The Government National Mortgage Association (GNMA) is in no rush to sell the $11.5 billion of mortgage servicing rights that it inherited almost two years ago when nonbank lender/servicer Taylor, Bean & Whitaker failed.
“There’s no big pressure to sell it,” GNMA president Ted Tozer said in a recent interview with National Mortgage News. “We’re just waiting to see what happens. It’s making money for us.”
Last week NMN broke the news that Milestone Merchant Partners had begun circulating an offering book on $30.8 billion of Freddie Mac MSRs once owned by TBW.
The receivables are controlled by the bankrupt lender’s trustee. The privately held TBW was based in Ocala, Fla. (For a larger roundup on pending MSR transactions see the Monday, June 11 paper edition of NMN.)