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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: marketmover who wrote (1623)	3/1/1999 6:49:00 PM
From: RockyBalboa	Respond to of 19428

Specialty financiers? ->BNC Mortgage, Inc. is a specialty finance company that orginates and sells, on a whole loan basis for cash, non-conforming residential mortgage loans secured by one-to-four family residences. For the six months ended 12/31/98, total revenues increased 51% to $30.1 million. Net income increased 32% to $4.7 million. Results reflect increased cash gains on the sale of mortgage loans, partially offset by an increase in employees salaries and commissions. ->UC is a financial services holding company primarily engaged in the origination, purchase, sale and servicing of first mortgage, non-conventional, home equity loans. ..... ->FIRSTPLUS Financial Group is a specialized consumer finance company that originates, purchases, services and sells consumer finance receivables. .... Interesting sector Could that be the reason that BNCM goes so cheap? From the 10-Q: BNC Mortgage, Inc. ("BNC" or the "Company"), is a specialty finance company engaged in the business of originating, purchasing and selling, on a whole loan basis for cash, non-conforming and, to a lessor extent, conforming, residential mortgage loans secured by one-to-four family residences. The term "non-conforming loans" as used herein means (i) subprime loans, which are loans made to borrowers who are unable or unwilling to obtain mortgage financing from conventional mortgage sources, whether for reasons of credit impairment, income qualification, credit history or a desire to receive funding on an expedited basis and (ii) non-conforming loan products for primarily high credit borrowers whose credit scores equal or exceed levels required for the sale or exchange of their mortgage loans through the Federal National Mortgage Association ("FNMA") and Federal Home Loan Mortgage Corporation ("FHLMC"), but where the loan itself fails to meet conventional mortgage guidelines, such as the principal balance exceeds the maximum loan limit of $240,000 or the loan structure documentation does not conform to agency requirements. The Company's loans are made primarily to refinance existing mortgages, consolidate other debt, finance home improvements, education and other similar needs, and, to a lesser extent, to purchase single family residences. The Company has three divisions: (i) a wholesale subprime division which has relationships with approximately 4,200 approved independent loan brokers and which to date has accounted for the substantial portion of the Company's total loan originations, (ii) a wholesale prime division which originates conforming loans that meet FNMA, FHLMC and other conventional mortgage guidelines and non-conforming loan products which are not subprime loans, and (iii) a retail division which markets loans directly to homeowners. Those ones who bleed the poor souls or advance the monies for the crap tables. Julius Zinsmeister.