Servicing

Distressed homeowners have received only 10% of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program.

The Census Bureau reported that 1.6 homes vacant homes were listed for sale as of June 30, down 3% from the first quarter and 18.6% from a year ago.

The minimum bid for the Bourbon Street property is $105 million and the asset will be sold to the highest bidder.

The $8.8 million Class M of series 2002-CIBC5 was downgraded primarily because the New York-based ratings agency believes a former A&P grocery-anchored retail center will continue to see negative results in the future.

On July 17, an indictment was issued in New Jersey charging 11 individuals from five states a for their alleged roles in a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos, including a defendant who attempted to murder a witness to the scheme.

Lender Processing Services found that overall 7.14% of mortgages were in arrears as of June and estimates that its figures encompass 70% of the overall market.

A new Mortgage Industry Standards Maintenance Organization workgroup intends to create a universal loan document identification protocol that would be based on loan-specific data and enable any entity across the lending process to use a common formula to create or recreate the unique identifier.

Stewart Information Services Corp. saw its net earnings increase 319% from 2Q11, while First American Financial Corp. had its best title margins since 2005 as it earned $73 million, more than double the $32 million in 2Q11 profits.

EverBank Financial originated $2.7 billion of loans and leases in the second quarter, up 19% from the first quarter and 89% from the year ago.

In metropolitan cities that have at least 200,000 people, foreclosure activity increased in 125 out of 212 markets in the first half of this year compared to the prior six months.