Items Tagged with 'Credit-Based Asset Servicing'


  • Commentary: Scratch-and-Dent Musings

    What a tangled web we weave: For those who missed it, mortgage insurer MGIC Investment Corp. reported this past week that its first quarter profits fell 43.4 percent. Net income fell to $92.4 million, or $1.12 per share, from $163.5 million, or $1.87 per share, in the year-ago period. The company said it was hurt by the housing market, higher losses and flat net premiums, which begs the question of what impact its pending merger with Radian Group Inc. will have on the soon-to-be combined entity. Beyond their insurance premium line of business, MGIC/Radian have a controlling interest in Credit-Based Asset Servicing and Securitization LLC, one of the nation's largest scratch-and-dent mortgage operations -- most of which are subprime.
    Read More
  • Fieldstone Settles Litigation Claims; Full Steam Ahead for C-BASS Merger

    Fieldstone Investment Corporation (NASDAQ:FICC) said late yesterday that it had settled litigation with former Fieldstone shareholders, relating to the price paid by Fieldstone to redeem their shares following the closing of Fieldstone's Rule 144A equity offering in 2003. As part of the settlement agreement, Fieldstone agreed to pay $10.6 million to the former shareholders involved in the lawsuit and has received a full mutual release from all of the parties to the litigation.
    Read More