Centex, a large publicly traded home builder that also controls a top 30 residential originator, said that it will suspend its regular quarterly cash dividend due to "deteriorating economic conditions." Among residential funders the Centex-owned CTX Mortgage ranks 26th, according to the Quarterly Data Report. The company said it is suspending the dividend payable to common shareholders to conserve capital and build liquidity "during this difficult business environment." Over the past four quarters it paid out $20 million in dividends to shareholders. In the second quarter CTX Mortgage originated $1.6 billion in home mortgages, a 40% decline from the same period a year ago.
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