Thursday September 10, 11:54 am Eastern Time
Company Press Release
First Americans Signs Origination Agreement with the Housing Authority of the Choctaw Nation
LENEXA, Kan.--(BUSINESS WIRE)--Sept. 10, 1998--First Americans Mortgage Corp. (FAMC) Thursday announced that they have signed a Loan Origination Agreement with the Housing Authority of the Choctaw Nation, based in Hugo, Okla.
This agreement will allow the Housing Authority to become the initial point of contact for Choctaw home buyers interested in utilizing FAMC products.
Headquartered in southeastern Oklahoma, the Choctaw Nation services a 10 1/2 county area. The Nation is the third largest tribe in the United States, with more than 100,000 members nationwide and 40,000 living within their service area. During 1997, the Nation's total revenues exceeded $152 million. Revenue was derived from a diversified menu of sources, including travel plazas, ranching operations, bingo and a resort.
First Americans President Dustan Shepherd commented, ''When FAMC was created, our goal was not to have 40 to 50 loan origination offices located throughout Indian Country, but rather to develop a structure that would allow a borrower local access to a Native American loan specialist who is familiar with and participates in daily community tribal activities. This announcement is the first step in accomplishing that goal.
''This type of relationship is currently being utilized by lenders and non-profit housing providers located in rural and urban settings. We feel that this is likely the first such relationship with a tribal housing entity. The Housing Authority has recently hired two loan officers and a processor and will immediately begin to take applications.''
Russell Sossaman, Executive Director for the Housing Authority commented, ''The tremendous leadership of Chief Gregory E. Pyle and the full support of the Tribal council has put the Housing Authority of the Choctaw Nation of Oklahoma in a position to provide more home ownership opportunities for more Choctaws than at any time in our history. We're very excited about the partnership with First Americans Mortgage Corporation, and look forward to a long working relationship in which the Choctaw people will be the ultimate benefactor.''
The release may contain forward looking statements that involve risk and uncertainties, including without limitations, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes. The company's dependency on financing, third party suppliers and intellectual property rights, and other risks detailed from time-to-time in the company's federal filings, annual reports, offering memorandums or prospectus.
Contact:
AmeriResource Technologies Inc.
Dustan R. Shepherd, 913/859-9505
Fax: 913/859-9520
or
LBI Group
Robert Solarchik, 800/913-9767
Fax: 954/346-5796 |
