Engagements

In addition to providing professional services to the FDIC, RTC and the OCC, P&A has provided the following Managing Agent and Creditor Representative services:

Eastern District Court of Long Island
Managing Agent

The New York Guardian Mortgagee Corporation

  • Closed by action of the OCC and FDIC for fraud by its principals
  • Largest GNMA default
  • Managing Agent for the Court appointed Independent Receiver
  • Primary creditor/party of interest: FDIC
  • Results:
    • Operated on internal cash flows beginning with cash on hand of $28,000
    • Mitigated $500+ million in claims
    • Negotiated favorable settlements with all investor groups
    • Turned over to the FDIC $35 million net of all costs, expenses and settlements
Top 3 National Bank
Creditor Representative

Empbanque Capital Corp.

  • Workout of a $120 million warehouse and servicing line in jeopardy due to operational challenges
  • Empbanque's origination pricing and practices, as well as post closing and servicing issues, were lacking
  • Performed initial assessment identifying approximately $35 million in exposure
  • Creditor's representative to oversee and guide management in the workout and eventual liquidation
  • Results:
    • Servicing rights were not terminated, allowing their sale versus termination of rights
    • Bankruptcy proceedings avoided
    • Losses, net of all costs, expenses and settlements were less than $30 million
    • No civil litigation was filed against Empbanque by any party of interest, consumer or agency
Major International Insurance Company
Creditor Respresentative

Foster Mortgage Company

  • Workout of a $90 million financing structure for all assets, including a warehouse and servicing line
  • Foster purchased its servicing rights at the peak and was being hammered by runoff
  • Foster had a weak wholesale origination strategy
  • Re-engineered Loss Mitigation processes to maximize liquidation proceeds
  • Performed initial assessment identifying approximately $30 million in exposure
  • Creditor's representative to oversee and guide management in the workout and eventual liquidation
  • Results:
    • Servicing rights were not terminated, which allowed their sale versus termination of rights
    • Bankruptcy proceedings avoided
    • Losses, net of all costs, expenses and settlements were less than $25 million
    • No civil litigation was filed against Foster by any party of interest, consumer or agency
Top 10 Mortgage Company
Targeted Loss Mitigation/Recovery Team Creation & Management

High Impact Loss Mitigation/Recovery Team

  • Creation of a virtual team with geographic diversity
    • Recruited highly skilled and experienced Counselors
    • Partnered in development of skills & activity based screening and assessment process
    • Developed targeted training program
    • Implemented 24/7/365 Recovery & Mitigation program targeted to borrower needs
    • Created management tracking and oversight of remote environment
    • Built IP phone network and IVR routing for direct linkage of incoming borrowers to Counselors' private toll free numbers
    • Enhanced borrower options
  • Re-engineered key default processes
  • Developed Counselor process management system leveraging existing vendor management technology to
    • Increase Counselor efficiency and effectiveness
    • Increase management oversight and tracking
    • Create database for performance analytics
  • Provided operational assessment and feedback to ancillary areas of default