CFPB wants more mortgages in "underserved" areas

CFPB wants more mortgages in "underserved" areas

And here's how they will get it done

Fitch warns Ocwen-related RMBS deals face major downgrade

Placed on “Rating Watch Negative”

WATCH: Famous televangelist gives terrible reverse mortgage advice

Let's clear this up for Maria
W S

Goldman considers sale of Litton Loan Servicing: Report

/ Print / Reprints /
| Share More
/ Text Size+
Goldman Sachs (GS) is considering a sale of its mortgage servicing division Litton Loan Servicing, according to a story in the Financial Times Friday. A spokesman for Goldman said the investment bank did not have an official comment. Litton services more than $9.7 billion in mortgages with an overall delinquency rate of 43% as of 2009, according to an outlook from Standard & Poor's earlier in the year. The rumor of a Litton sale had been bouncing around for a few weeks, a sign that Goldman does not want to grow the business and may want out, a source in the servicing industry told HousingWire. In October, Goldman admitted there were "process issues" with foreclosures handled by Litton. The company halted 23,000 foreclosures to sort out affidavits that were signed without a review of the documentation, one of several servicers including Bank of America (BAC) and JPMorgan Chase (JPM), to do so. Goldman purchased Litton for a reported $500 million from Credit-Based Asset Servicing and Securitization, or C-BASS, in 2007. C-BASS, which purchased and serviced subprime and Alt-A mortgages during the housing bubble filed for bankruptcy in November 2010. The last major servicer sale was the Ocwen Financial Corp. (OCN) purchase of HomEq Servicing from Barclays Capital, a deal that closed in September. Write to Jon Prior.

Recent Articles by Jon Prior

Comments powered by Disqus