Servicing

The state attorneys general have a secret weapon in their negotiations with the largest mortgage servicers: the results of a HUD investigation into the banks' robo-signing practices.

The Federal Housing Finance Agency late Friday filed a massive multi-billion civil suit against 17 firms that played a role in selling faulty subprime MBS to Fannie Mae and Freddie Mac – including the government owned Ally Financial and Fannie's biggest customer at one time, Countrywide Financial Corp.

MountainView Capital Holdings, Denver, said one of its investment funds was the winning bidder on a $282 million pool of residential loans auctioned off by the Federal Deposit Insurance Corp.

The percentage of HAMP modifications completed by mortgage servicers fell 10% in July from the prior month while the percentage of proprietary restructurings rose 11%, according to new government figures.

The delinquency rate on securitized multifamily mortgages fell 50 basis points in August, but the loans continue to be the worst performing property type in the commercial MBS market.

Mortgage companies cut 1,500 full-time employees from their payrolls in July, according to new government figures released Friday morning.

Field services provider Safeguard Properties has decided to open a second facility in Ohio to accommodate its overall business growth and expansion.

At the recent SourceMedia Loss Mitigation Conference in Dallas I sat down with industry experts for a chat on the latest in loss mit.

Although Bank of America – for now – is committed to staying in warehouse finance, it may exit that business as well.

Missing for nearly three years and thought to be possibly extinct in South Florida, the official bird of the housing boom – the construction crane – has been spotted again in downtown Miami.