"We have been pursuing this acquisition for several months,"says Peter Fioretti, CEO of Mountain Funding and its affiliatedmanagement company, Mountain Special Servicing. He adds that hiscompany expects to be a "major player" in underwriting and biddingon distressed debt portfolios over the next three years.

As part of the acquisition, 14 former ResCap senior managementand real estate professionals have joined Mountain Funding'sexisting asset management team. Joel Kaul, former head of ResCapREO management, will lead the company's residential assetmanagement group.

ResCap is ranked as the fifth-largest mortgage servicer in theUS. It continues to provide mortgage servicing and sub-servicingfor a portfolio of approximately 2.6 million mortgage loans.

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