Servicing

PHH Corp., which saw its CEO depart a few weeks ago, late Thursday named Charles Pizzi, the former chairman of the Federal Reserve Bank of Philadelphia, to its board.

A new national refinancing program unveiled by President Obama earlier in the week will rely on the Federal Housing Administration to refinance private and GSE mortgages, according to a report from Federal Financial Analytics in Washington.

Trapped between conflicting requirements that indicate collapse and abolition prospects, the debate over the future status of Fannie Mae and Freddie Mac is emerging as one of the year’s biggest concerns for insiders and academics.

Old Republic International Corp.'s mortgage guaranty business lost $163 million for the fourth quarter and $678 million for the year, 48% worse and 160% worse than the same periods one year ago, as claims costs intensified throughout the year.

JPMorgan Chase CEO Jamie Dimon said President Obama's decision to expand investigations into home lending and sales of MBS could stop settlement talks with the states over foreclosure practices.

Despite lingering challenges real estate agents and lenders currently face when selling foreclosed and bank owned properties, these homes continue to make up a high percentage of all sales nationwide through the third quarter of 2011 even though it's lower than the previous quarter.

Vacant property registration ordinances were created to help protect vacant and abandoned homes from neglect and prevent them from becoming nuisances. Local municipalities use them to collect current and accurate contact information about the lien holder of record, allowing officials to issue prompt notification when a code violation occurs.

President Obama's decision to create a new task force to investigate risky lending and securitization practices leading up to the financial crisis could complicate and delay a potential $25 billion settlement involving foreclosure and servicing abuses.

To help "stabilize housing markets" over the next five years Wells Fargo will invest $10.5 billion in Los Angeles and $1.3 billion in Atlanta through an initiative that aims to expedite bank-owned property sales and foreclosure prevention options.

Mountain Real Estate Capital ended fiscal year 2011 by closing on two bank note acquisitions of approximately 150 performing and nonperforming loans that totaled over $100 million.