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Secondary market.
Mortgage Banking
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March 1, 1992|
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COPYRIGHT 1992 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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On September 26, 1991, the Federal Deposit Insurance Corporation (FDIC), as receiver of Southeast Bank, N.A., repudiated a private mortgage loan servicing arrangement between Southeast Bank and Sears Mortgage Corporation. This unprecedented action threatens to severely damage the multi-billion dollar market for private investor mortgage servicing rights, greatly reduce the value of these rights as capital for banks and thrifts and increase the cost of mortgage financing for homeowners.
It is MBA's understanding that prior to the FDIC's action on September 26, the ...
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Proud folly high above the Wear
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