Items Tagged with 'Residential Credit Solutions'

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  • Walter Investment's Ditech buys part of Residential Credit Solutions

    RCS closing Ft. Worth facility, laying off 134 employees
    In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired "certain assets" of Residential Credit Solutions. While a "number of core operational employees" are being transferred from RCS to Ditech, more than 130 of RCS’ employees will not be making the transition, and the company is laying off 134 employees at the end of February.
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  • CFPB fines Residential Credit Solutions $1.5 million for illegal mortgage servicing

    Allegedly failed to honor loan modifications, drove borrowers into foreclosure
    According to the CFPB, Residential Credit Solutions failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren’t, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan.
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  • Och-Ziff Latest Fund Manager to Snap Up Bad Mortgages

    Och-Ziff Capital Management Group LLC [stock OZM][/stock], a New York-based hedge fund firm managing $33.3 billion in assets, said Wednesday that it's gearing up to market a new mortgage fund that will buy whole mortgages -- particularly troubled ones. The move makes Och-Ziff the latest to line up in what appears to be an increasingly crowded market for troubled residential mortgages.
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