Distressed Mortgage Specialist Acquires Hedge Fund Stake

Diversified Mortgage Workout Corp., a distressed subprime mortgage note acquisition specialist, said earlier this month that it has agreed to acquire a minority stake in a off shore hedge fund specializing in distressed mortgages, deep discounted/distressed mortgage bonds and distressed real estate properties. The White Plains, New York-based firm agreed to acquire a 23 percent minority stake in the the hedge fund, with an option to assume a majority stake within a twelve month period. “Diversified believes this to be a great entrance strategy for a soon to be highly lucrative opportunity as banks, mortgage company’s and investment banks in the United States start to unload its non performing real estate related assets, while the economy starts its recovery under the new incoming administration,” said Diversified’s president and CEO, Victoria Forlenza. HousingWire first covered the company in August, when it received investment commitments of $20 million from a private investment group based in Dubai. Diversified Mortgage Workout was previously known as Aspen Global Corp., and on August 8 of this year changed its name, saying it would refocus operations on the “acquisition of deep discounted sub-prime mortgage portfolios in the range of 10 to 15 million dollars per portfolio, and short term consumer workout loans for troubled homeowners that need to restructure unfavorable terms with their current mortgages.” Aspen Global held a controlling interest in C3 Defense Inc., a weapons dealer and security consulting firm. Forlenza took the helm of Aspen on July 8, and said the company would look to adopt a new business model. Little else is known about the company’s operations. Write to Paul Jackson at [email protected].

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