FMF Capital Group Ltd. Announces Co-CEO Resignation



    TORONTO, Jan. 31 /CNW/ - FMF Capital Group Ltd. (TSX:FMF.UN) announced
today that the Board of Directors has accepted the resignation of Edan King as
Co-Chief Executive Officer of FMF Capital Group, including Mr. King's
resignation from all of his elected or appointed positions with FMF Holdings
LLC and FMF Capital LLC, effective January 31, 2007. Robert Pilcowitz will
continue to serve FMF Capital Group as Chief Executive Officer and will waive
his compensation until further notice. The positions vacated by Mr. King will
not be filled. FMF Capital LLC, the operating company, has continued to
tighten its mortgage lending guidelines and reduced its corporate staffing
levels in response to mortgage industry developments and institutional
investor requirements.

    FMF Capital Group is a residential mortgage lending company that
originates and funds primarily nonconforming or "nonprime" mortgage loans in
the United States and sells those mortgage loans to institutional loan
purchasers within an average of 39 days of funding (for the fiscal year ended
March 31, 2006). Also during the fiscal year ended March 31, 2006, FMF Capital
Group originated its mortgage loans through a network of more than 4,400
independent mortgage brokers, in 39 of the 50 United States and in the
District of Columbia.

    When used in this news release, the words "anticipate", "expect",
"project", "believe", "estimate", "forecast" and similar expressions are
intended to identify forward-looking statements, which include statements
relating to pending and proposed strategies or business and economic
conditions. Such statements are subject to certain risks, uncertainties and
assumptions pertaining to operating performance, regulatory parameters,
weather and economic conditions and, in the case of mortgage originations and
sales, regulatory processes and requirements, ongoing financing and
performance of other parties, including partners, institutional loan
purchasers and suppliers. Actual results could differ materially from those
described in the forward-looking statements. The company does not assume
responsibility for the accuracy and completeness of these forward-looking
statements and does not undertake the obligation to publicly revise these
forward-looking statements to reflect subsequent events or circumstances. This
press release should be read in conjunction with FMF Capital's financial
statements, notes to the financial statements and management's discussion and
analysis which are available at www.sedar.com.

    %SEDAR: 00021796E




For further information:

For further information: Howard Morof, Chief Financial Officer, (248)
799-4000, investorrelations@fmfcapital.com

Organization Profile

FMF CAPITAL GROUP LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890