| Business Summary | | Bingham
Financial
Services
Corporation
is
a
specialized
financial
services
company
providing
financing
for
new
and
previously
owned
manufactured
homes
and
commercial
lending
and
mortgage
servicing
for
income-producing
properties.
The
operations
of
the
Company
are
carried
on
through
certain
subsidiaries
(the
Subsidiaries),
including
MHFC,
Inc.,
a
Michigan
corporation
(MHFC),
I.J.K.
Insurance
Agency,
Inc.,
MHFC
of
New
Mexico,
Inc.,
Hartger
&
Willard
Mortgage
Associates,
Inc.,
a
Michigan
corporation,
(Hartger
&
Willard),
Bloomfield
Acceptance
Company,
L.L.C.
(Bloomfield)
and
its
mortgage
servicing
affiliate,
Bloomfield
Servicing
Company,
L.L.C.
(Bloomfield
Servicing).
Substantially
all
of
the
Company's
assets
are
held
by
or
through
MHFC
and
Bloomfield,
of
which
the
Company
is
the
sole
shareholder
and
sole
member,
respectively. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | BFSC
is
a
specialized
financial
services
company
which
provides
financing
for
new
and
previously
owned
manufactured
homes
and
commercial
lending
and
mortgage
servicing
for
income-producing
properties.
For
the
three
months
ended
3/31/01,
revenues
rose
67%
to
$11
million.
Net
income
totalled
$865
thousand
vs.
a
loss
of
$2.9
million.
Revenues
reflect
an
increase
on
the
gain
on
sale
and
securitization
of
loans.
Earnings
also
reflect
a
decrease
in
total
costs
and
expenses. Recent Earnings Announcement For
the
3
months
ended
06/30/2001,
revenues
were
6,506;
after
tax
earnings
were
-755. (Preliminary; reported in thousands of dollars.) | More
from
Market Guide: Significant
Developments |
| | |
| Position | Gary Shiffman, 46 | Chairman
and Sec. | Ronald Klein, 42 | Pres
and CEO | W. Anderson Geater, 52 | CFO,
Treasurer | J. Scherer, 51 | COO | Daniel Bober, 41 | Director
and VP |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|