September, 2014 | Securitization Audit Report

Former Freddie Mac Senior Vice President Joins The Collingwood Group As Special Advisor

Posted on September 12, 2014 by admin

(PRWEB) July 27, 2011

The Collingwood Group announced today that it has retained Manoj K. Singh as a Special Advisor, working with the Collingwood Group to bring his unique expertise in risk management along with his senior level experience on Wall Street. In his new role, Dr. Singh will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.

Dr. Singh has a lengthy and strong background in Financial Services. Most recently Senior Vice President of Pricing and Securitization (Single Family) and, before that, Senior Vice President, Head of Market Risk Management for Freddie Mac, he worked closely with the credit guarantee business, managed the profitability of the Single-Family Credit Guarantee business, identified key drivers of credit risk, and developed recommendations for the corporate costing models, creating strategies to expand and improve Freddie Macs mortgage securities funding alternatives and overseeing its cash execution program. His primary responsibilities included pricing the guarantee fees under Freddie Macs Mortgage Backed Securities Program and the issuance of pass-thru as well as structured securities. In addition to Single-Family Sourcing, Dr. Singh worked closely with Credit Management, Investments & Capital Markets, Credit and Counterparty Risk Management, and Operations.

Prior to joining Freddie Mac, Dr. Singh held executive-level positions with Bear, Stearns & Co (Senior Managing Director, FAST Group), Lehman Brothers, Inc. (Senior Vice President, Risk Management), and Wasserstein Perella Capital Management (Vice President, R&D). His thirteen years of experience with Wall Street provided him with the knowledge to help investors pursue mortgage and real estate assets while enabling them to identify the true risks and value of their targets. His career started in academia, as Assistant Professor of Finance at Boston College.

We are delighted to welcome Manoj to The Collingwood Group team, said Tim Rood, a Partner with The Collingwood Group The Collingwood Group announced today that it has retained Manoj K. Singh as a Special Advisor, working with the Collingwood Group to bring his unique expertise in risk management along with his senior level experience on Wall Street. In his new role, Dr. Singh will work with The Collingwood Group to further help clients navigate the business opportunities that exist in Washington as a result of the housing crisis.

We are delighted to welcome Manoj to The Collingwood Group team, said Tim Rood, a Partner with The Collingwood Group. We have advised our clients that the watershed moment of asset sales is upon us and his unique expertise will be invaluable to our private equity and hedge fund clients looking to buy or sell mortgage and real estate assets”.

Brian Montgomery, Vice Chairman of The Collingwood Group, agrees. Manoj brings a unique set of skills to our company and our clients that will further enhance our competencies in providing an integrated mix of high level business advisory services. His involvement with our firm will supplement our already wide range of proficiencies in assisting our financial services clientele.

Dr. Singh received his Bachelors Degree from the Indian Institute of Technology in Kanpur, and both his Masters of Science Degree and his Ph.D. from Purdue University. His has published numerous research publications, and is a frequent presenter at industry conferences. He has refereed journals such as Management Science, Journal of Financial and Quantitative Analysis, Journal of the American Real Estate and Urban Economics Association, and Journal of Financial Research, and was a book reviewer for the Journal of Finance. He and his family live in McLean, Virginia.

About The Collingwood Group

The Collingwood Group (http://www.collingwoodllc.com) is a Washington, DC-based business advisory firm focused on growing clients businesses, promoting revenue growth and increasing investment returns. The firm is led by Joe Murin, former President and CEO of Ginnie Mae, and Brian Montgomery, former Assistant Secretary for Housing and Federal Housing Commissioner. Both played major roles in the federal governments efforts to address the nations financial crisis and restore stability and liquidity to financial markets. The firms expertise spans all aspects of Agency, non-Agency and FHA/VA housing financing programs; Ginnie Mae securitization activities; domestic and international secondary market activities and issues; primary and special servicing; full asset lifecycle vendor and talent management; and all elements of portfolio due diligence, acquisition, property management and asset disposition.

Contact:

Debra Kaufmann

The Collingwood Group

dkaufmann(at)collingwoodllc(dot)com

o: 202.626.9724

m: 301.252.3582

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More Securitization Press Releases

Attorney Walter Keane Explains Unfavorable Ruling of Quiet Title Split the Note Theory by Controlling Jurisdiction

Posted on September 10, 2014 by admin

Salt Lake City, UT (PRWEB) August 01, 2011

From his Salt Lake City office, Real Estate Attorney Walter Keane provides insight on the recent ruling by the Utah court of appeals which rejected the “split-the-note” argument.

On July 14, 2011, the Utah court of appeals issued Commonwealth Property Advocates, LLC vs. Mortgage Electronic Registration System, Inc. (MERS), 2011 UT App 232 (July 14, 2011). Keane says he found out about the ruling on July 15th during a court hearing in which Keane was arguing a quiet title cause of action based on “split-the-note.”

Keane, who recently taught a seminar for Utah Attorneys regarding his successful Foreclosure Defense strategies, explained that the “split the note” argument asserts that because MERS holds the trust deed (and the promissory note is held by an unknown third party due to securitization), the trust deed has been “split from the note.” This concept was first articulated in Carpenter v. Longan, 83 U.S. 271 (1872). Keane has based several of his cases upon this argument, and has been successful in using it to nullify trust deeds in Utah.

The Commonwealth opinion specifically addresses the “split the note” argument and fully rejected it. Following the rationale of the Utah United States district courts, the Commonwealth Court reasoned in Utah Code

The Ethics and Economics of the Great Recession”

Posted on September 8, 2014 by admin

Washington, D.C. (PRWEB) August 05, 2011

Do economists need a code of ethics? Its not a question often asked about the 2008 financial crisis and great recession that followedespecially when compared to questions about mortgage securitization, monetary policy, and risk. But should it be?

Martha Starr, editor of the new book Consequences of Economic Downturn: Beyond the Usual Economics (Palgrave Macmillan, 2011), says yes, and that we should be asking more questions like it.

The book, a collection of essays by numerous economists, explores the economists-and-ethics question as well as other questions examining the ethical, social, political, cultural, and educational factors behind the crisis and recession.

We need to consider these other issues if we hope to prevent crises and downturns like this in the future, said Starr, an associate professor of economics at American University and a former Federal Reserve economist.

Ethics for Economists?

After the crisis hit, numerous people have asked why, despite all the warning signs building up to the crisis, did influential economic policymakers fail to act? Starr says one contributing reason could be that economists have no code of conduct or ethical guidelines ensuring that they use their professional skills in the public interest.

Unlike almost any other academic professionstatisticians, mathematicians, physicists, sociologists, you name iteconomists have always opposed adopting an ethical code outlining how they should act, Starr said.

The result? Little or no compulsion to spot and thwart developments leading up to the crisis (such as the housing price bubble, rise of subprime lending, and proliferation of collateralized debt obligations) that could (and did) spiral out of control and cause great distress for people ill prepared to withstand prolonged economic and financial distressparticularly the economically disadvantaged and the average working American.

So, why dont economists have a code of conduct or ethical oath? The author of the books essay on this subject, George DeMartino of the University of Denver, says such a code would oversimplify the complex ethical situations that economists face. Instead, he suggests a field of professional economic ethicssimilar to the field of medical ethicsto study how economists should address explicit problems that arise in their profession. Starr herself disagrees and thinks economists need clearly spelled out guidelines to help them steer away from ethically problematic situations.

A well-written code could make people think hard before, for instance, accepting $ 135,000 in speakers fees from an investment bank, then giving that investment bank privileged access to the White House, said Starr, referring to Goldman Sachs paying that sum in 2008 to then-top White House economic adviser Lawrence Summers.

The Privilege of Power: Shifting Risk While Reaping Rewards

Another essay in the book focuses on why the too big to fail organizations took on such outrageously risky investments in the first place. Of course, risky investments present the greatest opportunities for high returns. But the reward is supposed to be tied to the risk. The risks are supposed to pay a premium to make up for the uncertainty in future earnings.

But Starr says in contemporary American capitalism, risk and reward effectively have been divorcedespecially for the powerful.

Numerous laws, practices, policies, and institutions enable the wealthy and powerful to push risks off themselves and onto othersespecially the unsuspecting taxpayer, Starr said.

Take the concept limited liability, which dictates that an investor cannot lose more than he or she invested in a venture. While it was designed to foster new business creation by shielding investors from losing the shirts off their backs if a venture fails, it also creates a screen behind which people can save returns while they are accumulating. If things turn sour, investors get to keep the returns they earned and saved when things were going well.

With the financial crisis, financial executives could keep the outsized earnings they accumulated during the boom years through subprime lending and mortgage backed-securities, but after the bubble burst, the governments Troubled Asset Relief Program shifted the risks onto Joe and Jane Taxpayer.

Not only had the average American not agreed to take on these risks and had not benefited from the outsized gains, but they also bore most of the costs of the downturn through lost jobs, homes, home equity, and retirement savings, Starr said.

The Critically Important Role of the Average American

Other essays in the book explore different issues pertaining to average Americans, such as the pressure we place on ourselves to keep up with the Joneses and whether the recession really impacted men moreor just differently than it did women.

Starr says she hopes the book sheds light on how the crisis and recession affected the average American, whose role in the U.S. economy is critically important.

Consumer spending accounts for about 70 percent of domestic economic activity, Starr pointed out. When average Americans are out of work, have lost their homes and or their savings, they have little if anything to spend and help support the economy.

American University is a leader in global education, enrolling a diverse student body from throughout the United States and nearly 140 countries. Located in Washington, D.C., the university provides opportunities for academic excellence, public service, and internships in the nations capital and around the world.

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Related Securitization Press Releases

CompuGain Acquires the Mortgage Division of Overture Technologies, Inc.

Posted on September 6, 2014 by admin

Herndon, VA (PRWEB) August 22, 2011

CompuGain is pleased to announce the acquisition of the Mortgage Division of Overture Technologies, Inc., a leading provider of decisioning software solutions. Overture Technologies applies decades of experience in the mortgage finance industry to provide specialized tools that help customers make informed and sound decisions about what to buy or sell and what to approve or refer. Overtures solution suite is a high-performance loan decision system that can be used for loan-level and pool risk assessment, eligibility, and pricing of new and seasoned assets.

We are extremely excited to announce the acquisition of Overture Technologies Mortgage division. Together, with the addition of the Overture staff and product offerings, CompuGain will now have the ability to deliver fully integrated and best in class services to the Mortgage Finance domain, said Debasish Hota, President & CEO of CompuGain Corporation.

Overtures Mortgage division enables transparent, accurate, and responsive lending processes required for the mortgage and finance industries. With the addition of Overtures Mortgage division, CompuGain will be able to leverage its existing service offerings to enhance and implement a world-class decisioning software solution to existing and new clients.

Overture is proud to be a part of the CompuGain team. Their past performance as a professional services firm, their financial strength and the exceptional intellectual capital that resides within the walls of CompuGain is a huge asset and something that we look forward to being able to leverage to help our clients realize their business objectives. We are extremely fortunate and excited to be a part of the next chapter in CompuGains history, said LeRoy Pingho, CEO of Overture Technologies, Inc.

The newly acquired company will operate as a wholly-owned subsidiary of CompuGain Corporation and will conduct business under the Overture Financial Solutions business name. Together, CompuGain and Overture Financial Solutions will consult and work as an integrated delivery team to help its business partners make better and more informed decisions utilizing an integrated set of CompuGain/Overture solutions.

About Overture Technologies, Inc:

Founded in 2000, Overture Technologies is the leading provider of decisioning software solutions that enable the transparent, accurate and responsive lending processes required for todays mortgage and education finance industries.

Overtures customers are dedicated to providing superior mortgage underwriting, servicing and securitization services and to increasing students access to higher education financing alternatives. The leadership team shares in these goals and applies decades of experience from leading financial services and technology firms including Fannie Mae, Freddie Mac, Goldman Sachs, IBM and KPMG to helping its customers achieve those goals.

Specific to the Mortgage Finance Solutions division, Overture serves the breadth of the mortgage finance value chain with automated decisioning technology for underwriting, pricing, servicing and valuing mortgage loans and mortgage assets.

For more information about Overture Technologies, please visit http://www.overturecorp.com.

About Compugain Corporation:

CompuGain is a global provider of Professional Services and innovative IT Solutions.

Established as a certified Minority-Owned Business Enterprise (MBE), CompuGain has partnered with its clients in a variety of industries to help improve productivity, reduce costs and increase revenue. CompuGain understands the importance of running an agile business – CompuGain offers a total professional service offering that includes contract placement, temp-to-perm, permanent placement, consulting and project based engagements to help its clients operate more efficiently. With an expanded and fully integrated portfolio of professional services and with an ever-increasing global footprint, CompuGain is well-positioned to support the business growth of its clients.

For more information about CompuGain, please visit http://www.compugain.com.

Advisory Services and Representation:

CompuGain was advised by o3 Capital Global Advisory a full service international Investment Bank with offices in New York, Mumbai and Bangalore and represented by Pillsbury, a full service law firm in Fairfax, Virginia.

Overture was represented by Odin, Feldman & Pittleman, PC a full service law firm headquartered in Fairfax, Virginia.

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Lifeloc Technologies Receives Contract for Phoenix 6.0 Bluetooth Breath Alcohol Testers from State of Missouri, Department of Corrections

Posted on September 4, 2014 by admin

Denver, Colorado (PRWEB) August 23, 2011

Lifeloc Technologies, Inc., a Colorado based manufacturer of professional-use breathalyzers today announced that it has been awarded a contract by the State of Missouri Corrections Department for its Phoenix 6.0 Bluetooth Workplace breath alcohol testing systems. The contract is valued as high as $ 75,000. Lifeloc has had an ongoing business relationship with the state for over ten years.

The Missouri Corrections Department uses Lifeloc breathalyzers for both employee and inmate breath alcohol testing programs. The new Phoenix 6.0BT models will be used for employee testing statewide, enabling evidential documentation of alcohol breath testing.

The Phoenix 6.0BT is Lifelocs top of the line evidential breath alcohol testing system (EBT). Features include Lifelocs proprietary EasyMode software which guides alcohol testers step by step through the DOT testing protocol to ensure valid breath alcohol test results. Other advanced features include encrypted wireless printing of test results on tamper evident labels and full user password protection.

About Lifeloc Technologies

Lifeloc Technologies, Inc. is a trusted international provider of precise, reliable and easy to use portable breath alcohol testing instruments (breathalyzers). Lifeloc offers comprehensive online and classroom training, plus a complete line of supplies and drug screening products. Our alcohol testing devices have been manufactured continuously in Colorado since our founding in 1983. Lifeloc evidential and screening devices are approved by the U.S. DOT and other state and international regulatory agencies. More information about Lifeloc is available at http://www.lifeloc.com

The statements in this press release, relating to future plans, future events or products and services, are forward-looking statements which are subject to specific risks and uncertainties. These could involve particular market trends, competition factors and other risks described in documents submitted to the U.S. Securites and Exchange Commission. The actual results, events, products and services may vary significantly from the forecasts. The reader is warned not to rely on these forward-looking statements without reservation, since these are simply reflections of the current situation.

CONTACT:

John Rhoades