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Two Wall Street Execs Join National Home Auction
By James Comtois
Home auctions are becoming widely popular for asset sellers, first-time homebuyers, homeowners looking for vacation of second homes and investors.
As part of its plan to accelerate its growth in the public lender foreclosure auction segment of the mortgage market, National Home Auction, a company specializing in the marketing and auction-style sale of lender foreclosure properties and builder closeouts, has hired two Wall Street executives to join its senior management team.
Chris Connelly, formerly a managing director at Natixis Capital Markets, has joined NHA as president of the company and Derek Katz, formerly a director at Natixis Capital Markets, has joined as executive vice president.
"Chris and Derek have spent two decades building relationships in the mortgage industry and have earned the trust and respect of lenders and servicers nationwide," said Michael Kim, CEO of NHA in a statement. "They understand the foreclosure challenges facing the industry and the critical role that home auctions play in helping lenders liquidate large pools of foreclosed properties quickly and economically."
"Foreclosure projections over the next three to five years are staggering," said Mr. Connelly. "There is simply no way for traditional sales methods to keep pace. National Home Auction has the technology, infrastructure, personnel and financial strength to take on a leadership role in the foreclosure auction industry within the next six months."
Mr. Connelly and Mr. Katz will be headquartered in New York.
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