Vertical Capital Markets Group, Irvine, Calif., this week launched a new fund that invests primarily in assets of residential performing loans secured by first mortgages or deeds of trust.
Gus Altuzarra, CEO of the Vertical Capital Markets Group, told this publication the fund is distinct from others in that it targets performing rather than nonperforming assets. The fund does not seek to own real estate but rather wants assets that produce an income stream, he said.
More than 90% of the loans in the fund are performing and are purchased at a significant discount, leaving room to negotiate lower payments for any troubled homeowners, according to the company.
The fund is designed for investments of $1,000 and up. The company previously had launched two similar private placement funds for accredited investors that had stricter qualification requirements, Altuzarra said.
Daily Briefing | Thursday, December 22, 2011
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B of As CFC Unit to Pay $335M Fine for Lending Discrimination
The Justice Department late Wednesday announced that it has reached a $335 million settlement with Countrywide Financial Corp., now owned by Bank of America, in the largest fair lending action in history.
Shore Financial Appoints CIO, Promotes CTO
The parent company of United Wholesale Mortgage appointed Paul Orlando as its chief information officer and Bill Van Nort as chief technology officer.
MortgageKeeper Tops Record Year With New Clients
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Philadelphia Bank Unloads Almost $60M in NPLs
Republic First Bancorp, Philadelphia, this week announced that it had sold $59 million of mostly problem real estate loans to a single investor, a move that goes a long way towards cleaning up its balance sheet.
OCC Sees Much Higher Foreclosure Activity
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Congressmen Urge Feds to Keep SCRA out of Foreclosure Settlement
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