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Servicing

Monday Morning Cup of Coffee: Vericrest CEO silently departs, iServe Servicing for sale

HousingWire's Monday Morning Cup of Coffee takes a look at news from the weekend, with more coverage on bigger issues.

David Schneider, the executive who led Washington Mutual’s home loan unit in the midst of the mortgage bubble, is reportedly no longer the CEO of servicer Vericrest Financial, The Seattle Times reported.

Schneider’s recent departure is apparently somewhat of a mystery, according to the paper. On one hand, the article suggests the industry has known for a while that Schneider, who became CEO over a year ago, was on his way out.

But the paper did not receive official confirmation of his exit until Friday.

His departure from the firm, while effective Feb. 22, was not highly publicized, according to The Seattle Times.

And, as the paper notes, Schneider is still somewhat bizarrely listed as the servicer’s CEO on its website.

Schneider is not the only WaMu executive who found a post-bubble position at Vericrest. The same article says former chief operating officer Stephen Rotella is still involved with Vericrest, which is owned by Lone Star, a firm specializing in the servicing of subprime mortgages and troubled loans.

Click here to read the full article on Schneider.

News reports claim the U.S. Attorney’s Office out of New Jersey is investigating investment bank Credit Suisse over its packaging and sale of mortgage-backed securities, Fox Business News reports. The news agency cites sources who confirmed the investigation.

National Asset Direct Inc. and iServe Companies are now accepting bids from potential buyers for the acquisition of the iServe Servicing platform, according to Melissa Dant, general counsel for National Asset Direct Inc.

Dant confirmed the open-bidding process, which effectively ends March 15, during an interview on the program, "Capital Markets Today".

Dant said an official price has not been placed on the assets up for grabs.

The platform will be sold through an open-bidding process and includes iServe’s servicing platform, which currently contains no loans. The sale includes the company’s technology platform, infrastructure and servicing licenses, Dant said.

Click here to hear Dant discuss the potential sale and the open-bidding process.

Housing industry analysts have a busy week ahead of them with the S&P Case-Shiller Home Price Indices, FHFA House Price Index and New Home Sales reports all scheduled for release on Tuesday, according to Econoday.  Federal Reserve Chairman Ben Bernanke also is scheduled to speak the same day.

The Federal Deposit Insurance Corp. reported no new bank closings for the week ending Feb. 22.

kpanchuk@housingwire.com

 

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