Servicing

A small private-label 'scratch and dent' securitization backed by government reverse mortgages appears to be the first deal of this type, and could pave the way for more reverse MBS deals in the struggling private-label market.

The BP oil disaster in the Gulf of Mexico could reduce home values in the immediate region by as much as $3 billion over the next five years, according to a new report from CoreLogic.

The state of the U.S. banking system has "improved significantly" since the collapse of Lehman Brothers in the fall of 2008, but lending standards remain too tight, according to Federal Reserve Board chairman Ben Bernanke.

Research conducted by VantageScore Solutions counters the popular notion that a consumer's credit score would take a big hit if his or her mortgage were to be modified.The company's president and chief executive Barrett Burns continued that entering a trial modification program would have no impact on the credit score in most circumstances.

Washington-While the government's HAMP program has had limited success, proprietary loan mods have become an important safety net.

The Federal Housing Finance Agency is seeing significant improvement in the quality of new business at Fannie Mae and Freddie Mac as a result of tighter underwriting standards promulgated by the two.Moreover, FHFA chief Edward DeMarco said when it comes to loss mitigation efforts, the GSEs are making inroads, thanks to "more aggressive modifications" and other foreclosure prevention activities.

The Home Affordable Modification Program has been very selective in providing relief to homeowners, but its limited access has resulted in a low redefault rate.HAMP has helped nearly 400,000 struggling borrowers reduce their mortgage payments to 31% of income as part of a permanent modification.

The Federal Deposit Insurance Corp. late Friday sold $400 million worth of securities as part of a pilot MBS aimed at clearing out billions of dollars of performing loans at receiverships.

Senate Banking Committee Chairman Chris Dodd and Sen. Richard Shelby, the panel's senior Republican, called on President Obama Thursday to appoint a permanent director for the Federal Housing Finance Agency.

Interactive Mortgage Advisors, Denver, is selling a $1 billion portfolio of Freddie Mac servicing rights but with one caveat: the seller will not offer any representations and warranties on the deal.