Oak Street Adds Debt Recovery
Oak Street Mortgage here has a joint venture with Hudson & Keyse, a retail-commercial debt recovery service.
"Consistent with Oak Street's diversification strategy, we have been actively seeking opportunities to invest growth capital in the financial services sector that will enhance our shareholders value," said Steve Alonso, chairman and CEO of Oak Street.
"Oak Street brings us access to an excellent management team as well as key relationships in the banking industry," said Joe Carroll, President-CEO of Hudson & Keyse. "By leveraging those relationships and moving towards more purchased debt in our portfolio, I believe we are positioned to achieve significant growth in the near future as well as the long term."
Hudson & Keyse, located in Painesville, Ohio, currently serves a client base of more than 2,000 banks, credit unions, professionals and commercial or retail businesses nationwide. They are a member of the American Collectors Association.
The companies said that the management team of Hudson & Keyse, which has a combined 44 years of collection industry experience, will remain intact.
Oak Street Mortgage provides refinancing, debt consolidation and other home loans. The company said it expects to originate $2 billion of home loans this year.
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