Cash for Clunker Mortgages Program Unveiled

CINCINNATI, Oct. 19 /PRNewswire-USNewswire/ -- The Cash for Clunker Cars
program ended on August 24, but another stimulus program has recently been
established. The Cash for Clunker Mortgages program begins October 19 and
enables holders of nonperforming mortgages to trade them in for cash.

Holders of nonperforming First Mortgages are losing money each month as
holding costs accrue and property values deteriorate. In an effort to allow
lenders and servicers to focus their efforts on the loans more likely to
qualify for the Home Affordable Mortgage Program (HAMP), Cash for Clunker
Mortgages will pay competitive prices for nonperforming First Mortgages.
Nonperforming loans, particularly those in bankruptcy or other litigation,
demand a disproportionate amount of time and effort to service. Thus, loans
eligible for Cash for Clunker Mortgages include charge offs, those secured by
low-value homes and those owned by borrowers in bankruptcy or litigation, all
of which are high maintenance for the servicing industry.

In an effort to provide prompt dispositions of these assets, Preliminary
Indicative Bids will be furnished within 48-hours. Once the Preliminary
Indicative Bid is approved by the seller, due diligence will be completed on
the mortgages. Funding typically occurs within 3 to 4 weeks of receiving
summary loan data. Cash for Clunker Mortgages is open to all holders of
nonperforming mortgages secured by single family homes and 2 - 4 unit
properties anywhere in the United States. Furthermore, both bulk pools and
single assets are eligible.

Cash for Clunker Mortgages is administered by American Homeowner Preservation
LLC, of Cincinnati, Ohio. Summary loan data may be submitted by email to
clunkers@ahphelp.com or fax to 513.729.9720. To learn more, call 800.555.1055
or visit www.ahphelp.com/clunkers.

SOURCE American Homeowner Preservation LLC

Jorge Newbery, Director of American Homeowner Preservation LLC,
+1-513-729-9710, j.newbery@ahphelp.com