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2008-11-24
Portfolio Trading
Goldman Sachs affiliates completed the acquisition of $900 million in subprime loans and mortgage servicing assets from Popular Inc., an announcement said. Mission Capital Advisors LLC reported that it has brokered the sale of $11.4 billion in loans during the past year. The company recently offered seven portfolios for more than $700 million.
2008-11-24
DLJ Buys $50 Million in Bogus Loans
DLJ Mortgage Capital Inc. has filed a lawsuit against dozens of defendants. The company claims it was defrauded on more than $50 million in mortgages it purchased over several years. The mortgages, which were never recorded, were made on properties that were not built or only partially constructed. One of the defendants was an appraiser who fabricated appraisals.
2008-11-24
Subprime Servicer's Ratings Upgraded
Fitch Ratings announced an upgrade to Carrington Mortgage Services LLC's residential primary servicer rating for subprime loans. The upgrade reflects Carrington's effective loan administration, improved control environment and focused default management practices. Fitch noted that since its last review, an internal audit program has been established, policies and procedures have been re-written and critical systems have been backed up.
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