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GC-Global Capital Corp. Announces Its Investee Company, Marathon Mortgage Corporation Has Received CMHC Lenders Status
Toronto, Canada--(Newsfile Corp. - February 8, 2013) - GC-Global Capital Corp. (TSXV: GDE.A) i...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\nGC-Global Capital Corp. Announces Its Investee Company, Marathon Mortgage Corporation Has Received CMHC Lenders Status\n\nToronto, Canada--(Newsfile Corp. - February 8, 2013) - GC-Global Capital Corp. \n(TSXV: GDE.A) is pleased to announce that its investee company, Marathon \nMortgage Corporation (“MMC”) has received its CMHC (Canada Mortgage and Housing \nCorporation) lenders status as well as completed servicing agreements with two \nmajor Canadian financial institutions. As outlined in its December 2011 press \nrelease, Global Capital is one of the founding shareholders of Marathon Mortgage \nCorporation (“MMC”), a residential mortgage origination, sales and servicing \nbusiness. MMC brings together the former management team of First Marathon \nMortgage Corp. which at the time of its sale in 2002 was servicing approximately \n$4 Billion in mortgages. Marathon’s management team and business operations are \nin place and ready to ramp up operations beginning in early, 2013.Through the \nMMC management team’s alliances with major financial institutions and mortgage \nbrokerage firms, MMC’s goal is to become one of the most reliable residential \nand commercial mortgage lenders in Canada, providing competitive mortgage \nproducts, competitive mortgage interest rates, competitive mortgage terms and \nreliable service through quick turnaround service to its borrowers and broker \npartners. MMC will underwrite prime-insured and conventional residential and \ncommercial mortgages that will be sold to mortgage investors, such as banks or \ntrust companies, co-operatives, securities firms and insurance companies. MMC \nexpects to retain the majority of servicing for these mortgages. \nMMC’s Board of Directors includes:\n-Stuart Henry, Chairman of MMC - former SVP of Finance Bank of \nMontreal and director of First Marathon Inc.\n-Harold Kennedy, President and CEO of MMC\n-Michael MacKenzie - former Superintendent of Financial \nInstitutions Canada \n-Hank Cunningham - Fixed Income Strategist Odlum Brown \nLimited \n-Chris Kauffman\nGlobal Capital’s acquisition of MMC Preferred and Common Shares \nwas the lead order in a financing of MMC which raised $7,801,000. The Preferred \nShares are expected to yield a cumulative annual dividend equal to 8% of the \nissue price and...