News Reports
Deutsche Bank is the investor for many of Saxon Mortgage’s loans. It has been said that Deutsche Bank does not allow modifications. With that in mind, here is an article about Deutsche Bank and subprime profits:
Morgan Stanley, parent company of Saxon Mortgage, said Wednesday its first-quarter profit surged to $1.41 billion on strong results from its trading operations. The investment bank easily topped analysts’ expectations.
Kansas City-based Novastar Financial, is not doing very well. Some Novastar loans were transferred to or are serviced by Saxon Mortgage. A growing number of its assets were pushed into foreclosure in 2009. As of Dec. 31, about 16 percent of NovaStar’s loans held in portfolio were more than 90 days past due, and about 36 percent were in foreclosure. At the end of 2008, about 20 percent of its loans held in portfolio were greater than 90 days delinquent, and about 20 percent were in foreclosure.
For weeks consumer advocates at watchdog organization listened to and read reports of how well Saxon Mortgage modified mortgages. Many of those reports were false or misleading.
We invite our readers to visit Refile News where a new article highlights Saxon Mortgage and Deutsche Bank foreclosures. The news team quotes consumer advocates from Saxon Watch and disputes claims that Saxon Mortgage Services has modified more mortgages than any other servicer. Recent news reports from other sources say only one percent of trial modifications from any source actually result in permanent modifications.