Paul Muolo

Roughly 22.1% of all residential properties – 10.7 million units -- encumbered by a mortgage were in a negative equity position at the end of September, a slight decline from mid-year, according to new figures compiled by CoreLogic, Santa Ana, Calif.

For those who favor public sector cuts and who also don't like to read newspapers (online or print) perhaps there's a disconnect when the phrase "budget cuts" is aired. But let's get something straight: when a state or federal government talks about cutting costs, nine times out of ten it means a public worker (or private sector contractor) will lose his/her job.

Default management vendor ServiceLink, Pittsburgh, on Tuesday named Chris Azur as its new president.

Fannie Mae in early November cut 160 full-time workers, including a handful of vice presidents, including one with almost 30 years of service.

Walker & Dunlop, LLC, Bethesda, Md., on Monday announced that it has hired Dale Brem as vice president and deputy chief underwriter for the firm's FHA finance department.

It would seem that Federal Housing Finance Agency chief Edward DeMarco has given up hope that Congress will get around to permanently fixing Fannie Mae and Freddie Mac.

In case you missed the big news last week: PMI Mortgage Insurance has filed for bankruptcy protection. Its chances of emerging as a viable entity stand between slim and none. If you're looking for a silver lining here, it's this: its demise means more business for the nation's surviving MI firms, including United Guaranty, Genworth, Essent and the rest of the gang.

Even though the residential mortgage industry has been through the wringer the past four years outside money is continuing to eye the sector, but is being choosey about what it buys -- and how much it spends on both companies and servicing rights.

Carrington Mortgage Services, Santa Ana, Calif., this week announced that it has hired Brad Nease as senior vice president in charge of capital markets.

First the good news: at least interest rates are still low. And that's about it for the good news, folks. If you're like me, you're disgusted with the inability of our elected officials to swallow some of their promises and strike a deal to cut money from the U.S. budget.

Bank of America Corp.'s board has been told the company could face a public enforcement action if banking regulators aren't satisfied with recent steps taken to strengthen the bank, according to a report by Dow Jones.

David Bochsler, one of two Bank of America divisional production managers who got the ax when the bank exited a handful of retail states early in the fall, has accepted a position with Cobalt Mortgage in the Seattle area.

According to mortgage consultant Joe Garrett, some former top dogs at Option One Mortgage Corp. are forming a new company. Garrett, in his blog, writes that he saw an email solicitation. “They're looking for new brokers, and get this, they specifically advertise that there are '…no credit checks (on the mortgage broker) and no references needed.'"

Mike D'Alonzo last week officially stepped down as president of the National Association of Mortgage Brokers, saying he wants to spend more time running his Pennsylvania-based brokerage firm.

By now you've read the story on the National Mortgage News website about Freddie Mac working on a "credit security" where part of the bond will not be government guaranteed. That's not a misprint.

The 12-member bipartisan panel – aka the 'Supercommittee' – created in August to defuse a political standoff over raising the federal borrowing limit can't reach a deal to save $1.2 trillion in federal spending. The deadline of Nov. 23 is fast approaching.

Due diligence provider Clayton Holdings LLC on Friday said it has agreed to buy Green River Capital, West Valley, Utah, a provider of REO, short sale and broker price opinions whose client base includes mortgage giant Freddie Mac.

CWCapital LLC, Boston, on Thursday revealed that it has bought $2.6 billion of Fannie Mae multifamily servicing rights from Citigroup. No price was disclosed.

There's grumbling out there in the hinterlands that some of the nation's largest servicers may've gotten an early peak at the HARP 2.0 details, allowing them to mail out solicitations early to their customers. (The official release came Monday.)

Residential delinquencies – excluding foreclosures – fell to 7.99% in the third quarter, the lowest reading since late 2008, when the nation's financial crisis was peaking, according to new figures released by the Mortgage Bankers Association.