News Reports
Saxon Mortgage Service, a division of Morgan Stanley (MS), is hiring up to 30 loan-modification representatives to help assist an increasing number of borrowers looking to modify loan requirements, according to people familiar with the business. Saxon has already hired 30 professionals since the beginning of the year.
In Boston, city inspectors yesterday condemned a foreclosed two-family home in Dorchester that had no smoke detectors, running water or toilets and was overrun with trash, drug paraphernalia and human waste.
Lance Anderson, President and Chief Operating Officer of NovaStar Financial, Inc., announced in mid-October 2007 that they entered into a final agreement to sell all of NovaStar’s servicing rights to Saxon Mortgage Services, Inc.
Both Merrill Lynch and Morgan Stanley were copycatting Lehman Brothers Holdings’ modus operandi of acquiring mortgage originators. We know how well that turned out as Lehman is gone now. Lehman collapsed last September due to a variety of dangerous investments in commercial and consumer real estate and derivatives.