Residential Mortgage Meltdown Could See 11 Million Potential New Foreclosures in the Next 18 Months
Posted on February 24, 2010
ALLEN, TX–(Marketwire – February 24, 2010) – Halo Portfolio Advisors, LLC, a subsidiary of Halo Companies, Inc. (OTCBB: GPAX), announced today that it has entered into a joint marketing agreement with Employee Transfer Corporation, a nationally recognized provider of relocation, REO asset management, and short sale services, headquartered in Philadelphia, Pennsylvania. “It is a win for both organizations. Our creative contact management and loan resolution solutions will bring loss mitigation services to the agreement, while ETC, in conjunction with its ETCREO Management division, will provide REO and short sale services,” states Scott McGuane, president of Halo Portfolio Advisors, LLC.
The new agreement has been reached to enable both Halo Portfolio Advisors and ETC to leverage the other’s capabilities and to enhance and expand each entities product offering when marketing their services to banks, hedge funds, and other financial institutions. Within each new agreement for both existing and potential clients, Halo will have exclusive authority over, and responsibility to, the client for all loss mitigation services. These services will be provided primarily by Halo Companies, Inc. subsidiaries, Halo Loan Modification Services, LLC and Halo Credit Solutions, LLC. The same agreement provides ETC exclusive authority over and responsibilities for REO asset management and short sale services.
ETC has a nationwide real estate broker network and focuses on contracting with lenders to assist in the disposition of foreclosed properties nationwide. Due to the recent increase of non-performing loans in the marketplace, assistance is needed to deal with the volume. Halo Portfolio Advisors offers a complete suite of mitigation services that has the ability to serve a larger segment of the non-performing loan pools by leveraging all the tools offered by Halo. With the new agreement in place, ETC and Halo Portfolio Advisors can market a more complete package to mortgage portfolios stressed by non-performing loans. “We are confident the combination of services the two companies offer together fulfill an overwhelming need in the industry today,” confirms Frances Martinez Myers, Senior Vice President of Employee Transfer Corporation.
About Halo Companies, Inc.
Halo Companies, Inc. is a publicly-traded nationwide holding company located in Allen, TX. Halo consists of nine subsidiaries that operate primarily in the consumer financial services industry including debt, mortgage, real estate, credit, loan modification, insurance, and portfolio management. Halo has been recently recognized by Inc. Magazine, the Comerica Bank Collin 60, the Capital One Bank Celebration of Enterprise, and the SMU Cox School of Business Dallas 100. For more information about Halo Companies, Inc., visit www.myhalogroup.com.
Cautionary Language Concerning Forward-Looking Statements:
Information set forth in this press release contains forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in Halo Companies’ filings with the Securities and Exchange Commission. Halo Companies, Inc. disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.View all Archived Press Releases