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The days of seeking 20% market share in mortgages "are far behind us," Bank of America CEO Brian Moynihan says. "[Mortgages] will be a smaller business."

Why B of A's Higher Legal Reserves Could Be a Good Thing

B of A caught observers off guard by announcing $6 billion in mortgage litigation expenses, but the move is an attempt to convince analysts and investors that there is an end in sight to its crisis-era legal woes. It just might work.
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HECM Lenders Can Suspend Foreclosures for 60 Days

U.S. Court puts pressure on HUD to help surviving spouses stay in their homes.

Final Defendant in Foreclosure Rescue/Marijuana Scheme Sentenced

Perpetrators fraudulently acquired close to 40 homes, and used at least one to grow marijuana when it became vacant.

Long Time to Foreclose Outweighs Home Price Gains in Legacy MBS

The recent housing recovery has been the saving grace for some 2005-2007 subprime mortgage bonds, but in others, delays in getting distressed properties to market have offset home price gains.

Legal Team Exodus at MERS Said to Prompt Review

As the rest of the housing industry recovers, a little-known firm with a key role in mortgage finance remains stuck in limbo, wrestling with regulators, lawsuits and the departures of senior employees.

Foreclosure Starts and Sales Hit New Lows: Hope Now

Distressed homeowners who obtained loan modifications fell to approximately 42,000 in February, a 5% decrease from the month before and a sign that the number of borrowers needing assistance is declining, according to the Hope Now alliance.

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WAKE-UP CALL: "We were under the assumption that everything was working well until B of A tried to sell blocks of servicing," says Ted Tozer of Ginnie Mae.

Ginnie Mae Nixes Bank of America Mortgage Servicing Transfer

Ginnie Mae has halted the transfer of mortgage servicing rights from Bank of America to a nonbank servicer because of missing documents. The agency is asking the top servicers for an inventory of loans with missing documents.
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Servicing

“Downtown and midtown are recovering nicely, but neighborhood revitalization is the key to a successful turnaround of Detroit,” says David Provost, Talmer’s chief executive.
Talmer Creates Fund to Revitalize Detroit Neighborhood
The Michigan company has pledged $1 million to help people buy homes in the Marygrove College neighborhood. Homeowners can get up to $25,000 and have $5,000 shaved off the balance each year they live there.

The interest rate risk of servicing these loans
Ginnie Clamps Down on FHA Reverse Mortgage Feature
Secondary market agency won't securitize fixed-rate Home Equity Conversion Mortgages that feature a line of credit.

Sen. Ron Wyden, D-Ore.
Senate Moving to Extend Mortgage Debt Forgiveness Act
The tax provision would help distressed homeowners seeking workouts and short sales from being penalized by the IRS.

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Fannie Gives Fifth Third Highest Servicing Award
The Cincinnati-based bank scored highest in foreclosure prevention. Five of the top 10 servicers were notably absent from the honorees list.
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