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DALLAS, Mortgage Assistance Center
Corporation (OTC Bulletin Board: MTGC) (the "Company"), which acquires,
manages and resells non-performing mortgages and distressed real estate
properties, today announced that it, together with two California partners,
has closed on the purchase of a 69 ,552 square-foot office building on
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34 acres (999 Metro Media Place) immediately south of Stemmons Expressway
and approximately 5 miles northwest of downtown Dallas, Texas. There are concrete pad and open grass areas
suitable for additional office, stage or warehouse space. "The two-story brick building was financed by Legacy Bank
of Texas. The Company has a
unique proprietary business model wherein non-performing notes are restored to
a "re-performing" or "performing" status, and /or cash is traded for keys and
title to the property.com

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"Phoenix Theatre's Women Who Care success -- with more than 400 in
attendance -- is a testament to this community's enthusiasm for the
arts and specifically professional theater," said Barnard.

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Numerous loading
doors and paved loading areas provide multi-use capabilities for the property.

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Contemporary
renovations were completed for interior office space, common areas, three
glass-walled conference rooms, 2,500 square foot, 22 foot high video / sound
stage, blue screen stage, two complete kitchens, 1,500 square foot theatre
seating 78, elevator, fire sprinkler system, new wiring and HVAC, plumbing,
storage and warehouse space, docks and other amenities."
"We look forward to developing the value of the property by attracting
tenants who need flexible space and by attracting tenants from the audio and
video production industries", added Michelle Taylor, Senior Vice President of
Corporate Development .
For more information about Phoenix Theatre visit
www.

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"The property includes 20,000 unimproved square feet
of storage under roof that can be expansion areas for offices or warehouse,
increasing the value of the building.

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Kelly (Lifetime Achievement). It is also the only professional
theater in the Valley that provides programming that spans all
generations.

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taylor@mac-tx. Phoenix Theatre 's mission is to enrich the quality of
life within the community by producing quality professional theater,
creating education/outreach theater programs, developing and
presenting new plays and musicals, and supporting emerging performing
arts organizations.

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"The building, which was acquired out of bank foreclosure, is in superior
condition in an excellent location in an industrial park near downtown
Dallas," commented Dale Hensel, Chief Executive Officer of Mortgage Assistance
Center Corporation."

About Mortgage Assistance Center Corporation
Mortgage Assistance Center Corporation is a real estate-oriented financial
services company that acquires, manages and resells non-performing secured
real estate mortgages and distressed real estate assets.

Includes alphabetical subcategories (A to Z) for sites focused on individuals centered on theatre, including directors, producers , actor/actresses (theatre only), playwrights, and allied theatre professionals.

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Business Editors /Entertainment Editors

PHOENIX----Phoenix Theatre's Women
Who Care celebration luncheon held this week at The Arizona Biltmore
Resort + Spa exceeded its fundraising goal, netting more than $40,000
in support of Phoenix Theatre and its Cookie Company Theatre for
Youth. "We
continue to be honored for our devoted volunteers, board of directors,
staff and supporters who have helped to exceed our goal.

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"Increasing the value of this property is an excellent example of our business
model at work.phxtheatre.

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com."
Honored for their outstanding support of Phoenix Theatre, and arts
and education generally in Arizona, were: Governor Janet Napolitano
(Outstanding Achievement); Leah Hoffman-Langerman (Community
Leadership); Kathleen Lang (Community Leadership); Watson Wyatt +
Co.
Phoenix Theatre was founded in 1920 and is the oldest arts
institution in the state of Arizona.org or call the theater box office at 602-254-2151 to
secure your season tickets today.

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The parking lot
accommodates 197 cars, with the majority of the area inside a security fence
with remote-controlled gate.(Corporate Support); and Patsy J.

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The Company has the ability to foreclose, rehabilitate
or sell the mortgages and properties in its portfolio in the normal course of
its business activities.mac-tx. Event Co-Chairs Betty McRae and Brenda Sperduti made the
announcement following a luncheon celebrating four individuals and one
corporation for their contributions to the community with a musical
production staged by Phoenix Theatre's internationally recognized
Producing Artistic Director Michael Barnard.

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Additional information on
the Company is available on its website at http://www.

For further information, or for leasing information, please contact:
Michelle Taylor, Senior Vice President, Corporate Development,
at (214) 670-0005
or via e-mail at michelle.

Phoenix Theatre's Women Who Care Fundraiser Exceeds Goal

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"The new property affords MAC the opportunity to bring greatly increased
value to a property purchased out of foreclosure, which is our core business
model ," remarked Dan Barnett, Chief Operating Officer of the Company.

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999 Metro Media Place was renovated and updated in 1995 to house an
advertising agency and later a technology services company. Tenants can take full advantage of the two state-of-the-art video
production facilities, offices, conference rooms and theatre.

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The Company is headquartered in Dallas, Texas, and its common stock trades
on the OTC Bulletin Board under the symbol "MTGC".

"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995: This release contains forward-looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, fluctuations in
operating results and other risks detailed from time to time in the Company's
filings with the Securities and Exchange Commission.