Servicing Strain Becomes Key Issue for MBS Investors as Housing Slide Continues
October 24, 2008
Mortgage servicers are panting to keep up with a growing backlog of defaulted mortgages, often forcing MBS investors to make concessions that are less painful than the losses they might suffer if the servicer goes under. Servicer staff levels are about the same as they were a year ago but their workload has increased dramatically, and many companies are seeing a deterioration in...