First Financial Reverse MortgagesThe first financial reverse mortgages
Knight's Reverse Mortgages Department keeps equity healthy
The Urban Financial Group, which Knight purchased for $28 million in 2010, is a leader in reverse mortgages that enable older home-owners to pay out homeowners' own funds while they live there. "Knight's losses in connection with a stock market tech problem on August 1 had no effect on Urban Financial's financial base," said Knight spokesperson Kara Fitzsimmons.
On Thursday, Knight fought for his livelihood after a trade disruption that shook the market destroyed $440 million of the company's equity, which forced it to look for new financing as its stock collapsed more than 70 per cent in two consecutive business days. However, the company's stock price was still below the level of the previous year. In the second half of the year, Urban Financial averages $140 million per month, Knight Executive said during a July telephone call.
In the first half of 2012, it also took 4th place in the segment of new entrants to wholesaling and retailing. Throughout the second Quarter, Urban Financial spent $427 million on reverse mortgage-backed debt, or 20 per cent of industrial issues, the firm said on the call. Out of the $5 billion in financial assets Knight held at the end of the second trimester, about $2.7 billion are reverse mortgages wrapped in Ginnie Mae shares.
Immovable property in the form of mortgages is created by the Federal Housing Administration. You are obliged to comply with the net minima and the level of minima. And Knight said he said it' in full accordance with the standard.
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