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110 tion (ADC); and commercial and industrial (C&I) loans. ough a significant percentage of the collateral for the loans is concentrated in the Chicago area, the portfolio is collateralized by assets nationwide. Performance of the loans in the portfolio varies from performing, sub- performing, and non-performing assets from 17 failed banks. "e portfolio features a wide range of as- sets, with the nine pools determined based on collateral location and type and loan perfor- mance," Britvan said. "is is one of the larger FDIC cash sale portfolios we have seen of late, and we anticipate a great deal of interest from investors targeting both seasoned performing and distressed debt." Mission Capital has maintained a leading role as one of the industry's most active and respected loan sale advisors since the firm's inception 2002. e firm has set the industry standard for the execution of loan sales trans- actions by leveraging emerging technologies and enterprise software solutions. Pennsylvania RANK: 13 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2015 2.06% 1.91% 5.4 YEAR AGO 2.59% 2.29% 5.7 YEAR-OVER-YEAR CHANGE -20.6% -16.6% -0.3 Top County MONROE COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2015 4.11% 6.58% YEAR AGO 5.02% 9.34% YEAR-OVER-YEAR CHANGE -18.2% -29.6% Top Core-Based Statistical Area EAST STROUDSBURG, PA 90+ Day Foreclosure Delinquency Rate Rate JUNE 2015 4.11% 6.58% YEAR AGO 5.02% 9.34% YEAR-OVER-YEAR CHANGE -18.2% -29.6% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2015 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2015 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Green Tree Servicing to Merge With Ditech Mortgage Fulfilling an announcement initially made in February, Green Tree Servicing merged with Ditech Mortgage Corp., effective August 31, ac- cording to an announcement from Green Tree. Green Tree's parent company, Walter Investment Management Corp., merged St. Paul, Minnesota-based Green Tree with Washington, Pennsylvania-based Ditech, another company owned by Walter Investment to form Ditech, a Walter company. "By combining forces, we can give you access to a broader variety of home financ- ing products and improved customer service through a single point of contact," Green Tree said in its announcement. According to Green Tree's announcement, the full legal name of the company will be Ditech Financial, LLC. Green Tree assures its customers that although the company will operate under a new name, it will remain the same and provide quality services. "Combining our companies and changing our name to Ditech, a Walter company, is a recommitment to you, our borrowers, to pro- vide excellent customer service and a promise to support you as partners in sustainable home ownership," Green Tree said in the "Frequent- ly Asked Questions" section of its website. In February, Walter Investment announced the merger for the first time in its full-year and fourth-quarter 2014 operational highlights and financial results. "By consolidating our Green Tree and Ditech brands under the name 'Ditech, a Walter Company' and enhancing focus on the use of technology, we will drive efficiencies through the reduction of duplicative functions and cost structures and become a stronger, more unified end-to-end mortgage company," said Mark J. O'Brien, Walter Investment's chairman and CEO. "As a diversified mortgage operation con- solidated under one name, we will be well-posi- tioned to take advantage of sector opportunities and leverage our core capabilities to provide high-quality service to our consumers and clients and deliver value to our shareholders." Walter Investment also noted in its report that the merge would provide the company with savings opportunities and will increase efficiencies. "Additional cost-savings opportunities of at least $35 million have been identified, with approximately $25 million expected to be real- ized in 2015 related to capturing opportunities for enhanced benefits from shared services, the consolidation of Green Tree Servicing and Di- tech in the second half 2015, and a significant acceleration of automation efforts, which will increase efficiencies company-wide," O'Brien said. Third Circuit Court Rules in MERS' Favor in Pennsylvania County Recording Case e U.S. Court of Appeals for the ird Circuit ruled in the favor of MERSCORP Holdings that the company was not duty- bound by the Pennsylvania recording statute to record all land conveyances, according to an announcement from MERS. e ird Circuit Court's ruling reversed an earlier decision from the U.S. District Court for the Eastern District of Pennsyl- vania in the case of Montgomery County v. MERS. e county recorder was seeking to recover millions of dollars in unpaid recording fees, claiming that MERS System members violated Pennsylvania state recording laws by failing to record the transfer of promissory notes as mortgage assignments. "is is a significant ruling for the mort- gage finance industry in the Commonwealth of Pennsylvania. MERS has always main- tained that no Pennsylvania law, including the recording statute, imposes a duty to record the transfer of a promissory note," MERSCORP Holdings VP for corporate communications Janis Smith said. "We are pleased the Court of Appeals for the ird Circuit finds the county recorder's arguments to have 'no merit.'" e ird Circuit Court noted in its ruling that the decision to rule in MERS' favor in this case is in accord with opinions issued by other courts in similar cases, namely the courts in the Fifth, Seventh, and Eighth circuits. "Because we conclude that Pennsylva- nia's §351 imposes no duty to record all land conveyances, we will reverse the July 1, 2014, order of the District Court, which granted the recorder's request for a declaratory judgment and denied the MERS entities' motion for summary judgment," the ird Circuit Court wrote in its decision. New York's serious delinquency rate of 3.7 percent for June 2015 was second only to New Jersey (4.7 percent), according to CoreLogic. KNOW THIS

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