Servicing

A private company has proposed inducing local governments in the "test" state of California to exercise their power of eminent domain to seize, not houses or property, but the underlying liens.

The delinquent loan inventory at Mortgage Guaranty Insurance Corp. fell by less than 1,000 loans during June, as there were 154,973 loans in the inventory at the start of the month and MGIC received 11,200 new notices of delinquency in June.

Freddie Mac’s primary market survey shows the average 30-year FRM rate fell to 3.56% during the week ending July 12 from its previous record low of 3.62% last week.

Colony Capital LLC is one of the winning bidders on a Fannie Mae REO sale sponsored by the Federal Housing Finance Agency, according to bidders and other sources familiar with the matter.

Last summer rumors were spreading that a private equity firm had amassed $1 billion in cash and was eyeing investments in mortgage banking firms. A year later it appears that no such deals were struck by the unnamed fund, but that hasn’t stopped the talk about PE firms still looking at the sector.

Foreclosure activity fell 8% in the second quarter from a year ago due to a decline in bank repossessions, according to RealtyTrac’s midyear foreclosure market report.

Homes sales and prices—along with construction activity—have improved over the past few months, but a true recovery in the housing sector is still far away due to tight mortgage credit.

REITs, including mortgage REITs, continue to offer more attractive yields to investors even though the pace of increases has slowed down.

The American Bankers Association has renewed its secondary market relationship with Freddie Mac.

Property preservation provider Mortgage Contracting Services has expanded its business operations by opening a new office in Louisiana.