These net losses
were partially offset by higher servicing income related with an increase in the Company's MSRs valuation due to a decrease in anticipated mortgage prepayment rates and higher commissions, fees and other income.
Statements regarding our net losses
related to Hurricane Katrina contained in this release are forward-looking statements within the meaning of the U.
pool factor of 29% and cumulative net losses
pool factor of 48% and cumulative net losses
While credit enhancement levels for FIB Business Loan Notes, series 1999-A are adequate after 37 months of performance, cumulative net losses
to date rose sharply from 2.
As a result of its 2001 net losses
, the Company intends to file a refund of previously paid taxes of approximately $2.
Excluding these one-time non-cash losses from both years, the Company reported net income of $269,000 and $547,000 for the fourth quarter and full year ended December 31, 2001, respectively, versus net losses
of $743,000 and $1,566,000 for the same periods last year.
Due to these efforts we were able to sequentially reduce net losses
despite a drop in revenue.
, excluding the non-cash stock based compensation charge, show an increase in the loss of earnings per share.
The net losses
for 2000 and 1999 include non-cash stock compensation charges of $397,000 and $4,618,000, respectively.
MFN's aggregate net losses
for the interim periods ended June 30, 1999 and September 30, 1999, were not affected by the stock split and have not been restated.
Net loss for the third quarter was $5,838,196 and for the nine months was $18,537,691, compared with net losses
of $1,258,536 and $2,258,536 for the prior year periods respectively.