LAS VEGAS, Nov. 8, 2005 (PRIMEZONE) -- Shearson Home Loans, the mortgage banking arm of Consumer Direct of America (OTCBB:CSUA) (CDA), a financial services holding company, today announced that it has begun closing loans on the Manhattan Hi-Rise development project in Las Vegas. Manhattan is a 750 unit urban development project in Las Vegas, which Shearson Home Loans is the preferred mortgage lender. Shearson currently has applications for loans from interested purchasers totaling in excess of $146 million dollars. "This project represents up to $3 million in revenue to our company," states Michael Barron, Shearson's CEO. "We are proud of the fine job our Residential Development Team has done in managing this fine opportunity." Shearson Home Loans, a fast growing mortgage banker/broker, has additional agreements with similar project developers in Las Vegas and Arizona, totaling over 4,000 units over the next three years. Manhattan is expected to close out its sales during 2006.
About Shearson Home Loans
Shearson Home Loans is a fast-growing provider of residential mortgages with 36 offices in 30 states. It employs over 300 people, 250 of whom are residential mortgage professionals with closed-loan volume of $1.1 billion in 2004. The company accounted for over 6,435 loan transactions in 2004. Shearson operates 54,000 sq. ft. of branch office throughout the country. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.