Titanium Holdings Forms New REO Company, Hires President

Cary Sternberg has been appointed president of the newly formed asset management company Excellen REO, a subsidiary of Titanium Holdings Inc. He plans to gear up this month by hiring asset managers to start servicing assets by January 2010. Mr. Sternberg, a former senior vice president in American Home Loan Servicing Inc.'s real estate-owned department, has over 40 years of experience in asset preservation, management and liquidation. According to Titanium, Mr. Sternberg will manage the strategic direction of the company, overseeing day-to-day operations, creating policies and procedures and establishing the internal growth of the company. The company plans to develop a base network of real estate agents nationally that could grow as large as 1,200 agents. Many of those agents are slated to come from Titanium Solutions' housing retention consultants with past REO experience. All brokers and agents will be required to have passed the REO practices and advanced valuation courses and will be using the RES.NET software system, according to the company.