Greater Atlantic Financial Corp. in Reston, Va., a $383 million-asset thrift company, may close or sell its mortgage business.
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It will decide soon, chairman Charles Calomiris told the Washington Business Journal. The weekly was the first to report, on Monday, a Dec. 30 filing with the Securities and Exchange Commission in which the company discussed the question.
Greater Atlantic Mortgage originated $722 million of loans in its fiscal 2003, but in fiscal 2005, which ended last September, it originated only a third as much - and its earnings were off $1.8 million from fiscal 2004. The parent company lost $3.2 million in fiscal 2004 and $1.6 million in fiscal 2005.
