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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (140560)	8/11/2008 9:12:22 PM
From: Les H	Read Replies (2) \| Respond to of 306849

Comstock receives 90-day delisting notice marketwire.com Comstock Homebuilding in default on $60M in loans, banks sayTriangle Business Journal - by Lee Weisbecker Print Email Reprints RSS Feeds Add to Del.icio.us Digg This CommentsRALEIGH – Wachovia and BB&T have sent loan default notices to tri-state builder Comstock Homebuilding Cos., which used chunks of its Raleigh real estate assets as collateral for the notes. The publicly traded residential builder, which entered the Raleigh market in 2006, disclosed the bank actions in a U.S. Securities and Exchange Commission filing on July 31. BB&T’s default notices covered some $33.4 million in outstanding loans on projects in suburban Virginia and Atlanta. Wachovia’s notice covered nearly $25 million in outstanding loans collaterialized by real estate assets in Raleigh, northern Virginia and Atlanta, the company says. The bank actions came 16 days after Comstock announced it would stop making interest and some principal payments on $99 million in bank loans due to the real estate downturn. The company had said, moreover, that it wanted to negotiate extensions with its key lenders. triangle.bizjournals.com