C-BASS Announces Entry Into Seller-financed Mortgage Market.NEW YORK--(BUSINESS WIRE)--JULY 31, 1998--C-BASS, a recognized leader in loss mitigation, today announced that it has entered the market for purchasing, servicing, and securitizing seller-financed mortgage notes by acquiring Wynwood, Inc. and South Plains Mortgage, Inc. Wynwood is the nation's largest servicer of seller-financed mortgage notes, while South Plains Mortgage is a leading purchaser of seller-financed mortgages. Seller-financed mortgages are mortgage loans originated when the seller of a property accepts a mortgage note directly from the buyer. Bruce Williams Bruce Williams is an American businessman and radio talk show host, who hosts The Bruce Williams Show on weekday evenings from 7 PM to 10 PM Eastern time. Williams has been doing his national radio show for more than 25 years. , Chief Executive Officer of C-BASS C-BASS Credit-Based Asset Servicing and Securitization , said, "Our entry into the market for seller-financed mortgages provides C-BASS with a natural business expansion. C-BASS will combine our existing capabilities in servicing and securitizing residential mortgage loans with the data and customer relationships of Wynwood and the purchasing expertise of South Plains Mortgage. This combination puts us in a strong position to implement a successful note purchase and securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. program. In addition, Litton Loan Servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. , our specialty servicing company, will provide collection and loss mitigation solutions for owners of seller-financed notes." Wynwood, Inc. is based in Tacoma, Washington and processes payments for seller-financed mortgages from 40 states through a network of 10 branch offices. South Plains Mortgage, Inc. is based in Midland, Texas Midland is the county seat of Midland CountyGR6 located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. and operates nationwide, with additional offices in Lubbock, Texas “Lubbock” redirects here. For other uses, see Lubbock (disambiguation). Lubbock is the 10th-largest city in the state of Texas.[1] Located in the northwestern part of the state—a region known historically as the Llano Estacado and Orlando, Florida. C-BASS is a New-York based company specializing in the servicing, acquisition, and securitization of delinquent and defaulted residential mortgages. C-BASS combines advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide specialty servicing for subperforming and nonperforming mortgage loans. C-BASS is a limited liability corporation capitalized by MGIC MGIC Mortgage Guaranty Insurance Company MGIC Montana Geographic Information Council Investment Corporation (NYSE-MTG), Enhance Financial Services Group Inc. (NYSE-EFS), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, Wis., is the parent of Mortgage Guaranty Insurance Corporation Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is the largest provider of private mortgage insurance in the United States. (MGIC), the nation's leading provider of mortgage insurance. Enhance Financial Services Group Inc. provides a broad range of products and services utilizing its credit-related analytic skills.
CONTACT: James F. Schneider
Director of Marketing
212-850-7790
jim.schneider@c-bass.com
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