New Vista Approved for HUD’s Oversight Program of REO Vendors

San Diego-based ""New Vista Asset Management"":http://www.newvistareo.com has been approved by HUD to serve as a subcontractor to RiskSpan's oversight and review of the ""HUD Homes"":http://www.hudhomestore.com/HudHome/Index.aspx REO disposition program.

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""RiskSpan"":http://www.riskspan.com selected New Vista to augment its team to support the HUD oversight contract activities, including review of the structure and content for key performance and process reports used to determine the effectiveness of HUD's third generation of Management and Marketing (M&M III) contractors.

Through the ""M&M III program"":http://www.hud.gov/offices/hsg/sfh/reo/mm/mminfo.cfm, field service managers are contracted by HUD to provide property maintenance and preservation services on homes with ""Federal Housing Administration"":http://wwwfha.gov (FHA) loans that have been foreclosed. HUD also contracts with asset managers who are responsible for the sale of repossessed homes. In addition, HUD employs third parties as mortgagee compliance managers to perform a variety of pre- and post- property conveyance services.

""I am excited to have New Vista join our team to assess and measure M&M-III contractor performance,"" said Bernadette Kogler, president of RiskSpan, Inc. ""New Vista's

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strong reputation in the REO asset management arena will provide RiskSpan and HUD with important industry knowledge and on-the-ground expertise to improve HUD's disposition and community stabilization efforts.""

Additionally, New Vista will provide RiskSpan with guidance and industry insights on alternative disposition strategies for HUD-owned properties.

""New Vista is honored to have been selected and approved to support RiskSpan with the HUD oversight contract,"" said Gary Acosta, founder and co-CEO of New Vista Asset Management. ""Through timely information and diligent oversight, RiskSpan and New Vista will ensure that HUD has the information and tools it needs to effectively monitor the performances of its contractors and local listing brokers.""

New Vista Asset Management is a national REO management and marketing company that provides community-based outsourcing solutions for mortgage bankers, mortgage investors, and regulated financial institutions. The company employs an integrated minority homeownership strategy to use foreclosure inventory to create affordable housing solutions for minority and first-time homebuyers and increase homeownership rates in underserved communities.

RiskSpan is based in Washington, D.C. and Stamford, Connecticut, and provides the industry with fully integrated solutions that combine analytics, market data, and advisory services. The firm's risk management solutions and techniques encompass modeling, pricing and valuation, analytics, regulatory compliance, fraud, and operations. RiskSpan serves a myriad of clients including financial institutions, bond investors, hedge funds, pension funds, mortgage lenders, real estate investment trusts (REITs), financial guarantors, and the federal government.