10 Billion REO Pacakge available - Requirements

For the past 24 months the marketplace has been rife with buyers, brokers, counselors and consultants claiming relationships to Hedge Funds, Banks, and other unspecified acquiring entities. Many of these entities have tendered Letters of Intent, conducted due diligence, placed funds, delivered proof of funds and opened escrow only to find that the inventory was not available, otherwise disposed, not as represented or simply non existent. Simultaneously there have been Sellers negotiating in good faith with Buyers who did not have the authority they represented or the means to acquire the contracted inventory. There has been no system in place to handle orderly contractual disposition of actual inventory with reasonable, protected, due diligence periods nor a system of separating the legitimate Offerors from the Speculators During this period we have established relationships with bank direct liquidators in order to provide our buyers with real inventory that can be sorted as to the type, size, nature and geographic preference provided we establish a protocol that will meet the needs of both negotiating parties.

To participate with the sellers' mandate in this liquidation effort we have established the system detailed below to be followed by all Buyers and Acquisition Managers working with our firm. The documents required are attached to this communication.

1. Remcor shall be Buyers Representative and shall be paid by Buyers fifty basis points (.50%) on the portfolio purchase price by Buyers at close of escrow. This fee shall be named in the Letter of Intent for the purpose of disclosing agency and compensation to all parties. Sellers Mandate shall be paid by Seller at close of escrow in an amount of fifty basis points (.50%) on the actual negotiated portfolio sales price. Offerors shall sign the Fee Agreement and Agency Disclosure forms attached and return them with their Letter Of Intent (LOI). No LOI shall be forwarded to Sellers Mandate without this document. Buyer and Seller shall each compensate their own counsel, consultants and advisors outside of escrow under their separate agreements and at their own expense.

2. Buyers shall tender a Letter of Intent on the Letterhead of the acquiring entity following the abbreviated format attached, to include a description of the property being sought, the price being offered, allocation of costs and fees including those in paragraph #1, the due diligence period being requested and proposed conditions of asset transfer. LOI shall also indicate the title, position and authority of the signor as well as contact information for Buyers' counsel.

3. Buyer to submit Bio, Corporate Resume or Fund Business Plan sufficient to demonstrate experience for disposition, resolution or retention of assets to be acquired.

4. Proof of funds in amount sufficient to complete proposed purchase.
Upon receipt of above documents, Buyers Letter of Intent and supporting documents shall be delivered to Seller's Mandate, proof of funds shall be delivered to General Counsel for verification. Upon verification of funds, General Counsel shall return to Buyer and Buyer's Mandate a Letter of Affirmation confirming control of and Authority to Convey inventory of the type, volume and locality required by Buyer. Upon receipt of General Counsel LOA, Seller's Mandate shall validate inventory in an appropriate form and in sufficient detail for Buyer to commence due diligence. Upon completion of due diligence, Buyer's Counsel shall deliver final contract to Buyer and Seller's Mandate and General Counsel. Upon execution, parties shall proceed with transfer in accordance with the time and terms of final agreement.

Note: All Letters of Intent MUST contain the Name of the Depository and the Personal Bankers' name. No LOI will be forwarded to Sellers Mandate without this information. Upon receipt of this information and LOI, GCOS (General Counsel Of Seller) will contact legal counsel for the Depository and verify employment and position of the personal Banker, then contact that Banker for Verification. After Verification, GCOS will issue Letter of Authority, send NDNC for Buyer. After Buyer returns executed NDNC inventory will be sent only to the Buyer.