Monday, March 05, 2007

TMSF Holdings Backs Away From CPM Wholesale Deal


On February 14, 2007, Housing Wire reported the following:

TMSF Holdings, Inc. said today that it has entered into an agreement to acquire certain assets of the wholesale division of Folsom, Calif.-based Central Pacific Mortgage.
...
“We are excited about the synergies this acquisition brings,” stated Raymond Eshaghian, CEO of TMSF Holdings, Inc. “It provides us with a cost-effective way to approximately double our production volume. Moreover, this transaction brings together two individually successful business models. The combined company will benefit from shared operating efficiencies and the pursuit of best practices.”
Now on March 5, 2007, TMSF issued this press release:
TMSF Holdings, Inc. (OTCBB:TMFZ), today announced that it has terminated its agreement to acquire certain assets of the wholesale division of Folsom, CA-based Central Pacific Mortgage ("CPM-Wholesale"), primarily due to current adverse market conditions.

"We determined that proceeding with the asset acquisition agreement was not, as originally perceived, in the best interest of TMSF Holdings shareholders," commented Raymond Eshaghian, Chief Executive Officer of TMSF Holdings, Inc. and President of The Mortgage Store Financial, Inc. "TMSF will pursue other opportunities in the marketplace that will better serve our shareholders."
That was fast!

9 comments:

Sippn said...

Those MBAs are good for something!

chuck said...

please,
please,
please,

no more, for the love of the,

The Msytic Knights of the Sea and the Grand Lodge of Raccoons...

no more!

Ralph Cramden and WC Fields are OK in MODERATION...

but this John Courson lending worthless Confederate Money to Greg Nassi who in turn swears on his mother's grave that John Saca is a stand-up guy, and are vouched for by Fargo's goons, Kerridge and Dangberg...

and then they all head for Montivideo...

IS WAY OVER THE TOP!

enough is enough

Bakersfield Bubble said...

This unraveled so fast.

Have you noticed hits from CPM on your stats? I have received several, I wonder who still works there?

chuck said...

WTF? Bang the Drums, and all on to the Bus, Forward!

LOL...

http://www.youtube.com/watch?v=fUpSvYvKCUc

Black Ball the DaddyOh...

Perfect Storm said...

"Moreover, this transaction brings together two individually successful business models."

What in the hell is this guy talking about. What a tool, somebody needs to smack this guy.

Perfect Storm said...

February 2007 Foreclosure Data Alert - March 5, 2007Number of foreclosed homes returned to lenders at auction continue to rise


Lenders can't even dump the homes at court house steps.

Perfect Storm said...

Posted by Mike FL

January pending home sales fell 4.1% from December, according to the National Association of Realtors. The Bloomberg forecast called for a drop of 1.2%. In other words, the decline was more than three times worse than expected. Regionally, sales declined in the Midwest (-2.4%) and South (-11.7%), rose in the Northeast (+9.3%) and were relatively unchanged in the West (+0.2%). On a year-over-year basis, pending home sales were down 8.9%.

This report confirms that the housing market remained weak in early 2007. We’re entering the key spring selling season with elevated home inventories, a lack of speculative demand, and now, a tightening of mortgage lending standards. All of these factors tell me this spring will ultimately prove another lackluster one for home sales. Consequently, further declines in home prices are likely.

Patient Renter said...

"We determined that proceeding with the asset acquisition agreement was not, as originally perceived, in the best interest of TMSF Holdings shareholders"

A wise observation, albeit an obvious one considering all the CPM employees were already let go.

laurie.obrien said...

"February 2007 Foreclosure Data Alert - March 5, 2007Number of foreclosed homes returned to lenders at auction continue to rise"

Perfect Storm? Where do you get this info? I am curious about that.
Thanks!!