Titanium Holdings Launches REO Asset Management Company
Titanium Holdings launched a new asset management company for real-estate owned (REO) property, Excellen REO, according to an announcement. Titanium Holdings is the parent company of Titanium Solutions, a loss-mitigation services provider. In September, Freddie Mac (FRE) contracted Titanium Solutions to visit homes of delinquent borrowers and retrieve missing information and documentation necessary to enter the Home Affordable Modification Program (HAMP). Under HAMP, the US Treasury Department allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Last week, the Federal Housing Finance Agency (FHFA) reported the two government-sponsored enterprises, Freddie Mac and Fannie Mae (FNM), completed 405,000 HAMP trials. Titanium Holdings hired Cary Sternberg as president of Excellen REO in November to begin recruiting asset managers for the potential 33,000 assets and to develop a network of as many as 1,200 REO agents, local eviction attorneys and property preservation companies. "We have assembled a staff that leverages decades of experience in REO management and key business partners across the country," Sternberg said. "Titanium Holdings has created a formidable reputation in the industry and I look forward to garnering that same level of trust for Excellen REO." Write to Jon Prior.