Servicing

New York banking regulator Benjamin Lawsky said Wednesday his office will investigate claims that Ocwen Financial Corp. and other servicers require distressed borrowers to sign nondisclosure agreements in order to receive mortgage modifications.

Most of the loan pools are geographically diverse, but a pool concentrated in the Southwest is expected to appeal to bidders that want to turn nonperforming loans into single-family rental properties.

Recently raised regulatory concerns about the massive transfer of mortgage servicing rights from banks to nonbanks are fueling industry hopes that policymakers may be open to addressing the issue.

Congressional inaction on debt forgiveness provision leads to more foreclosures.

New York regulator Benjamin Lawksy plans to eliminate several layers of review for mortgage bankers to apply for a license or a new branch location, and to expand an investigation into the affiliated businesses of nonbank servicers.

New York Attorney General Eric Schneiderman renewed calls for the state legislature to address the problem of "zombie properties," or foreclosed homes that banks have walked away from to avoid the cost of maintenance.

The mortgage life support provided by the federal government since the crash is ebbing. It will be interesting to see if the industry can breathe on its own now.

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Genworth Financial announced Thursday that its Australian mortgage insurance business will raise about $535 million in an initial public offering.

The company attributed the loss to costs associated with its recent acquisition of Nationstar's wholesale lending channel, as well as adjustments in mortgage servicing rights.