REIT ECC Capital Corp. Surprises Wall Street By Withholding Its First Quarter Dividend
The mortgage down cycle has walloped mortgage real estate investment trust ECC Capital Corp., parent of Encore Credit, a non-conforming originator. The REIT announced this week that it would not be distributing a first quarter dividend. “Given current conditions in the whole loan market and the operating losses in our mortgage banking segment, we plan to retain capital and liquidity in order to provide greater flexibility in the disposition of our held-for-sale loan portfolio…