- Posted March 25, 2013
- Tweet This | Share on Facebook
Quicken buys servicing rights to $34B in mortgages
DETROIT (AP) -- Quicken Loans Inc. says it has bought the servicing rights to about $34 billion in mortgages from Ally Financial Inc.
Detroit-based Quicken said last Thursday that the loans are non-delinquent Freddie Mac and Fannie Mae-backed mortgages that currently have higher-than-market interest rates that "could substantially benefit from refinancing."
Quicken says the deal is expected to close in the second quarter following approvals from Fannie Mae and Freddie Mac.
The company says the deal "will dramatically increase" Quicken's mortgage servicing business, which had $90 billion in mortgages before the deal.
Detroit-based Ally Financial says the value of the mortgage servicing portfolio was about $280 million in January. Ally is a spinoff from General Motor's former lending arm, GMAC.
Published: Mon, Mar 25, 2013
headlines Oakland County
- Attorneys sharpen courtroom skills at inaugural program
- Michigan tax preparers indicted for conspiring to defraud the United States and preparing false tax returns
- Woman pleads no contest on multiple cases, including embezzlement of $90K from her father
- As the country turns 250, retired judges hit the road to defend judicial independence
- Private mobile home water services provider, president sentenced for falsifying water safety, discharge tests
headlines National
- ABA connects death row inmate to pro bono attorneys who help free him
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- 2 judges suspended in separate cases after being indicted on criminal charges
- Convicted ex-judge gets $5K fine but no prison time in immigration case
- Ohio governor signs bill prohibiting foreign litigation funding
- Many small firms collect payments faster than BigLaw counterparts, new data shows
