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Servicing Deals Are Heating Up.(Mortgage Servicing News )
Washington -- The "bulk" market for residential servicing rights is finally showing some signs of life. But will it last?
As Mortgage Servicing News went to press, General Electric had finally unloaded the last chunk of its residential servicing portfolio, selling about $9 billion in receivables to the firm subservicing the loans - Wells Fargo Home Mortgage, San Francisco.
And in one other large deal, Ohio Savings Bank FSB, Cleveland, was negotiating with a buyer on a $5 billion package of bulk rights.
A source familiar with the GE deal said, "After subservicing it, Wells now owns it."
The source, requesting his name not be used, said the portfolio includes "a lot of private-label securities."
In late 2000 GE began liquidating its GE Capital Mortgage affiliate, based in Cherry Hill, N.J. The unit had about $80 billion in servicing rights at one time.
Cohane Rafferty Securities, New York, which is now owned by Lehman Brothers, brokered the original deal where Wells began subservicing GECM's portfolio. A Cohane official declined to comment.
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Source: HighBeam Research, Servicing Deals Are Heating Up.(Mortgage Servicing News )