RMBS

Two Bidders Left for TBW’s Freddie MSRs

Published July 24, 2012 11:34 AM EDT 1 Min Read

At least two bidders remain for the $30.8 billion of Freddie Mac mortgage servicing rights once owned by the now defunct Taylor, Bean & Whitaker (TBW), Ocala, Fla., according to investment bankers familiar with the sale process.

One of the bidders is said to be Bayview Asset Management, a Florida-based investor in nonperforming loans that also services high touch product. A Bayview executive had not returned a telephone call about the matter at deadline.

Back in the spring Milestone Merchant Partners, Miami, began circulating an offering book on the MSRs. A Milestone official did not respond to a media inquiry about the sale.

The Freddie portfolio has delinquencies of about 12%. The assets of TBW are being overseen by a bankruptcy trustee. The nonbank lender/servicer failed three years ago.

The Government National Mortgage Association also controls certain servicing rights created by TBW but has no current plans to sell those receivables.

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