Hints and tips:
...Moody’s analysts have warned that by year’s end, more than half of single-B minus rated US companies will not be generating enough cash to cover their capital expenditure while servicing their debt....
...At some point, these companies won’t be able to keep servicing their debts. Base rate + 800 bps is a lot easier to handle when rates are near zero than at 4-6 per cent....
...At some point, these companies won’t be able to keep servicing their debts....
...Other private non-bank lenders include Freedom, United Wholesale, Ocwen, and Amerihome....
...The cost of servicing £350m of new debt, raised in October with a record 9.5 per cent coupon, means Metro is not expected to return to profit until 2021....
...Sabadell said it would keep its real estate servicing arm and hold a 20 per cent stake in the property assets, which had a gross book value of about €9.1bn, with the rest owned by Cerberus....
...Then, in January 2015, an “event of default” notice was sent to more than 100 MBS trusts which Ocwen was servicing, alleging improper behaviour and bringing the company to its knees....
...“Ocwen believes its mortgage loan servicing practices have and continue to result in substantial benefits to consumers above and beyond other mortgage servicers.”...
...US mortgage servicing group Ocwen lost more than half its market value on Thursday after a US consumer-protection agency accused it of “systemic” misconduct that cost some borrowers their homes....
...For such investors, servicing platforms provide a window into transactions across a national market for non-performing loans, which complements potential purchases of loans and real estate....
...The sales of whole loans and interests in whole loans, and the servicing and management fees charged were on terms and conditions that were not more favorable than those obtained by other third-party investors...
...RCO priced a $43m floating rate bond backed by loans originated by Citadel Servicing Corporation, in which investors are protected from the first 23 per cent of losses....
...JPMorgan Chase has agreed to buy rights to service $45bn of prime mortgages from Ocwen Financial, the home-loan servicing group being watched closely by regulators, as it seeks to improve the stickiness...
...Last February, for example, it began a public correspondence with Ocwen Financial, the non-bank mortgage servicing company which was rapidly picking up assets from the banks, detailing concerns over its...
...Corporation, Altisource Asset Management Corporation and Home Loan Servicing Solutions....
...costs and debt servicing capacity is assigned....
...Such servicers have been buying hundreds of billions of dollars worth of mortgage servicing rights, which give them license to collect payments on US home loans in exchange for a slice of the resulting income...
...The restatement of results, according to Ocwen, relates to the valuation of its mortgage servicing rights....
...sold to Home Loan Servicing Solutions....
...The specialised servicers have been buying hundreds of billions of dollars worth of mortgage servicing rights, which give them license to collect payments on US home loans in exchange for a sliver of the...
...In recent years it has been a buyer of competitors, including Homeward Residential Holdings, Litton Loan Servicing, and ResCap’s servicing business....
...Home Loan Servicing Solutions is based, and Luxembourg, where Altisource is incorporated....
...Ocwen has been planning to sell as much as $1bn of the Oasis bonds this year to help propel its growth and diversify away from collecting payments on subprime loans....
...While Ocwen estimates that banks still have $1tn worth of MSRs to sell, servicing mortgages has a finite shelf life, and originations of the subprime loans in which the company has historically specialised...
...New York’s Department of Financial Services last week halted the sale of $2.7bn of mortgage-servicing rights from Wells Fargo to Ocwen, citing concerns over the company’s ability to service more loans....
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