Servicing

The city of Los Angeles joined the commonwealths of Virginia and Massachusetts, and the state of Connecticut, in accepting the MERS System as an alternative to the city’s registry of foreclosed properties and property preservation contacts for vacant properties.The city of Los Angeles joined the commonwealths of Virginia and Massachusetts, and the state of Connecticut, in accepting the MERS System as an alternative to the city’s registry of foreclosed properties and property preservation contacts for vacant properties.

John Fisher, 35, of Jupiter, Fla., pleaded guilty in federal court to one count of conspiracy to commit mail and wire fraud and to one count of substantive mail fraud.Also pleading guilty were defendants Tracey Balli, 35, of Pembroke Pines, Fla., Justina Bryan, 35, of Hollywood, Fla., and Delano McLennon, 33, of North Lauderdale, Fla.

A big surge in the number of active mortgage fraud cases has helped push the Second Quarter 2010 FraudBlogger.com Index higher.The heavier caseload follows increased efforts by the Obama administration to prosecute mortgage crimes, according to Ann Fulmer, vice president business relations at Interthinx.

Thrifts originated $30.8 billion of single-family loans in the second quarter, a 13% hike from 1Q with the industry posting its fourth consecutive quarterly profit.

Real estate professionals in Florida, Alabama, Mississippi, Louisiana and Texas, are getting $16 million in special allocated funds to pay claims for loss of income due to the Gulf oil spill.

Mortgage applications rose 4.9% last week as more borrowers refinanced at the lowest rates in decades, according to new figures released by the Mortgage Bankers Association.

Specialized Loan Servicing LLC, Littleton, Colo., has hired Oscar Southall as senior vice president of default operations.

Fitch Ratings is worried that JPMorgan Chase could be overwhelmed by future mortgage repurchase requests from investors in the secondary market, namely Fannie Mae and Freddie Mac.

The nation's top accounting standard setter is retiring.Robert Herz, the chairman of the Financial Accounting Standards Board, announced that he will step down after eight years. Leslie Seidman, a FASB board member since 2003 and a former JPMorgan Chase & Co. accounting policy vice president, was appointed acting chairman, effective Oct. 1.

The yield on the benchmark 10-year Treasury note fell to a new yearly low Wednesday morning — 2.42% — after yet another disappointing report on home sales.