Servicing

Bank of America Corp. has joined GMAC Mortgage and JPMorgan Chase & Co. in delaying some foreclosures while it investigates potential problems in the processing of court documents.

Ally Financial Inc. has completed the sales of its European mortgage assets and operations to Fortress Investment Group LLC, effectively exiting the European market.

Fannie Mae and Freddie Mac are urging their servicers to review foreclosure processing procedures to ensure they are in compliance with applicable state laws and regulations.

Recent revelations that Ally Financial and Chase Home Mortgage may have been cutting corners on their foreclosure paperwork have sent the servicing industry into a panic, with new concerns being raised about massive delays in foreclosure times and a reduction in company ratings.

Anworth Mortgage Asset Corp., which buys MBS in the secondary market, reported a third quarter common dividend of $0.23 a share, an 8% reduction from the dividend declared in 2Q.

Rep. Maxine Waters, D-Calif., has introduced legislation that prohibits covenants on residential mortgages entitling investors to receive transfer fees every time a certain property is sold.

If the government does not improve and fix the nation's loan modification process, more than 11 million consumers – representing 20% of all outstanding home mortgages in the U.S. – could lose their homes, according to a new report from Amherst Mortgage Securities.

As I stated in my testimony in May before this subcommittee, the main purpose in addressing housing finance reform should be to promote the efficient provision of credit to finance mortgages for single-family and multifamily housing. Legislation is needed to restructure and strengthen our nation’s housing finance system and to resolve the enterprise conservatorships.

Buyers of foreclosed homes through courthouse auctions are finding interest from an unusual crop of clients: the original owners who are still living in the homes.

Fannie Mae and Freddie Mac saw their loan purchase market share – as a percentage of all originations – fall in the first-half of the year as the Government National Mortgage Association gained.