Servicing

Federal Reserve chairman Ben Bernanke criticized policymakers Friday for the political wrangling over raising the country's debt limit, and warned that more such events could do even greater harm to the economy.

3Point Asset Management, Irvine, Calif., has hired Ron Millar as AVP in charge of sales and training.

Warren Buffett's $5 billion public vote of confidence in Bank of America, happily for him, does not require actual confidence. The terms of the legendary investor's deal, which grants Buffett's Berkshire Hathaway Inc. $5 billion in perpetual preferred stock and warrants to buy B of A stock at just over $7 a share, include no lockup period.

Not only are residential loan applications booming, but nonbanks increasingly are tapping their warehouse providers for additional credit.

Senator Barbara Boxer, D-Calif., is pressing the GSE regulator to adopt several changes to the Home Affordable Refinancing Program, allowing Fannie Mae and Freddie Mac to refinance more underwater borrowers.

Freddie Mac purchased $21.7 billion of mortgages from its seller/servicers in July, its worst acquisition month of the year and only about half of what it bought in January.

Brennan Investment Group LLC, a Chicago-based private real estate investment firm, has formed a joint venture with TriGate Capital LLC, Dallas, to purchase industrial properties across the nation.

The Mortgage Bankers Association is being inundated by member complaints about the Federal Housing Administration's policy decision to extend the forbearance period for unemployed homeowners to 12 months.

Home prices rose just under 1% in June after a 0.4% increase in May, according to new figures compiled by the Federal Housing Finance Agency.

Bank of America Corp.'s share price spiked 17% Thursday morning on news that Warren Buffet's Berkshire Hathaway is investing $5 billion in the company.