October 2014 Remittance – Day #1 (66% of the deals)
“A lady maybe drops her bag, or a couple gets in an argument, or maybe someone just stops abruptly, directly in front of you. While you stop for the distraction, a pickpocket will come up behind you and relieve you of some of your belongings. It is perhaps the most common type of travel theft.”
Don’t let the Ocwen news distract you from some of the other Servicer issues out there. While Ocwen is servicing 28% of Non-Agency loans, JPMorgan Chase is servicing 14%, and the three loans listed below do not appear to have been serviced in the best interest of investors. Neither the past 7-10 years of servicing nor the massive losses passed through this month should amuse investors. Wells Fargo is servicing 12% of Non-Agency loans, and you will see later in the commentary a collection of greater than 200% loss severities as a result of their servicing efforts. One especially interesting loan, originated and serviced by Wells Fargo, was delinquent for 11 years and resulted in a 405% loss severity.
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