Altisource Residential Corporation Announces Acquisition of Non-Performing Mortgage Pool and Schedules Investor Call for Thursd
21 Février 2013 - 11:20PM
Altisource Residential Corporation ("Residential" or the "Company")
(NYSE:RESI) today announced that it has completed an acquisition of
a pool of non-performing residential mortgage loans having an
unpaid principal balance of approximately $121.2 million as of
February 1, 2013. The pool was purchased from Ocwen Loan Servicing,
LLC pursuant to a Master Mortgage Loan Sale Agreement.
The Company also announced that it has won the preliminary bids
on two pools of non-performing mortgage loans from separate sellers
with an aggregate unpaid principal balance of approximately $235
million. The Company is actively conducting secondary due diligence
on the pools. Subject to satisfactory due diligence results and
final agreement on terms, the Company currently anticipates
completing the acquisition of these pools in the first quarter of
2013. There can be no assurance that the Company will be able to
reach agreement with the sellers regarding the acquisition of these
pools on a timely basis or at all.
"We are excited to have made our first purchase of a
non-performing loan pool," stated Ashish Pandey, Chief Executive
Officer of the Company. "With the completion of this purchase and
the anticipated purchase of the additional pools, our initial
capital will be fully invested in line with our strategic plan,"
concluded Mr. Pandey.
The Company will host an investor conference call at 1:00 p.m.
Eastern on Thursday, February 28, 2013 to discuss the acquisition
of the pool. A link to the live audio web cast will be available on
the Company's website through the Shareholders home
page. Those who want to listen to the call should go to the
website at least fifteen minutes prior to the call to register,
download and install any necessary audio software.
A replay of the conference call will be available via the
Company's website approximately two hours after the conclusion of
the call and will remain available for approximately 30 days.
About Altisource Residential Corporation
Residential is engaged in the acquisition and ownership of
single-family rental assets. Its primary sourcing strategy is to
acquire these assets by purchasing sub-performing and
non-performing mortgages. Additional information is available at
www.altisourceresi.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Those forward-looking
statements include all statements that are not historical fact,
including statements about management's beliefs and expectations.
Forward-looking statements are based on management's beliefs as
well as assumptions made by and information currently available to
management. Because such statements are based on expectations as to
future economic performance and are not statements of historical
fact, actual results may differ materially from those projected.
Residential undertakes no obligation to update any forward-looking
statements whether as a result of new information, future events or
otherwise. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to:
Residential's ability to achieve its business and strategy and
implement its business plan; Residential's ability to leverage
strategic relationships on an efficient and cost-effective basis;
its ability to compete; the risk that Residential will not enter
into or complete the anticipated transactions described in this
release; general economic and market conditions; governmental
regulations, taxes and policies; availability of adequate and
timely sources of liquidity and financing; and other risks and
uncertainties detailed in the "Forward-Looking Statements," "Risk
Factors" and other sections of Residential's Registration Statement
on Form 10, its Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission.
CONTACT: Ashish Pandey
Chief Executive Officer
T: 770-644-7450
E: Ashish.Pandey@AltisourceAMC.com
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