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Company Press Release
First Americans Signed to Originate $5 Million of Oklahoma Native American Pilot Program for the Housing Authority of the Citizens Potawatomi Nation
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.
The program is the third such commitment secured by FAMC. Currently, FAMC is originating two additional commitments: Chickasaw Nation - $10 million & Choctaw Nation - $10 million. Loans have closed under each of these commitments.
The Citizens Potawatomi Nation and the other agencies released the following joint press release:
Citizen Potawatomi Nation, First National Bank, First Americans
Mortgage Corp., Freddie Mac [NYSE:FRE - news], PMI Mortgage Insurance Co. and
Washington Mutual Announce $5 Million Home Ownership Plan
News Release Nov. 20, 1998
(Shawnee, OK)--Citizen Potawatomi Nation members who reside in the state of Oklahoma can now purchase a home with as little as one percent (1%) of the purchase price coming from their own funds.
The $5 million home ownership pilot program was announced today by John ''Rocky'' Barrett, Chairman of the Potawatomi Nation, and representatives of First National Bank and Trust Co. of Shawnee, First Americans Mortgage Corp., Freddie Mac, PMI Mortgage Insurance Co., and Washington Mutual.
The Potawatomi Nation program is among the first to take advantage of money available through the 1996 Native American Housing Assistance and Self-Determination Act (NAHASDA). The Act was approved to promote affordable housing opportunities for Native American citizens, both on and off Native American lands.
The $5 million initiative is targeted to all Citizen Potawatomi tribal members living Oklahoma, regardless of income. The first phase of a comprehensive Potawatomi Nation housing program is expected to help 75 to 85 tribal members purchase existing homes, construct new homes, or re-finance homes they already own.
The Potawatomi Nation will leverage $5 million of its NAHASDA funding, from the federal Department of Housing and Urban Development, to make these home loans available.
These mortgages will require a three percent (3%) down payment. ''The prospective home owner will have to provide just one percent (1%) of the purchase price from his own funds toward the down payment,'' explained John ''Rocky'' Barrett, Potawatomi Chairman. ''The remainder of the down payment and a portion of the loan-closing costs can be provided through a second mortgage from the Nation's housing funds.''
Those second mortgages will be available at very low interest rates. Program participants will repay the second mortgages simultaneously with making payments on the first mortgage.
Potawatomi tribal members who take advantage of this opportunity can obtain mortgage money through First National Bank and Trust Co. of Shawnee. First National, which is owned by the Potawatomi Nation, has created a mortgage department to handle demand from this program and from the public at-large.
''This is a natural and very compatible next step for First National to take, as we expand to serve the needs of tribal members and the entire population of our service area,'' said Larry Briggs, President.
First Americans Mortgage Corporation assisted in developing the program and will be working in partnership with the Housing Authority and First National Bank to originate the loans. ''FAMC is excited about this unique opportunity to make affordable housing loans to members of the Potawatomi Nation while expanding the mortgage loan capabilities of First National Bank,'' said Dustan R. Shepherd, founder and President of FAMC.
''Being a Native American owned company, FAMC is extremely pleased to be working with one of just seven Native American owned banks in the United States,'' Shepherd said. ''As the only federally-chartered bank that is 100% Native American owned and managed, First National will be a role model for serving Indian Country's housing needs.''
Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. Through supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers.
''Freddie Mac, the Potawatomi Nation, PMI, and participating lenders are beginning an important journey together -- a journey that will make the promise of improved housing opportunities a reality for many tribal members,'' said Craig Nickerson, vice president for Community Development Lending at Freddie Mac.
''We applaud the Potawatomis' creative use of funds made available through the Native American Housing Assistance and Self-Determination Act. It is this kind of local creativity, combined with public-private sector alliances, that increases home ownership here and in other communities around the country,'' Nickerson added.
Over the years, Freddie Mac has opened doors for one of every six homebuyers in America, and for two million renters.
Potawatomi tribal members who want more information about the housing assistance and home ownership program can call Sherry Byers, of the Potawatomi Nation Housing Authority staff, at 405/275-3121 or 800/880-9880.
Robert Carlile, Director of the Potawatomi Housing Authority, said that, to be eligible for this program, tribal members must have a housing application on file with his office. ''Ms. Byers can provide housing applications and assistance in completing and filing them,'' Carlile said.
''The Citizen Potawatomi Nation is pleased to offer this opportunity for tribal members to become home owners,'' Barrett said. ''Home ownership is the best, most available way for most Americans to create personal and family wealth. Opening this door will help create Potawatomi-owned businesses, more opportunities for Potawatomi families to send children to college, and a better way of life for our people.''
''We are delighted to work with Citizen Potawatomi Nation and our lending and investment partners to expand home ownership opportunities for members of the Potawatomi Nation,'' said David Katkove, PMI's Vice President - Marketing. ''This program is an excellent example of what can be accomplished when mortgage market participants join with local partners to make affordable financing available to people who want to own a home.''
The PMI Mortgage Insurance Co., based in San Francisco, is the third largest private mortgage insurer in the United States based on 1997 year-end insurance in force. In addition to private mortgage insurance, PMI, with its parent company. The PMI Group, Inc. and corporate affiliates, is a leader in risk management technology. It provides various products and services for the home mortgage finance industry, including title insurance.
As one of the lenders, Washington Mutual, of Seattle, Washington has also been instrumental in making the Citizen Potawatomi Nation home ownership program possible.
Citizen Potawatomi Nation
www.Potawatomi.org
For more information contact:
Michael Dodson Director of Public Information Citizen Potawatomi Nation 1601 S. Gordon Cooper Drive Shawnee, OK 74801 405/275-3121 405/275-4143 (fax)
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.
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Contact:
Dustan R. Shepherd or Delmar A. Janovec
Telephone No. 913/859-9505, 913/859-9292
Fax No. 913/859-9520
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