ARET... Bashers: read and weep! Ponder on the $10,000,000 below...
ARET FINALIZES PURCHASE OF FIRST AMERICANS MORTGAGE CORPORATION
ARET announced today that it has finalized the purchase of First Americans Mortgage Corporation. First Americans, a native American residential lending and consulting company will become a 100% owned subsidiary and was acquired through a stock swap between the two companies. Over the last three years FAMC has developed contacts with more than 125 tribal governments and their housing entities. In 1997, First Americans delivered more than 20% of all Native American loans purchased by the Federal National Mortgage Corporation (Fannie Mae). In April, First Americans joined in partnership with the Chickasaw Nation, PMI Mortgage Insurance Company (PMA), Federal Home Mortgage Loan Corporation (Freddie Mac) and FT Mortgage Companies (FTEN) to implement the first residential mortgage risk-share program ever developed with a tribal government. First Americans was the catalyst for the program and will serve as the $10,000,000 commitments exclusive originator. Along with their participation in the Chickasaw Nation risk-share program All State Insurance Company has also committed to working with FAMC to explore the means to bring property and casualty insurance to Native American lands. First Americans is currently negotiating with two additional Oklahoma tribes to develop a like program for their membership. FAMC is currently exploring opportunities to expand their lending base beyond Oklahoma. Dustan Shepherd, President, First Americans will stay on to run the company. Over the last three years, Mr. Shepherd has become nationally recognized for his knowledge at conferences sponsored by the US Department of Housing, Urban Development Office of the Comptroller of the Currency, US Department of Justice and the Office of Thrift Supervision. Mr. Shepherd feels that "The acquisition of FAMC by ARET will allow the mortgage company and ARET's subsidiary Tomahawk Construction to better market their services team. Tomahawk's experience in commerical construction and their recent entry into the residential housing market will allow the two Companies to approach current FAMC clients and Tomahwk's Canadian clients with a one stop affordable housing package."
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