Tag Archives: Build

Citi Announces New Preemptive Initiatives to Help Homeowners Stay in Their Properties : Initiatives build on and accelerate Citi’s complete loss mitigation efforts, which have prevented around 370,000 foreclosures representing more than $35 billion in loans since early 2007

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NEW YORK (PRWEB) November 10, 2008

Launches Citi Homeowner Help system. Starting now, and over the next six months, this program will preemptively reach out to a pick group of 500,000 homeowners whose mortgages Citi holds these home owners are not at present behind on their mortgage payments, but some may possibly call for support to remain existing on their mortgages. This work is anticipated to result in workouts of approximately $ 20 billion in underlying mortgage balances. Citi is focusing specifically on borrowers in places that are most likely to face extreme financial distress. Extends foreclosure moratorium practice. Citi will systematically implement its practice of not initiating a foreclosure or completing a foreclosure sale on any eligible borrower exactly where Citi owns the mortgage, the borrower is looking for to keep in the property which is his/her principal residence, is functioning in great faith with Citi, and has enough earnings for inexpensive mortgage payments. In addition, in order for its efforts to have the broadest possible influence, Citi is functioning diligently with investors to secure their approval to expand the program to consist of mortgages Citi services but does not personal. Citi also lately streamlined its current loan modification system, which is equivalent to the FDIC/IndyMac model, to aggressively rework delinquent loans. This plan uses a simplified formula to decide an reasonably priced payment as a percentage of the borrower’s gross income and then reduces the monthly payment to that

Omega Implementing Merge Technique to Build a Industrial Genuine Estate Lending Platform

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MIAMI (PRWEB) June four, 2008

This inventive technique will focus on Omega and a Merger Candidate entering into a Program of Merger Agreement with the common elements and structure:

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Omega and merger Candidate will agree to merge the Candidate with OCFN as a wholly owned subsidiary organization of OCFN. The merger Candidate assets will be evaluated by certified true estate analyst and have to meet our institutional underwriting criteria. Omega’s Securities and Exchange accounting firm will conduct a full audit of the financials of each and every ownership entity, like but not restricted to the most current 2yrs Earnings Statement, 2yrs Balance Sheet, year to date Statement of Operating (Interim Financials), and 2yrs tax returns. Additionally, the merger candidate should provide an appraisal of every single home, corporate documents, operating agreement, and any other associated documents. Upon the completion of the necessary due diligence, the Merger Candidate will turn out to be a wholly owned subsidiary of Omega Commercial Finance Corp., hereinafter named the “Efficient Date”. Post merger, OCFN via its investment banking relationships will use our Balance Sheet (not the asset) to raise capital for development, acquisitions, and recapitalization for the merger candidate. As a wholly owned subsidiary each entity will operate separately from OCFN and sustain its existing management and employees. Nonetheless, ownership will become a Board Member of OCFN as a specific Co-Chair committee member that oversees the approval procedure of any material event pertaining to the merger candidate’s asset, and with Veto Power for any choice pertaining to that operation. OCFN will participate through the Operating Agreement a negotiated profit split of the Net Profits of the merger candidate post merger. The present subsidiaries of Omega Commercial Finance Corp. ASG Securities Full Service Broker Dealer Omega Capital Funding LLC fully operational loan origination and administrator for public company Omega is searching for strategically to align ourselves with non core and core asset owners, to build a solid commercial real estate finance organization in a market place that is in require of mid level CRE financing. We feel by merging with asset owners and utilizing our public company’s platform will improve the use of the capital markets to develop an unyielding firm.

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Our Core Business Objectives

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Omega seeks to originate short term (2 to five year term) financing for commercial real estate (CRE) complete loans, mezzanine loans, participating equity loans, and distressed CRE portfolios of large financial institutions. The majority of our clientele consists of domestic institutional industrial actual estate purchasers, developers, knowledgeable actual estate investors, and foreign corporations, who are mostly focusing on quick to mid term structured financing applications and/or loans collateralized by CRE and other assets. Loans are originated with the intent to be securitized and sold in the secondary market place.

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