Morgan Taking Bids on Saxon

Morgan Stanley Co. this week took bids on its residential servicing division, Saxon Mortgage, Ft. Worth, Texas, which holds $28 billion of contracts on its books, according to MA officials.

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Morgan, which declined to comment on the matter, bought Saxon about six years ago during the height of the subprime boom.

Mortgage banking officials noted that the investment banker has been trying to sell Saxon (on and off) for most of the past year with little success to date.

Saxon is a specialty servicer with roughly $18 billion of subprime MSRs on its books, according to figures compiled by National Mortgage News and the Quarterly Data Report.

Ocwen Financial Corp., which recently bought Litton Loan Servicing from Goldman Sachs Co., has been mentioned as a possible bidder for Saxon. Ocwen does not comment on merger and acquisition rumors.

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Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_428/morgan-taking-bids-saxon-1026490-1.html

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