Roughly $30 billion of Freddie Mac servicing rights that once belonged to the now defunct Taylor, Bean & Whitaker Mortgage Corp. could hit the market next month, according to officials close to the auction.
The product is now being subserviced. Several potential bidders have already been contacted, including some well known subservicers.
The package is being brokered through Milestone Merchant Partners, which has offices in Washington and Miami. An official at Milestone said he could not comment on the matter.
The Florida-based TBW filed for bankruptcy protection more than two years ago, with its failure becoming the subject of a massive criminal probe which resulted in several convictions and guilty pleas.
Although company executives fabricated its financial statements, its MSRs are in relatively good shape, said one analyst who has looked at the portfolio.
