CSC Buys Default Utility From Freddie

Computer Sciences Corp., El Segundo, Calif., has announced the acquisition of EarlyResolution, a default management utility, from Freddie Mac.The terms of the purchase agreement were not disclosed. The agreement includes the acquisition of the utility assets, customer contacts, and intellectual property in EarlyResolution for the U.S. mortgage servicing market. The utility was created in 2000 by Freddie Mac in conjunction with Revolent Technologies and a consortium of banks. "CSC participated in the collaborative effort to build EarlyResolution and has continuously hosted and operated this business process hub since its inception," said Philip E. Comeau, vice president of nonperforming loans at Freddie Mac. "The ownership change will be virtually transparent to current users and, since EarlyResolution does not require major changes to legacy systems, servicers will find its business process services easy to use." The company can be found online at http://www.csc.com.