Servicing

Holiday retail sales gave the NACM's Credit Managers' Index a boost to a high not seen since May, but it remained below year-ago levels as many companies, including some in the mortgage space, are still in distress.

Fitch said Thursday it sees little risk of a negative rating impact on CMBS from the closure of 100 to 120 unspecified Sears and Kmart stores across the U.S., but noted there is some exposure in the commercial mortgage-backed securities universe to the concern.

Consumers are having a tough time qualifying for a mortgage these days, and even a federal program designed to provide financing for low- and moderate-income borrowers is winnowing out applicants with low credit scores.

Despite the hand-wringing and nail-biting, the Consumer Financial Protection Bureau made it through 2011 without any major confrontation with the banking industry.

The FDIC, which has seen nearly 100 banks fail during 2011, is projecting that figure may rise again in 2012.

A Rhode Island mortgage loan processor with National City Mortgage Co. has pleaded guilty to participating in a straw-borrowing scheme that brought in more than $3.5 million in fraudulently obtained mortgages.

A fourth quarter ranking of the best single-family rental markets for investment indicates half of the top 10 areas can be found in the Sunshine State.

Anworth Mortgage Asset Corp., Santa Monica, Calif., on Wednesday increased the conversion rate of its 6.25% series B cumulative convertible preferred stock to 3.6714 shares of its common stock from 3.6075 shares.

The Federal Housing Administration has suspended its anti-flipping rules for another year to facilitate the financing and sales of newly renovated foreclosed properties.

Watt Cos., a real estate asset management services business, recently created a new acquisition division to take advantage of opportunities in the Western region of the nation.