| Business Summary | | MFN
Financial
Corporation
is
a
consumer
finance
concern
engaged,
through
its
subsidiaries,
in
the
business
of
acquiring
individual
installment
sales
finance
contracts
from
automobile
dealers
and
retail
vendors,
extending
short-term
installment
loans
directly
to
consumers
and
selling
credit
insurance
and
other
related
products
through
MFN
Insurance
Company.
MFN
Insurance
provides
aggregate
coverage
for
incurred
losses
in
excess
of
targeted
loss
ratios
through
a
reinsurance
agreement
with
the
primary
carrier.
MFN
Insurance
also
purchases
insurance
coverage
and
charges
its
customers
who
let
their
insurance
coverage
lapse
on
automobiles
that
are
collateral
on
the
outstanding
retail
sales
contracts. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | MFNF
is
a
consumer
finance
company,
engaged
in
lending
money
to
borrowers
who
generally
would
not
be
expected
to
qualify
for
traditional
financing,
such
as
that
provided
by
commercial
banks.
For
the
six
months
ended
6/30/01,
interest
income
fell
7%
to
$59.4
million.
Net
income
fell
41%
to
$7.6
million.
Interest
income
reflects
reduced
finance
charges
and
loan
fees.
Net
income
also
suffered
from
reduced
insurance
premiums
and
commissions
income. | More
from
Market Guide: Significant
Developments |
| | | | FY1999 Pay | |
| Edward Harshfield, 63 Chairman | $2.5M | Jeffrey Weeden, 43 Pres,
CEO, Chief Operating Officer, Director | 490K | Mark Dapier, 52 Exec.
VP, Gen. Counsel, Sec. | 345K | Mark Whitham, 39 CAO | 206K | Dollar
amounts are as of 31-Dec-1999 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|