Short Hills, NJ Tampa, FL and Scottsdale, AZ (PRWEB) August 18, 2009
Richard B. Stewart, Jr., Chairman and CEO of Heritage Capital Sources (HERITAGE) heritagecapitalres.com and Peter Monroe, CEO and founder of National Actual Estate Ventures (NREV) nrev.com announced nowadays the formation of a $ 1.five billion Joint Venture and a strategic alliance with Partners in Actions (PIA) partnersinaction.org, founded by Curtis M. Cluff, to buy and sell distressed residential true estate assets on a nationwide basis.

Stewart previously served as Vice Chairman of Lehman Brothers, as effectively as Vice Chairman of Shearson Lehman Brothers and in a variety of other Senior Executive roles at Merrill Lynch and Kidder Peabody. Monroe previously served as the former President of the RTC Oversight Board beneath Presidents Bush and Clinton and as Chief Operating Officer of the FHA below Jack Kemp, after a lengthy career in residential and industrial genuine estate. Cluff founded Partners in Action over 25 years ago and has offered thousands of families with affordable housing given that the RTC.

Richard Stewart said yesterday, “In the depressed true estate marketplace that we see today, the greatest asset we have is encounter and the trust of those who will continue to join our efforts. The group’s combined knowledge contains working inside the inevitable booms and busts of actual estate and capital markets, and inside the framework of public and private partnerships. We intend to apply the principles of ideal true estate business practices in all markets–including the “bust” markets that exist right now,” he continued. “With the appropriate application of these principles, we can help thousands of households, effect significant, positive alter in the housing markets, and discover opportunities on each sides of the cycle.”

“Peter Monroe has a confirmed track record in locating creative options to genuine estate industry imperfections, including a important function together with Treasury and RTC in the invention of the Industrial Mortgage Backed Securities (CMBS) marketplace, which at the time was estimated to save more than $ 50 billion for the American taxpayer. Throughout the Savings and loan Crisis of the late ’80’s and early 90’s, as RTC Oversight President, Peter helped pilot the RTC to a effective conclusion with taxpayer costs effectively below price range, and the RTC was in a position to shutter its doors–an virtually unprecedented feat in American Government,” Stewart concluded.

Of the joint venture, Peter Monroe mentioned, “I could not be more pleased to be functioning closely with Richard Stewart, who has repeatedly demonstrated his deep understanding and knowledge in capital markets. Our experiences complement 1 yet another perfectly– enabling us to set new higher standards in the acquisition of distressed property assets, while seeking to maximize returns for our investors. Our mission is not just to be profitable, but also to aid find solutions to the biggest financial crisis in our lifetimes by working cooperatively with the Treasury, FDIC, Fannie Mae, Freddie Mac and the FHA.”

The Joint venture will have a close strategic alliance with Partners in Action (PIA), a Not for Profit, which has a extended history of assisting initial time homebuyers through its HUD-approved Affordable Housing Plan. In addition, PIA is now assisting distressed home owners with loan modifications and lease/obtain options which allow households to stay in their homes rather than face foreclosure. 
Given that 1985, PIA has supplied housing to more than six,000 families nationwide, financing numerous of these transactions by means of its numerous public bond offerings.

Dr. Mark Williams, PIA’s Chief Operating Officer, stated of the venture, “Our collaboration with Heritage and NREV will let PIA to tremendously expand its efforts to offer affordable housing nationwide to those families in need to have, although continuing to assist these homeowners threatened with foreclosure, to stay in their properties.” (In addition to the housing market place, PIA supports over 80 orphanages and schools for vulnerable kids around the globe.)

Monroe, Stewart, and Cluff jointly stated: “We believe that our relationships, management abilities and interest in preserving sustainable homeownership can support return foreclosed properties to productive use, prevent a lot of foreclosures and also enable us to operate with banks, servicers and federal agencies to lessen evictions. These goals, as stated by the Administration, are central to our nation’s financial recovery.”

Heritage Capital Sources, (heritagecapitalres.com) the mission of Heritage Capital Resources is to link private capital with profitable enterprises which simultaneously rewards investors and the public sector.

National Genuine Estate Ventures, (nrev.com) announced its objective to turn into the nation’s leader in the lucrative acquisition, management and sale of distressed residential and commercial real estate by employing best true estate enterprise practices and the highest ethical requirements. 
Partners in Action, (partnersinaction.org) is dedicated by means of this venture (and otherwise) to improving the good quality of life for families that have been displaced, are losing their home, or uncover themselves with no sufficient cost-effective housing.

For additional data about the Joint Venture:
Richard Stewart, 973-534-9143
Peter Monroe, 727-643-6303

For further info about Partners in Action:
Curtis Cluff, 480-882-0800
Mark Williams, PhD, 480-882-0800

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