Servicing

Bidders are starting to show an interest in the $59 billion servicing portfolio being shopped around by HSBC Bank, according to advisors familiar with the deal.

CUNA Mutual Group has hired Wisconsin Insurance Commissioner Sean Dilweg -- the man responsible for restructuring troubled bond insurer Ambac Securities – to head its mortgage insurance business.

Gerding Edlen Development of Portland, Ore., has handed over the keys to its $500 million Seattle condo project, Bellevue Towers, to lenders headed by Morgan Stanley Mortgage Capital.

While Bank of America's settlement with Freddie Mac and Fannie Mae provides greater clarity for its ultimate exposure regarding representations and warranty losses, there is still uncertainty for the bank holding company regarding losses in the areas the deal does not cover, a report from Fitch Ratings said.

Interactive Mortgage Advisors, Denver, has closed on the sale of $502 million of bulk mortgage servicing rights backed by Fannie Mae loans in North Carolina.

Residential servicers that are part of the HOPE NOW alliance completed 112,022 loan modifications in November, a 10% drop from the previous month as proprietary modifications fell to their lowest level since the fall of 2009.

Private investment firm Starwood Capital Group, Greenwich, Conn., has purchased a non-performing commercial real estate loan portfolio with an outstanding principal balance of $157 million from an undisclosed Midwest regional bank.

Fannie Mae’s latest homeowner outreach program is a website with links to resources and information for borrowers who want to avoid foreclosure.

MountainView Capital Group, Denver, late Wednesday brokered a sale of 2,500 performing second liens with an unpaid principal balance of $110 million.

Freddie Mac’s new $6 billion three-year Reference Notes security priced Wednesday at 100 to yield 1.375% or 27 basis points more than comparable Treasury notes amid a large number of issuers coming to market.