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$6B Servicer Aames Is up for Auction.
Los Angeles-Aames Financial, one of the nation's oldest subprime firms, is on the auction block and hopes to have new owners by the end of summer. A $6 billion subprime servicer, Aames reported a loss for the second quarter, disclosing that it is in negotiations with "several parties" regarding a sale.
Among subprime servicers, Aames ranks 29th with $6.1 billion in housing receivables. A publicly traded non-depository, the company said in a statement that while there is "no assurance" a deal might get done, "there is a significant probability" a definitive sale or merger agreement will be struck in the next month or two. Credit Suisse is acting as its investment banker.
As Mortgage Servicing News went to press this month, its shares were trading up slightly at $5.78, compared to a 52-week low of $4.97 and a high of $10.35. It posted a $6 million loss in the first quarter but is forecasting ...
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Source: HighBeam Research, $6B Servicer Aames Is up for Auction.