News from Steve on AOL, another interesting move by ARET.
Subject: NEWS After The Bell
Date: Tue, Jun 16, 1998 06:34 EDT
From: SSPARSONS
Message-id: <1998061610340401.GAA09503@ladder01.news.aol.com>
Shawnee Mission, Kansas, June 15, 1998 -- ARET announced today that it has initiated negotiations to purchase First Americans Mortgage Corporation. In 1997 First Americans Mortgage Corporation led the Nation in supplying Native American home mortgage loans to Fanny Mae (FNMA).
In acquiring First Americans Mortgage Corporation, ARET will be able to provide a comprehensive, "Affordable Housing Package" which includes, finance, design engineering, and project management to all Native Americans Communities and its other clients. First Americans Mortgage Corporation has started work on its first $10,000,000 loan package for native Americans on Reservations in the State of Oklahoma and is negotiating for an additional
$20,000,000 in financing for loans on other Native American Reservations.
ARET is a full-service consulting and design/construction firm based in Lenexa, Kansas, specializing in construction management services and economic development both within and outside the Native American Community.
For further information, please contact Dick White or Barry Denslow, (913) 859-9292 or FAX (913) 859-9520.
My question to this is simple: Where is the company getting the money to do this? I see the strategy which I think is brilliant! It is like one stop shopping if you go to ARET to do business...it is a great idea. However, where in the world are they getting the funds to take over First Americans? If someone can clue me in, I would like to know.
Steve alias SSPARSONS@AOL.COM
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