An affiliate of Bayview Asset Management is preparing to issue a unique non-agency mortgage-backed security, according to a presale report by DBRS. The firm plans to package close to 5,000 “daily simple interest” mortgages originated about 10 years ago into a $241.2 million issuance.
PHH officials say the company has improved its servicing operations in recent years and agreed to the consent order “to avoid the distraction and expense of litigation.”
The attorney for the lenders faced scrutiny from some of the liberal-leaning justices on the Supreme Court, including Justices Ruth Bader Ginsberg, Elena Kagan and Sonia Sotomayor