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Industry News

Fidelity National Asset Management Solutions Buys Client REO Contracts From Freddie Mac

August 26, 2002

WESTMINSTER, Colo., /PRNewswire-FirstCall/ -- Fidelity National Asset Management Solutions Inc. (FNAMS), a third party provider of REO outsource services, has reached a definitive agreement with Freddie Mac to purchase existing third party contracts for the management and disposition of real estate assets. The agreement is expected to close on September 13, 2002.

According to Tom DiMercurio, president and chief operating officer of FNAMS, "The assignment of these management contracts significantly expands both the client and asset base of our company. This agreement makes sense for both parties because FNAMS is the only national REO asset management firm with deep financial resources, depth and breadth of management and truly state-of-the art case management technology." FNAMS is a facet of Fidelity National Financial 's default division which includes the following national services designed to assist investors, servicers and owners of non-performing loans: foreclosure, bankruptcy and eviction processing, real estate valuations, field service and property preservation work, preparation, research and recording of releases, and reconveyances, foreclosure posting and publishing, REO title and escrow, title curative, and electronic bill presentment.

According to Freddie Mac, the sale does not involve intellectual property or other assets from Freddie Mac. The sale also does not involve the transfer of staff. Freddie Mac says that the sale will provide an economic return and further streamline and automate its own inventory processes. Freddie Mac's staff working on third party contracts is being reassigned to the company's portfolio and community development lending initiatives.

Source: Fidelity National Asset Management Solutions

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