In Brief: Subprime Lender CFI Lost $1.4M in Quarter

CFI Mortgage Inc. reported losses of $1.4 million in its third quarter, but chief executive officer Christopher Castoro said that was "about as anticipated."

CFI has been rapidly expanding in the subprime business in the last few months. CFI bought CT Mortgage, a B&C subprime regional wholesale operation, and a controlling interest in California Pacific, a direct mail subprime lender.

CFI also opened subprime wholesale offices in Oakbrook, Ill., and Orange, Calif. Mr. Castoro said that as a result of the rapid expansion, the company "now has the capability of reselling its B&C loans through securitizations."

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