Friday

Xceed - Cost Reduction Measures Continue

Xceed Mortgage Corp., the Toronto- based mortgage lender that has lost 60 percent of its market value this year today announced that it is taking further measures to reduce the size of its organization, in line with the volume of mortgages that it expects to originate for the foreseeable future. Xceed, which seeks to return to profitability by the third quarter, stopped offering uninsured mortgage products this month as a spreading credit crisis in the U.S. made it difficult to find money to fund loans. Senior executives leaving the company include Xceed's president and chief operating officer, Michael Jones, and its chief financial officer, John Ayanoglou.

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