HomeBanc Replaces CEO

Kevin D. Race, president, chief operating officer, and chief financial officer of Atlanta-based HomeBanc Corp., has been named chief executive officer of the company, replacing Patrick S. Flood.In addition, James B. Witherow, a director, has been named non-executive chairman of the board. During an investor conference call, Mr. Race said Mr. Flood, who was the company's chairman and CEO, left HomeBanc "to pursue other opportunities." Later, in response to a question, Mr. Witherow said there wasn't any "conflict" behind Mr. Flood's departure, but that HomeBanc is streamlining and this needs to come from the top, while Mr. Flood had built the organization for expansion. HomeBanc, which has been operating as a real estate investment trust, announced that it will focus on operating efficiencies and opportunities for growth and will not operate as a REIT in 2007. The company can be found online at http://www.homebanc.com.