During 2010, REO increased by $964 thousand to $3.0 million from the end of 2009. At December 31, 2010 the Bank’s REO consisted of three one-to-four family residential properties, three multi-family residential properties and five commercial real estate properties, three of which are church buildings.We are continuing to monitor our loan portfolio closely and work with borrowers to maximize the value of our assets. As part of this process, during 2010 we enhanced our loan monitoring and servicing procedures, implemented direct reporting to a committee of our Board of Directors, and hired experienced managers for both our loan servicing and Internal Asset Review functions. In addition, we are pursuing sales of our REO and selected classified assets. During 2010 we successfully sold $13.1 million of loans, including $1.9 million of classified non-performing loans, and $3.0 million of REO. During 2009, we sold $2.9 million of loans.
Broadway Financial Corporation Reports Profit For 4th Quarter And Year Ended December 31, 2010
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