Press Releases

MCAN Mortgage Corporation Reports Third Quarter Earnings

11/12/2010 – PDF (32.2 KB)

Toronto, Ontario, Canada: November 12, 2010 – MCAN Mortgage Corporation ("MCAN", the "Company" or "we") reported strong results in the third quarter of 2010, with reported net income of $8.8 million, up 33% from $6.6 million in the prior year. Earnings per share were $0.61 compared to $0.46 in the prior year. Current year results included increases in fee income and equity income from MCAP Commercial LP ("MCLP"), a reversal of a significant specific mortgage allowance upon payout and lower term deposit interest and expenses, partially offset by decreases in mortgage interest income, interest on loans and investments and securitization income.

MCAN Mortgage Corporation Reports Second Quarter Earnings

08/13/2010 – PDF (33.2 KB)

Toronto, Ontario, Canada: August 13, 2010 – MCAN Mortgage Corporation ("MCAN", the "Company" or "we") reported net income of $5.6 million for the second quarter of 2010, unchanged from the prior year. Earnings per share were $0.40 compared to $0.39 in the prior year. Current year results included improved spread income and discount income from our acquired mortgage portfolios, however this was largely offset by lower fee income.

Press Release For Immediate Release

07/8/2010 – PDF (16.7 KB)

Toronto, Ontario, Canada: July 8, 2010 – MCAN Mortgage Corporation ("MCAN" or the "Corporation") is pleased to announce the appointment of William Jandrisits as President and Chief Executive Officer and a Director of the Corporation effective August 4, 2010.

MCAN Mortgage Corporation Reports First Quarter Earnings

05/11/2010 – PDF (26.7 KB)

Toronto, Ontario - May 11, 2010. MCAN Mortgage Corporation ("MCAN", the "Company" or "we") reported net income of $4.8 million for the first quarter of 2010, down from $6.4 million a year earlier. Earnings per share for the quarter were $0.33 compared to $0.45 last year. The decrease is primarily due to lower mortgage interest income and fee income and the absence of an upfront Canada Mortgage Bonds (“CMB”) program securitization gain in the current year, partially offset by lower term deposit interest and expenses.

Press Release For Immediate Release

02/16/2010 – PDF (11.2 KB)

Toronto, Ontario, Canada: February 16, 2010 – MCAN Mortgage Corporation ("MCAN" or the "Company") announced today that Blaine Welch has informed the Board of his decision to resign as President and Chief Executive Officer and as director of the Company, for personal reasons, effective February 26, 2010.

MCAN Mortgage Corporation Reports Fourth Quarter Earnings

02/12/2010 – PDF (35.3 KB)

Toronto, Ontario, Canada: February 12, 2010 – MCAN Mortgage Corporation ("MCAN", the "Company" or "we") reported net income of $6.1 million for the fourth quarter of 2009, down from $9.9 million a year earlier. Earnings per share for the quarter were $0.43 compared to $0.70 last year. The decrease is primarily due to a one-time gain on the sale of mortgages in the prior year and a significant increase to an existing specific mortgage provision in the current year.