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DMWK: Diversified Mortgage Workout Receives Several Proposals to Acquire Discounted Sub-Prime Mortgage Portfolios

WHITE PLAINS, N.Y., Aug. 21 /PRNewswire-FirstCall/ -- Diversified Mortgage Workout Corporation (Pink Sheets: DMWK) announces that the company has received several Sub-Prime Mortgage portfolio acquisition proposals ranging in dollar value of between $15,000,000 to $20,000,000 with a face value of approximately $80,000,000 to $100,000,000, representing a discount of 20% to 25%.

These offerings are being presented by nationally known Real Estate Firms, Investment Companies and Hedge Funds whom want to sell these performing and non-performing portfolios at discounts.

The company is currently reviewing all offered portfolios while performing the necessary due diligence regarding the payment histories of said individual loans in the portfolios along with the Real Property collateral positions of equity and current legal entanglements if any, and expects to make a decision on some or all of these offerings very quickly.

The company currently has financial commitments of $50,000,000 for such acquisitions to date, with negotiations underway for another $100,000,000 in financing commitments.

The company has also received preliminary interest in some sort of Joint Venture arraignment with some Hedge Funds and Investment Firms to assist with additional working capital to participate in the buying and selling of all types of performing and non-performing sub-prime mortgage portfolios.

"The company is very pleased with the progress that has been made in such a relatively short period of time in attracting investment capital and the interest of additional large sums of investment capital being presented to us," said Victoria Forlenza President & COO of Diversified Mortgage Workout Corporation.

Ms. Forlenza also stated, "With the proper analysis of the portfolios the company acquires and the proper pricing and terms, this will be a very lucrative profit center for the company and its shareholders."

Please visit the company's website at: http://www.dmwkcorp.com/ .

About Diversified Mortgage Workout Corporation:

The company engages in the acquisition of performing and non performing sub-prime mortgage portfolios and short term financing for individual troubled homeowner's mortgages. The company has a current outstanding public float of 2.1 million common shares.

This press release contains certain forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

DATASOURCE: Diversified Mortgage Workout Corporation


CONTACT: Victoria Forlenza, Diversified Mortgage Workout Corporation,

[phone],


Web site: http://www.dmwkcorp.com/