MountainView Capital Holdings Announces Initial Closing of MountainView Mortgage Opportunities Fund, LP

2008-07-31 18:50:07 -

- MountainView Capital Holdings, LLC ("MountainView") announced today the initial closing of the MountainView Mortgage Opportunities Fund, LP (the "Fund"). As of the initial closing, the Fund had raised approximately $80 million primarily from qualified institutional investors.

The Fund expects to invest in performing and subperforming first lien residential mortgage loans in the secondary market. Loans that are classified as Alt-A or Subprime will be the primary focus of the Fund. The Fund plans to employ a buy and hold strategy, taking advantage of the significant discounts available in today's secondary mortgage market. MountainView intends to leverage its long standing sales and trading relationships in the market to source loans on behalf of the Fund and will serve as the General Partner of the Fund.

Prodovis Mortgage, LLC ("Prodovis") will initially service all loans acquired by the Fund. Prodovis, a wholly owned subsidiary of MountainView, is a special servicer located in Arlington, Texas. Prodovis specializes in servicing performing and subperforming Alt-A and Subprime first and second lien mortgage loans. The loans acquired by the Fund will be serviced with a view toward mitigating risk of default and maximizing the value of the loans. Prodovis intends to employ a proactive modification and refinance campaign on behalf of the Fund.

"We are excited about the level of interest we have received from investors and are now ready to start deploying the capital that we have already raised," said Michael Morgan, CEO of MountainView. "We are seeing unprecedented dislocation in the secondary mortgage market which we believe will create tremendous buying opportunities for those investors that have the platform in place to understand and assess the risks associated with the purchase of mortgage loans."

About MountainView

MountainView and its predecessors have served institutional investors in the mortgage industry for over 18 years. MountainView is headquartered in Denver and has offices in Los Angeles, San Francisco and Arlington, Texas. MountainView and its subsidiaries offer a range of services including the purchase and sale of mortgage loans, brokerage services for the sale of both mortgage loans and mortgage servicing rights, servicing of mortgage loans, and independent third party valuation of mortgage servicing rights and whole loans.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities described herein in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

MountainView Capital Holdings, LLC
Michael P. Morgan, 303-633-4735
mpmorgan@mvcg.com
or
Chris L. Rooker, 303-633-4777
crooker@mvcg.com