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WMD Capital Markets Purchases $65 Million in Massachusetts Mortgages, July 2008
Deal Offers Homeowners New Financial Alternatives
Santa Barbara, California - WMD Capital Markets announced today that GI-XXVI, one of its investment affiliates, has purchased single family mortgage loans with an aggregate principal balance of approximately $65 million secured by properties in Massachusetts. The purchase was made as part of an Affordable Loan Modification and Foreclosure Prevention Agreement with the Attorney General for the Commonwealth of Massachusetts.
"I am pleased to be working with Massachusetts Attorney General Martha Coakley on this issue of great importance to the Commonwealth and the nation," said William Daugherty, CEO of WMD Capital Markets, LLC. "WMD Capital Markets, with its expertise and long history developing unique opportunities for affordable and fair housing for families across the country, supports the Attorney General's commitment to the citizens of the Commonwealth. Our view is that everyone can win if we create a model that is designed from the start to succeed."
The purpose of the agreement is to allow eligible borrowers to avoid foreclosure wherever possible. GI-XXVI will offer borrowers the option of adjusting their monthly mortgage payment to an affordable amount or receiving a payment that can be used for relocation costs.
Contact
Dennis E. Carlton, Esq.
General Counsel
(805)565-0150
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