This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Abode Mortgage to sell mortgage origination business 2009-11-27 10:09 ET - News Release Mr. Mike Linehan reports ABODE MORTGAGE HOLDINGS CORP. ANNOUNCES SALE OF THE COMPANY'S MORTGAGE ORIGINATION BUSINESS Abode Mortgage Holdings Corp. has entered into an agreement in principle with a private Vancouver-based investment firm for the sale of the company's mortgage origination business. Under the agreement, the new owner will pay to the company up to $3.5-million by annual cash instalments for the shares of its wholly owned subsidiary, Abode Mortgage Corp., and related entities, and will recapitalize the business so that operations can be continued on a seamless basis under the new ownership.
The agreement is the culmination of a process undertaken by the company's board and management to recapitalize the company. This process has been accelerated by the decision of the company's financier and whole loan purchaser to withdraw from its existing financing agreement with the company. The company has made arrangements for interim financing and mortgage loan purchases, and is in discussions with several financial institutions to provide replacement lending and mortgage purchase facilities. The remainder is available to Stockwatch subscribers.
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