Origen Financial Announces Third Quarter 2011 Results

SOUTHFIELD, Mich., Nov. 17, 2011 /PRNewswire/ -- Origen Financial, Inc. (Pink Sheets: ORGN) ("Origen" or the "Company"), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a net loss of $2.1 million, or $0.08 per share, for the quarter ended September 30, 2011, as compared to a net loss of $2.9 million, or $0.11 per share, for the third quarter of 2010, as restated, an improvement of approximately 28 percent.  Year to date the Company recorded a net loss of approximately $8.4 million as compared to a net loss of $12.2 million, as restated, for the year ago period, an improvement of approximately 31 percent.

Origen's Board of Directors today declared a common stock dividend of $0.09 per share to be paid to holders of Origen's common stock of record on November 30, 2011.  The dividend will be paid on December 7, 2011 and will approximate $2.3 million. The cash dividend will represent a return of capital.

For the third quarter 2011, net interest income before loan losses and impairment decreased by approximately 14 percent to $5.0 million from $5.8 million, as restated for the third quarter 2010.  Year to date net interest income before loan losses and impairment decreased by approximately 7 percent to $16.9 million from $18.2 million.

The third quarter 2011 provision for loan losses was $4.9 million versus $5.7 million for the prior year quarter, a decrease of approximately 14 percent.  The year to date 2011 provision for loan losses was $18.1 million as compared to $19.7 million for the year ago period, a decrease of approximately 8 percent.

Non-interest expenses, including $2.2 million of loan servicing expense, were $3.1 million for the third quarter 2011, as compared to $3.9 million, including $2.6 million of loan servicing expense, for the year ago quarter, a decrease of approximately 21 percent.  Year to date 2011 non-interest expenses were $9.9 million, including $6.9 million of loan servicing expense versus the prior year total of $12.2 million, including $7.8 million of loan servicing expense, a reduction of $2.3 million, or approximately 19 percent from the year ago period.

Earnings Call and Webcast

A conference call has been scheduled for Friday, November 18, 2011, at 11:00 a.m. Eastern Time to discuss third quarter results and current operations.  The call may be accessed by dialing 800-967-7188 or 719-457-2573.  A replay will be available through November 25, 2011 by dialing 877-870-5176 or 858-384-5517 pass code 4834851.

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.

About Origen Financial, Inc.

Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in Southfield, Michigan.

For more information about Origen, please visit http://www.origenfinancial.com.

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SOURCE Origen Financial, Inc.