Servicing

Mortgage bankers originated $319 billion of Federal Housing Administration-backed single-family loans in fiscal 2010, a 12% decline from the previous record year.

Anworth Mortgage Asset Corp., a mortgage investing REIT, earned $22.9 million in the third quarter, just about flat from the second quarter.

The Securities and Exchange Commission wants publicly traded depositories to provide "clear and transparent" disclosures on the impact mortgage buyback and foreclosure reviews will have on their bottom line in future quarters.

Distressed loan investors in particular need to keep an eye on potential legal developments arising from recent foreclosure concerns because they could affect their rights one way or another.

Ambac Financial Group Inc., which wrote coverage on billions worth of subprime bonds during the housing boom, Monday morning warned that it may file for bankruptcy protection by yearend if it's unable to reach an accord with senior debt holders on a pre-packaged bankruptcy agreement.

More than half the nation's estimated 310,000 community associations are struggling with financial issues associated with the foreclosure crisis, according to the Community Associations Institute. About 62 million people reside in properties that have an owner association of one type or another.

Fannie Mae, which has temporarily suspended certain REO sales because of the foreclosure-gate scandal, plans to hold its servicers responsible for increased carrying costs on these properties, industry sources told National Mortgage News.

The 12 Federal Home Loan Banks reported combined earnings of $732 million in the third quarter, an impressive 343% jump from the same period a year ago.

Moody’s Investors Service has separately placed some servicer ratings of Wells Fargo Bank N.A. and IndyMac Mortgage Servicers on review for possible downgrade, citing actions related to foreclosure affidavits.

Private mortgage insurers had their best month of the year in September in terms of new business. Meanwhile new defaults outpaced cures for the fourth month in a row, but the ratio is much higher than the levels of 12 months ago, according to the Mortgage Insurance Cos. of America.