Credit Suisse First Boston, New York, has agreed to buy 100% of the outstanding stock of SPS Holding Co. and its subsidiary, Select Portfolio Servicing, for $144.4 million.SPS, a major servicer of nonprime mortgage loans, is being acquired from the PMI Group, FSA Portfolio Management, and Greenrange Partners. Under the agreement, CSFB will make future contingency payments of up to $39.9 million for mortgage loans currently serviced by SPS on behalf of third parties. The transaction is expected to close in the fourth quarter. SPS services collateral underwritten by CSFB, and CSFB said it plans to integrate SPS into its mortgage securities business. SPS was formerly known as Fairbanks Capital Corp.
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While rising national home values leave close to half of owners on solid financial footing, growth in seriously underwater loans points to pockets of stress.
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The regulator renewed his fight with the policymaker after the latter left the rates he oversees unchanged and distinguished them from those for mortgages.
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One mortgage firm is out of business months after a cybersecurity incident, which compromised the personal information of over 30,000 of its former clients.
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Fears of identity theft are top of mind for many Americans, even as many admit they're open to lying themselves in order to get mortgage credit.
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Federal Reserve Chair Jerome Powell said during his regular press conference Wednesday that the process of determining tariff-related price increases was always going to be slow, but it has taken longer than he expected.
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Still, Redwood Trust lost $100 million on a GAAP basis for the period, a result of its previous decision to pivot to a scalable operating model in mortgages.
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