Origen Reports 2Q Loss

Origen Financial Inc., a real estate investment trust that had been a major lender and servicer in the manufactured housing sector, has reported a net loss of $4.8 million ($0.19 per share) for the second quarter, compared with net income of $2.8 million ($0.11 per share) a year earlier. The company said that on July 31 it completed the sale of "certain assets of our origination and insurance business" to an affiliate of ManageAmerica, a provider of services to the manufactured housing industry. This followed the July 1 sale by Origen of its servicing operations and platform to Green Tree Servicing LLC. The company took in proceeds of $36.7 million from that transaction. Origen said its business model is now focused on managing residual interests in securitized manufactured housing loan portfolios. Origen can be found online at http://www.origenfinancial.com.