NYSE Amex LLC Accepts Plan of Compliance of Prospect Acquisition Corp.

NAPLES, Fla., May 18 /PRNewswire-FirstCall/ -- Prospect Acquisition Corp.
(NYSE Amex: PAX) (the "Company"), announced today that it received a letter
from NYSE Amex LLC (the "Exchange") indicating that the Exchange had accepted
the Company's plan of compliance with respect to its previously disclosed
non-compliance with the annual stockholder meeting requirements of Section 704
of the NYSE Amex Company Guide because the Company did not hold an annual
stockholders meeting during the year ended December 31, 2008. The Company was
afforded the opportunity to submit a plan of compliance to the Exchange and on
March 6, 2009 presented its plan to the Exchange. On May 4, 2009, the
Exchange notified the Company that it accepted the Company's plan of
compliance and granted the Company an extension until August 11, 2009 to
regain compliance with the continued listing standards. The Company will be
required to provide the Exchange staff with updates in conjunction with the
initiatives of the plan of compliance as appropriate or upon the Exchange's
request and the Exchange staff will review the Company periodically for
compliance with the plan of compliance during the extension period. Failure
to make progress consistent with the plan of compliance or to regain
compliance with the continued listing standards by the end of the extension
period could result in the Company being delisted from the Exchange.

About the Company

The Company is a blank check company formed for the purpose of acquiring, or
acquiring control of, through a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination,
one or more businesses or assets, which it refers to as its initial business
combination, in the financial services industry, which includes investment
management firms. The Company's certificate of incorporation provides that if
it has not completed an initial business combination by November 14, 2009, its
corporate existence will cease except for purposes of winding up its affairs
and liquidating.

Forward-Looking Statements

This press release may contain certain forward-looking statements including
statements with regard to the future performance of the Company. Words such as
"believes," "expects," "projects," "will" and "future" or similar expressions
are intended to identify forward-looking statements. These forward-looking
statements inherently involve certain risks and uncertainties that are
detailed in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission. The Company undertakes no obligation
to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

SOURCE Prospect Acquisition Corp.

David A. Minella, Chairman and CEO of Prospect Acquisition Corp.,
+1-239-254-4481