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$170 Billion in Servicing for Sale.(Brief Article)(Statistical Data Included)
At least $170 billion - and perhaps more - in residential mortgage servicing rights are up for grabs.
The largest portion of that amount involves $136 billion in servicing that belongs to Fleet Mortgage Group, Columbia, S.C.
Talk of FMG's parent, FleetBoston Financial, selling FMG began circulating in mid-February when FleetBoston president Chad Gifford was quoted as saying that the bank is "not particularly keen on" the mortgage business. (Mr. Gifford was speaking at a Credit Suisse First Boston conference.)
Since Mr. Gifford made that comment, both the bank and FMG have declined to clarify the situation, but several sources have said that at the very least the bank is considering selling a huge portion of FMG's servicing base.
As Mortgage Servicing News went to press, it remained unclear exactly what FMG's parent, FleetBoston Financial, planned to do with the unit. FMG is the nation's eighth largest servicer, and sixth largest residential lender.
Over the past three years, rumors have circulated that FMG was for sale but each time the unit's management would dispel those notions publicly. This time, however, both FMG and FleetBoston did not.
Investment banking officials who work in mortgages told MSN that the bank once again began contemplating FMG's sale early in the new year.
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Source: HighBeam Research, $170 Billion in Servicing for Sale.(Brief Article)(Statistical Data...