ECC Capital Corporation
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ECC Capital Corporation is a mortgage REIT formed in April 2004 that invested in mortgage securitization trusts -- mortgage backed securities, collateralized subprime mortgages on residential real estate. It used to trade on the New York Stock Exchange under the ticker symbol ECR, but on March 19, 2007 was delisted, and so now trades over the counter on the pink sheets as ECRO.
ECC goes mainly by its two subsidiaries, Performance Credit Corporation (through which is originates mortgage loans) began business in March 2002 and PerformanceOne Financial, Inc (holds licenses in 19 states to originate and service mortgages) -- formerly Brave Credit Corporation and which began in January 2005.
On February 7, 2007 they sold their wholesale mortgage banking business -- Encore Credit -- to Bear Stearns. Their corporate headquarters are in Irvine California. They also sold their portfolio of direct to consumer loans to ResCap.
ECC Capital manages a portfolio of nonconforming mortgage loans it originated or acquired. Steven G Holder is the Chief Executive Officer.
As a real estate investment trust, ECC Capital Corporation must pay out at least 90% of net income to shareholders.
Next: Impac Mortgage Holdings, Inc -- real estate and asset management solutions
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