Servicing

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.

Residential foreclosures dropped to a 36-month low in February as complications tied to the 'Robo-signing' scandal continued to slow the pace of processing times, according to new figures released by RealtyTrac.

Bank of America this week reiterated to investors that it has recognized up to 75% of expected claims tied to loan repurchase requests from Fannie Mae and Freddie Mac.

Sen. Richard Shelby, R-Ala., on Wednesday blasted federal regulators and state attorneys general for using "strong arm tactics" to force the nation's megabanks (and megaservicers) to agree to a $30 billion settlement along with changes to their foreclosure and loan modifications practices.

Option adjustable-rate mortgage and alternative-A mortgage loss severities in February increased while jumbo and subprime severities were either stable or improved, according to a Barclays report.

Although executives at Fannie Mae and Freddie Mac would love to see their dividend payments to the U.S. Treasury cut in half, it's unlikely that it will happen, according to a new report from Keefe, Bruyette & Woods.

Three surviving spouses of reverse mortgage borrowers have sued HUD, alleging that what HUD characterized in 2008 as a clarification of its policy constituted a change from long-established federal rules that should have protected them from having to repay lost equity in order to stay in their homes.

Mortgage servicers may be wary of entering into a global settlement with the state attorneys general because whatever deal is struck between the two parties would not be binding on the Consumer Financial Protection Bureau.

Mortgage fraudster Michael McGrath, who siphoned off $140 million of credit union funds through his company, U.S. Mortgage Corp. and its CU National Mortgage affiliate, will serve at least 12 years of a 14-year prison term meted out by a federal judge two weeks ago, according to prosecutors.

Field Asset Services, a provider of field services including property preservation, maintenance and repair in the REO industry, is offering banks new inspections services to improve quality and performance for their REO properties.