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At Origen Financial:
    
    At Financial Relations Board:W. Anderson Geater
    
    Leslie LoyetChief Financial Officer
    
    (312) 640-6672866.4 ORIGEN
    
    lloyet@financialrelationsboard.com
 FOR IMMEDIATE RELEASE  MONDAY, MARCH 13, 2006
 ORIGEN FINANCIAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2005 RESULTS AND DIVIDEND POLICY
 SOUTHFIELD, MI -March 13 2006  Origen Financial, Inc. (NASDAQ: ORGN)
  Highlights for the Quarter and Full Year
 
    
    Fourth quarter loan origination volume, excluding third party originations, increased
15.1 percent to $68.5 million versus $59.5 million for the year ago quarter. Full year
origination volume was $268.0 million as compared to $243.0 million for the prior year, an
increase of 10.3 percent.
 
    
    Third party loan origination volume for the fourth quarter and full year 2005 totaled
$11.0 million and $32.0 million as compared to $8.1 million and $9.9 million for 2004, an
increase of 35.8 percent and 223.2 percent, respectively.




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
    
    Total revenue increased 36.6 percent to $20.4 million for the fourth quarter 2005 and
38.0 percent to $74.0 million for the full year, as compared to 2004.
 
    
    Non-performing loans as a percent of average outstanding loan principal balances
decreased to 1.1 percent at December 31, 2005 as compared to 1.6 percent at December 31,
2004.
 
    
    Net loan charge-offs for the full year 2005 were $10.0 million as compared to $10.5 for
2004, a 4.8 percent decrease, despite the fact that loan balances outstanding increased by
36.4 percent over the same period, from $563.3 million to $768.4 million.
 
    
    In the fourth quarter 2005, $156.2 million of asset-backed notes were issued secured by
manufactured housing contracts with seven offered classes consisting of AAA, AA, A, BBB and
BBB- rated bonds. For the full year of 2005, asset-backed note issuances totaled $321.5
million.
 Financial Highlights
     Portfolio Performance




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Earnings Call and Webcast
 www.origenfinancial.com
 Forward-Looking Statements
  About Origen Financial, Inc.




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For more information about Origen, please visit www.origenfinancial.com .




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ORIGEN FINANCIAL, INC.
CONSOLIDATED BALANCE SHEETS  (Dollars in thousands, except for share data)
 ASSETS(Unaudited)December 31,
    
    
    December 31,2005
    
    
    2004AssetsCash and Equivalents
    
    $
    8,307
    
    
    $
    9,293Restricted Cash
    
    
    13,635
    
    
    
    9,222Investment Securities
    
    
    41,914
    
    
    
    37,622Loans Receivable
    
    
    768,410
    
    
    
    563,268Premises & Equipment
    
    
    3,558
    
    
    
    2,336Goodwill
    
    
    32,277
    
    
    
    32,277Other Assets
    
    
    24,902
    
    
    
    28,529Total Assets
    
    $
    893,003
    
    
    $
    682,547LIABILITIES AND STOCKHOLDERS EQUITYLiabilitiesWarehouse Financing
    
    $
    65,411
    
    
    $
    107,373Securitization Financing
    
    
    578,503
    
    
    
    328,388Repurchase Agreements
    
    
    23,582
    
    
    
    20,153Note Payable
    
    
    2,212
    
    
    
    Loan Recourse Liability
    
    
    292
    
    
    
    6,603Other Liabilities
    
    
    23,052
    
    
    
    16,564Total Liabilities
    
    
    693,052
    
    
    
    479,081Equity
    
    
    199,951
    
    
    
    203,466Total Liabilities and Equity
    
    $
    893,003
    
    
    $
    682,547




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ORIGEN FINANCIAL, INC.
CONSOLIDATED STATEMENT OF EARNINGS  (Dollars in thousands, except for share data)
 Twelve Months Ended(Unaudited)December, 31
    
    
    December, 31
    
    
    Increase (Decrease)2005
    
    
    2004
    
    
    $
    
    
    %Interest IncomeTotal Interest Income
    
    $
    59,391
    
    
    $
    42,479
    
    
    $
    16,912
    
    
    
    39.8
    %Total Interest Expense
    
    
    28,468
    
    
    
    15,020
    
    
    
    13,448
    
    
    
    89.5
    %Net Interest Income Before Losses and Impairment
    
    
    30,923
    
    
    
    27,459
    
    
    
    3,464
    
    
    
    12.6
    %Provision for Loan Losses
    
    
    12,691
    
    
    
    7,053
    
    
    
    5,638
    
    
    
    79.9
    %Impairment of Purchased Loan Pool
    
    
    428
    
    
    
    
    
    
    
    428
    
    
    
    N/ANet Interest Income After Losses
    
    
    17,804
    
    
    
    20,406
    
    
    
    (2,602
    )
    
    
    -12.8
    %Non-interest Income
    
    
    14,651
    
    
    
    11,184
    
    
    
    3,467
    
    
    
    31.0
    %Non-interest Expenses:Total Personnel
    
    
    22,550
    
    
    
    21,947
    
    
    
    603
    
    
    
    2.7
    %Total Loan Origination & Servicing
    
    
    1,603
    
    
    
    1,354
    
    
    
    249
    
    
    
    18.4
    %Provision for Recourse Liability
    
    
    218
    
    
    
    3,132
    
    
    
    (2,914
    )
    
    
    -93.0
    %Write-down of Residual Interests
    
    
    724
    
    
    
    25
    
    
    
    699
    
    
    
    2,796.0
    %Loss on Recourse Buy-out
    
    
    792
    
    
    
    
    
    
    
    792
    
    
    
    N/ATotal Other Operating
    
    
    9,227
    
    
    
    8,098
    
    
    
    1,129
    
    
    
    13.9
    %Total Non-interest Expenses
    
    
    35,114
    
    
    
    34,556
    
    
    
    558
    
    
    
    1.6
    %Net Income (Loss)
    
    $
    (2,659
    )
    
    $
    (2,966
    )
    
    $
    307
    
    
    
    -10.4
    %Common Shares Outstanding
    
    
    25,450,726
    
    
    
    25,215,400
    
    
    
    235,326
    
    
    
    0.9
    %Weighted Average Common Shares Outstanding, Basic
    
    
    24,878,116
    
    
    
    21,439,029
    
    
    
    3,439,087
    
    
    
    16.0
    %Weighted Average Common Shares Outstanding, Diluted
    
    
    24,878,116
    
    
    
    21,439,029
    
    
    
    3,439,087
    
    
    
    16.0
    %Earnings Per Share on Basic Average Shares Outstanding
    
    $
    (0.11
    )
    
    $
    (0.14
    )
    
    $
    0.03
    
    
    
    -21.4
    %Earnings Per Share on Diluted Average Shares Outstanding
    
    $
    (0.11
    )
    
    $
    (0.14
    )
    
    $
    0.03
    
    
    
    -21.4
    %




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##### 



ORIGEN FINANCIAL, INC.
CONSOLIDATED STATEMENT OF EARNINGS  (Dollars in thousands, except for share data)
(Unaudited)
 Quarter EndedDecember, 31
    
    
    December, 31
    
    
    Increase (Decrease)2005
    
    
    2004
    
    
    $
    
    
    %Interest IncomeTotal Interest Income
    
    $
    16,195
    
    
    $
    12,463
    
    
    $
    3,732
    
    
    
    29.9
    %Total Interest Expense
    
    
    8,663
    
    
    
    4,982
    
    
    
    3,681
    
    
    
    73.9
    %Net Interest Income Before Losses and Impairment
    
    
    7,532
    
    
    
    7,481
    
    
    
    51
    
    
    
    0.7
    %Provision for Loan Losses
    
    
    2,319
    
    
    
    2,131
    
    
    
    188
    
    
    
    8.8
    %Net Interest Income After Losses
    
    
    5,213
    
    
    
    5,350
    
    
    
    (137
    )
    
    
    -2.6
    %Non-interest Income
    
    
    4,101
    
    
    
    2,314
    
    
    
    1,787
    
    
    
    77.2
    %Non-interest Expenses:Total Personnel
    
    
    5,485
    
    
    
    7,424
    
    
    
    (1,939
    )
    
    
    -26.1
    %Total Loan Origination & Servicing
    
    
    438
    
    
    
    358
    
    
    
    80
    
    
    
    22.3
    %Write-down of Residual Interest
    
    
    
    
    
    
    25
    
    
    
    (25
    )
    
    
    -100.0
    %Provision for Recourse Liability
    
    
    (77
    )
    
    
    3,132
    
    
    
    (3,209
    )
    
    
    -102.5
    %Total Other Operating
    
    
    2,565
    
    
    
    2,755
    
    
    
    (190
    )
    
    
    -6.9
    %Total Non-interest Expenses
    
    
    8,411
    
    
    
    13,694
    
    
    
    (5,283
    )
    
    
    -38.6
    %Net Income (Loss)
    
    $
    903
    
    
    $
    (6,030
    )
    
    $
    6,933
    
    
    
    115.0
    %Common Shares Outstanding
    
    
    25,450,726
    
    
    
    25,228,150
    
    
    
    222,576
    
    
    
    0.9
    %Weighted Average Common Shares Outstanding, Basic
    
    
    24,980,889
    
    
    
    24,726,729
    
    
    
    254,160
    
    
    
    1.0
    %Weighted Average Common Shares Outstanding, Diluted
    
    
    25,330,142
    
    
    
    24,726,729
    
    
    
    603,413
    
    
    
    2.4
    %Earnings Per Share on Basic Average Shares Outstanding
    
    $
    0.04
    
    
    $
    (0.24
    )
    
    $
    0.28
    
    
    
    116.4
    %Earnings Per Share on Diluted Average Shares Outstanding
    
    $
    0.04
    
    
    $
    (0.24
    )
    
    $
    0.28
    
    
    
    116.4
    %