CountryPlace Extends Warehouse Facility

Palm Harbor Homes Inc., Dallas, has extended the warehouse borrowing facility of its full-service lending subsidiary, CountryPlace Mortgage Ltd., until April 30. The facility, with $42.2 million outstanding, was scheduled to expire on March 14. The company said it will stop taking applications for nonconforming chattel loans during the extension period but will continue to originate conforming mortgage loans. Larry H. Keener, chairman and chief executive officer of Palm Harbor, said the extension "reflects directly on the consistent performance" of the company's portfolio. "Because of our careful underwriting and intense servicing, default rates and losses have been significantly lower than those experienced with manufactured home loans securitized in the late '90s, or than those experienced recently in the subprime mortgage industry," he said. The company can be found online at http://www.palmharbor.com.