His business is real estate. But with a slumping economy, Portland condo investor Homer Williams has found a new investment in failed bank loans. He just purchased two packages of loans from the Bank of Clark County.
Williams confirmed that he's the man behind BCC Fund I Limited Partnership, which the FDIC identified this week as the successful bidder for two packages of loans from the defunct Bank of Clark County.
The FDIC auctioned the loans last month from the Vancouver bank that failed in January.
Williams declined further comment. But according to the FDIC, BCC Fund 1 paid just more than $2 million for one bunch of loans with an outstanding balance of $6.1 million. BCC also successfully bid $3.3 million for a group of 53 other loans with an outstanding balance of $10.3 million.
Read the full article at Oregonlive.com.