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"Nothing is really being put out for bid right now," Ocwen executive chairman William Erbey recently said. "It's the whole market that's basically stopped."

'The Whole Market' for Mortgage Servicing Rights Frozen? Not Quite

Brokers of servicing rights say the overall market remains robust, despite suggestions by Ocwen's William Erbey last week that trades had ground to a halt. Trading of seriously delinquent portfolios has slowed on concerns about increased liability.
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LRES Revamps Its DirectConnect Platform

LRES has updated its DirectConnect platform designed to accelerate the valuation ordering process.

Delinquencies, Foreclosures Reach New Lows: Black Knight

Mortgage delinquency and foreclosure rates in March declined to levels not seen in at least six years, according to data from Black Knight Financial Services.

Property-Tax Collections Rising at Fastest Pace Since Housing Crash

Property-tax collections are rising at the fastest pace since the housing market crash sent government revenue plunging, helping end an era of local budget cuts.

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.

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"Investor loans were responsible for an enormous amount of credited relief," says Laurie Goodman at the Urban Institute. "This was very, very clearly more than was originally thought would be provided through investor loans."

Investors Paid Nearly a Quarter of Big Banks' Mortgage Settlement

Mortgage bondholders have long complained to regulators that the national mortgage settlement gave large bank servicers credit for principal reductions and loan modifications they did not pay for themselves.
Regulation
Servicing

Image: Bloomberg News
N.Y.'s Lawsky Targets 'Self-Dealing' by Ocwen, Realty Affiliates
Regulator Benjamin Lawsky is concerned that Hubzu, a website run by Ocwen's Alitsource affiliate, charges inflated fees "through conflicted business relationships" at the expense of mortgage investors and strapped homeowners.

The days of seeking 20% market share in mortgages
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.

WAKE-UP CALL:
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.

“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.
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