Colonial BancGroup posts $606M loss
Posted by BuyingFlorida on 08-03-2009
Views: 1373
Colonial BancGroup reported July 31 a net loss of $606 million in the second quarter and the termination of a key agreement with a Florida mortgage company to provide $300 million in capital. The Montgomery bank's net loss for the second quarter is more than three times higher than the $168 million net loss reported in the first quarter. Besides the bad news of the loss, Colonial also reported the loss of a deal with Taylor Bean & Whitaker Mortgage Corp., which Colonial said fell through because it was still pending by the required close date of July 31. The bank had hoped the $300 million would help it reach eligibility for federal TARP funds, which would have boosted its capital. FBC Mortgage LLC and Securities Capital Holdings, both of Orlando, were part of the group that was led by Taylor, Bean & Whitaker. The deal called for the group to obtain 75 percent of Colonial's stock for its $300 million. Colonial is suffering under a big portfolio of bad real estate loans, many of them in Florida. In … (Read More) |
Dates for second Orlando Foreclosures Expo being considered.
Posted by BuyingFlorida on 07-29-2009
Views: 3181
Dates for second Orlando Foreclosures Expo being considered. The inaugural expo, held Feb. 7-8, generated so much business for exhibitors that founder Phil Peachey is already working on an expanded event slated for late 2009 Orlando – Buying Florida LLC an Orlando based company that specializes in procuring Bank owned properties for its clients has seized the opportunity to sponsor the second Orlando Foreclosures Expo . This is an incredible opportunity to get our business in front of people and the media says’ Dave Briley, CEO of Buying Florida LLC . Our main business in Bulk REO purchases from banks for our Investor clients but we also have customers just looking for a great deal on one property. This Expo gives us the opportunity to network with other people in our industry and present our product to an audience that we would not normally get in front of. Angela and Frank Schifano were excited about their presence at the inaugural Orlando Foreclosures Expo because it gave … (Read More) |
First-time investors win home at Orlando Foreclosures Expo
Posted by BuyingFlorida on 07-29-2009
Views: 208
First-time investors win home at Orlando Foreclosures Expo Jason and Alicia Goldberg, a married couple who live in Oviedo, received a duplex from REO Resolution Trust, LLC Orlando – Jason and Alicia Goldberg were interested in buying their first investment property, so they attended the Orlando Foreclosures Expo last weekend. The married couple, who live in Oviedo, were like many of the expo attendees who talked to exhibitors about how to purchase bank-owned properties. The Goldbergs received an unexpected head start on their portfolio when they won a duplex which was given away by REO Resolution Trust, LLC, an Orlando company that owns and operates BankerREOs.com, buys bank-owned properties and sells them to investment groups and individual investors. The duplex is located in Detroit and valued at $67,742. It includes four bedrooms, 2.5 bathrooms and 2,354 square feet of living space. “We have bought many properties and it is our intention to give away one home per month,” said Will … (Read More) |
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