Compass Partners Announces the Formation of its New Mortgage
Servicing Entity as it Moves to Restore Investor Confidence
Gearing up to talk with Investors Individually after Transaction Closes
LAS VEGAS, NV, Jan. 11, 2007 -- Compass Partners today announced that it has formed Compass Financial LLC in Nevada to continue its newly acquired mortgage servicing business. Raising the $67 Million and being deemed the ‘highest and best bidders’ were the initial stages; and now, this additional development is in keeping with Compass Partners’ strategy to preserve and maintain its relationship with the investors of USA Capital.
“Our approach has been from the start to provide the highest quality loan servicing experience for USA Capital investors and borrowers,” David Blatt, of Compass Partners said. “Our incorporation as Compass Financial in Nevada is an important development for us and the 4,000 investors who put their trust in USA Capital,” Blatt added.
Unlike its competitors, Compass Partners has ongoing experience in the business of servicing mortgage loans, and defaulted ones in particular. As a result, the company is the best positioned to assume the Nevada responsibilities. Currently, the details of every one of the USA Capital loans are being reviewed. Immediately after the bankruptcy transaction closes, Compass Financial LLC’s new Nevada office staff intends to begin reaching out to the investors to discuss their circumstances surrounding their mortgage loan participations, as well as the appropriate resolutions.
“We were deemed qualified not only because we had the capital, but equally as important, because we were deemed the most qualified based on our track record resolving distressed loan situations,” Boris Piskun of Compass said. “We intend to restore the faith of the borrowers and investors in our business and continue the relationship with them for future endeavors,” he added.
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Compass Partners’ is a private equity firm that acquires and services distressed mortgage loans. The company seeks to deploy over $100 million annually to acquire companies and assets involving such mortgage loans. Compass Partner’s analysis of any investment opportunity is underpinned by rigorous due diligence and a focus on value. The company has a full-time dedicated team responsible for monitoring the strategic, operational, and financial performance of its portfolio investments. It is this disciplined, value-oriented approach that serves investors well, even in a distressed environment over the holding period of an investment.
CONTACT:
Juda S. Engelmayer, 5W Public Relations
For Compass Partners LLC
212-584-4287 direct
917-733-3561 cell
jengelmayer@5wpr.com
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