Capital Asset Research Corp. reaches $1 billion mark; nation's largest tax lien purchaser and servicer first to hit historic milestone.WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Aug. 1, 1996--Capital Asset Research Corp., the nation's largest purchaser and servicer of municipal tax lien certificates Tax Lien Certificate A certificate of claim against property that has a lien placed upon it as a result of unpaid property taxes. Notes: Available in many states, this certificate allows the owner to collect unpaid taxes in addition to a set level of interest. , reached a historic milestone when total tax certificate purchases eclipsed the $1 billion mark. The company was recently awarded a coservicing contract for the $215 million tax certificate securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. trust by the City of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . That contract pushed Capital Asset over $1 billion in tax lien certificates purchased and serviced. "We are very proud of our accomplishment," said Richard A. Heitmeyer, chairman of Capital Asset. "Considering the ever-increasingly competitive nature of the tax lien Tax Lien A claim imposed by the federal government to liquidate a persons property until owing tax and debt is fully paid. Notes: Tax liens can be purchased from the government in the form of an investment. industry, a company needs to excel in many areas, from the purchase, custodial and servicing of certificates to the commitment to community involvement and property tax roll rehabilitation rehabilitation: see physical therapy. . We are determined to ensure that we remain a leader in the field in every category, and this achievement shows that we consistently accomplish that goal. "Of course," added Heitmeyer, "this is only the beginning." Heitmeyer founded Capital Asset in 1990, a continuation of his distinguished career in real estate finance and the privitization of tax lien certificates. From an operating base of $50 million in 1992, Heitmeyer has brought the company to the $1 billion mark in a three-year time span by demonstrating a marked commitment to and expertise in the financial servicing of tax delinquencies and creating long-term relationships with the company's municipal clients. Capital Asset recently announced the purchase of 50 percent of the company by MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Inc., the nation's leading financial guarantor and a major provider of investment management services to the public sector, with over $7 billion in assets. Capital Asset Research Corp. is located in West Palm Beach and operates in 14 states nationwide. In addition to purchasing, servicing and managing delinquent tax certificates, Capital Asset provides a series of services to assist taxing authorities in the preparation, analysis, packaging and completion of delinquent tax obligation sales. CONTACT: Communications Group, Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. Larry Getlen, 561/392-2300 |
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