Loan Value Group appointed Richard Santulli, former chairman and chief executive officer of NetJets, to its board as Chairman. It also appointed Michael Goodman, former CEO of J.G. Wentworth, to its board through Corridor Quadrant’s ownership position in Loan Value Group. Goodman will also take an active role as Managing Partner.
“Richard Santulli and Michael Goodman bring enormous credibility in creating and implementing innovative business and consumer solutions," said Howard Hubler, Loan Value Group CEO and former head of Morgan Stanley's global proprietary credit group. "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.”
“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.”
With an estimated 29% of all U.S. mortgages, or 15 million homes, now in a position of negative equity, the issue of strategic mortgage default is fast becoming one of the largest problems fpr mortgage security investors, loan owners and servicers as well as the current administration, a released from Loan Value Group said. The firm works with owners of mortgage risk and servicers to influence consumer behavior to limit the risk of strategic default in their mortgage portfolios.
Utilizing patent-pending technology, the firm offers a variable cost, scalable, turn-key platform made to identify, assess, and combat strategic default.