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Goldman Eyes Litton.
New York -- Goldman Sachs & Co. is close to signing a deal to buy Litton Loan Servicing, Houston, the nations ninth largest servicer of subprime mortgages, according to industry sources. At press time, Goldman was not commenting on the matter, nor was Littons owners. The Wall Street firm has been talking to C-BASS, the parent of Litton, since the summer.
Reportedly, the two parties were close to announcing a deal this fall but nothing ever came of it.
At the end of September, Litton serviced $46 billion in mostly subprime mortgages, according to the Quarterly Data Report. It is a subservicer as well as a scratch and dent servicer. (See related story, page 3)
Littons direct parent, C-BASS which is based in New York is in financial hot water.
Owned by two mortgage insurance companies, C-BASS got into trouble by investing in risky subprime bonds. It is now skirting with bankruptcy, according to a public filing by one of those owners, MGIC Investment Group.
In September, MGIC took a $466 million impairment charge because of C-BASS. (Radian Group, the other ...
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