Vertical Capital Markets Group Launches New Fund


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

  • Multifamily Lending Posts Dramatic Increase

    Although residential originations fell by 20% in the third quarter — compared to the same period last year — multifamily production went in the opposite direction, rising 80%, according to figures compiled by National Mortgage News and the Quarterly Data Report.

  • Consumers Get New Record Low 30-Year Rate for Holidays

    Freddie Mac said Thursday that the average weekly rate for a 30-year mortgage has inched down to another record low.

  • FHFA Sees No Improvement in Home Values

    Home prices are back to last summer’s levels, according to the latest reading from the Federal Housing Finance Agency, another sign that the real estate market is going nowhere fast despite record low rates.

  • E*Trade Reaches Settlement in Mortgage Litigation

    E*Trade and its insurers have agreed to pay $79 million to settle a class-action suit brought by investors over losses in its mortgage and home-equity loan portfolios.

  • California’s GSE Suit Opens Legal Can of Worms

    The Federal Housing Finance Agency believes California Attorney General Kamala Harris is pestering Fannie Mae with stupid questions. Whether that opinion is enough justification for the government-sponsored enterprise to ignore her queries is to be determined.

  • B of A’s 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

    The anonymous referral service that helps lenders and counseling agencies connect struggling home owners with qualified sources of assistance is ending the year with a bang.

  • 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

    The Comptroller of the Currency reported an acceleration in foreclosure actions during the third quarter as servicers lifted voluntary moratoriums implemented in late 2010 as the robosigning scandal escalated.

  • Congressmen Urge Feds to Keep SCRA out of Foreclosure Settlement

    Democratic Rep. Brad Miller and Republican Rep. Walter Jones are sending a message to federal officials who will need to sign off on any settlement agreement reached between state attorneys general and mortgage servicers: do not release the servicers from any violations of a federal law that protects members of the military.

Leave a Reply