Servicing

When Residential Capital Corp. filed for bankruptcy protection earlier this week it left behind a trail of unsecured creditors with claims totaling well over $1 billion, according to court documents.

Under the program, which was tested in the Sunshine State last year, B of A will offer to pay delinquent mortgage customers up to $30,000 to help with relocation expenses after completing a qualified short sale.

The Federal Housing Administration—which holds title to 700,000 seriously delinquent mortgages—plans to ramp up its single-family nonperforming loan sale efforts, according to housing commissioner Carol Galante.

An answer to why people hold their job in the mortgage marketplace or elsewhere does not come by so easily. Do people work simply to survive, or because it’s enjoyable and meaningful? The world of work is in a state of transition. It is now facing a new direction.

Loan origination system vendor Mortgage Builder announced that it will acquire GCC Servicing Systems, the mortgage technology vendor it was spun off from in 1998.

Zillow Inc. is intensifying its efforts to create an untraditional media model that expands through strategic acquisitions.

A 21% year-over-year decline in the inventory of homes listed for sale by mid-May indicates many metro areas hardest hit by price declines may be recovering.

Real estate auction veterans Michael Fine and Alan Kravets formed Hilco Real Estate Auctions, which will provide buyers and sellers with transparent sale methodologies for conducting real estate transactions.

REO assets represented one-third of the overall CMBS delinquency rate in April, reaching $11.1 billion in scheduled loan balance.

Here's a pop quiz for mortgage professionals everywhere: name a foreign bank that successfully bought a U.S. mortgage banking operation—or grew one from scratch—and actually did well with it.