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C-BASS Hit, Owners Take $1B in WDs.
NEW YORK -- C-BASS LLC here, which controls the nation's 10th largest subprime servicer, was the subject of margin calls in August, forcing its two mortgage insurance company owners to write down its value by more than $1 billion.
According to the Quarterly Data Report, C-BASS-owned Litton Loan Servicing, Houston, owns the right to service $48 billion in mostly subprime loans.
C-BASS is controlled by MGIC Investment Corp. and Radian Group Inc. The two had planned to merge but at press time there was talk that MGIC might back out of the deal.
As for C-BASS, the two MIs issued a statement saying the servicer/subservicer "remains confident in the overall credit quality of its portfolio and the performance of its highly rated servicing subsidiary Litton Loan Servicing." (A spokesperson for C-BASS declined to comment on the company's situation.)
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Source: HighBeam Research, C-BASS Hit, Owners Take $1B in WDs.