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One Buyer Is Still Eyeing B&C Deals.
Byline: Ted Cornwell
New York-American Home Mortgage Servicing Inc., the servicing platform of a failed subprime lender that was acquired by turnaround specialist WL Ross in 2007, is buying servicing rights on 185,000 loans from Citi Residential Lending.
Wilbur L. Ross told Mortgage Servicing News that the average loan size in the portfolio is about $200,000. The aggregate unpaid principal balance for the portfolio is about $37 billion, he said.
"We feel that there are substantial economies of scale from adding a large block of mortgages to our existing platform, and we believe that our team has developed an excellent record in making modifications and dealing with REO," Mr. Ross said, explaining the rationale for the purchase of the servicing rights.
In a television interview with CNBC, Mr. Ross said the transaction cost his firm roughly $1.5 billion, though some of those funds go into trusts and do not directly benefit Citi, a spokesperson for AHMSI said. Mr. Ross said his company will integrate the Citi portfolio before considering additional acquisitions.
"With this acquisition, we have increased the number of loans we service to approximately 575,000, an increase of 45%," said David Friedman, CEO of WL Ross, in a news release.
AHMSI was established in April 2008 and is based in Irving, Texas. The firm also acquired the servicing ...
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Source: HighBeam Research, One Buyer Is Still Eyeing B&C Deals.