Xceed Mortgage Executives Resign; 74 Jobs Eliminated (Update1)

., the Toronto-
based mortgage loaner that have lost 60 percentage of its market
value this year, said Head Operating Military Military Officer and
Chief Financial Officer resigned as it struggles
to happen funding.

Xceed is cutting an further 74 occupations to cut down the size of
the company, it said today in a statement. It anticipates to take a
severance-related charge of $1.7 million and to compose down no
less than $4 million in fixed assets in the 2nd one-fourth ending
April 30.

Xceed, which seeks to go back to profitableness by the third
quarter, stopped offering uninsured mortgage merchandises this month
as a spreading recognition crisis in the U.S. made it hard to
find money to fund loans. The company's grading down to 38
employees and focusing on insured mortgages that tin be sold to
the Canada Mortgage Chemical Bond Program.

''We had hoped that after a sensible clip period of time the
environment would go calmer and we would be able to go back to
our past concern model,'' Head Executive Military Officer said
in the statement. ''There is no manner of knowing when we will be
able to go back to that concern model, if ever.''

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