Servicing

Mortgage interest rates may be at historically low levels, but the housing industry is not helping the overall economic recovery in the U.S. With the secondary market all but dried up except for Freddie and Fannie, who together purchased over three-quarters of originations in 2011, getting a mortgage these days is near impossible—perfect borrowers need only apply.

The long-term rate-indicative 10-year Treasury yield has officially dropped to and matched its 52-week low of 1.7%.

As the housing industry continues to make a recovery from the most recent recession, the theme of this year’s show in Dallas was “shifting gears to build for the future.” Some popular topics that were talked about among session panelists and attendees were short sales, strategic defaults strategies and the REO-to-rental initiative.

A pair of real estate investment firms agreed to invest $22.5 million of equity to acquire and recapitalize PJ Finance Company, which filed for Chapter 11 bankruptcy protection in March 2011.

Investors who are interested in acquiring distressed properties are confident that there is an adequate supply of inventory available to choose from throughout the country, according to a survey by Information Management Network.

Let's assume that the recent downdraft in rates won't get any worse and then ask this very basic question: will those buying MSRs at today's rock bottom prices look like geniuses when the smoke finally clears?

In the first quarter of this year, servicers completed 200,000 foreclosures and 91,000 short sales, up from 81,000 short sales in the prior quarter.

Wells Fargo & Co. is in the market with a $200 million package of nonperforming residential loans, according to investors that have been briefed about the deal.

MGIC Investment Corp. has filed a lawsuit in Federal Court in Milwaukee against Freddie Mac and its conservator, the Federal Housing Finance Agency, over the pool insurance dispute between the two companies.

The former MetLife Home Loans branch in Omaha, Neb., has become part of Gateway Mortgage Group, Tulsa, Okla.