It is crucial that the banking industry, GSEs, politicians, regulators and consumers understand that a proven solution to the issues that created this crisis already exists.
Wilmington, DE (PRWEB) October 16, 2010
As of today, 50 state attorney generals have opened investigations into home foreclosure practices, many of the nation's largest lenders have frozen foreclosures in all 50 states, and the Obama administration—joined by Fannie Mae and Freddie Mac—have called upon the banking industry to rapidly fix the way it ensures the accuracy of mortgage data, maintains and provides account level documentation, and proves ownership. Their message is clear: fix the problem now, or face legal action and be on the hook for billions in losses. Concern for the still-fragile housing market is so high that the Senate Banking Committee plans to hold an investigative hearing on November 16th.
In 2006, Global Debt Registry (GDR) recognized the inefficiencies and serious weaknesses in consumer data management practices, and began development on a new technology platform that would ensure the integrity of managed and traded data, chain of title, and account-level documentation. Working closely with issuers, servicing entities, debt buyers, IT managers, data security experts, compliance experts, consumer protection agencies, and attorneys, GDR has developed and deployed a nationally proven solution that fully addresses the issues facing the mortgage lending industry today.
"It is crucial that the banking industry, GSEs, politicians, regulators and consumers understand that a proven solution to the issues that created this crisis already exists," said Mark Parsells Executive Chairman of GDR. "Our technology provides a single source for clean account-level chain of title, validated account-level data, and a secure repository for management of all account-level documentation for Issuers, servicing entities, debt buyers, sellers, legal collection firms, regulators, judges, industry participants, and consumers. GDR is the nation’s first—and only—Accounts Receivables (A/R) debt-titling platform."
The GDR system has been fully operational since June 2009 and now manages titles on debt in all 50 states. Originally developed for the Financial Service Industry as a means to title charged-off credit card debt, the GDR solution can be adapted and deployed in any industry seeking to validate ownership, maintain account level data integrity, and centralize document management services for any asset class. GDR’s solution is ideally suited to address the chain of title, data Integrity and documentation deficiencies currently plaguing the mortgage industry.
According to Greg Ousley, CEO of GDR, “Our system is a complete A/R title origination and ownership verification, debt validation, data integrity, and turnkey media management solution. It creates a more cost effective and efficient process for tracking account level data and satisfies even the most-stringent regulatory and compliance requirements. Moving forward, the lending industry has a proven solution that answers the call of consumers, regulators, judges, and consumer-advocates to instill full integrity and transparency in the ownership, documentation management and validation of A/R assets.”
For more information contact Greg Ousley, CEO, Global Debt Registry at 866-660–2341, or visit http://www.globaldebtregistry.com.
About Global Debt Registry
Global Debt Registry delivers significant ROI benefits to all participants in the Accounts Receivable Industry by providing the nation’s only proven AR titling solution. GDR’s solution includes a comprehensive Account Integrity Management Program, chain of title and customizable turnkey media management solutions. The primary purpose of the registry is to maintain the integrity of traded data (validated debt), maintain accurate ownership (chain of title), and provide automated access for maintaining media integrity and customizable media fulfillment both in the performing and non-performing ARM industry markets.
# # #