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New Owner Seeks Help with IndyMac's S&D Servicing.
Byline: Paul Muolo
Washington-Now that Dune Capital and its partners have agreed to buy IndyMac and its $180 billion servicing portfolio from the government, it is already engaging in talks with 'scratch and dent' subservicers to take over some of the heavy lifting on the thrift's most problematic loans, industry sources told National Mortgage News.
One firm Dune Capital has talked to is Select Portfolio Services of Salt Lake City, formerly known as Fairbanks Capital Corp., according to officials familiar with matter.
"Dune is looking to off-load some of the servicing to them," said an executive who plays in the scratch and dent market. Another source said representatives from the Dune investor group have been talking to SPS since November.
It is unclear whether using a subservicer to handle problem loans would affect the FDIC's streamlined loan modification program, which the agency launched at IndyMac in the fall.
To date, FDIC has completed 8,512 modifications at the thrift and if Dune wants to be part of a loss-sharing arrangement with the agency ...
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Source: HighBeam Research, New Owner Seeks Help with IndyMac's S&D Servicing.