LAS VEGAS, Oct. 12, 2005 (PRIMEZONE) -- Shearson Home Loans, a subsidiary of Consumer Direct of America (OTCBB:CSUA) (CDA), a consolidator of the mortgage brokerage industry, today announced that it has executed an agreement to sell up to $50 million of its "A" paper and "Alt A" loans to a fund managed by Capital Asset Group of Newport Beach, California (CAG). The agreement allows for Shearson to deliver on request to CAG's fund, whole loans with FICO scores in the "A" and "Alt A" paper range. Under the agreement, Shearson would also service, on behalf of CAG, the loans sold to the CAG's fund.
Chairman and CEO Michael A. Barron said, "We are very pleased to have been chosen by CAG as the exclusive mortgage banker to deliver up to $50 million in closed loans to the CAG fund." Stated Michael Barron, Shearson's CEO. "This delivery insures a ready market for our production and we anticipate strong execution for both parties with this agreement."
About Consumer Direct of America
Consumer Direct of America (OTCBB:CSUA) is a fast-growing provider of residential mortgages. It employs over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who had closed-loan volume of $1.1 billion, which accounted for over 6,435 loan transactions in 2004. Consumer Direct operates 54,000 sq. ft. of telesales and branch office space with 37 locations in 30 states. The company is a consolidator of independent mortgage brokerages and has grown rapidly during the last three years through acquisition and consolidation. The company currently is seeking new branches for its growing network. For more information, please visit the company's website at www.shearsonhomeloans.com.