I told you last year this was coming. John Carona, the Texas State Senator who lost his seat in the last election would be buying some banks. During his years in the Legislature he was criticized for writing, lobbying for and passing laws designed to benefit the HOA business.
Carona tightly controls more than 8000 Homeowners Associations through his company, Associa, making him the largest HOA management firm in the country. Residents of many Associa HOAs have complained bitterly about how difficult life is in these beige compounds. Last year a newspaper talked about how Carona was buying up unrelated businesses surrounding his compounds making it difficult for homeowners to shop at non-Carona controlled firms.
The natural second-line business model would have him in significant industry like banking, where he could make loans available to all the homeowners he controls.
He also waded into the self-publishing business last year with a book about how great HOA life is. What’s most interesting is the negative reviews on his Amazon page.