LandAmerica Participates in U.S. Treasury Department's $700 Billion Rescue Program
October 14 2008 - 12:04PM
PR Newswire (US)
RICHMOND, Va., Oct. 14 /PRNewswire-FirstCall/ -- LandAmerica
Financial Group, Inc. (NYSE:LFG) announced that it is competing for
the opportunity to serve as a contractor with the U.S. Department
of the Treasury in providing whole loan asset management services
for portfolios of troubled mortgage-related assets. Whole loan
asset management is one of three categories of specialized service
providers the Treasury Department is seeking in order to facilitate
the $700 billion rescue plan recently approved by the U.S.
Congress. Through the plan, the government will purchase, manage
and sell financially distressed properties. LandAmerica offers a
unique set of internal capabilities in a proven organizational
structure which enable it to handle all elements involved in
servicing distressed residential and commercial loans. As a premier
provider of services related to all aspects of the residential and
commercial loan process, LandAmerica has depth of experience in
title services -- including lien priority, environmental and
engineering assessments and valuations, tax and default services,
and full loan servicing including real estate owned management. The
company's response also links the services of LandAmerica's
innovative BackInTheBlack(R) default servicing technology and its
eZLoanOptimizer(TM), which produces fact-based projections of the
future performance of a portfolio and identifies loans with the
greatest potential for loss while recommending specific action
steps to reduce those losses and retain borrowers. "LandAmerica is
unique with respect to the depth and breadth of services we offer
the Department," says Peter Maselli, Senior Vice President. "Having
these powerful resources connected within a single company is a
tremendous advantage for both us and the people the government is
seeking to help." About LandAmerica Financial Group, Inc.
LandAmerica Financial Group, Inc. is a leading provider of real
estate transaction services with offices nationwide and a vast
network of active agents. LandAmerica serves agent, residential,
commercial and lender customers throughout the United States,
Mexico, Canada, the Caribbean, Latin America, Europe and Asia.
LandAmerica is recognized as number one in the mortgage services
industry on Fortune's(R) 2007 and 2008 lists of America's Most
Admired Companies. DATASOURCE: LandAmerica Financial Group, Inc.
CONTACT: Pamela Pastor, Investor Relations Specialist,
+1-804-267-8043, ; or Peter Habenicht VP -- Corporate
Communications, +1-804-267-8723, , both of LandAmerica Financial
Group, Inc. Web site: http://www.landam.com/
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