REO Allegiance to Provide Field Services for 24 Asset Management

New Jersey's ""REO Allegiance"":http://www.reoallegiance.com announced Tuesday that it has been selected by ""24 Asset Management Corp."":http://www.24asset.com as one of its property preservation and field services partners.
[IMAGE] According to a statement from the company, the decision was made based on the quality of the work provided by REO Allegiance, its reputation in the marketplace, and its status as a certified woman-owned business.

""I've been deeply involved in the default industry for more than 25 years and use that experience to carefully select our partners based on the quality of their performance, the level of their expertise, and their commitment to consistent high touch service,"" said Don Maxwell, EVP at 24 Asset Management Corp., which is a minority-owned company.

Maxwell, who served as a senior executive at Fannie Mae for more than a decade prior to joining 24 Asset, pointed out that a large share of current default assets are concentrated in large cities where the population is often diverse. However, very little of the revenue being generated through default services on those assets are being appropriately allocated back to diverse businesses, which ends up further impacting those communities.

He says it is essential that an appropriate share of default service revenue be pushed back into hard communities to support rebuilding and redevelopment.

""[W]hen less than 5 percent of default-related services are going back to minority and woman-owned businesses, we must be more conscious and make every effort to use high quality firms that are also minority- or woman- owned,"" Maxwell said.

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Maxwell further pointed out that major financial institutions and government agencies are becoming more aware of this issue and are making an effort to use more minority- and woman-owned firms that have a proven track record of excellent performance.

REO Allegiance will provide 24 Asset with a custom nationwide property preservation and maintenance program that includes initial and ongoing services, eviction field services, and code compliance services to prepare the properties for listing and ensure the ongoing safety and curb appeal of the homes until they are sold. Vacant property registration will be included in all cities that require it.

""We are honored to be chosen by this exceptional firm,"" said Lisa Sadaoui, president and CEO of REO Allegiance. ""We are very impressed with the way the company and its executives approach the business. Together, we will do a great job of preserving these properties so that 24 Asset can quickly move them back into the market.""

REO Allegiance recruits, hires, and works with many minority- and women-owned firms around the country and tracks the percentage of its business it is sending to these firms.
Sadaoui agrees with Maxwell that most of these firms are not getting a fair percentage of the business from the industry as a whole, which can further impair communities and ""can hit women even harder,"" she said.

Studies indicate that while women tend to have higher credit scores than men, more women than men received subprime loans in 2005. Most experts now agree that many women who would have qualified for a traditional loan ended up with higher cost subprime loans. The gender disparities that have been found in mortgage lending have been shown to be consistent across race and ethnicity lines.

In April, REO Allegiance will accept four awards from ""DiversityBusiness.com"":http://www.diversitybusiness.com, a firm that tracks minority- and women-owned enterprises throughout the country. REO Allegiance is being recognized as one of the Top 500 Women Owned Businesses in the United States, the Top 100 Diversity Owned Businesses in New Jersey, the Top 100 Women Owned Businesses in New Jersey, and the Top 100 Privately-held Businesses in New Jersey.