Servicing

Distinctive features related to principal forgiveness in an unusual modification program Ocwen recently started could improve efforts made to resolve underwater loans in securitizations, according to a Moody's Investors Service report Monday.

Mortgage fraud continued at elevated levels in fiscal year 2010 and the Federal Bureau of Investigation continues to "dedicate significant resources to the threat," the agency says in its FY 2010 Mortgage Fraud Report.

Ellie Mae, Pleasanton, Calif., has acquired Del Mar DataTrac Inc., San Diego, for $17.2 million cash at closing, and future cash payments of $3 million, $3 million and $2 million to be paid over the next three years.

Nearly three-quarters of commercial banks surveyed by the Federal Reserve Board cited the lack of demand for single-family loans by creditworthy borrowers as the major factor for the slow pace of mortgage lending.

More homeowners say they are under water on their mortgage and more Americans are pessimistic about house prices, according to a quarterly consumer survey by Fannie Mae.

Standard & Poor's Mexican RMBS index suggests improvement could be relatively slow for the remainder of the year due to global economic concerns.

U.S. subprime credit default swap prices recovered in July after being adversely affected in June by the so-called Maiden Lane auctions and the problem looks unlikely to recur, according to Fitch Solutions' index.

Moody's Investors Service's index of cumulative defaults for Spanish residential mortgage-backed securities rose to 1.98% of the original balance in June compared to 1.89% in March.

Oak Grove Capital has originated a $59.5 million Fannie Mae bond credit enhancement loan for the acquisition and renovation of 694 affordable housing units on the Southside of Chicago.

The CEO of Synergy One Federal Credit Union, whose branches are located in Prince William County, Va., said the institution's pending acquisition by Apple Federal Credit Union, Fairfax, Va., is being caused by how the economy is affecting the area's housing market.