Three of the Tribes are:
1)Chickasaw Nation
2)Choctaw Nation
3)Potawatomi Nation
The Chickasaw Nation is under the PMI Mortgage Insurance Co / Federal Home Loan Corp. pilot program.
The Choctaw and Potawatomi Nations are under Washington Mutual Bank's Oklahoma Native American loan program.
To recap:
>LENEXA, Kan.--(BUSINESS WIRE)--Sept. 14, 1998--First Americans Mortgage >Corp., a subsidiary of AmeriResource Technologies Inc. (OTC BB:ARET), >announced Monday that they have signed an exclusive Broker Agreement with >Washington Mutual Bank, Seattle, to originate $20 million of the Oklahoma Native >American loan program.
>The pilot program was developed in conjunction with PMI Mortgage Insurance Co. >and Federal Home Loan Corp. originating a $10 million commitment with the >Chickasaw Nation under this program.
>LENEXA, Kan.--(BUSINESS WIRE)--Sept. 16, 1998--First Americans Mortgage >Corp.(FAMC), a subsidiary of AmeriResource Technologies Inc. (OTC BB:ARET), >announced Wednesday that during a press conference held on Tuesday, Sept. 15 at >the Choctaw Nation tribal complex, Durant, Okla. they signed to originate $10 >million of the Oklahoma Native American pilot program.
>LENEXA, Kan.--(BUSINESS WIRE)--Dec. 1, 1998--First Americans Mortgage >Corp. (FAMC), a subsidiary of AmeriResource Technologies Inc. (OTC BB:ARET), >announced Tuesday, through a press release dated Friday, Nov. 20, 1998 distributed >by the Citizens Potawatomi Nation, Shawnee, Okla., they have signed to originate $5 >million of the Oklahoma Native American pilot program with the Potawatomi >Nation.
With another $5 million yet to be committed through Washington Mutual Bank, this comes to a total of $30 million under the program.
Again----"In '97 the entire Fannie Mae annual Native American loan volume was only $25 million.
PMI Mortgage Insurance Co.______$10 million
Washington Mutual Bank__________15 million
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Signed________________________25 million
Available A/O 12/1/98_____________5 million
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Total program___________________30 million
This covers only the housing program.
The possibilities entailed in the ARET + FXWA + NUOA combination,
could also be positive.
Hitchcock's The Birds |
