Origen Reports 3Q Loss

Origen Financial Inc., Southfield, Mich., has reported a net loss of $6.1 million ($0.24 per share) for the third quarter, compared with net income of $1.4 million ($0.06 per share) a year earlier.The manufactured housing mortgage lender blamed loan-loss provisions and asset impairment charges as a result of hurricanes Katrina and Rita plus a $900,000 charge to earnings as a result of eliminating loan-loss recourse liability with Vanderbilt Mortgage and Finance, Knoxville, Tenn. The charge to earnings as a result of the hurricanes totaled $4.7 million. In spite of the loss, Origen, structured as a real estate investment trust, has announced that it will pay a quarterly dividend of $0.06 per share to holders of its stock as of Nov. 21. The factors considered by the company's board included the profitability of its ongoing operations, liquidity, and estimated REIT taxable income, Origen said.