In the increasingly crowded field of investors looking to buy sub and non-performing mortgage notes, one small shop has added foreign dollars to the mix: White Plains, New York-based Diversified Mortgage Workout Corporation said Friday it had received investment commitments of $20 million from a private investment group based in Dubai. The company said in a press statement that it would look to purchase subprime whole loans with the funds. “We are very excited about this investment, as it is only the beginning,” said Victoria Forlenza, president and COO at the company. The company was previously known as Aspen Global Corp., and on August 8 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, or about its qualifications for buying and managing loans — HW’s sources suggest they had never heard of the company — although it began issuing press statements in earnest during early August. For more information, visit www.dmwkcorp.com.
Subprime Loan Buyer Gets Dubai-led Investment
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints