Changing of the guard in US foreclosure rankings
New firms catch up with big banks, which are selling delinquent loans and modifying distressed mortgages to meet terms of settlements with authorities
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THE number of US home foreclosures is down sharply from the depths of the financial crisis, even as many of the mortgage firms involved remain the same, including Fannie Mae, Wells Fargo, Bank of America and JPMorgan Chase.
But the latest foreclosure rankings also include several firms that barely registered or did not exist when the crisis began a decade ago. These new entrants include firms affiliated with private equity giant Lone Star Funds, mortgage lender PennyMac Loan Services, investment bank Goldman Sachs and mortgage firm Carrington Mortgage Services.
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