Items Tagged with 'Richard Wrenson'

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  • Capital Alliance Facing Mounting Losses, Future in Question

    Capital Alliance Income Trust Ltd., a residential mortgage REIT, said Friday that it is facing rapidly increasing pressure from deteriorating market conditions in the subprime credit sector. The San Francisco-based company said that it now expects to report $1.35 million in losses for 2006; in late December, the company had said it expected to lose $900,000. Primarily an investor in residential subprime mortages, CAIT lost $307,308 during 2005. In a letter to shareholders, CAIT president Richard Wrenson said that approximately 34 percent of the REIT's mortgage loans are currently classified as non-performing assets, as measured by mortgage payments delinquencies in excess of 60 days.
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