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HomeSide Still On Auction Block.
The owners of HomeSide Lending, Jacksonville, are committed to selling the mega-servicer even though interest rates continue to fall and recent terrorist attacks are slowing merger activity nationwide, servicing advisors say.
However, as Mortgage Servicing News went to press this month, there was talk that Chase Manhattan Mortgage, Edison, N.J., had lost interest in buying the $187 billion servicer, the nation's sixth largest.
Chase and HomeSide have two things in common: both are large servicers, and heavily dependent on correspondent loan purchases to feed their servicing factories.
Other potential bidders include: Washington Mutual, Seattle, and Wells Fargo Home Mortgage, Des Moines.
Over the past two months, National Australia Bank, Melbourne, HomeSide's parent, has taken $2.2 billion in servicing-related writedowns - all before the Sept. 11 terrorist attacks on the U.S.
Since then, short-term interest rates have fallen 100 basis points and long-term 30-year mortgage rates have crept down a bit (though not all that much), adding fuel to an already strong refinancing market.
Whether NAB will take ...
- National Australia Bank/HomeSide Announce Strategic Alliance With Banc One
- Press release article from: PR Newswire April 1, 1998 700+ words
...new owner, National Australia Bank...Pickett, HomeSide's Chairman...Don Argus, National Australia Bank's...Officer, "HomeSide, as a product...annum to HomeSide's, and National Australia Bank's...
- National Australia Bank Acquires HomeSide for US$1,231 Million in Cash
- Press release article from: PR Newswire October 26, 1997 700+ words
...Australia, Oct. 26 /PRNewswire/ -- National Australia Bank and HomeSide, Inc. (NYSE: HSL) announced today...entered into a definitive agreement for National Australia Bank to acquire HomeSide, Inc. The National will pay US$27...
- NATIONAL AUSTRALIA GETS SNAPPLED.(by HomeSide Lending)(Statistical Data...
- Magazine article from: US Banker Muolo, Paul December 1, 2001 700+ words
...a huge loss, seem to have done the same with HomeSide Lending. National Australia Bank is the latest victim. In early 1998 National...it anted up $1.2 billion to purchase all of HomeSide Lending Inc., Jacksonville, FL, then the fifth...
- HomeSide lending model `flawed from the start'.(HomeSide Lending Inc. business...
- Magazine article from: Australian Banking & Finance JULAVITS, ROBERT October 17, 2001 700+ words
AS THE DUST SETTLES ON HomeSide Lending Inc's cataclysmic...from the start. Others say National Australia Bank, or NAB, which bought HomeSide for $US1.23 billion three...sources say the bank dismissed HomeSide's chief executive officer...
- NAB Sued Over HomeSide's MSR Valuations.(National Australia Bank)
- Magazine article from: Mortgage Servicing News Muolo, Paul October 1, 2003 700+ words
National Australia Bank here, the former owner of mega-servicer HomeSide Lending, Jacksonville...disclosures on the value of HomeSide's residential receivables...wrote down its investment in HomeSide by $2.2 billion. Last...
- BankBoston to Sell Stake in HomeSide, Inc.; National Australia Bank To Acquire...
- Press release article from: Business Wire October 27, 1997 700+ words
...its 26% ownership interest in HomeSide, Inc., an independent mortgage banking company, to the National Australia Bank. The sale of BankBoston...Australia Bank to acquire 100% of HomeSide. The transaction, which is subject...
- HomeSide Takes a Hit.(National Australia Bank)(Brief Article)
- Magazine article from: Mortgage Servicing News Muolo, Paul August 1, 2001 700+ words
...all the more attention on National Australia Bank's announcement that...decline in the value of HomeSide's mortgage receivables. HomeSide president Kevin Race could...that statement, NAB said HomeSide's residential receivables...
- NAB's US acquisition brings risk exposure. (National Australia Bank, HomeSide...
- Magazine article from: Australian Banking & Finance January 30, 1998 700+ words
NATIONAL AUSTRALIA Bank's US$1.23 billion...US mortgage-servicer HomeSide Inc last year has exposed...today. But says PBSA, HomeSide has an elaborate and effective...hedging, the value of HomeSide's core assets - its...
- NATIONAL AUSTRALIA BANK RESOLVED HOMESIDE, TO FOCUS ON EXPANSION.
- News wire article from: AsiaPulse News November 25, 2002 700+ words
...MELBOURNE, Nov 25 Asia Pulse - National Australia Bank Ltd (ASX:NAB) chief...businesses, having resolved the HomeSide issue. Writing in the company...following the staged exit from HomeSide. In September 2001, NAB...Investment Inc, the parent of HomeSide Lending Inc, to Washington...
- National Australia Bank exits HomeSide for A$2.3 billion sale to Washington...
- News wire article from: Asia Africa Intelligence Wire August 31, 2002 700+ words
...From The Asian Banker Journal) National Australia Bank Limited (the National...Inc., the parent company of HomeSide Lending Inc., to Washington...business of the future," he said. National Australia Bank Limited was represented...
Source: HighBeam Research, HomeSide Still On Auction Block.