ContiFinancial Corporation Announces 36.5% Increase In Second Fiscal Quarter Earnings.

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ContiFinancial Corporation Announces 36.5% Increase In Second Fiscal Quarter Earnings.

NEW YORK--(BUSINESS WIRE)--Nov. 3, 1997--

Highlights for the Quarter:

- Net Income increased 36.5% to $34.8 million.

- Earnings per common share increased 25.9% to $0.73.

- Sales and securitization of home equity, home improvement

and other residential mortgage loans by ContiFinancial's

subsidiaries increased 97.7% to $1.610 billion; originations

increased 82.1% to $1.612 billion.

- ContiMortgage's servicing portfolio reached $8.2 billion, up

68.2%.

- Home equity delinquencies increased to 4.27% from 3.68% as of

June 30, 1997, but remained within the projected bands for the

fiscal year of 3.75% - 4.50%; defaults remained relatively

stable at 4.97%, as compared to 5.05% at June 30, 1997.

- The Company originated $384 million and securitized $328

million of commercial real estate mortgage loans.

- The Company sold $99.7 million of Net Interest Margin

securities and arranged a $275 million unsecured commercial

paper program.

- On October 1, 1997, the Company purchased Fidelity Mortgage

Decisions Corporation, a Chicago-based wholesale and retail

originator of h...