Servicing/Default
Update: Litton’s Price Pegged at $500 Million
By PAUL JACKSON
October 4, 2007 8:26 PM CST
Following up on a story from earlier this week, American Banker reports that an inside source has estimated the rumored purchase of Litton Loan Servicing by Goldman Sachs at $500 million. Litton, currently affiliated with Credit-Based Asset Servicing and Securitization (C-BASS to most in the industry), is a specialist in servicing non-performing and scratch-and-dent loans.
If the sale takes place, it’s looking like the future of C-BASS may be clouded:
It is unclear what would become of the rest of C-Bass [sic], a New York joint venture of MGIC Investment Corp. and Radian Group Inc. that invests in subprime home loans and lower-rated mortgage backed-securities, after the sale.
Subscribers can read the full story.
Both MGIC and Radian have said they may write off as much as a combined $1 billion of their investment in the company, while C-BASS disclosed at the end of July that it was facing “unprecedented” margin calls and could not meet all outstanding claims.
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2009 Jul 09 -- 2009 Jul 10
USFN Legal Issues in Mortgage Servicing Seminar
Geared towards in-house counsel, designed to discuss current legal issues in the mortgage servicing industry and real estate finance. Closed event in Chicago, Ill.; for more information, visit www.usfn.org.
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RMBS: Assessing Value and Risk
This two-day course in Washington, DC will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
