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Litton Sold

Goldman Sachs acquired servicer from C-BASS

December 11, 2007

By staff

Litton Loan Servicing has been sold -- helping its troubled parent avoid bankruptcy.

Goldman Sachs has acquired the Houston-based company from Credit-Based Asset Servicing and Securitization LLC, according to an announcement Monday.

Terms of the deal were not disclosed.

The owners of C-BASS -- MGIC Investment Corp. and Radian Group Inc. -- announced plans to write off their combined $1 billion investments in the New York-based company during July. The company faced $260 million in margin calls in July alone.

Since that time, C-BASS has been scrambling to shore up liquidity -- including hiring The Blackstone Group in August, according to yesterday's announcement.

Fieldstone Mortgage Co., which was acquired by C-BASS in July, halted new business just a few weeks later. The company subsequently laid off idled workers and posted a message on its Web site that it has ceased accepting loan applications, is no longer funding loans and stopped accepting new broker applications.

On Friday, NoteWorld LLC issued a statement that its president and chief executive officer, Linda Remsberg, acquired the company from C-BASS. Note World claims to be the largest servicer of seller-financed notes.

The sale of Litton appears to have helped C-BASS stave off bankruptcy.

"The agreement provides a framework for the company to manage its portfolio assets, allowing the underlying cash flow to repay the secured and unsecured creditors of C-BASS over time," Monday's release from C-BASS stated. "The sale of Litton, a recognized industry leader in mortgage default management, was a key step for C-BASS ... to reach a long-term agreement with its secured and unsecured creditors."

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