New home sales plummet 14.5% in March

New home sales plummet 14.5% in March

Spring buying season off with a whimper

4 metrics reveal California's true housing market

Foreclosures dwindle as home prices skyrocket

HUD’s Donovan: This is the worst rental crisis in this nation, ever

Says administration is very pleased with Johnson-Crapo
W S

Capital Alliance Appoints CEO, Looks to Reverse Losses

Capital Alliance Income Trust Ltd., a residential mortgage REIT, today announced it has unanimously approved its transition to a “Self Advised� REIT and the unanimous appointment of Richard J. Wrensen as President and Chief Executive Officer. “CAIT needs to focus on reversing its losses, creating earnings, restoring the dividend and enhancing shareholder value," Wrenson said. "Our success will require strategic changes to our existing business model, investment policies and a tremendous amount of hard work.�
The transition to self management has produced significant transition and termination expenses, the company said. The former advisor received a termination payment of approximately $500,000. For the year ended December 31, 2005 CAIT, reported a net loss of $307,308 and for the year ended December 31, 2006 expects its net loss to exceed $900,000, including one time transition and termination expenses. CAIT is a specialty residential lender that has invested in conforming and high yielding, non-conforming residential mortgage loans on one-to-four unit residential properties located primarily in California.

Recent Articles by Paul Jackson

Comments powered by Disqus