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GC-Global Capital Corp. Announces Its Investee Company, Marathon Mortgage Corporation Has Received Genworth Canada Lenders Status
Toronto, Ontario--(Newsfile Corp. - April 3, 2013) - GC-Global Capital Corp. ( TSXV: GDE.A...
About this update from Fountain Asset Corp.
[{"type":"text","content":"\nGC-Global Capital Corp. Announces Its Investee Company, Marathon Mortgage Corporation Has Received Genworth Canada Lenders Status\n\nToronto, Ontario--(Newsfile Corp. - April 3, 2013) - GC-Global Capital Corp. \n(TSXV: GDE.A) is pleased to announce that its investee company, Marathon \nMortgage Corporation (“MMC” or “Marathon”) has received its Genworth Canada \n(Genworth Financial Mortgage Insurance Company Canada) lenders status. Similar \nto CMHC (Canada Mortgage and Housing Corporation), Genworth Canada provides \nmortgage default insurance to residential mortgage lenders for low down payment \nmortgages on one-to-four unit residential properties. This lenders’ status with \nGenworth Canada is in addition to the CMHC lender’s status previously awarded to \nMarathon announced in the February 11, 2013 press release.\nAs outlined in its December 2011 press release, GC-Global \nCapital Corp. (“Global Capital”) is one of the founding shareholders of Marathon \nMortgage Corporation (“MMC”), a residential mortgage origination, sales and \nservicing business. MMC brings together the former management team of First \nMarathon Mortgage Corp. which at the time of its sale in 2002 was servicing \napproximately $4 Billion in mortgages. Marathon’s management team and business \noperations are in place and full operational status is expected to begin \nshortly. Through the MMC management team’s alliances with major financial \ninstitutions and mortgage brokerage firms, MMC’s goal is to become one of the \nmost reliable residential and commercial mortgage lenders in Canada, providing \ncompetitive mortgage products, competitive mortgage interest rates, competitive \nmortgage terms and reliable service through quick turnaround service to its \nborrowers and broker partners. MMC will underwrite prime-insured and \nconventional residential and commercial mortgages that will be sold to mortgage \ninvestors, such as banks or trust companies, co-operatives, securities firms and \ninsurance companies. MMC expects to retain the majority of servicing for these \nmortgages.\nGlobal Capital’s CEO, Jason Ewart, commented “The receipt of \nboth Genworth Canada and CMHC lenders’ statuses for Marathon represents \nsignificant milestones in the...