Servicing

According to a Government Accountability Office report, while banks "are not properly maintaining" the growing number of vacant and foreclosed properties nationwide, resources required to demolish the large number of long-term vacant properties have exceeded local budgets.

JCF Real Estate has been named the court-appointed receiver on seven additional Illinois properties during the third quarter.

Citigroup Inc. has started job cuts this quarter that will affect nearly 4,500 people, chief executive Vikram Pandit said on Tuesday.

REH Capital Partners and the Algon Group have formed a strategic alliance to handle large complex restructurings for distressed hospitality industry stakeholders.

U.S. Bankruptcy Court has ordered Mercer Rug Cleansing to sell its four real estate and business assets through auction.

Agency prepayment speeds came in line with expectations in the 30-year sector, where they were up 3% from the previous month, according to Credit Suisse's fixed income research report Wednesday.

Even though foreclosures and distressed properties will remain a significant part of the home sales market in Florida next year, plus the macro economic headwinds, economists cited by the state's Realtors said the market is in "a mini-recovery."

Servicers refinanced more than 85,000 high LTV loans under the Home Affordable Refinancing Program in the third quarter, up nearly 11% from the prior period, according to new figures compiled by the Federal Housing Finance Agency.

Application volume increased by 12.8% on a seasonally adjusted basis for the week ended Dec. 2, as rates fell to their lowest levels in two months.

The Attorneys General of California and Nevada are combining their investigative forces to combat misconduct and fraud within the mortgage industry against state homeowners.