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FIRST NATIONAL FINANCIAL LP TO RE-ALIGN ALT-A
MORTGAGE SOLUTIONS
My Mortgage BC.com, May 15, 2008 –
First National Financial Income Fund (TSX: FN.UN) today announced that First National Financial LP (“First National” or “The Company”) will discontinue offering its Excalibur Alt-A mortgage products and begin offering a self-employed
Alt-A product insured by Canada’s largest mortgage insurers. This re-alignment of its Alt-A suite of mortgages is a result of increased competition from the mortgage insurers in the Alt-A segment and the volatility in the credit markets that first arose last summer.
“This mortgage solution re-alignment is consistent with our goal to continuously improve our product offering, with a focus on sustainable, profitable growth while maintaining our reputation for service excellence and prudent risk management.” said Stephen Smith, Chairman and President of First National Financial LP.
May 16 will be the last day that First National will accept applications for its Excalibur products with a 60-day commitment period. All commitments issued by First National will be honoured for funding, within prescribed practices.
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