Origen Financial Announces Preliminary Unaudited Third Quarter 2009 Results

SOUTHFIELD, Mich., Nov. 5  /PRNewswire-FirstCall/ -- Origen Financial, Inc. (Pink Sheets: ORGN), a real estate investment trust that manages residual interests in securitized manufactured housing loan portfolios, today announced a preliminary unaudited net loss of $4.3 million, or $0.17 per share, for the third quarter of 2009.  Sun Communities, Inc., an owner of approximately 19 percent of Origen's outstanding common stock, is required to report certain financial results and information of Origen as part of its accelerated SEC reporting obligation.  Origen has provided Sun with the preliminary information reflected in this release to assist Sun in meeting its filing obligation.  Origen is issuing this press release of preliminary information to assure broad availability to all shareholders and the trading markets of the same preliminary information it has provided to Sun.

Ronald A. Klein, Origen's Chief Executive Officer, stated, "Our portfolio performance continues to be impacted by the ongoing increase in the unemployment rate and issues in the housing market, requiring us to continue to increase our loan loss reserves. Nevertheless, our cash flow continues to be strong, significantly exceeding our monthly cash expenses, which has allowed us to repay an additional $6.3 million of our related party debt since the end of the second quarter 2009."

Origen will release final earnings results for the third quarter on Thursday, November 12, 2009.  Management will host a conference call and webcast on Friday, November 13, 2009, at 11:00 a.m. Eastern Time.  The call may be accessed by dialing 888-747-4626.

A replay will be available through February 13, 2009, by dialing 888-203-1112, passcode 1090634.

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Origen intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Origen's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Origen's actual results to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the foregoing assumptions and those risks referenced under the headings entitled "Factors That May Affect Future Results" or "Risk Factors" contained in Origen's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date hereof and Origen expressly disclaims any obligation to provide public updates, revisions or amendments to any forward- looking statements made herein to reflect changes in Origen's expectations or future events.

About Origen Financial, Inc.

Origen is an internally managed and internally advised company that has elected to be taxed as a real estate investment trust. Origen is based in Southfield, Michigan.

For more information about Origen, please visit http://www.origenfinancial.com/ or http://www.pinksheets.com/. 

DATASOURCE: Origen Financial, Inc.



CONTACT:  W. Anderson Geater, Chief Financial Officer of Origen,

[phone], ; or Leslie Loyet of Financial Relations

Board, [phone], , for Origen



Web Site:  http://www.origenfinancial.com/ 

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