Press Releases

7/8/2010 

PRESS RELEASE FOR IMMEDIATE RELEASE

Toronto, Ontario – July 8, 2010. MCAN Mortgage Corporation (“MCAN” or the “Corporation”) is pleased to announce the appointment of William Jandrisits as President and Chief Executive Officer and a Director of the Corporation effective August 4, 2010.

5/11/2010 

MCAN MORTGAGE CORPORATION REPORTS FIRST QUARTER EARNINGS

Toronto, Ontario – May 11, 2010. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) reported net income of $4.8 million for the first quarter of 2010, down from $6.4 million a year earlier. Earnings per share for the quarter were $0.33 compared to $0.45 last year. The decrease is primarily due to lower mortgage interest income and fee income and the absence of an upfront Canada Mortgage Bonds (“CMB”) program securitization gain in the current year, partially offset by lower term deposit interest and expenses.

2/16/2010 

PRESS RELEASE FOR IMMEDIATE RELEASE

Toronto, Ontario – February 16, 2010. MCAN Mortgage Corporation (“MCAN” or the “Company”) announced today that Blaine Welch has informed the Board of his decision to resign as President and Chief Executive Officer and as director of the Company, for personal reasons, effective February 26, 2010.

2/12/2010 

MCAN MORTGAGE CORPORATION REPORTS FOURTH QUARTER EARNINGS

Toronto, Ontario – February 12, 2010. MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) reported net income of $6.1 million for the fourth quarter of 2009, down from $9.9 million a year earlier. Earnings per share for the quarter were $0.43 compared to $0.70 last year. The decrease is primarily due to a one-time gain on the sale of mortgages in the prior year and a significant increase to an existing specific mortgage provision in the current year.