REAL ESTATE
Auction Team: Lange Financial Services, the Newport Beach real estate auction company, says its LFC Real Estate Clearinghouse Inc. subsidiary has joined forces with First American Title Insurance Co. of Santa Ana and GMAC Mortgage, an arm of General Motors Acceptance Corp., to form a company that will sell government-owned real estate.
The new partnership, Team REC, will auction homes, businesses, farms and other properties that government agencies acquire after taking over insolvent banks and thrifts.
A Lange spokeswoman said the company is negotiating with federal Resolution Trust Corp. offices in several locations, including Costa Mesa, and that no firm contracts for auctions have yet been signed.
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