A Scorecard of Ailing & Dead Subprime Servicers
(Dollars in Millions)
Servicer B&C The
Name Serv. Situation
Option One $69,039 Hurt by buybacks, parent trying to sell it
Ameriquest/Argent $65,000 Losing money, may be sold to Citigroup
Homecomings (e) $50,849 Parent, GM, may take $1 billion hit on bad
HSBC Finance $49,465 Huge B&C reserves, parent may sell loans
New Century $40,000 Losing money, criminal probe, may go BK
Fremont (e) $27,500 Hit with C&D, trying to sell business
MLN (bk) $17,000 Filed for bankruptcy protection in Feb.
Notes: Subprime receivables as of December 31, 2006. Servicing rank is on the far left. (e) Estimate.
Firm would not provide a number. (BK) Bankruptcy. (C&D) Cease and desist order.
Source: Mortgage Servicing News/Quarterly Data Report. Questions? Email: Paul.Muolo