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Richard Santulli and Michael Goodman Join Loan Value Group
| Source: Loan Value Group
RUMSON, NJ--(Marketwire - December 21, 2009) - Loan
Value Group LLC today announced that Richard Santulli, former Chairman
and Chief Executive Officer of NetJets,
Inc., has joined its board as Chairman. At the same time, the company
said that Michael Goodman, former CEO of J.G. Wentworth, has joined the board
through Corridor Quadrant's
ownership position in Loan Value Group and will also take an active role as
Managing Partner.
Loan Value Group CEO Howard Hubler, former Head of Morgan Stanley's Global
Proprietary Credit Group, said, "Richard Santulli and Michael Goodman bring
enormous credibility in creating and implementing innovative business and
consumer solutions. They join a senior management
team with more than 20 years of high level, hands-on experience in the
mortgage, credit and asset-backed markets."
With an estimated 29% of all U.S. mortgages, or 15 million homes, currently
in a position of negative equity, the issue of strategic mortgage default
is fast becoming one of the biggest problems facing mortgage security
investors, loan owners and servicers as well as the current administration.
Loan Value Group works with owners of mortgage risk and servicers to
positively influence consumer behavior to help reduce the risk of strategic
default in their mortgage portfolios. Using patent-pending technology,
Loan Value Group provides a variable cost, highly scalable, turn-key
platform designed to identify, assess, and combat strategic default.
"Because strategic default is a discretionary, rational decision made by
the homeowner," Hubler said, "an effective solution must
provide incentives for the homeowner to choose not to default, rather than
subsidies to enable them to make payments. In doing so, our program aligns
the interests of the borrower with the mortgage owner. At the same time,
it meets the needs of other important stakeholders in the current mortgage
crisis, including regulators and the government as well as local
communities, by lowering default risk and helping to stabilize the very
neighborhoods in which we live."
About Loan Value Group LLC
Loan Value Group LLC, based in
Rumson, NJ, works with mortgage owners and servicers to
positively influence consumer behavior to help reduce the risk of strategic
default by rewarding
the responsible homeowner. Their solutions align the interests of all
stakeholders, including
homeowners, risk-owners, servicers and the government through
incentive-based programs
and turn-key solutions that stabilize and preserve neighborhoods while
lowering foreclosures.