Select Portfolio Servicing Inc.'s $95 million bid on Thornburg Mortgage Inc.'s servicing portfolio is awaiting confirmation from a bankruptcy court judge in Baltimore, the Wall Street Journal reported Friday. The judge's decision could come as early as this Wednesday.
In late December, Denver-based Interactive Mortgage Advisors LLC listed the sale of Thornburg's mortgage servicing rights on its Web site, noting the portfolio consisted of 16,998 loans with a total unpaid principal balance of $11.06 billion. Thornburg filed for Chapter 11 last May, and the company, now known as TMST Inc., has been servicing the loans ever since.
Select Portfolio Servicing is the mortgage servicing subsidiary of the Credit Suisse Group.
SOURCE: Wall Street Journal