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In case you haven't heard Barclays Bank PLC announced today that it is selling HomEq it's loan servicing arm to Ocwen Loan Servicing.  Did you know that HomEq was the loan servicing arm of The Money Store.  Barclay's acquired HomEq in 2006.  Did you know that Wachovia merged with First Union in 2001.

Now look at what other interesting things were happening in 2006.  

Lehman Brothers bought Aurora Loan Services.  Goldman Sachs had bought Litton Loan Servicing.  Morgan Stanley bough mortgage servicer Saxon.

It seems to me that the Securities companies each had a Servicing Company to do their dirty work of carrying out foreclosures and the rest of it.  The banks that provide money to the Security Companies divorced themselves from the disdainful task of foreclosing on homeowners.  

So the predatory unfair crappy loans out there got serviced by the equally disdainful Aurora, Litton & Saxon, while the lenders themselves deal with troubled loans which were not sub-prime from their inception.

This peaks my interest. . . .  More to follow.

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