Carl J Fusco


Carl has over 30 years experience in the consumer finance industry. He founded First New England Financial Corporation and Yacht Insurance Specialists in 1976. First New England was sold to AmeriFirst Bank in Miami, FL in 1987 and Carl remained as President of this subsidiary as the Company was again sold to the General Electric Capital Corporation in 1989. Yacht Insurance Specialists was sold in 1990 to a large insurance agency in Connecticut. Carl had a 5 year employment contract with GECC.

Carl remained President of First New England until May, 1991. First New England was  the largest originator of yacht loans in the industry, originating in excess of $500,000,000 in loans annually.  In June, 1991, Carl became President and CEO of Yegen Associates, a multi service finance company with over 50 offices nationwide and 500 employees, originating in excess of $50,000,000 per month in auto, second mortgage, marine, and mobile home financing. He was assigned the responsibility to stabilize operations, and to sell the company. The company was sold in April 1992 to AHC. Carl was retained as a consultant through 1996.

Carl was an active member of the Connecticut Marine Trades Association, the National Marine Manufacturers Association, and the National Marine Bankers Association. As a member of the NMMA, and a Charter member, Vice President, and member of the Board of Directors of the National Marine Bankers Association, he was honored in October of 1990 for an outstanding contribution to the marine finance community over the past decade.  He purchased National Liquidators, a bank service company in Ft. Lauderdale specializing in remarketing and auctioning of boats and recreational vehicle repossessions.. Carl sold his controlling interest in National in 1993. National remains as the largest boat liquidation, repossession and federal custodial agent in the boating industry today.

In June 1992 the company contracted to remarket, manage and act as special servicer to a $400,000,000 portfolio of mobile homes, recreational vehicles and boats within a newly formed division headquartered in Connecticut for Shawmut Bank, NA.  The company acquires non performing consumer and residential loan portfolios and has established a number limited partnerships and currently owns over $900,000,000 in residential and consumer debt under its management.

The companies initiated a loan origination program in late 1998 directed at high net worth individuals buying or refinancing large pleasure yachts and CT residential real estate. These loans were priced over the current market due to the borrower’s inability to obtain conventional financing. All loans have cross collateral in real estate or interest reserves. The company has originated over $50,000,000 in this product to date.  In March 2007 Carl Fusco initiated and was the advisor and broker on a $2 Billion home equity portfolio acquired by Bear Stearns and sold by Sovereign Bank.

Carl Fusco and his related companies is a principal and equity partner in commercial real estate in Puerto Rico, Wilton, CT and Naples, FL totaling over 500,000 square feet.  In 2002 through year to date 2006, NRLP has acquired a series pools and portfolios of secured consumer loans from Banks on a flow basis and continues to seek out those types of acquisitions.

In August of 2006 the companies entered into a joint venture partnership with a large Private Equity firm with over $2 Billion of uncommitted equity. The new venture, was a series of several companies to acquire non and sub performing loans and portfolios. In addition the company balance sheets and originates asset based loans in CT and FL thru its affiliated Mortgage Company. The joint venture was provided with over $150,000,000 initial funding commitment thru 2010 .  In 2008 Carl was an equity partner as well as an advisor to the Sale and  member of the Board of Directors of Clayton Holdings and sold his minority position in 2010.

In 2011 NPA Associates acquired $245,000,000 in charged off secured consumer debt as well as $25,000,000 of 1st mortgages in the USVI from Flagstar Bank.  In December of 2012 an NPA affiliate acquired $750,000,000 in non performing consumer and residential mortgages. In December 2013, NPA acquired over $35,000,000 of REO, NPL 1st and 2nd mortgages from Flagstar Bank as well as MI NPL mortgage insurance claims from a variety of insurance companies.