Loan Think

Lights, Camera, Action, Litton. Litton?

Foreclosure-gate has caught the national media's attention, but not only that, apparently a documentary filmmaker based in the New York area is working on a film about the foreclosure mess, starring Litton Loan Servicing of Texas. I talked to the director the other day and he seemed a little confused about the difference between 'servicing' and 'subservicing' but I think I straightened him out. Late Monday, Litton joined the growing hordes of servicers that are now reviewing just exactly how they foreclosure on the nation's tired, hungry, and (house equity) poor. Litton is a Goldman Sachs joint. (That's Spike Lee movie talk to all you cineo-phobes.) Meanwhile, late last week Fannie Mae and Freddie Mac had a conference call with their servicers, telling them they'd be on the hook for any losses on GSE loans should it turn out they botched the paperwork…

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