There was a rapid demise of dozens of so called sub prime lenders shortly after the real estate bust of over a year ago, but things have been quiet since then. Till today, November 30, 2009, when a small but useful company called Adobe Mortgage Corporation quietly closed their doors for further business.
Abode Mortgage Holdings Corp. Announces the Closure of the Company's Mortgage Origination Business
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Abode Mortgage Holdings Corp (TSX VENTURE:ABD) (the "Company" ) today announces that the sale of its wholly-owned subsidiary, Abode Mortgage Corporation (AMC), as described in the Company's November 27, 2009 press release is no longer proceeding. Further, the interim funding and mortgage loan purchase arrangements referred to in the release have terminated. Without an established funding and whole loan purchase arrangement, AMC cannot properly carry on its business and the Directors of the Company have decided to cease operations.
In commenting on these developments, the Company's CEO, Mike Linehan, stated: "Management and the staff of AMC are devastated by the decision to cease operations. However, without a committed mortgage funding and whole loan sale partner, the business of AMC is not viable. We wish to thank our loyal industry partners and deeply regret our inability to carry on in business."
About Abode Mortgage Holdings Corp.
Abode Mortgage Holdings Corp. is a public company trading on the TSX Venture Exchange under the symbol ABD.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release, and has in no way passed upon the merits of the proposed transaction.
For more information, please contact
Abode Mortgage Holdings Corp.
Mike Linehan
CEO
ir@abodecorp.com
www.abodecorp.com
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