Paul Muolo

Who says rising foreclosures are bad? Keep in mind that there are many default management firms and specialty servicers that make a living off of high touch loans and foreclosures. In a new report Sterne Agee analyst Greg Smith notes that according to a just published 'Mortgage Monitor' report from Lender Processing Services, foreclosure starts totaled 248,000 units in August, up 20% over July.

After several weeks of negotiations, Bank of America and Fortress Investments have ended talks over the bank selling its correspondent mortgage division to the publicly traded investment fund, officials close to the deal told National Mortgage News late Monday.

What's the hold up on the Obama refi plan? We continue to hear the same old same old: MBS investors, big banks, and hedge funds are lobbying against it, and they apparently control our nation's politicians. A few weeks ago it was anticipated that President Obama would make a speech on housing issues and unveil the refi plan, but suddenly it's all radio silence in Washington.

In the midst of a refinancing boom, Bank of America has decided to suspend all cash-out refinancings on FHA and VA loans, according to a product update notice provided to National Mortgage News.

When there's blood in the water sharks circulate. A half dozen or so warehouse lenders I know are receiving telephone calls from certain nonbank funders that are extremely nervous about Bank of America's future in warehouse finance.

Lew Ranieri doesn't suffer fools easily—and it galls him that he sometimes gets blamed for the nation's housing crisis because he helped put mortgage-backed securities on the map in the early 1980s when he was a young bond trader at Salomon Brothers.

In a best case scenario consumers might save upwards of $63 billion a year if Fannie Mae and Freddie Mac participated in a workable refinancing program for underwater borrowers, according to a new report from Moody's Investors Service.

Edward DeMarco, the acting director of the Federal Housing Finance Agency, believes the future of Fannie Mae and Freddie Mac is bleak. In a recent speech he noted that (despite improving loss numbers) the two will never "be able to earn their way back to a condition that allows them to emerge from conservatorship."

It appears that rock bottom mortgage rates are starting to pay off for Fannie Mae.

Carrington Mortgage Services, Irvine, Calif., a fast growing retail/wholesale lender, this week hired Rick Sharga of RealtyTrac as executive vice president in charge of branding and marketing.

The business of originating and servicing second liens continues to struggle with lenders cutting back on production and allowing their receivables to run off, according to new figures compiled by National Mortgage News and the Quarterly Data Report.

It appears that rock bottom mortgage rates have yet to cure the housing industry's woes.

One of the biggest complaints I hear from lenders these days – besides too much regulation – is the state of the appraisal market. Time and time again I hear of deals being blown up because the appraisal was just too low. But should (or can?) the appraisal be subject to an appeals process?

Bank of America ranked first among all warehouse providers in the second quarter with $12 billion of funding commitments, a 20% decline from a year ago, according to new figures compiled by National Mortgage News.

It would appear that with two mortgage insurance firms recently being forced to pull the plug on the writing of new policies the outlook for the sector would seem grim. But according to Federal Housing Finance Agency director Edward DeMarco, MIs are needed, now more than ever.

Applications for new mortgages jumped 9.3% for the week ending September 23, a sign that ultra low rates are finally spurring new business activity.

The Federal Housing Finance Agency Tuesday afternoon released a 37-page "talking paper" on changing GSE servicing fees, while noting that GNMA compensation – for now – will not be part of the discussion.

Moody's Investors Services sees no broad-based recovery in commercial real estate markets over the next year due to weakness in demand and what it calls "diminished lending."

Outstanding residential mortgage debt in the U.S. will continue to fall over the next three quarters before stabilizing in mid-year 2012, according to a new forecast from Freddie Mac.

A year ago when Bank of America announced that it was killing its wholesale division, it appeared as though loan brokers might be down for the count. Not only were firms still exiting the sector, but new, restrictive federal loan officer compensation rules set for the spring appeared to be the final nail in the coffin.