No News on Sale of Taylor, Bean & Whitaker Servicing Rights

Last month two bidders were vying to purchase $30.8 billion of Freddie Mac mortgage servicing rights once owned by the now-defunct Taylor, Bean & Whitaker, Ocala, Fla. But it appears the sale may have stalled.

According to investment banking sources tracking the deal, there has been no new information on the auction process since early July. The investment banking firm handling the sale, Milestone Merchant Partners, declined to comment as did Freddie Mac.

As reported by National Mortgage News, one of the bidders is Bayview Asset Management, a Florida-based  investor in nonperforming loans that also services high touch product. To date, Bayview also has declined to comment.

The Government National Mortgage Association controls roughly $11 billion of TBW MSRs. Early this summer the agency said it was in no rush to sell the receivables.

A nonbank, TBW failed three years ago. The MSRs are controlled by the bankruptcy court.