Tag Archives: Settlement

Structured Settlement Sale Prevents Home Foreclosure in Florida, According to J.G. Wentworth

Posted on by


BRYN MAWR, Pa. (PRWEB) September 24, 2008

Commenting on the increase, Randy Parker director of quality assurance for J.G. Wentworth, noted that among the higher volume of transactions are a larger number of cases where the seller is trying to overcome some form of financial distress which was not contemplated at the time they settled their lawsuit including the possible loss of their home through foreclosure.

According to Mr. Parker, “Our client Janine D. living in Sarasota offers a typical example of some of the financial distress we are now seeing. Sudden and persistent illness undermined Janine’s ability to maintain her income. She had few other assets other than her settlement payments, but these were inadequate for the circumstances she found herself in.”

Janine D. said, “I have been unable to work due to an illness for the past 21 months and the bills were piling up. I had nowhere to turn to and could not find a job due to the constant in-and-out hospital visits.”

Through J.G. Wentworth, Janine D. was able to sell a portion of her regular monthly payments for 4 years in exchange for $ 16,000 in cash.

“J.G. Wentworth was fantastic about getting me money from my annuity to bring me out of the financial hole and keep our home from being taken away,” she said. “You helped keep the roof over my child’s head. I am forever grateful. Thank you.”

Parker noted that not all clients are facing some form of financial distress. “Many clients simply find it more convenient to get all of their money at one time, rather than waiting several years.”

About the J.G. Wentworth family of companies

J.G. Wentworth, Inc., based in Bryn Mawr, PA, is the nation’s oldest, largest and most respected buyer of deferred payments for illiquid financial assets like structured settlements, annuities and, through dedicated subsidiaries, life insurance policies. Since 1992, J.G. Wentworth has purchased over $ 3 billion of future payment obligations from consumers and is also the nation’s largest securitizer of structured settlement and annuity backed notes. The company’s notes are rated AAA by Standard & Poor’s Corporation.

For more information about J.G. Wentworth, go to http://www.jgwentworth.com.







More Securitization Press Releases

The Lifeline Program

Posted on by


ATLANTA (PRWEB) October 14, 2008

The industry’s overall growth is also garnering attention, according to Wm. Scott Page, president and CEO of The Lifeline Program. Last week, the size of the industry was reported to have doubled in 2007 to $ 12 billion in face value of life insurance policies sold.

“As financial conventions fall by the wayside, the life settlement industry looks more attractive than ever,” said Wm. Scott Page, president and CEO of The Lifeline Program. “We believe that major financial institutions will soon begin taking a harder look at this industry, and we believe our company is well-positioned. To that end, we are seeking serious financing relationships to help capitalize on the business potential.”

According to Page, life settlements are gaining momentum for the following reasons:

Non-correlated assets can generate an attractive yield. The markets have little effect on life settlement yields. One of the key aspects of a life settlement is that the investor earns a payout on the demise of the policyholder. The strength or weakness of the stock market does not impact the life settlement arena. Life settlement assets are backed by highly rated financial institutions. Life settlements are performed on policies held by carriers with A.M. Best ratings of “A” or better, so the payouts are regulated and solid. Trading platforms exist. Several “household name” institutions have developed or are developing platforms to trade life settlement policies and portfolios. Securitization is on the horizon. Though it may not be this year, securitization is definitely in the future for life settlements. Portfolio analysis comprising the past several years proves that life settlement portfolios will perform predictably and generate consistent cash flow. Third party tracking, servicing and underwriting simplify the investment. In a sign of a maturing industry, life settlements are not necessarily managed by one-stop shops anymore. The size and scope has made it profitable for third party companies to manage tracking, servicing and some underwriting, thus easing entry by financial players. “For years we have said that life settlements are a safe haven during times of market uncertainty,” said Page. “The potential for our industry has never been greater.”

The Lifeline Program, based in Atlanta, Ga., is a division of Wm. Page & Associates, Inc. Founded in 1989, the company actively partners with insurance agencies and broker dealers to establish profitable and ongoing life settlement business lines. For more information on life settlements, contact Wm. Page of The Lifeline Program at 770-724-7300 or visit http://www.thelifeline.com.







Woodbridge Investments LLC Announces Auction Site for Investments in Structured Settlement and Lottery Receivables

Posted on by

New York, NY (PRWEB) April 27, 2009

Scott Schwartz, Vice President of Woodbridge Investments has today announced the launch of a new auction site to bring high yield investment opportunities to investors nationwide. Schwartz stated, “Up to now we would have never offered these investments to individual investors since our institutional demand was so strong.” But he added, “Due to the recent financial crisis and lack of a dependable securitization market, we are now offering these high yield investment opportunities to private investors in an auction format.”

Lottery winners and Structured Settlement recipients are usually paid in long, drawn-out monthly or annual payments. Woodbridge goes to court and gets a court-ordered assignment of these payments paid directly to the investors by either the state lottery commissions or by major insurance companies such as Allstate, Hartford, AIG or others.

Schwartz further added, “What better opportunity is there out there today? Court ordered directly into the investors name paid directly by insurance companies yielding up to 11%. I have never ever seen a default of a lottery payment by a state agency.”

Woodbridge and its predecessor companies have been purchasing lotteries and structured settlements since 1993. Woodbridge has helped thousands of people gain access to their future payments, allowing them to sell their annuity payments, structured settlements or lottery payments for cash now.

For more information about Woodbridge Investments, LLC or to make a high yield investment, contact Scott Schwartz at 866-865-7044.

###







Life Settlement Financial’s CEO Testifies before SEC Life Settlement Task Force

Posted on by


Washington, D.C. (PRWEB) November 2, 2009

Peter Mazonas, Life Settlement Financial (LSF) CEO testified today before the SEC Life Settlement Task Force in support of the use of accounting standards to enforce consistency in the valuation of securitized pools of life settlements. As investment banks ramp up their efforts to create new investment opportunities, the SEC Life Settlement Task Force is studying how this can be done in ways that protect investors in this emerging market. Hoping to avoid the catastrophic events brought about by misvalued mortgage pools, the SEC heard from an industry leader who described new methods of individual life settlement evaluation.

A life settlement is the sale of a life insurance policy to a third party. The new owner continues to pay the premiums and receives the face value of the policy at maturity. The original policy owner gets out from under the burden of paying premiums and receives a lump sum cash payment. An increasing number of states have adopted or rewritten life settlement legislation in light of the demand for such transactions.

Now, as investment banks are looking to create securitized pools of these assets, the need for even greater transparency becomes crucial. Whether in an individual policy or pool of policies, the key variable in pricing involves the estimation of the life expectancy of the insured. The shorter the life expectancy (LE), the fewer years of premiums necessary to keep the policy in force. The longer the LE, the more years that premiums will have to be paid out before collecting the death benefit. This is the key determinate in pricing a life settlement policy.

FASB auditing standards require that there be two methods to evaluate or value the policy pool. Since the only real variable is the LE, this would suggest the need for two methods of predicting life expectancy. The currently available method is based on underwriter’s review of the medical records of the insured. The nationally recognized underwriters all use the same medical records but apply their own interpretation of the information within. Although this method has been the basis for LE prediction, it contains some inherent errors that can result in significant mispricing.

For the SEC to apply the necessary two methods of evaluation, Mazonas suggested the need for another predictive tool, “A distinctly different methodology exists which is based on current health and accurately predicts the decline of health at the individual level.” Based on eighteen years of data from the National Long Term Care Survey, award-winning actuary Eric Stallard, research professor at a major research university, has created a model that utilizes more, and more relevant, information than is found in a medical records only LE estimate. This peer reviewed and published model is based on over 317,000 person years of data.

The mortality model has since been independently implemented in the Longevity Cost Calculator (LCC), owned by Life Settlement Financial, and a working Web-based model is available at https://www.lifesettlementfinancial.com. The LCC takes into account functional and cognitive impairments as well as range of motion and behavioral changes of the insureds. Health care workers in senior residences and hospitals have long witnessed that these impairments are a greater predictor of mortality than medical conditions. LSF has made this available in a computer model based on 76 questions about the insured that include medical conditions.

Mazonas applauded the SEC’s desire to get it right at the beginning as this new wave of securitizations takes shape. “It would seem a shame to squander this opportunity, especially given the problems concerning other types of securitizations that we have all witnessed during the recent past. “

Life Settlement Financial, LLC was founded in 2006 and is located in Northern California. Its management believes that life settlements are a consumer benefit as well as a public policy enhancement. Giving seniors who own life insurance the possibility of finding cash that they did not realize that they had should be encouraged in this economy. As seniors struggle to avoid relying on state and federal Medicaid aid, they should be rewarded for remaining solvent and a life settlement can go a long way toward allowing this to occur.

For more information about life settlements and LSF go to http://www.lifesettlementfinancial.com or call 888 321-5970.

Media Contact: Dr. Bob Rosenberg, 415 526-5973

# # #







Related Securitization Press Releases

Structured Settlement Company Fairfield Funding Hires New General Counsel

Posted on by


Stockbridge, GA (Vocus) December 4, 2009

Fairfield Funding is excited to announce the addition of Marc Harris, an attorney with almost 14 years of experience in the cash flow business with an emphasis on facilitating the purchase of structured settlement annuities and lottery prize assets, to their skilled team of financial service specialists. Fairfield Funding is a funding company that specializes in helping people receive cash for structured settlement, annuity, and lottery payments. In order to make sure every customer receives full compensation for their future settlement or lottery winnings, the Fairfield team strives to maintain a workforce that is dedicated to providing accurate information and exceptional service. Mr. Harriss abundant knowledge and outstanding reputation in the financial services industry undoubtedly makes him a great candidate for the position of General Counsel for Fairfield Funding.

Since 1996, Marc has worked as counsel in the asset securitization industry for two different companies that have processed over one billion dollars from those seeking to sell lottery winnings and structured settlement cash flows. He has extensive experience with each states legislative and regulatory process relating to the purchasing of these assets throughout the country. This knowledge is invaluable to the funding profession, because almost each state has its own specific law controlling the assignment of annuity or lottery winnings.

Marc is a 1992 graduate of Florida State University, and he earned his law degree from Nova Southeastern University in 1995. Aside from advising companies and their clients about smart and effective funding, Marc is also a professor of business law. His knowledge of structured settlement laws and experience teaching others make him the perfect fit for Fairfield Funding.

Client First Settlement Funding Hires Lisa Rae Donato as Chief Marketing Officer and Dan Fischer as Chief Financial Officer

Posted on by

Boca Raton, FL (Vocus) December 15, 2009

Client First Settlement Funding, a growing structured settlement funding company offering lump sum payments to structured settlements and annuities owners, has hired Lisa Rae Donato as chief marketing officer and Dan Fischer as chief financial officer.

“I’m looking forward to creating a dynamic marketing program for Client First,” Donato said. “I am already at work on building a new Client First website and creating a structured settlement guide for our clients. I am dedicated to getting into our clients hands the information they need to make the wisest financial decisions possible.”

Lisa Rae Donato has more than 20 years of experience in the field of marketing. She founded Internet Marketing Press, a marketing consulting company, and co-authored 26 eBooks on the subject of Internet marketing. Donato has created and managed marketing strategies for several domestic and international companies. With a background in graphic design, she has designed and implemented numerous print and online marketing campaigns.

“I’m glad to have joined Client First during this exciting time of growth. I believe this company is committed to helping each client find that brighter financial future and I intend to contribute all the expertise I have towards that,” Fischer said.

Fischer has more than 20 years of experience in the financial sector. During his 14-year tenure with ABN AMRO Bank, he helped create and manage the residential and commercial real estate capital markets divisions. Fischer has extensive experience in securitization and whole loan sales and structuring, completing more than 50 domestic and international public and private securitizations, totaling over 20 billion dollars in issuance.

About Client First Settlement Funding, LLC:

Located in Boca Raton, Florida, Client First Settlement Funding specializes in purchasing and selling structured settlements and annuities nationwide. Since Client First is a direct funder, it can get clients the most money for their structured settlement or annuity based on individual needs and circumstances.

###







Find More Securitization Press Releases

California Attorney General Announces the States Withdrawal from Settlement Talks with Banks and Promises Further Investigation

Posted on by


Roseville, California (PRWEB) October 14, 2011

California Attorney General Kamala Harris announced last week that California would pull out of settlement talks that would have released some of the countrys major banks from liability surrounding their lending and foreclosure practices, the Wall Street Journal recently reported.

Settlement Capital Renews Its $50 Million Credit Line With DZ BANK

Posted on by

Dallas, Texas (PRWEB) March 09, 2012

Settlement Capital Corporation, a long standing leader in structured settlement purchasing, has recently completed a renewal and extension of its $ 50 Million credit facility through DZ BANKs New York office.

Settlement Capital has a long relationship with DZ BANK, and we are excited about the continuance of this credit line and our future, said Debbie Rosen, President and CEO of Settlement Capital.

Settlement Capital was founded in the late 1980s and was the first company to purchase structured settlement payment rights. The company has been a leader in the industry ever since.

People receiving structured settlement payments through an annuity sometimes need to sell that asset to pay off debt, avoid foreclosure, buy a home or car, or go to school, commented Ms. Rosen. Settlement Capital stands ready to help these people when they need it. This credit extension demonstrates the continuing confidence the banking community has in this business and Settlement Capital.

DZ BANK is very happy to continue and expand its relationship with Settlement Capital, and we look forward to working with the company in the future, said Christian Haesslein, Vice President at DZ BANK Structured Finance Asset Securitization.

About Settlement Capital Corporation:

Settlement Capital Corporation is a Dallas, Texas based purchaser of structured settlement payments. Since the late 1980s Settlement Capital has provided lump sums of cash in exchange for future periodic payments to customers all over the country. Settlement Capital was a founder of the National Association of Settlement Purchasers (NASP), and led the effort in Congress and the states to enact Structured Settlement Protection Acts, ensuring consumers fair access to this important asset. Visit Settlement Capital on the web for more information at http://www.setcap.com.

For more information contact:

Settlement Capital Corporation

Debbie Rosen, President and CEO

14755 Preston Rd., Suite 130

Dallas, TX 75254

972-450-5848

drosen(at)setcap(dot)com

About DZ BANK:

DZ BANK is the fourth largest bank in Germany and acts as central bank for approximately 1,000 cooperative banks. As a cooperative commercial bank, DZ BANK is a well-known partner in Germany and abroad and offers long lasting business experience of over 125 years. DZ BANKs New York based Structured Finance Asset Securitization unit offers lender finance, structured asset and accounts receivable financing for a wide variety of clients and asset types. For more information, please visit http://www.dzbank.com.







Lance Denha Helps Explain the Summary of $25 Billion Legal Settlement with Lenders

Posted on by

(PRWEB) March 22, 2012

As reported by REUTERS earlier this month, a $ 25 billion legal settlement between five banks had been reached stemming from improper foreclosures, mortgage modification misconduct and other abuses against US homeowners by mortgage servicers. While the $ 25 billion dollar settlement is an important step towards addressing the current residential real estate market and ongoing mortgage crisis as this settlement effectively punishes the banks for alleged abuses in the foreclosure process. Most experts however, are of the opinion that more is required and is not nearly what is needed or deserved to homeowners at this time. We believe any euphoria over the deal will quickly fade as investors realize the flood of additional mortgage-related litigation that the major banks face, said Guggenheim Partners analyst Jaret Seiberg.

It should be noted that the banks involved have up to three years to meet the provisions of this settlement although there are incentives for banks to assist homeowners in the first 12 months. In addition there is an unknown as many of the five major banks involved have Securitized their mortgages (i.e sold the cash flow from their mortgages) in the loans intended from this deal to have principal balances reduced. The principal reduction helps stabilize the market a little bit, but not significantly, said Brian Gardner, an analyst at Keefe, Bruyette & Woods Inc. The monthly savings for those involved will be modest. Furthermore, it appears that any type of principal write down would have to include some cooperation with the investors that actually own the mortgage.

This settlement does not provide a blanket of immunity to the banks and lenders. This settlement is another step towards vindication for homeowners. All of the Attorney Generals involved for fighting on behalf of the homeowners in an effort to preserve the rights of struggling homeowners while continuing to pursue the lenders for their internal misdeeds should be applauded. Although the fight is ongoing, there is confidence that with the proper legal minds addressing homeowners concerns and holding all mortgage servicers accountable on a daily basis, even more successful results will occur on behalf of struggling homeowners.

The Law Office of Lance Denha PA., is committed to insure that every possible avenue is pursed in seeing that the homeowners legal rights are preserved. For further information or assistance, please call at 954-840-0770.







Find More Securitization Press Releases

Home owners Looking for Hope in House loan Settlement Oversight Report

Posted on by


Minneapolis, Minnesota (PRWEB) August 31, 2012

The National Mortgage Settlement was reached in between forty nine states and 5 of the countrys most influential financial institutions, consisting of: Ally/GMAC, Financial institution of The united states, Citi, JPMorgan Chase and Wells Fargo. Each and every individual lender agreed to adhere to new home loan serving standards and to provide mortgage modification and other varieties of reduction. Amidst problem that the settlement was in truth possible to apply, Joseph A. Smith, Jr., was appointment as Keep an eye on on April 5, 2012 of the Workplace of House loan Settlement Oversight (OMSO).

&#thirteen

Two days ago, Smith and the OMSO launched the first progress report.

&#13

Quantities on principal reduction are the first amount that Property Vacation spot is looking for. Currently being understood as the guide goal of the settlement, it stands out in the report that banks have nevertheless to control $ 1 billion to minimize the high charges. The report info exhibits that $ 749 million in first-lien and $ 231 million in second-lien reductions are the only numbers in from banking institutions. Disappointingly, the Lender of America has $ to report.

&#13

Anti-blight packages like bulldozing residences, providing residences absent, and forgiving deficiency judgments have made up an equivalent element to the number report as very first-lien modification forgiveness. Very on the opposite, brief revenue quantities show genuine development, a confirmation that banking companies prefer limited product sales to draining foreclosures. Right here is in which the dollars came from:&#13

&#13
Accomplished 1st Lien Modification Forgiveness $ 749.36M&#13
Finished Forgiveness of pre-three/one/12 Forbearance $ 348.94M&#13
Completed Second Lien Modifications and Extinguishments $ 231.42M&#thirteen
Brief Product sales Finished $ 8.669B&#13
Overall Other Software Action $ 458.75M&#thirteen
Refinance Consumer Relief $ 102.78M

Numerous surprise just what variation the Settlement has created in excess of life’s all-natural course of the way things switch out. Optimism is up with a balancing caution. “I will proceed to check the banking companies endeavours to satisfy their obligations beneath this settlement, as my workplace proceeds its perform to keep financial institutions and other monetary establishments accountable for the destruction theyve induced in our communities, stated Illinois Attorney Basic Lisa Madigan. Concluding his report, Smith explained, “I feel we have created a excellent first phase.”

&#13

The true query for several is centered on the place are the principal reductions for liable house owners who work challenging to obtain them? In reply as to why the financial institutions should comply greater, Realtor Journal suggests, “For starters, many of these institutions contributed to the problem with their securitization schemes and ended up rescued with trillions of dollars in taxpayer-funded bailout income. Though a significant volume has been paid back again, some has not and will never ever be returned.”

&#thirteen

However it was not essential by the Settlement, Smith sponsored the creation of the OMSO, a not-for-income business intended to offer administrative help for his function. As transparency is essential for the Home loan Settlement to be successful, also, the OMSO will allow Smith to have out obligations transparently and independently with administrative oversight from the Board of Administrators.

&#13

The OMSO what to hear what customers are declaring about their activities with the five mortgage loan servicers. From mid-April to mid-August, folks from throughout the nation submitted issues about the troubles they are facing, and it goes a long way to provide about clarity to our leaders in office.

&#13

The Business office of the House loan Settlement Oversight requests help from a broad pool of intrigued members. It welcomes any property mortgage loan borrower, including the counselors, attorneys, or other specialists who assist the property owner, who have experiences with their Servicers that seem to violate these new requirements must share that information with OMSO through its site. Right here is the hyperlink. House Vacation spot encourages worried homeowners to make use of the invitation to gain aid and share any activities of violation.

&#13

Contact Jenna Thuening, proprietor of Residence Destination if you are a Minneapolis location home-owner facing a short sale, foreclosure, or require a person with the expertise of a Licensed Distressed House Professional to chat to. Get in touch with 612-396-7832.

&#thirteen
&#thirteen
&#thirteen
&#13
&#13

Discover A lot more Securitization Push Releases