Early Briefing: Comstock Deal Lets It Get Rid of Debt

*Comstock Homebuilding of Reston said it has reached a deal with lender BB&T to wipe $32.7 million worth of troubled development loans from its books as it struggles to rebound in an ailing housing market. Under the deal, BB&T foreclosed on four of Comstock's properties in the Atlanta area. Two properties in Northern Virginia -- a condominium project in Manassas and a single-family home project in western Loudoun County -- are scheduled to go into foreclosure by Sept. 30, according to Comstock.

The foreclosures will relieve Comstock from of its obligations to BB&T.

*Freddie Mac sold $1 billion in five-year debt at a price that indicates investors' fears about the mortgage finance firm have eased. Investors are watching the debt sales of McLean-based Freddie Mac and its sibling company, Fannie Mae of the District, to gauge whether they are having problems funding their operations without government support.

*Eagle Bancorp of Bethesda, the parent company of EagleBank, said that it completed its acquisition of Fidelity & Trust Financial of the District. As a result of the merger, EagleBank has aggregate assets of about $1.4 billion and loans and deposits each in excess of $1.1 billion. The bank has 15 offices in the Washington area.

By Terri Rupar  |  September 3, 2008; 5:00 AM ET  | Category:  Morning Brief
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