Servicing

A new report from Credit Suisse says that a "private-only" solution to the mortgage market will be "extremely challenging" and could remove up to $4 trillion in capital because risk adverse investors would flee if no government backstop is provided to MBS.

Local governments across Florida are losing revenue because banks are getting the homestead-exemption tax breaks intended for the homeowners whose properties the lenders have repossessed, according to a report in the in The Sun Sentinel.

Hudson Realty Capital LLC, in partnership with the Federal Deposit Insurance Corp., has closed on the purchase of a pool of distressed Southeastern commercial real estate loans with an unpaid principal balance valued at more than $102 million.

The amount of commercial mortgage debt outstanding declined 1.3% between the second and third quarters, as there were fewer construction loans held by banks and thrifts and commercial and multifamily mortgages held in commercial mortgage-backed securities. This is according to the Mortgage Bankers Association's analysis of the Federal Reserve Board Flow of Funds data.

Ginnie Mae reported net income of $541.5 million in fiscal year 2010, a 6% gain from the prior year, while revenues jumped 54%.

New Jersey has become the 19th state to restrict the use of private transfer fees which require a percentage of a home's sales price be paid to a private third party each time the property is sold, often for up to 99 years.

The government's primary foreclosure prevention program – HAMP – has not lived up to expectations and will wind up helping just a fraction of its target audience, according to a new report from the bipartisan Congressional Oversight Panel.

Citigroup late last week agreed to sell a $441 million package of nonperforming loans with PennyMac Mortgage Investment Trust being identified as the winning bidder, according to industry sources who play in that space.

The profitability of small mortgage banking companies jumped to $1,423 per loan in the third quarter, a 55% spike from the previous quarter, thanks to refinancings and strong demand for mortgage-backed securities, according to a new report from the Mortgage Bankers Association.

Single-family originations should total $340 billion for the fourth quarter, according to the Mortgage Bankers Association's latest estimates, which would push total originations close to $1.5 trillion for 2010.