MACC Reports Reverse Merger

Mortgage Assistance Center Corp., Dallas, has announced the acquisition of 100% of the capital stock of Mortgage Assistance Corp. in a reverse merger transaction.The transaction, which took effect Aug. 22, included the issuance of approximately 11 million shares of MACC common stock to three shareholders of Mortgage Assistance Corp. who currently own 87.1% of the company's stock. Mortgage Assistance Corp. is a specialty financial acquisitions company that buys nonperforming mortgage promissory notes at a discount and then re-performs, manages, and resells the notes or the underlying real estate to unaffiliated investors. Dale J. Hensel, president and chief executive officer of MACC, said his company "sees great opportunity in the nonconforming and subprime mortgage assets that have become problems for mortgage bankers, commercial banks, and other financial institutions. As more traditional financial institutions have moved aggressively into subprime mortgage lending in recent years, they are inevitably discovering nonperforming loans, delinquencies, and foreclosed properties in their loan portfolios that do not meet regulatory standards or the requirements for securitization." MACC can be found online at http://www.mac-tx.com.