COLUMBUS, OH - Several of country's leading financial workout firms with experience in debt recovery and restructuring announced an alliance to assist the U.S. Treasury (Treasury) and the Federal Deposit Insurance Corporation (FDIC) with the impending American financial crisis. Eight national firms have aligned to form USA Recovery Group, LLC (USA Recovery), in preparation to advise the Treasury and the FDIC with the implementation of Congress' $700 billion Rescue Program. USA Recovery's management team has direct experience in assisting the Resolution Trust Corporation (RTC) and the FDIC to recover and restructure assets from the collapse of the U.S. savings and loan industry in the 1980's and 1990's.
Awaiting Treasury's actions to select its lead financial agents, USA Recovery has positioned itself as a full-scale minority and woman-owned company that will offer to act as a subcontractor to the selected lead financial institutions. Known in the financial industry as a "Special Servicer" - a firm that possesses specialized monitoring, reporting and reorganizing processes to effectively address delinquent and non-performing mortgage loans and complex related assets that require unusual attention - USA Recovery will provide to the financial agents, selected by Treasury and the FDIC, with a very broad and deep level delivery system to address troubled loans on a global basis.
USA Recovery members are GSA-certified (General Services Administration) and provide a variety of government services, including debt collection, due diligence, loan underwriting, asset management and disposition, special servicing, financial advisory, operational and transactional specialist services. Barry Fromm, CEO of Columbus, Ohio based Value Recovery Holding, a founding member of USA Recovery, a veteran in the Special Servicer industry, and a former lead contractor with the RTC, understands the magnitude of the financial crisis facing the American economy. Fromm stated that, "my colleagues and I are anticipating an undertaking of the highest level and thus have responded by building an organization of industry leaders with the depth and breadth of background and skills to help the U.S. economy through this crisis." He further stated that, "the financial experts who have come together to form USA Recovery have worked in the trenches and understand the financial triage that must be applied to stabilize our economy."
USA Recovery consists of a consortium of woman and minority-owned firms as well as other leading national asset management and related professional accounting, legal and consulting firms. Cathy Vann, of Austin, Texas based Ontra Companies, and Debbie Garcia, of DEVAL, a Virginia-based minority-owned (8a) firm and government contractor, along with Fromm co-founders and owners of USA Recovery, have recruited former senior personnel from the RTC as well as some of the RTC's leading asset management and recovery firms to manage USA Recovery. Ms. Vann offered that " ... USA Recovery members have valued, managed, brokered and/or liquidated over $50 Billion in financial assets...including loans, real estate, and securities." Ms. Garcia, added that "this crisis is not the place for on-the-job training, which is why USA Recovery is comprised of the best and most experienced in the industry."
Source: Market Watch