Message #18 From:
NewsBot Date: March 14, 2007 05:35:00 AM
RHWC News Letter to Shareholders: Reliant Developing New Prime Products and Has Strong Mortgage Default Protection in Effect for Its Mortgages
TORONTO--(BUSINESS WIRE)--Reliant Home Warranty Corporation (OTCBB:RHWC), Steve Hamilton, SVP Reliant, announced today that Reliant’s Canadian subsidiary, Reliant Home Mortgage Canada Inc., is in discussions with several MIG insurance providers to provide a line of Mortgage Indemnity Insurance for prime mortgage clients, this will supplement Reliant’s sub-prime mortgage business. Two proposed agreements with terms have been received and will be considered by management. This will allow Reliant to service both the prime and sub-prime mortgage business segments in the Canadian market place and gives Reliant a unique position in the Canadian market as one of the very few companies in Canada to service both segments with a fully insured mortgage program.
Steve Hamilton stated, “Reliant’s Mortgage Job Loss Program complements the default insurance and allows a unique solution for clients to avoid a default over a period of time while at the same time allows a mortgage to stay out of default. All Reliant mortgages will be fixed rate which avoids the problematic variable rate used commonly by several sub-prime lenders.”
About Reliant Home Warranty Corporation
Reliant Home Warranty Corporation (www.relianthwc.com) offers the sub-prime residential mortgage market High-Ratio to value mortgages that includes self-employed consumers and those with difficult credit. With the above announcement and enhancement, Reliant will be able to serve all segments of the mortgage market from prime, Alt A and sub-prime and will assist in retaining our over-all customer base. Reliant sells all mortgages to various financial sectors in the Canadian Market, once sold, no further obligation to Reliant exists.
About Reliant Home Mortgage Canada Inc.
For more information about Reliant Home Mortgage Canada Inc., visit the website at www.relianthomemortgage.com.
Forward-Looking Statement
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made to involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. For a summary of such risks and uncertainties, see the Company's periodic reports and other filings with the Securities and Exchange Commission.
