Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us

CBASS possible partial sale  (Not rated)       9-Aug-07 05:18 pm    

Dow Jones is reporting that FNM is currently working on plans to purchase Litton Loan Servicing, which is the servicing subsidiary of C-BASS. MTG and RDN, through a joint venture, each own approximately 46% of C-BASS. The parties involved have provided no comments regarding this transaction, and no potential terms were disclosed by Dow Jones. FNM currently has no servicing operations. We believe FNM may be interested in Litton as a way to more effectively refinance certain adjustable-rate subprime loans into longer-dated fixed rate mortgage products, and to support the sale of these loans into the secondary market in the form of MBS. However, we believe regulatory permission would probably be necessary to accomplish this transaction. We believe today’s news has two implications for MTG and RDN. First, it implies that the sale of C-BASS in its entirety is probably unlikely. However, it also indicates that the companies may not suffer a complete write-down of their investment in the company, which totals slightly more than $500mm each. Please call with questions, thanks.

Eric Wasserstrom
UBS Investment Research
212 713-9435
Rate it:
awful/not related to \pooraveragegood


Quote 0 0
I wonder if they would like to talk with those of us that Suing Litton Loan about the Liability they face in litigation?
Ann your right, what the hell are they thinking? must be on drugs to think of buying this sinking ship! It would be like paying for cabin space on the Titanic!
It just goes to show, what a PR machine can do to try and generate some "Good" news in a bad place! lol
This kinda smells of Blackstone in the background here!
Quote 0 0
Nye Lavalle
I would go balistic at an annual meeting if they held one. It's a false rumor, been talking to my media sources and no one knows anything about it and Dow Jones has not reported anything to that effect!
Quote 0 0
Write a reply...