Servicing

Massachusetts on Thursday sued the nation's five largest residential servicers, alleging their foreclosure practices were unlawful and deceptive.

PHH Corp., Mt. Laurel, N.J., plans to sell $250 million of unsecured debt, using the proceeds to pay off an equal amount of debt that comes due next April.

The Federal Housing Administration is considering raising insurance premiums on loans above $625,500, according to HUD secretary Shaun Donovan.

The Prestwick Mortgage Group, Alexandria, Va., is brokering a $40 million package of Freddie Mac servicing rights for a community bank based in Florida.

Treasury Secretary Tim Geithner late this week had a message for those hoping to water down last year's financial regulatory overhaul — it's not going to happen.

The Federal Housing Administration endorsed $15.7 billion of single-family loans in October, a 3% decline from the previous month, according to new figures released Thursday morning.

Freddie Mac is suspending all evictions involving foreclosed owner-occupied single family and multifamily units during the upcoming holiday season.

Fannie Mae and Freddie Mac spent roughly $640,000 this fall to send 100 of their employees to the annual convention of the Mortgage Bankers Association in Chicago, a decision their regulator defended amid criticism from GSE critic, Rep. Randy Neugebauer, R-Texas.

Fannie Mae acquired $58.4 billion of mortgages from its seller/servicers in October, its best purchase month since January and a sign that low rates are starting to spur new activity in the primary market.

With over two million vacant properties throughout the country available for a prospective buyer to purchase, it is important for financial institutions to distinguish their distressed homes from the competition in order to remove these assets from the market in an efficient amount of time.