Servicing

The stabilization of home prices during the summer is beginning to crumble, according to the Federal Reserve Board's November survey of economic conditions released Wednesday afternoon.

For the third year in a row, Freddie Mac—through its servicers—will suspend foreclosure evictions during the last two weeks of December.

A public-private partnership between the Federal Deposit Insurance Corp. and a group of real estate investors and asset managers has taken ownership of an REO condo development in Hawaii.

While commercial MBS loan performance appears to be stabilizing, delinquency rates are continuing to climb, hitting a survey-record high in the third quarter, according to new figures compiled by the Mortgage Bankers Association.

Revealing that federal banking agencies have found significant "structural problems" in the mortgage servicing industry, Federal Reserve Gov. Dan Tarullo is calling for the creation of national foreclosure standards.

With the shift in the secondary market for reverse mortgages from Fannie Mae over to Ginnie Mae, issuers themselves now bear the responsibility and risks associated with managing the real estate owned process, a sea change for some of them.In addition, home prices are falling and continue to fall, which makes handling these special real estate-owned assets particularly challenging, according to Darren White, vice president for default/foreclosure/REO/claims at Reverse Mortgage Solutions Inc. in Spring, Texas.

FDIC chairman Sheila Bair is calling on Treasury officials to streamline the loan modification process and require writedowns of second mortgages.

The Office of the Comptroller of the Currency is ordering residential servicers under its purview to stop dual tracking foreclosure proceedings and loan modifications whenever legally possible.

To quell doubts about its mortgage unit's handling of documents, Bank of America Corp. is distancing itself from…itself.B of A now says that a senior litigation manager—who had 10 years' experience working at Countrywide Home Loans Servicing LP—was out of her depth when she testified in a New Jersey courtroom about the unit's document practices.

A mixed-use development in Oakland, Calif., previously taken into real estate-owned status as the result of the developer’s bankruptcy, has a new owner and a new name.