FMF Capital Group Ltd. Announces Wind-Down of Business



    TORONTO, March 9 /CNW/ - FMF Capital Group Ltd. (TSX:FMF.UN) announced
today that it has decided to conduct an orderly wind-down of the business and
operations of FMF Capital LLC, the operating subsidiary of the Company. This
decision by the Company was made as a result of the continuing rapid and
severe deterioration of the U.S. nonprime mortgage industry and other factors
affecting its overall nonprime mortgage business. As previously announced, the
Company retained a financial advisor to explore all potential strategic
alternatives, including a potential sale of the business, which efforts did
not result in any viable alternative.

    FMF Capital Group was a residential mortgage lending company that
originated and funded primarily nonconforming or "nonprime" mortgage loans in
the United States and sold those mortgage loans to institutional loan
purchasers. 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: 

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