Industry: Culture & Society
Designation: Chairman & CEO of LoanMod.com
Country of origin: Lebanon
Occupation: Chairman & CEO of LoanMod.com
Arab-American Scheib, or “Moose” as he prefers, was born in Beirut and grew up in the Midwest United States. He invented the modern-day loan modification as a solution to the housing crisis gripping the United States—an idea that has helped over 2 million homeowners avoid foreclosure. A loan modification is a novel concept of renegotiating loans to avoid bank foreclosure on houses. Scheib’s company, LoanMod.com, was the first loan modification company in America and to date has completed over 5,000 successful negotiations, enabling families to keep their houses and banks to avoid expensive foreclosures. Whether prescient or simply lucky, LoanMod.com was one of the few companies that were well positioned when the American subprime mortgage crisis hit.
Scheib is a business consultant specializing in loss mitigation, private placements, homeowner retention, and corporate strategy development. While serving as LoanMod.com’s Chairman & CEO, he co-founded Aleph Advisors a New York City-based consulting firm ( www.AlephAdvisors.com ). Aleph is a boutique advisory firm focused on helping U.S. Companies expand their reach within the Middle East and North Africa (MENA) through the identification of strategic partnerships and investment opportunities, and providing counsel in structuring those relationships and investments.
Prior to founding LoanMod.com, Mr. Scheib practiced corporate law at the prestigious international law firm of Proskauer Rose in New York City, clerked in the New York State Supreme Court, and interned at the U.S. Attorney’s Office in the Eastern District of New York. He has been interviewed on Fox Business News with Neil Cavuto and featured in various publications including Forbes Magazine, Crain’s Detroit Business, America.gov (U.S. State Department Publication), the Detroit Free Press, and The Washington Post. Mr. Scheib received his bachelors in Economics and Management from Albion College where he played football and was a team captain for four years. He received his Juris Doctorate from Columbia Law School where he was a staff member of the Columbia Business Law Review. Mr. Scheib’s notable contribution to various articles and publications include: The Essential Role of Securities Regulation (Duke Law Journal, February 2006). He is the recipient of the 2004 Arab American Institute Jallow Award for Public Service and is a member of the Connecticut Bar.