Corporate Profile for ContiFinancial Corporation, dated December 4, 1998.--(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: December 4, 1998
Company Name: ContiFinancial Corporation
Address: 277 Park Ave.
New York, N.Y. 10172
Main Telephone
Number: 212/207-2800
Chief Executive
Officer: James E. Moore, President
Chief Financial
Officer: Daniel J. Willett, Senior Vice President
Investor Relations
Contact: Jerome M. Perelson, Senior Vice President and
Chief Credit Officer
Business number: 212/207-5402
Public Relations
Contact: Jerome M. Perelson, Senior Vice President and
Chief Credit Officer
Business number: 212/207-5402
Trading Symbol/
Exchange: CFN - NYSE
Industry: Diversified financial services
Market Makers: Merrill Lynch & Co.; Bear, Stearns & Co. Inc.
Company description: 6 ContiFinancial Corporation is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company, with headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and over 3,000 employees nationwide. The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting , securitizer, and servicer of home equity loans made to borrowers whose needs may not be met by traditional financial institutions. Through ContiTrade Services L.L.C., the Company also provides financing and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. services and, through ContiFinancial Services Corporation, bond placement services, to subsidiaries and other originators of a broad range of loans, leases and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , including loans for a variety of commercial real estate property types; home equity loans; home improvement loans; prime, non-prime and sub-prime auto loans; equipment leases; charged-off consumer debt; franchisee loans and time-share time-share v. time-shared, time-shar·ing, time-shares v.tr. 1. Computer Science To use (a computer) by time-sharing. 2. To occupy (a vacation property) by time-sharing. v. loans. -0-
CONTIFINANCIAL CORPORATION
Six Months Ended 9/30/98
(Dollars in thousands, except per share data)
(Unaudited)
A.Consolidated Statements of Income
Total Gross Income $ 152,971
Total Expenses $ 328,411
Net Income (Loss) $ (108,231)
Diluted Earnings (Loss) Per Common Share$ (2.33)
B.Selected Balance Sheet Data
Interest-only and Residual Certificates $ 793,753
Receivables Held for Sale, Net $ 950,686
Total Assets $ 3,813,446
Long-term Debt $ 699,293
Total Stockholders' Equity $ 519,473
C.Selected Loan Portfolio Data
ContiMortgage Serviced Loan Portfolio $12,535,874
at September 30, 1998
Total Home Equity, Home Improvement $ 4,677,331
and Other Residential Mortgage
Loan Originations
Total Commercial Real Estate Mortgage $ 1,862,802
Loan Originations
Triad Auto Loan Originations $ 172,953
Total Securitizations and Sales $ 5,603,243
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