Saxon Reports 3Q Loss

Saxon Capital Inc., a residential mortgage lender and real estate investment trust based in Glen Allen, Va., has reported a net loss of $26.4 million ($0.53 per share) for the third quarter, compared with net income of $31.9 million ($0.63 per share) a year earlier.Saxon, which is being acquired by Morgan Stanley Mortgage Capital Inc., attributed the loss to several factors, including higher short-term interest rates, rising delinquencies, and price competition. The company also reported that its net mortgage loan portfolio stood at $6.8 billion as of Sept. 30, up 9% from the level recorded a year earlier. The REIT can be found online at http://www.saxonmortgage.com.