Servicing

Ranking Republican members on the House Financial Services Committee are none-too-happy about the proposed AG settlement with residential servicers, but what they really dislike is the concept of principal writedowns on troubled mortgages.

Provident Funding Associates, the second largest privately held nonbank mortgage lender in the U.S., this week filed a registration statement with the Securities and Exchange Commission to create a publicly traded REIT by raising $300 million in capital.

Real estate agents are stepping up pressure on mortgage servicers to reform the short sale process.

Few of the restrictions in the proposed attorneys generals' settlement of mortgage servicing practices are as absolute as the prohibition of profiting from force-placed insurance.

Residential servicers completed 73,000 proprietary loan modifications in January, down 10% from the previous month, according to new figures released by Hope Now.

Home prices fell 2.5% in January from the prior month as weak demand for housing continues to "dampen any recovery in the housing market," according to a new report from CoreLogic.

United Capital Markets, which helps firms hedge their servicing portfolios, says the Federal Housing Finance Agency could be all wet on several assumptions in its 'Joint Servicing Compensation Initiative,' a document that thrives to revamp GSE servicing fees.

Redwood Trust has taken to market a $290 million jumbo mortgage-backed security. It did a similar one last year. Why are these deals significant? They are the only jumbo MBS deals done since the mortgage crash.

Cures outnumbered new notices of default at two of the nation's largest private mortgage insurers for February. If this pattern holds for the rest of the private mortgage insurance industry, it could be an echo of what took place starting last February.

The House Financial Services Committee late Wednesday approved a bill (H.R. 839) to kill the Obama administration's signature foreclosure prevention program, calling it a failure for low performance.