There is a possibility that Saxon Mortgage Services could be gone all together. Personally I just want Saxon out of my life and will sell the home they service. A sale of the mortgage unit, which Morgan Stanley acquired in 2006 during the height of the housing bust, kicked off in the past several weeks.
Sources said that the bidders are hoping that Morgan Stanley will cover any future foreclosure fiasco litigation costs resulting from investigations into Saxon. Good luck with that. Personally I think it will take many trips to court for that to happen.
A unit of hedge fund Fortress Investment Group and Ocwen Financial Corp. are among the bidders who are taking a shot at acquiring Morgan Stanley’s mortgage servicing arm Saxon Mortgage Services, sources said.
The investment bank, run by CEO James Gorman, is hoping to jettison the operation as the mortgage industry has come under fire for the robo-signing scandal and other questionable practices.
Firms such as Goldman Sachs and Morgan Stanley snapped up mortgage servicing businesses as a quick way to bag more fees and get easier access to mortgages, which then could be packaged into mortgage-backed bonds
Morgan Stanley shelled out about $700 million for Saxon in 2006.
Read more: http://www.nypost.com/p/news/business/bidders_setting_their_sights_on_nZw8AX6jgRm4VSyXrIBSPL#ixzz1WyUxRq9j