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Maumelle's lender slips into federal hands.

Maumelle's Lender Slips Into Federal Hands

Maumelle Co. watchers noticed last week that the Resolution Trust Corporation took over insolvent $3.5-billion San Jacinto S&L in Houston, Texas. That's the thrift where Jay DeHaven has his $9.5 million loan, and some observers wondered what the takeover's consequences would be.

Is DeHaven worried? No way.

"The last year or two they've (the RTC) been calling all the shots anyway," he says. DeHaven figures, if anything, things will be easier.

With his new securitized loan portfolio purchaser he landed this fall, DeHaven plans to pay down the San Jacinto loan to $5 or $6 million within months.

Plus, he now says he can resell his mortgages into the secondary market as fast as he can sell them locally. Last week, for example, The Maumelle Co. did $800,000 in sales, DeHaven says.
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Title Annotation:San Jacinto Savings Association of Houston, Texas
Publication:Arkansas Business
Date:Dec 10, 1990
Words:142
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