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...Who could that loan servicer be?...
...William R Rhodes is President & CEO, William R Rhodes Global Advisors, LLC and author of “Banker to the World: Leadership Lessons from the Front Lines of Global Finance.” Back to beyondbrics...
...plans to buy $39bn of mortgage-servicing rights from Wells Fargo....
...For the first time, three of the top seven home loan servicers are now non-banks, according to Inside Mortgage Finance....
...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....
...Such loans require intensive and costly servicing....
...But the judge selected Nationstar, a mortgage servicer majority owned by Fortress, which ResCap had originally proposed as the stalking horse bidder....
...ResCap will add $374bn to the almost $200bn of mortgage assets already serviced by Nationstar, the largest non-bank mortage loan servicer in the US....
...Freddie Mac has tightened its standards by refusing to buy loans with sub-par credit scores. It has increased fees it charges banks to cover the cost of guaranteeing the loans to pre-bubble levels....
...Foreclosures on hold tends to mean higher servicing costs — not to mention potential legal expenses....
...Fortress has bought a loan servicer, is looking to buy more hedge funds and has attempted to buy a bank, though it failed to secure regulatory approval....
...Net cash flow dropped USD 30m between 2008 and 2009 and occupancy slipped from 70% to 61%, according to servicing notes....
...The car maker is developing relationships with other financial sources on a selective basis for specialized financing needs, such as leasing and sub-prime financing....
...The sub debt people, who in many cases include the servicers, or day-to-day managers of the underlying loans and payments on the securities, want to defer the loan maturities for troubled properties, at...
...largest servicer of subprime mortgages....
...We can expect more pain for sub-prime loan servicers and this likely to affect financial spreads across the board....
...The banks can also earn fees by servicing the loans themselves....
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