Servicing

A controversial proposal by three California municipalities to seize underwater mortgages through eminent domain could face significant legal challenges because state law prohibits local governments from taking property and conveying it to a private company.

M&T Bank Corp. said it would buy New Jersey-based Hudson City Bancorp in a deal valued at $3.7 billion.

Almost 30% of all refinances are shorter amortization products, up from just 5% in 2007.

Nationstar Mortgage Holdings said two of its subsidiaries are soliciting consents to amend a bond indenture from 2010 on 10.875% senior notes due 2015.

Equifax's latest monthly national consumer credit trends report shows a decline from July 2011 in the amount of overall mortgage debt and a decrease in residential mortgage delinquencies.

Bank of America will give up to 1,000 properties to nonprofits and local government programs to house injured military veterans and first responders.

Wells Fargo ranked first among all GNMA servicers in the second quarter with a 30% market share.

June set a record for HARP 2.0 volume at 126,000 loans, including 53,750 mortgages with loan-to-value ratios over 125%.

The Attorney Generals in Arizona and California are pursuing loan modification fraud cases.

Fidelity National Financial Inc., Jacksonville, Fla., this week priced a $400 million offering of 10-year notes that yield 5.564% in 2022.