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Option One

Frank calls for restructuring of the mortgage servicing industry if servicers fail to cooperate

Finally! It looks like one of the peoples representatives, Barney Frank, has got hip to the fact that servicers have been giving a lot of lip service lately to everyone. From the homeowners reaching for help and to our government who has been asking them nicely to cooperate.

Thus far, servicers have been playing by [...]

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H&R Block Closes Sale of Option One Mortgage Servicing Business

by Moe Bedard

KANSAS CITY, Mo. – H&R Block Inc. (NYSE: HRB) today announced that it closed the sale of the mortgage loan servicing business of its Option One Mortgage Corporation (“OOMC”) subsidiary effective April 30, 2008. As previously announced, the purchaser was American Home Mortgage Servicing, Inc. (“American Home”), an affiliate of WL Ross & Co. LLC. [...]

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Option One Takes a Subprime Bullet to the Head

by Moe Bedard

Option One is the latest lender to implode, according to ML-Implode.com. Here is the letter to brokers from Option One indicating that they are not accepting any new loan originations.
From ML-Implode;

Fresh news from the Associated Press, and published everywhere is the headline, “Cerberus, H&R Block End Mortgage Deal.”
“Cerberus Capital Management LP and H&R Block Inc. said [...]

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