared to $1.28 billion as of December 31, 2007.
Ronald Klein, Origen’s CEO, said: Our loan portfolio performance continued to be strong in the fourth quarter of 2008, and that performance has continued so far into 2009. We are especially pleased with this performance in light of the continuing decline in housing prices and the increase in the unemployment rate. Our 30-day+ delinquency rate increased moderately in the fourth quarter, but delinquencies have declined consecutively for the past three months with February’s 30+ rate ending at 2.14%.
Origen Financial is an internally-managed and internally advised company specialising in the manufactured housing finance business that has elected to be taxed as a real estate investment trust (REIT).
