Transnational Delisted from AMEX
Transnational Financial Network, a wholesale and retail mortgage banker operating principally in the Southwest and California, has notified the American Stock Exchange that it intends to voluntarily delist its common stock from the exchange.
But CEO Joseph Kristul insists in a news release that the company can become profitable once the woes currently being suffered in the mortgage space come to an end.
"We continue to believe that once the country's mortgage industry stabilizes, we will have a unique opportunity to expand our market share with attractive margins," he said.
He noted that some former buyers of Transnational's mortgage loans are no longer buying any loans and others have repeatedly modified lending programs and lending standards, including those related to prime credit quality borrowers as well as subprime.
In the fall of 2006, Transnational indicated that it hoped to remain listed, submitting to AMEX a plan to return to profitability in 2008 and achieve shareholder equity in excess of $2 million.
"Because the problems exacerbating the mortgage industry continue, we are less certain about the timing of stability and recovery. The delay compounds our substantial difficulties."
Transnational originates, funds and sells mortgage loans in California, Texas and Arizona.
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