Servicing

AG Mortgage Investment Trust Inc., New York, generated $13.2 million in GAAP net income, or $1.41 per share, during the third quarter -- its first reporting period after its initial public offering and private placement in July.

Home prices, on average, ended August at $205,000, an almost 4% drop from last year, according to new figures compiled by Lender Processing Services, Jacksonville, Fla.

Lawyers have opened a new front in mortgage securities litigation by suing BNY Mellon and U.S. Bank over an alleged failure to properly handle the storage and recordkeeping of mortgage documents. But observers and participants in more established mortgage repurchase litigation question whether suing over trust and document custody errors is a promising fight.

Federal Reserve Board Vice Chairman Janet Yellen said Friday the central bank will soon issue a long-awaited package of proposed rules implementing the Dodd-Frank Act.

It's a sign of the dismal state of the housing market that a combined $14 billion bailout in the third quarter for Fannie Mae and Freddie Mac no longer merits front-page headlines.

The Federal Housing Administration, which sold more than 102,000 government-owned homes in fiscal year 2011, expects to sell that many again in the new fiscal year.

The ever-optimistic National Association of Realtors believes the worst housing downturn since the Great Depression is almost over.

House and Senate conferees will not restore the $729,750 maximum loan limit on GSE-backed mortgages in high cost areas, sources told National Mortgage News this weekend -- but they have agreed to bump up the limit on Federal Housing Administration loans in lower cost areas.

Bank of America's residential servicing department Friday entered into a settlement with the Department of Justice to reimburse members of the military whose homes were foreclosed on while they were on active duty.

The Securities and Exchange Commission could hurt the housing recovery if it imposes tighter restrictions on real estate investment trusts that purchase and securitize mortgages, according to industry comments filed with the agency.