Hints and tips:
...Meanwhile, servicing Optima’s more than £1.7bn in total outstanding preference shares is becoming more costly....
...The sale includes “Granite”, the £13bn securitised vehicle set up by Northern Rock, and the potential divestment of its mortgage servicing division....
...In recent years it has been a buyer of competitors, including Homeward Residential Holdings, Litton Loan Servicing, and ResCap’s servicing business....
...It is the latest deal for Ocwen this year following the acquisition of servicing companies including Litton Loan Servicing from Goldman Sachs and Saxon Mortgage Servicers from Morgan Stanley....
...Departments said earlier this month that as things stood, the ruling “may adversely affect future voluntary sovereign debt restructurings, the stability of international financial markets and the repayment of loans...
...The suit also alleged that senior executives knew that employees of the Litton mortgaging servicing business, which has since been sold, were fraudulently signing off on foreclosure documents – a practice...
...Apollo, like many of the big private equity groups eyeing Dublin, has hired local advisers such as Brian Goggin, the former chief executive of Bank of Ireland, and is building up local servicing companies...
...While the bond has not reached final maturity, the loan has been in default on a loan-to-value basis since 2008....
...The debt is valued at about £535m and has moved into so-called special servicing, overseen by Morgan Stanley. The debt comprises a £429m securitised element and a £105m junior loan....
...and foreclosure processing at its Litton Loan Servicing unit....
...Lawsky, the three firms—Goldman, its Litton Loan Servicing business and Ocwen Financial Corp....
...The claims about Litton Loan were brought to the NY Fed’s attention by an employee letter seen by the FT....
...In the meantime, Goldman is close to leaving the mortgage-servicing business with a sale of its Litton Loan unit to Ocwen due to be announced within days, reports Bloomberg....
...A person familiar with the Goldman unit concerned, Litton Loan of Houston, Texas, said loans were denied without the proper review under a “denial sweep” strategy devised to clear a backlog of applications...
...Goldman bought Litton Loan in December 2007 for $428m in a push to acquire troubled mortgages on the cheap and restructure the debts, but its hopes faded as fewer distressed loans came up for sale than expected...
...Goldman Sachs was down 3.5 per cent to $112.16 after writing down $53m of delinquent mortgage loans as part of a deal over mortgage and foreclosure practices at its former subsidiary Litton Loan Servicing...
...Goldman has not announced a big acquisition of servicing rights since it bought $1.7bn of home loans and servicing rights from Puerto Rico’s Banco Popular in August 2008....
...Goldman Sachs is known for shrewd dealmaking, but the US investment bank got less than it bargained for with its 2007 acquisition of Litton Loan Servicing, which collects mortgage payments from high-risk...
...Goldman bought Litton Loan in 2007 for $428m as part of a strategy to acquire troubled mortgages on the cheap and restructure the debts, but its hopes faded as fewer distressed loans came up for sale than...
...practices at its former subsidiary Litton Loan Servicing....
...Goldman Sachs is considering a sale of its Litton Loan mortgage-servicing division, a move that would potentially bring an end to the bank’s three-year foray into the business of collecting home loans and...
...Goldman Sachs is considering a sale of its Litton Loan mortgage-servicing division, a move that would bring an end to the bank’s three-year foray into the business of collecting home loans and foreclosing...
...Goldman said that its Litton Loan Servicing division had recently resumed evictions and foreclosures after suspending these activities in the wake of an industry wide investigation....
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