Paul Muolo

Residential Credit Solutions on Tuesday said it sold a $110.6 million asset-backed security collateralized by performing and delinquent mortgages, real estate loans, and property.

PHH Corp. said its recently departed chief financial officer will receive $400,000 in severance, and then a $200,000 lump sum payment in March of next year.

At the end of March mortgage servicers were processing $9.5 trillion in residential loans, a 4% decline from the same period a year ago. (Figures courtesy of National Mortgage News and the Quarterly Data Report.) Now, 4% may not seem like a huge number, but then again, you have to consider historical trends.

At the end of March mortgage companies were servicing just shy of $9.5 trillion in home loans, a 4% decline from a year ago, and a sign that foreclosures and ‘cash-in’ refinancings are continuing to play a key role in reducing residential debt.

Future losses at Fannie Mae and Freddie Mac will be driven not by their operating results, but by the fact they must continue to pay the U.S. Treasury hefty dividends on the preferred stock the government owns in the two, according to a new report from Keefe, Bruyette & Woods.

We were talking to MBS inventor Lew Ranieri this morning and he had some interesting things to say about rates. He noted that if Spain cannot solve its debt woes (I assume you saw the protests in Madrid last week) that bond holders worldwide may flock into Treasuries, which means rates would fall even further in the U.S.

Is the subprime industry poised for a rebound? Now, I know what some of you are thinking: “Paul, the Rapture is coming and it’s finally damaged your brain.” Maybe, maybe not. From all those CCD classes I attended as a kid, I know that when the Big Man comes it will be like a “thief in the night.”

The U.S. government and a group of private investors plan to spin off the subprime lending and servicing division of American International Group, by selling $500 million worth of stock to the public – through a REIT structure.

Ocwen Financial is one of at least three investors that were invited in by Goldman Sachs to make a final round of bids on Litton Loan Servicing, the Wall Street firm’s specialty servicing division, according to investment bankers and others close to the situation.

As most readers of National Mortgage News know, Freddie Mac appears to have returned to profitability, while Fannie Mae still struggles with the red ink. It’s unclear when Fannie will finally turn the corner, but with all the great quality loans it’s been buying the past two years, certainly that day will come. It’s just a matter of when.

The chief financial officer of nonperforming loan investor Kondaur Capital departed the company about 10 days ago – at the same time that the NPL investor’s founder and chairman Jon Daurio was forced out by the firm’s board, National Mortgage News has learned.

Residential Credit Solutions, a servicer whose client base includes Fannie Mae, this week hired Jim Mitchell as vice president of national business development.

It appears the great debate over altering the minimum servicing fee paid by Fannie Mae and Freddie Mac is coming to a close with many mortgage professionals hoping that in the end no change whatsoever will be made.

The new MBA delinquency numbers are out and the news is both good and bad. Late payments rose slightly but foreclosures fell. But why are foreclosures falling, really? Therein lies a story, perhaps.

Mortgage late payments rose in the first quarter to an overall national rate of 8.32%, although the 90-plus day rate and the number of foreclosures started declined, according to new figures compiled by the Mortgage Bankers Association.

A fund controlled by servicing advisor Interactive Mortgage Advisors this week closed on a $10 million REO package of homes in Southeast Florida.

Joe Rossi, senior vice president of operations and technology at Freddie Mac, is leaving the government controlled secondary market giant, according to industry officials close to the situation.

Perhaps, hard money (read: subprime) has a bright future after all. Consider this: if the White House and Congress cannot strike a deal on raising the U.S. debt ceiling interest rates will spike.

The delinquency rate on loans included in U.S. commercial MBS inched up six basis points in April to 9.22%, according to a new report from Moody's Investors Service.

Nationstar Mortgage Holdings, the nation’s 19th largest servicer of residential loans – and a top subservicer for Fannie Mae -- late Monday filed registration papers with the Securities and Exchange Commission, declaring its intention to go public.