CEO Departs Firm Backing Use of Eminent Domain
On January 28, Inside Mortgage Finance published an article titled CEO Departs Firm Backing Use of Eminent Domain; Time for Wall Street to Declare Victory?
CEO Departs Firm Backing Use of Eminent Domain; Time for Wall Street to Declare Victory?
Graham Williams, CEO of Mortgage Resolution Partners, has left the San Francisco-based private equity firm, which has been backing the use of eminent domain to restructure underwater mortgages. At least one other other top executive may have left MRP as well, investment banking sources told IMFnews.
Investment banking and mortgage executives believe the departures could mean that the industry’s battle against the use of eminent domain is over and that the strategy is now kaput. At press time, MRP had not responded to media inquiries.
According to sources, Williams is now working as CEO of 10 Miles Capital Partners, which bills itself as a company that invests in “long term partnerships with top-tier management teams to build and grow great mortgage banks.” During his career, Williams has worked for such firms as Redwood Trust, GE Capital Mortgage and Bank of America.
MRP is chaired by Steven Gluckstern, who also serves as chairman of Ivivi Health Sciences, a medical technology firm. MRP has been lobbying for the use of eminent domain in several municipalities for roughly two years, but to date has been mostly unsuccessful.
Please click here to view the online article.
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.