Servicing/Default
Update: Litton’s Price Pegged at $500 Million
By: PAUL JACKSON
October 4, 2007
related
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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Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
2008 Sep 10 -- 2008 Sep 12
USFN Fall Default Servicing Seminar
Well-attended twice-yearly event series for servicers; closed event for USFN members and invited servicers only.
2008 Sep 17
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.






