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NVR, Inc.: Company Report
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. NVR conducts its homebuilding activities directly and its mortgage banking operations primarily through a wholly owned subsidiary, NVR Mortgage Finance, Inc. (NVRM). The homebuilding segment is a homebuilder in the United States and in the Washington, D.C. and Baltimore, Maryland, metropolitan areas, where the Company derived approximately 56% of its 2002 homebuilding revenues. NVR's homebuilding segment primarily constructs and sells single-family detached homes, townhomes and condominium buildings. The mortgage banking segment is a regional mortgage banking operation. Substantially all of the mortgage banking segment's loan closing activity is for NVR's homebuilding customers. NVR's mortgage banking business generates revenues primarily from origination fees, gains on sales of loans, title fees and sales of servicing rights.
What really get to me is that they have the nerve to say that these people 'work hard' for their money. Like those who work two or three jobs at minimum wage just to put food on the table for their families aren't working hard? There is just so much that one needs in life before it is no more than greed.
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