Servicing

First the good news: the yield on the benchmark 10-year Treasury hit yet another new low Wednesday afternoon, but many mortgage-related stocks experienced losses ranging from 2% to 8% in a morning selloff.

Mortgage servicers slowed the pace of proprietary loan modifications in the second quarter while HAMP loan restructurings remained steady.

After two straight months of single-digit bank closures nationwide, there were 13 more banks that shut down in July, according to Trepp LLC.

Researchers at some firms were recommending overweighting agency MBS Wednesday morning, saying relative yield advantages and the likelihood of continued tight underwriting could outweigh negative convexity concerns as more market turbulence continued to drive rates lower.

Fitch late Tuesday downgraded its ratings on Republic Mortgage Insurance and then withdrew entirely its coverage of the firm, saying its business likely will enter run-off status in the near future.

Stewart Lender Services, a subsidiary of Stewart Title Co., has created a boutique asset management and disposition solution model that offers REO services for community banks.

Farmer Mac reported net income of $5 million in the second quarter, more than double the $2 million net profit recorded the same period last year, as it saw increased net interest income earned on a higher level of business volume plus releases from its allowance for loan losses.

Spurs Capital is coming to market with two small loan pools: a $25 million package of performing/sub-performing product, and $20 million worth of nonperforming mortgages.

RealtyTrac has launched a new Web-based foreclosure data search and download tool that creates lists of default, auction and REO records.

The Obama administration is seeking ideas from market participants on how Fannie Mae, Freddie Mac and FHA can employ bulk sales of foreclosed homes, turning these units into rentals that will help stabilize local housing markets.