-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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I'm not looking for a mortgage play just banking in general. I think if we watch this they will rebound and this will make money. The company has secured it self and will rebound strong.
Posts: 271 | Registered: Jul 2006
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The whole sector will rebound, after it takes it beating, What new? Been that way since forever. Trick is to know WHEN.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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Homebanc Corp (OTC: HMBN) through its subsidiaries, engages in the mortgage banking business primarily in the southeast United States. It primarily focuses on originating prime one-to-four family purchase money mortgage loans. The company offers various fixed and adjustable rate residential mortgage loan products. It also originates Fannie Mae/Freddie Mac mortgage loans; U.S. Department of Housing and Urban Development and Veterans Administration government-insured mortgage loans; and adjustable-rate mortgage loans, which include construction-to-permanent and second-lien mortgage loans, nonconforming loans, and subprime mortgage loans. In addition, the company sells mortgage loans that it originates to unrelated third parties. HomeBanc offers its products through a retail network of stores, and strategic marketing alliances (SMAs). As of December 31, 2006, it originated residential mortgage loans through 21 store locations and 140 realtor store-in-store locations in the states of Georgia, Florida, North Carolina, and South Carolina. The company also had 229 strategic marketing alliances, as of the above date. HomeBanc qualifies as a real estate investment trust (REIT) for federal income tax purposes. As a REIT, the company would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was founded in 1929 and is based in Atlanta, Georgia. On August 9, 2007, HomeBanc Corp. along with its affiliates filed a voluntary petition for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. With 51.45 million shares outstanding and 1.07 million shares declared short as of August 2007, there is no longer a failure to deliver in shares of HMBN.
Posts: 271 | Registered: Jul 2006
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