Xceed Mortgagethinks Canada’s credit crunch may last until winter or spring 2008. That’s not the greatest news for a company that relies on debt investors to fund its mortgages. They’re also cutting their dividend to “conserve cash.”
On the upside, Xceed is a very well run company. Their mortgage fundings are up 24% over last year. Plus, despite the challenging environment, Xceed is honouring all mortgage commitments it’s made to customers–without raising interest rates on those commitments.
Don’t be surprised if Xceed emerges from its challenges in 2008, as a much stronger company.
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