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Mortgage Corp. of EMC.
The New York Attorney General, Eric Schneiderman, has reopened concern over mortgage-backed bonds by bringing a billion-dollar suit against JPMorgan Chase and the finance companies it acquires... (Update 2: Add Lone Star's affirmation; add EMC Mortgage's affirmation) As JPMorgan Chase & Co. JPM ][/stock] Officially brought Bear Stearns Cos. into the fold on Friday, a pivotal feature of the former Wall Street Giants is not going to pass over -- Bear Stearns Residential Mortgage Corporation, commonly known as Bear Res. Moody's Investors Service said today that it has downgraded the service technician ratings from EMC Mortgage Corporation as a prime service technician of sub-prime housing credits to "SQ1-" from "SQ1".
Moody?s also confirmed EMC's primar y servicing ratings of "SQ2", a ranking of "SQ2" as a Primar y servicing of housing finance with a second pledge and "SQ2+" as a specialist servicing. On Monday, EMC Mortgage Corporation, a Wall Street Banks Bear Stearns affiliate, said it had made what it calls the "EMC Mod Squad"?
In collaboration with communities, the EMC Mod Squad will bring together audiences from EMC Mortgage clients across the state. Focusing on towns with a higher number of high-risk EMC mortgage clients, the project teams will hold education sessions and investigate possible financing restructurings for these home owners. In May, EMC Mortgage Corporation, a Texas-based mortgage firm and Bear Stearns affiliate, will open a second mortgage services facility in Irvine, California, which is expected to have 250 people employed within the next 12 to 18 month, the firm said today.
On Wednesday, Fidelity National Information Companies, Inc. today announces that EMC Mortgage Corporation has entered into a multi-year agreement to transfer its fiscal operations to Fidelity National Income Control Systems, Inc., an FIS-affiliated value-added group. The FIS provides property taxation information and brokerage to mortgage providers and financial institutions across the country through insourcing and outsourcing capabilities.