Harbourton Cites Secondary-Market 'Turmoil'

Harbourton Capital Group Inc., McLean, Va., has reported a net loss of approximately $2.8 million ($0.55 per share) for the fourth quarter of 2005, in part as a result of "turmoil in the secondary market" affecting its wholesale mortgage subsidiary.The subsidiary, Harbourton Mortgage Investment Corp., originated $189.2 million in loans in the fourth quarter, down 33% from $280.6 million in the previous quarter, the parent company said. HMIC's fourth-quarter loan sales totaled $202.7 million, with an average gain on sale of 2.07%, compared with $250.5 million and an average gain on sale of 2.53% in the third quarter, Harbourton reported.