News Release-- December 08, 2008
Riviere Servicing Enters Strategic Agreement with Global IT Leader CSC to Service National Mortgage Modification and Restructuring
Team of financial experts led by Carolyn H. Byrd combines know-how and
infrastructure resources
ATLANTA, Dec. 8 - Riviere Servicing, an affiliate of Riviere Securities, LTD and GlobalTech Financial LLC, has entered into a strategic agreement with CSC (NYSE: CSC), a global leader in providing technology-enabled solutions and services. By combining the financial industry experience and expertise of the Riviere team with CSC's financial services-focused information technology (IT) and infrastructure support, the companies can offer an unparalleled suite of mortgage-related services to homeowners who need help securing their homes.
Under the agreement, CSC will provide best practices from its financial services sector including its EarlyResolution(R) mortgage loss mitigation software, asset management, loan servicing, and call center services.
Capable of handling the complex demands of loan servicing as well as administering government-based loan modification restructuring programs, Riviere Servicing has a key goal to help keep homeowners throughout the nation from losing their homes. The privately held and minority-owned Riviere Servicing is based in Atlanta, Georgia.
Helping people through difficult times
As part of the Emergency Economic Stabilization Act of 2008 and several other legislative acts, the U.S. Treasury Department formed TARP (Troubled Assets Relief Program), managed by a newly created Office of Financial Stability. Riviere Servicing will focus its vast knowledge and experience in the government and banking sectors to uphold and carry out the important
goals of TARP.
"Aligning the management insight and know-how of Riviere Servicing with the powerful capabilities of CSC, we create a single superior source that's uniquely qualified to efficiently handle the complexities of troubled mortgage assets," notes Carolyn H. Byrd, CEO of Riviere Servicing.
Opening dialogue, explaining options
By focusing on the processing of assistance programs, as opposed to the promotion and sale of financial products, the goal of Riviere Servicing will be to provide assistance with mortgages in danger of foreclosure and other troubled assets.
"Such an enormous undertaking requires careful planning because of the critical nature of what's at stake. Our job will include creating a comfort level with homeowners by thoroughly analyzing their situations, clearly explaining their options and helping the homeowner to determine the best course of action with only their financial interests in mind," adds Byrd. She continued, "For the purposes of this program, we exist strictly to help homeowners through difficult times. Consistency and quality control will be our keys."
The people and the power to effectively process the program
Together, Riviere Servicing and CSC will be better able to process assistance programs for homeowners. For example, CSC's proprietary EarlyResolution(R) software will help easily guide Riviere Servicing Customer Service Representatives in leading distressed homeowners through the mortgage restructuring and modification process. CSC's mortgage loan mitigation software is easy to use, effective at streamlining the assistance process and adaptable to TARP program rules and in use by a number of leading mortgage lending institutions to help speed workout resolutions to loans in default.
In addition to helping the thousands upon thousands of homeowners on the brink of foreclosure, the implementation of such an assistance program will create much-needed employment opportunities. While the ultimate scale and scope of such a project have yet to be specified in detail, the likelihood is that hundreds -- if not thousands -- of jobs will be created in the process. "Helping people remain in their homes and at the same time, putting people back to work make the concept of Riviere Servicing a win-win situation," comments Byrd.
The management team is lead by CEO Carolyn H. Byrd. Having held such key positions as Chairman and CEO of GlobalTech Financial LLC and President of Coca-Cola Financial Corporation, she is among the most respected executives in the financial sector.
Senior management at Riviere Servicing also includes: Robert L. Riviere, Chairman, who has served in the same capacity at three different securities firms; Scott Friedman, Vice Chairman, formerly in charge of the U.S. Securitization business for Fortis Bank; and Dennis Berlin, Executive Vice President of Government Affairs, former President of Government Portfolio, LLC, John Slais, CFO, currently CFO of Riviere Securities, LLC.
http://www.riviereservicing.com
Riviere Servicing is a subsidiary of Riviere Securities, LLC of Austin Texas and GlobalTech Financial LLC of Atlanta, Georgia. Riviere Securities is a nationwide firm in the highly specialized structured financial securities industry. The firm is dedicated to developing relationships with small- to mid-sized companies seeking turnkey liquidity solutions that
require particular insights, market expertise and intellectual capital previously available to only the largest corporations. GlobalTech Financial LLC is a leader in world-class management consulting and business process and IT outsourcing, known for its highly experienced management and staff, and variety of technical and service solutions that help organizations achieve greater efficiency and sustainable growth.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 91,000 employees and reported revenue of $17.3 billion for the 12 months ended Oct. 3, 2008. For more information, visit the company's Web site at http://www.csc.com.
