Servicing

It appears that rock bottom mortgage rates have yet to cure the housing industry's woes.

Nine major servicers regulated by the Office of the Comptroller of the Currency completed 180,000 foreclosure actions in the second quarter, but these firms are still managing roughly 1.3 million borrowers who are going through the foreclosure process.

Banks in Europe will try to unload roughly 15 billion euros ($20 billion) of loans secured by commercial real estate in Europe through 2012 as they comply with tighter capital regulations, according to Situs Companies, a debt advisor.

Bank of America ranked first among all warehouse providers in the second quarter with $12 billion of funding commitments, a 20% decline from a year ago, according to new figures compiled by National Mortgage News.

The executive who helped build one of the world's leading real estate investment platforms at Morgan Stanley has landed in Miami, where he will oversee one of the country's largest home builder's workout business.

A new report issued by the National Credit Union Administration blames the agency's Office of Corporate Credit Unions for failing to identify a high concentration of risky MBS at the now defunct Southwest Corporate Credit Union of Texas, a $12 billion institution.

Cascade Bancorp in Bend, Ore., has agreed to sell about $108 million of problem loans, generating $58 million in proceeds in an effort to remain well capitalized.

Boston Federal Reserve Bank president Eric Rosengren wants Fannie Mae and Freddie Mac to do more to refinance homeowners and address housing market problems.

With housing prices falling and the number of vacant properties on the rise, banks are under pressure from regulators to improve their loss mitigation success rates.

After the Obama administration recently requested lenders and servicers to propose alternative rental approaches for their REO properties, Green River Capital has made enhancements to its rental and property management program.