Profile: Altisource Asset Management Corp (AAMC.A)
23 Feb 2017
Altisource Asset Management Corporation (Altisource), incorporated on March 15, 2012, provides asset management and corporate governance services to institutional investors. The Company's primary client is Altisource Residential Corporation (Residential). The Company operates through segment, which is focused on providing asset management and certain corporate governance services to Residential. Its business strategy is to provide asset management services to Residential to generate cash available for distribution to its shareholders and thereby growing its earnings, and develop additional investment strategies and vehicles.
Residential is a public real estate investment trust (REIT) that acquires and manages single-family rental properties by acquiring sub-performing and non-performing mortgage loans throughout the United States. In addition to providing services to Residential, it also provides management services to NewSource Reinsurance Company Ltd., (NewSource), which is an insurance and reinsurance company. The Company acts as the asset manager for Residential for an initial term of 15 years with approximately two potential five-year extensions. It manages over 41,000 vacant pre-foreclosure and real estate owned (REO) assets in all 50 states. Residential also has a support services agreement with Altisource to provide services to it in such areas as human resources, vendor management operations, corporate services, risk management, quality assurance, consumer psychology, treasury, finance and accounting, legal, tax and compliance.
Altisource Asset Management Corp
1110 Strand St, Ste 2A