Meyer "Sandy" Frucher Joins the LTVtrade Board of Advisors
NEW YORK, Jan. 25, 2012 /PRNewswire/ -- LTVtrade™ announced today that Meyer "Sandy" Frucher has joined the LTVtrade Board of Advisors. Frucher, a Vice Chairman of NASDAQ OMX and the former Chairman and CEO of the Philadelphia Stock Exchange joins LTVtrade as it prepares to launch the LTVtrade Marketplace for residential whole loan mortgage and residential Real Estate Owned (REO) trading.
"LTVtrade is honored to have Sandy join our Board of Advisors," said Dean DiCarlo, President and Founder of LTVtrade. "Sandy is a veteran in the exchange community and we look forward to his guidance as we work to bring transparency and accessibility to whole loan and residential REO trading."
Approximately $3 trillion of residential whole loans could be available for trading in the LTVtrade Marketplace. And according to CoreLogic, 1.6 million distressed properties and repossessed homes are part of the nation's "shadow inventory" and includes REO that lenders haven't yet put up for sale.
"Totally innovative. LTVtrade has built an incredibly comprehensive marketplace that meets the needs of both buyers and sellers," said Frucher. "Technology radically transformed the landscape of the equities markets by making them more efficient and accessible to a broader audience and LTVtrade is poised to have a similar impact on the residential debt market."
In a report to Congress entitled "Reforming America's Housing Finance Market" authored by the US Department of the Treasury and the Department of Housing and Urban Development (HUD) and released in 2011, "private markets – subject to strong oversight and standards for consumer and investor protection – will be the primary source of mortgage credit and bear the burden for losses." The report further outlines recommendations for ensuring taxpayer protection in a newly formulated housing finance market.
The Federal Reserve released a White Paper earlier this month indicating that the "swollen inventory" of REO has put "substantial downward pressure on house prices" and the continued flow of new REO properties may be "as high as 1 million properties per year in 2012 and 2013."
LTVtrade, through its proprietary technology and innovative Marketplace platform, expects to unlock the direct flow of both small and large sources of private capital for residential home loan financing and to help alleviate housing pricing pressures caused by the nation's backlog of REO assets.
For additional information on LTVtrade, please visit www.ltvtrade.com
About LTVtrade: LTVtrade™ seeks to alter the business of residential whole loan mortgage and residential REO trading through the LTVtrade™ Marketplace - an open, accessible, and transparent, secondary market platform which focuses on meeting the needs of the largest and smallest financial institutions, small local funds and savvy accredited investors. The LTVtrade™ Services Continuum enhances the trading experience by providing buyers and sellers with access to a network of industry experts and best-in-class service providers.