GMAC-ResCap Asset Management Group Joins Mountain Funding

Posted by Orb Staff on August 12, 2009 No Comments
Categories : Mortgage Servicing

http://www.mountainfunding.com/][u]Mountain Funding LLC[/u][/link], a national real estate investment company that manages and acquires distressed real estate debt portfolios, has absorbed the 14 senior management and real estate professionals from the real estate owned (REO) asset management group of GMAC-ResCap's Business Capital Group. As part of the transaction – which was completed through Mountain Funding's asset management affiliate, Mountain Special Servicing LLC – GMAC-ResCap has engaged Mountain to provide asset servicing and other consulting services for ResCap-BCG's residential development REO and nonperforming loan assets nationally. The servicing arrangement covers a portion of the portfolio of ResCap's Business Capital Group, including residential housing development REO properties. ResCap continues to provide mortgage servicing and subservicing for a portfolio of approximately 2.6 million mortgage loans and is the fifth-largest mortgage servicer in the nation. "Mountain Funding will be able to utilize its asset management staff to efficiently underwrite and bid on distressed debt portfolios – an area in which we expect to be a major player for the next three years," says Peter J. Fioretti, CEO of Mountain Funding. Mountain Special Servicing has approximately 90 assets under management, totaling over $1 billion in unpaid principal balance. The assets include residential land development, residential lot development/sale, housing construction/sale, commercial land development, subperforming retail centers, fractured condos, apartment, and resort development. The company says it intends to pursue additional asset management business for portfolios of distressed assets owned by real estate investment trusts, hedge funds and other institutional lenders. SOURCE: [link=http://www.mountainfunding.com/]Mountain Funding[/li

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