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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: shades who wrote (60462)	5/8/2006 10:07:45 AM
From: shades	Respond to of 110194

Xceed Mortgage Sees 2Q Net Below Yr Ago >XMC.T Dow Jones Newswires Xceed Mortgage Corp. (XMC.T) expects to report a "small decline" in second-quarter earnings after mortgage fundings of C$133.2 million in the period were lower than expected and below the C$181.6 million recorded a year earlier. The Toronto mortgage lender said the lower-than-expected mortgage funding level is due to the simultaneous arrival of new competitors and products focused on the high ratio segment of the subprime mortgage market intended for distribution in the mortgage broker channel. In the year-earlier second quarter, Xceed earned C$3.4 million. On a year-to-date-basis, Xceed said it expects earnings to be higher than the C$6.5 million reported for the first six months of fiscal 2005. It noted that year-to-date mortgage securitization sales were C$338.3 million, up from C$260.2 million. Xceed expects to report second-quarter results on June 8. -Judy McKinnon; 416-306-2100; AskNewswires@dowjones.com (END) Dow Jones Newswires May 08, 2006 09:56 ET (13:56 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.- - 09 56 AM EDT 05-08-06