Wells Fargo Home Mortgage, WCI Mortgage Form Joint Venture
>>>Hmmmm. I can't ascribe much meaning to this. Wells Fargo is a respected bank. One wouldn't think that they would climb into bed with a loser. OTOH, they may already have too much exposure through WCI, and want a little more "control." I am merely speculating, but would love to hear an informed opinion of this.<<<
DOW JONES NEWSWIRES
July 6, 2006 8:58 a.m.
DOW JONES NEWSWIRES
Wells Fargo Home Mortgage, a unit of Wells Fargo & Co. (WFC), and WCI Communities Inc. (WCI) said Thursday they have formed a joint venture called WCI Mortgage to originate, process and fund mortgage loans in Florida for WCI's customers and others.
The joint venture will also service Prudential Florida WCI Realty, which has more than 58 locations and 2,200 real estate associates throughout Florida, according to a statement.
Susan Walker of WCI has been named president of the venture, the companies said.
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This story below was posted earlier, but I repeat it here for convenience. Sounds to me like WCI wants to get in expansion mode. I have oft heard it said that "builders love to build." Its their Achilles heel. Please tell me how they raised the limit, lowered the rate, extended the maturity and got better terms??? Rates are going up after all.
WCI Communities Boosts Credit Line To $900M From $875M>WCI
DOW JONES NEWSWIRES
June 14, 2006 12:53 p.m.
DOW JONES NEWSWIRES
WCI Communities (WCI) said Wednesday it increased its unsecured revolving credit facility to $900 million from $875 million, while extending its maturity, lowering its rate and favorably modifying its covenants.
The Bonita Springs, Fla., homebuilder said the facility has an accordion feature allowing increases up to $1.5 billion.
The facility is led by Bank of America, N.A. |
