Saxon Capital, Inc. Announces its Retail Business is now Conducted Under a New Trade Name: Saxon Home Mortgage
January 05 2006 - 5:54PM
Business Wire
Saxon Capital, Inc. ("Saxon" or the "Company") (NYSE: SAX), a
residential mortgage lending and servicing real estate investment
trust (REIT), today announced that effective January 1, 2006, it
began conducting its retail business in its wholly owned indirect
subsidiary, Saxon Mortgage, Inc. under the trade name, "Saxon Home
Mortgage". This consolidation of all of the Company's production
channels into Saxon Mortgage, Inc. was accomplished by merging the
Company's wholly owned indirect subsidiary, America's MoneyLine,
Inc. into Saxon Mortgage, Inc., with Saxon Mortgage, Inc. remaining
as the successor company. "This name change is an important step in
the Company's continuing effort to restructure its
direct-to-consumer lending platform. The Saxon Home Mortgage name
and operating platform will compliment the existing indirect
origination channels while continuing to provide superior customer
service and mortgage products commonly identified with the Saxon
brand", said James V. Smith, Executive Vice President of Production
at Saxon. Saxon Home Mortgage originates non-conforming mortgage
loans directly with consumers through a network of regional
branches and centralized lending platforms throughout the United
States. About Saxon Saxon is a residential mortgage lender and
servicer that manages a portfolio of mortgage assets. Saxon
purchases, securitizes, and services real property secured
mortgages and elects to be treated as a real estate investment
trust (REIT) for federal tax purposes. The company is headquartered
in Glen Allen, Virginia and has additional primary facilities in
Fort Worth, Texas and Foothill Ranch, California. Saxon's
production subsidiary, Saxon Mortgage, Inc., originates and
purchases loans through indirect and direct lending channels
through a network of brokers, correspondents, and retail lending
centers. As of September 30, 2005, Saxon's servicing subsidiary,
Saxon Mortgage Services, Inc., serviced a mortgage loan portfolio
of $26.4 billion. For more information, visit
www.saxoncapitalinc.com. Information Regarding Forward Looking
Statements Statements in this news release other than statements of
historic fact, are "forward-looking statements" that are based on
current expectations and assumptions. These expectations and
assumptions are subject to risks and uncertainty, which could
affect Saxon's future plans. Saxon's actual results and the timing
and occurrence of expected events could differ materially from its
plans and expectations due to a number of factors, such as (i)
changes in overall economic conditions and interest rates, (ii)
Saxon's ability to successfully implement its growth strategy,
(iii) Saxon's ability to sustain loan origination growth at levels
sufficient to absorb costs of production and operational costs,
(iv) continued availability of credit facilities and access to the
securitization markets or other funding sources, (v) deterioration
in the credit quality of Saxon's loan portfolio, (vi) lack of
access to the capital markets for additional funding, (vii)
challenges in successfully expanding Saxon's servicing platform and
technological capabilities, (viii) Saxon's ability to remain in
compliance with federal tax requirements applicable to REITs, (ix)
Saxon's ability and the ability of its subsidiaries to operate
effectively within the limitations imposed on REITs by federal tax
rules, (x) changes in federal income tax laws and regulations
applicable to REITs, (xi) unfavorable changes in capital market
conditions, (xii) future litigation developments, (xiii)
competitive conditions applicable to Saxon's industry, and (xiv)
changes in the applicable legal and regulatory environment. You
should also be aware that all information in this news release is
as of January5, 2006. Saxon undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in the company's expectations.
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