Servicing

New York Gov. Andrew Cuomo is calling on the credit scoring and reporting agencies “to stop the lowering of credit scores” for Hurricane Sandy victims.

Bank of America and American Asset Corp. have settled their dispute over 10 loans, ending the litigation between the bank and various borrowers; AAC controls and manages those properties.

Moody’s Investors Service Thursday afternoon downgraded $56 million in legacy subprime residential mortgage-backed securities from various trusts primarily in response to weak interest shortfall reimbursement mechanisms and recent performance reviews.

PennyMac Mortgage Investment Trust has priced a private offering by its PennyMac Corp. subsidiary, a $200 million aggregate principal amount of its exchangeable senior notes due 2020.

As housing markets continue to stabilize across the country with rising home prices and inventories shrinking in these cities, this ultimately leads to the possibility for a higher potential of mortgage fraud.

Lender Processing Services had net income of $54 million in 1Q13, a 13% increase over the $47 million earned in the same quarter last year, even though revenue decreased 3% between the two periods. In 4Q12, when it settled some of the legal matters, LPS earned $2.8 million.

Aligning key mortgage servicing indicators and best practices with the Customer Financial Protection Bureau guidelines is a win-win for servicers.

A new advertising campaign is targeting New York’s struggling homeowners who may be unaware of the $60 million available to provide them free counseling and legal assistance.

Deutsche Bank must face a lawsuit by Los Angeles claiming the bank let foreclosed properties in low-income neighborhoods fall into disrepair and illegally evicted tenants to sell foreclosed buildings.

Blackstone Group bought 1,400 properties in Atlanta, some eligible for federal low-income housing subsidies, in the biggest bulk purchase for the fledgling homes-for-lease industry.