1268039--3/16/2006--ORIGEN_FINANCIAL

related topics

{loan, real, estate}

{tax, income, asset}

{personnel, key, retain}

{system, service, information}

{stock, price, share}

{loss, insurance, financial}

{condition, economic, financial}

We may not be able to securitize our manufactured housing loans or do so on favorable terms. We depend on key personnel, the loss of whom could threaten our ability to operate our business successfully. We may engage in hedging transactions, which can limit gains and increase exposure to losses. We may experience capacity constraints or system failures that could damage our business. We may not realize the expected recovery rate on the resale of a manufactured house upon its repossession or foreclosure. The manufactured housing industry has been in a downturn since 1998. Our business may be significantly harmed by a slowdown in the economies of California or Texas, in each of which we conduct a significant amount of business. We may suffer adverse tax consequences and be unable to attract capital if we fail to qualify as a REIT. A portion of our income from assets held directly by or through a qualified REIT subsidiary that is classified as a taxable mortgage pool may represent phantom taxable income. The increasing number of federal, state and local anti-predatory lending laws may restrict our ability to originate or increase our risk of liability with respect to certain manufactured housing loans and could increase our cost of doing business. Common stock eligible for future sale may have adverse effects on our share price.

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1268039--3/16/2006--ORIGEN_FINANCIAL_INC