GLG News by Mortgage Servicing Experts

Washington Mutual (WaMu) cut a deal with TPG and other investors for a $7 billion capital injection by issuing common stock and preferred convertible stock. In addition, 1st quarter write offs of $3.5 billion contributed to an estimated first quarter loss of $1.1 billion. Clearly WaMu needs capital,...

Several national housing market indicators have been deteriorating at historically high rates in the last several months.  The downward trend of these indicators points to a national recession.

Since the passage of the Check 21 Act in October 2004, significant changes have occurred in traditional check processing. Banks, credit unions, image networks and the Federal Reserve are working to build the infrastructure to transition banks and credit unions to 100% electronic check imaging/exchange...

CIT Group drew down emergency credit lines totaling $7.3 billion in March 2008, after being cut off from customary sources of cash, forcing CIT to scrap its government-backed student loan program on 4.3.08. Due to its weak position, CIT may be a prime takeover target. The lack of investor demand has...

Writedowns at global banks has surpassed $291 billion and the "writedown" meter continues to tick and could reach $460 billion or as high as $1.2 trillion by year-end 2008. U.S. financial institutions will account for about 40% of losses. Credit losses has prompted leveraged institutions to raise new...

It looks like the legislative solution is not getting off the ground again as far as working out loans. The proposals that have come out are mainly directed at going forward purchasers, builders and cities. So much for the defualted borrower. The ideas that were being floated carried their own risk

National City Corporation (NCC) share price was up 6% on 4.3.08 on news that crosstown rival KeyCorp and cross-state Fifth Third BanCorp may be courting NCC for a possible merger and/or acquisition, however, this could be a bad time to sell due to current market conditions. NCC may need to do some additional...

At UBS's Annual Shareholders Meeting the topics of discussion included UBS's $19 billion writedown, its $14.8 billion rights issue to raise capital and the replacement of Chairman Ospel by UBS's current Legal Counsel, Peter Kurer. UBS's huge bet on subprime investments has led to the largest bank writedown...

Sovereign Wealth Funds (SWF) grew by 18% in 2007, with a global share of 36% and early projections suggest SWFs could grow to $5 trillion by 2010. In 2007, SWFs invested $49 billion in M&A deals, which is an increase of 165%. Russia, Asia and the Middle East has played a key role in bailing out...

"Innovate or die" is a common phrase tossed around IT Departments as they determine how to allocate their budget dollars towards data security, regulatory compliance, customer centric projects and front-office applications. Core banking systems are running 24/7 to support internet banking, global operations...