Servicing

CoreLogic posted net income of $31.48 million for the second quarter of 2011, an increase of nearly 29% from 2Q10's net income of $24.41 million. But the higher earnings were off lower revenue, $396.4 million in 2Q11, compared to $411 million in 2Q10.

Fannie Mae posted a net loss of $5.2 billion in the second quarter and Friday morning requested that the Treasury Department provide it with $5.1 billion of additional funds to keep its capital position in the black.

On Friday morning, the day after the share price of PMI Group tumbled by 50%, FBR Capital Markets labeled the stock a 'market perform' but said it is dropping its expectations on the nation's second largest mortgage insurer.

New York Attorney General Eric Schneiderman has petitioned to intervene in the proposed $8.5 billion Bank of America Corp. private label MBS settlement.

Buoyed by gains from mortgage servicing revenue, Ocwen Financial Corp., Atlanta, reported net income of $26.4 million in the second quarter, up 65% from the $16 million it earned in the same quarter last year.

Redwood Trust, the only firm to publicly issue jumbo MBS in the past two years, posted a net profit of just $9 million in the second quarter, half of what it earned in 1Q, telling investors there is a lack of quality mortgages to buy at the right price.

The Department of Housing and Urban Development has reached a settlement with Bank of America that releases the company from liability for failing to adequately provide alternatives to foreclosure on 57,000 delinquent government-insured mortgages.

With the Dow Jones in a steep selloff Thursday afternoon, mortgage insurance stocks took it on the chin, reacting to poor earnings from MI giant The PMI Group.

A Fitch report suggests the securities market needs to be aware of how pending U.S. risk retention regulations compare to European Union laws and how they are expected to affect the behavior of issuers and investors.

PennyMac Mortgage Investment Trust reported record earnings of $16.6 million in the second quarter, and told investors that its correspondent mortgage purchases doubled in the second quarter to just over $50 million.