MH REIT Has Fourth Quarter Loss

Origen Financial Inc., Southfield, Mich., saw an improvement in its fourth quarter results, posting a net loss of $4.4 million ($0.17 per share) for the quarter ended Dec. 31, 2008, as compared with a net loss of $39.1 million ($1.54 per share) for the fourth quarter of 2007. The company, formerly an originator of manufactured housing loans but now just a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, had a net loss of $35.4 million ($1.38 per share) for the full year 2008 vs. a net loss of $31.8 million ($1.26 per share) for the full year of 2007. Ronald A. Klein, Origen's chief executive, said the company's loan portfolio performed well in the fourth quarter and that has continued into 2009. However, he continued " our portfolio is now an aging static pool which is approaching its peak default years. Accordingly, we expect to see increases in both delinquencies and defaults. In the current economic environment we expect our borrowers to face challenges especially if the unemployment rate continues to increase."