Press Release & News
FOR IMMEDIATE RELEASE
Abode Mortgage Corporation Announces Updates
to Strategic Plan in Current Capital Market Environment
VANCOUVER, BRITISH COLUMBIA-Abode
Mortgage Corporation (TSX VENTURE:ABD), a residential
mortgage lender, has made strategic changes to its business
model to take advantage of more liquid capital market
avenues given the current credit market conditions.
AMC has initiated a series of strategic steps, documented
by recent press releases, designed to achieve and maintain
a growth-oriented mortgage securitization model.
AMC expanded into Ontario and now operates in the four
western Provinces and Ontario. The addition of Ontario
has resulted in a significant increase in mortgage application
traffic. AMC now competes in markets representing approximately
eighty percent of all mortgage volume in Canada.
AMC recently announced the appointment of Alistair
Taylor as President adding valuable in-house legal expertise.
This appointment facilitates contract processes which
further support the company's securitization whole loan
sale model.
AMC altered its original business model to include
sourcing of insured mortgage assets through its recently
renewed warehouse facility at Deutsche Bank AG. AMC
has successfully completed whole loan sales on both
an insured and uninsured basis to ensure ongoing funding
capacity through warehouse facilities. AMC has expanded
its product line to include prime 'A' mortgage offerings.
Michael J. Linehan, Chief Executive Officer states,
"The capital market disruption commencing August
2007 required AMC to formulate a strategic response
to gain liquidity and sustain successful future operations.
In the present capital market environment the advantage
of gaining liquidity via insured mortgage origination
far outweighs the benefit to AMC of generating fee income
from uninsured mortgage origination."
To learn more about AMC and its outlook please visit
us at www.abodecorp.com.
About Abode Mortgage Holdings Corp.
Abode Mortgage Holdings Corp. is a publicly traded
company on the TSX Venture Exchange under the symbol
ABD, and through its wholly owned subsidiary, Abode
Mortgage Corporation, provides residential mortgage
financing to Canadians in the markets we serve. Headquartered
in Vancouver, Abode Mortgage Corporation is delivering
a new standard of service excellence to the Canadian
residential mortgage industry by providing simplified
products, consistent underwriting decisions, competitive
pricing and compensation programs. The company launched
its lending operations in Western Canada and recently
expanded into the Province of Ontario.
Information about Abode Mortgage Corporation is available
on the Internet at: www.abodecorp.com
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
For further information, contact:
Mike J. Linehan
CEO
Abode Mortgage Holdings Corp.
Telephone: 604.642.2633
Email: ir@abodecorp.com
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