The U.S. meltdown of the subprime mortgage industry has had a devastating
impact on economies around the world. But for some, under this wreckage, may
lie some opportunity. One company that sees some value is Goldman Sachs Group
Inc. The New York-based investment bank may acquire a Houston-based servicer
of subprime mortgages, Litton Loan Servicing LP, according to a Tuesday
Bloomberg report. The article says the company may get as much as $500
million. Goldman, however, is not the only company interested in Litton.
American Banker and Inside Mortgage Finance earlier reported that Fannie Mae,
the largest provider of loans for U.S. mortgages, could make a bid for Litton.
The interest for distressed assets from the fallout of the subprime mortgage
debacle follows Wilbur L. Ross Jr.'s
$435
million offer on Sept. 21 for the servicing unit of bankrupt lender
American Home Mortgage Investment Corp. — Gerald Magpily
See
Bloomberg article
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