Billionaire Ford Shops for Banks as Government Welcomes Buyers
By Ari Levy - December 17, 2008 00:00 EST
Ford declined to name the two banks he tried to buy in the past month. He did admit a fondness for California and said he bid for a bank with between $10 billion and $12 billion in assets. Downey had $12.8 billion, the only bank of that size to fail this year.
“We operated banks out there, we had a very positive experience out there,” Ford said. “We like California over the long run. Right now it has its challenges.” The state is home to the fourth-highest foreclosure rate in the country, according to November data from RealtyTrac Inc.
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