Servicing

Citigroup's $285 million settlement with the Securities and Exchange Commission over a nonprime MBS investment was rejected Monday by a federal judge who said he hadn't been given enough facts to approve it.

Default management vendor ServiceLink, Pittsburgh, on Tuesday named Chris Azur as its new president.

United Guaranty Inc. has decided to increase its participation in the newly revised Home Affordable Refinancing Program, issuing new guidance to servicers of Fannie Mae and Freddie Mac loans.

Fannie Mae in early November cut 160 full-time workers, including a handful of vice presidents, including one with almost 30 years of service.

Kirchmeyer & Associates Inc., a Buffalo, N.Y.-based appraisal management company, is now offering its clients collateral valuation insurance which protects them against default losses including repurchase expenses. Eligible loan types include first and second mortgages as well as home equity lines of credit.

New optimism about the possibility of plans to address Europe's fiscal concerns boosted most industry stock values.

Quicken Loans says it is waiting for mortgage insurance companies to issue guidance before it starts refinancing GSE loans with existing MI policies under the new Home Affordable Refinance Program.

Mortgage balances on consumer credit reports dropped by about $114 billion or 1.3% during the third quarter, according to the Federal Reserve Bank of New York's latest report on household debt and credit.

The Attorney General of Arizona has filed a complaint against Mortgage Capital USA and its CEO, Gustavo Anaya, for allegedly conducting an illegal home loan modification scheme involving multiple business entities.

DebtX is currently selling $416 million in performing and nonperforming loans for 14 financial institutions and the Department of Housing and Urban Development.