Kondaur Capital Corp., which a month ago slashed its loan workout staff by almost 40%, on Tuesday announced that it hired Mark Ferrara as managing director of its newly formed community banking group.
Ferrara will be in charge of developing working relationships with small to mid-sized depositories nationwide, coaxing them to sell their nonperforming mortgages to the privately held firm.
In a statement, the Orange, Calif.-based Kondaur boasted that it is the nation's "largest and most frequent purchaser of non-performing loans secured by one-to-four family residences, often paying the highest prices on a loan-by-loan basis."
However, the NPL market has been tough the past few months with some sellers refusing to sell loans at the "bid" price.
One NPL investor told ASR sister publication National Mortgage News that some NPL investors are "scrambling," adding that "I have account executives out there talking to credit unions and community banks and it's not working. They don't want to sell." This investor requested that his name not be published.
In a statement Kondaur said that Ferrara has 25 years of mortgage banking and real estate development experience, and was managing director of Silver Bay Advisors, "a financial consulting firm formed to assist the San Francisco Federal Home Loan Bank (FHLB) during the initial stages of the nation's financial crisis."
As a consultant to the FHLB, Ferrara headed an on-site due diligence team, and was "directly involved in the asset bids of Indy Mac Bank, First Federal Bank, First Bank of Oak Park, Cal National Bank, San Diego National Bank, Pacific National Bank, Bank of Beverly Hills and others," Kondaur said.