Servicing

Ambac Financial Group, the bankrupt holding company for bond insurer Ambac Assurance Corp., filed a plan of reorganization in bankruptcy court this week, but quickly came under criticism from the Wisconsin regulator in charge of overseeing Ambac Assurance.

Prudential Mortgage Capital Co. and affiliated funds of Perella Weinberg Partners’ asset based value strategy have formed a joint venture to originate commercial mortgages for future securitization, the companies said Friday.

Global real estate funds management firm Agincourt Capital plans to launch this Thursday what it said is the first-ever offshore renminbi secured convertible bond fund for Australian residential and commercial real estate, and it is also in the process of structuring an RMB bond fund that will invest in certain New York City properties.

The Capital Markets and Government Sponsored Enterprises Subcommittee on Tuesday will consider seven new bills to reform the operations of Fannie Mae and Freddie Mac, including one that prevents the Treasury from lowering the current 10% dividend the two pay to the government.

Expanding its capabilities in the default management/real estate owned segment, Stewart Lender Services, a subsidiary of Stewart Title Co., Houston, has purchased the majority ownership interest in PMH Financial, Denver, from Braddock Holdings Co. Terms of the deal were not disclosed.

Vacancies at shopping centers rose for the first time in a year in the second quarter as retail properties lagged the U.S. office and apartment rebound, according to a new report from Reis Inc.

Because of the large number of repurchase demands by investors suspicious activity reports involving mortgage fraud rose by 31% in the first quarter.

Although residential lenders are starting to ponder cutbacks in their ranks, not all mortgage-related firms are worried about their head counts. 3 Point Asset Management, Irvine, Calif., hopes to quadruple its workforce to 100 full-timers by yearend.

MountainView Servicing Group, Denver, is offering a forward bulk servicing package where the seller will deliver $25 million to $50 million a month of Government National Mortgage Association (I and II) MSRs.

The prospect of getting laid off has home shoppers wary of committing to a mortgage, and those that do want to buy a home are continuing to find it hard to get financing, according to a monthly survey of real estate agents by Credit Suisse.