Things at Ocwen just went from bad to much, much worse

Things at Ocwen just went from bad to much, much worse

Embattled company hit with an avalanche of bad news

Pending home sales surge to highest level in 18 months

Buyer demand boosts sales

Foreclosure: The Movie… (finally!) coming to a screen near you

In new film, neighborhood of foreclosed homes drives man insane
W S
Servicing / The Ticker

HomeStreet sells MSRs, mortgages

Reduces mortgage concentration

money flare
/ Print / Reprints /
| Share More
/ Text Size+

According to Bloomberg, HomeStreet sold $211 million of its held-for investment single-family mortgages in the second quarter, recognizing a $3.9 million gain. In addition it sold mortgage-servicing rights for $3 billion of loans, resulting in a $4.7 million gain, CEO Mark Mason, said.

The loans were sold in effort to reduce mortgage concentration in its portfolio. The MSR sale is tied to capital management in preparation for Base III, intended to be “one-time sale.”

“I guess I can never rule out another transaction if servicing values were to reach levels that we though were abnormally high that would mitigate the very negative effects,” Mason said. 

Recent Articles by Brena Swanson

Comments powered by Disqus