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Investors and analysts have howled over specific mortgage servicers' handling of delinquent loans for years. The ratings industry generally has not.
February 25 -
Carrington Capital Management is not a bank; it competes with them, and its inner workings raise unsettling questions about the mortage market and some proposals to fix it.
February 24 -
Carrington Capital responds to our recent article, "A Servicer's Alleged Conflict Raises Doubts About 'Skin in the Game' Reforms."
March 1 -
Investors and analysts have howled over specific mortgage servicers' handling of delinquent loans for years. The ratings industry generally has not.
February 25
Carrington Mortgage Services in Santa Ana, Calif., is looking to acquire loans from banks and credit unions.
The unit of Carrington Holding Co. of Greenwich, Conn., touted the new program as a way for depository institutions to reduce the risk in originating conventional and government loans.
"This is yet another step in Carrington's plan to aggressively expand its reach in the changing market and help more people get into the homes they want," Ray Brousseau, executive vice president of Carrington Mortgage Services' lending division, said in a press release issued Wednesday. "Now more consumers can access Carrington's extensive lending and servicing capabilities through their neighborhood banks and credit unions. We believe that these institutions will grow to appreciate what makes Carrington an ideal wholesale lending partner for third-party originators - breadth of product, competitive pricing and unmatched commitment to help our partners succeed."
Carrington Mortgage offers loans guaranteed by the Federal Housing Administration, the Department of Veterans Affairs and the U.S. Department of Agriculture, as well as FHA and Freddie Mac products for homeowners planning to refinance their mortgages.
The unit was formed in 2007 to service loans held by Carrington's investment funds, and has since expanded into origination. In May 2011, Carrington
