Servicing

A leading credit union executive told the Senate Banking Committee this morning that ongoing proposals to wind down Fannie Mae and Freddie Mac and privatize the secondary mortgage market would harm credit unions and other community lenders to the detriment of millions of homebuyers.

Reinstating trust in the ratings process is key to growing investor interest, according to buyside participants in a panel at an asset-backed securities conference in Miami last week.

Although the nation's largest mortgage insurer, MGIC, continues to lose money, FBR Capital Markets Monday issued a report calling the firm a "buy," saying it is "relatively better positioned" than its peers.

Correspondent and mortgage broker loan product notably contributed to the recent prepayment surge in lower coupon securitizations, this time with a loan compensation rule-related twist, according to a Barclays Capital report.

An index report Monday showed U.S. commercial real estate prices overall rose for the fourth month in a row.

Foreclosure activity in Massachusetts followed a similar year-over-year trend in September as the prior 11 months: it went down.

Halifax Bank of Scotland is in the market with a new deal from its Permanent Master Trust program.

Metro Credit Union, of Chelsea, Mass., signed on with Boston Home Center to develop and enhance mortgage programs aimed at placing homeowners in sustainable mortgages.

The Federal Housing Finance Agency Monday morning unveiled long awaited changes to a White House refinancing program, waiving the LTV cap and certain origination fees on underwater Fannie Mae and Freddie Mac loans.

Arizona regulators this week seized control of the troubled mortgage insurance division of PMI Group, Walnut Creek, Calif., according to a notice posted on the company's website.