Servicing

Consumer credit defaults reached new lows in September that were last seen prior to the recession, according to data released by S&P Dow Jones and Experian.

It appears that Bank of America is cranking up the MSR selling machine. Big time.

Now that Residential Capital Corp. has auctioned off its $374 billion of servicing contracts, it’s Ally Bank’s turn to unload its MSRs.

One thing we learned from the crash of 2008: American businesses, when they so choose, can lay off workers at warp speed.

If Congress allows the mortgage forgiveness debt relief provision in the tax code to expire on Jan. 1, distressed borrowers could get hit with a tax bill.

Zillow, a publicly traded online real estate company, has added information on 1.8 million pre-foreclosure and foreclosed homes to its website.

A little over a year ago Bank of America sold $74 billion of mortgage servicing rights to Fannie Mae.

Although EverBank had a good quarter, it also wrote down the asset value of its mortgage servicing rights.

Residential Capital Corp. said it approved a $1.5 billion bid by insurance conglomerate Berkshire Hathaway to buy roughly 47,000 whole loans from the bankrupt mortgage company.

Mortgage lenders are to provide home loan applicants with copies of written appraisals and other home value estimates and ensure that consumers receive information prior to closing about how the property’s value was determined.