Servicing

A new coalition of faith-based and community organizing groups is calling on the state attorneys general to "stand firm" in their negotiations with the major banks and require principal reductions on underwater mortgages as part of any settlement.

National home values experienced the smallest decline from the first quarter to the second quarter in more than four years, decreasing only 0.4%, according to a Zillow Inc. real estate market report.

GMAC Mortgage and the state of Maryland are working on a web portal that will exchange foreclosure mediation documents electronically.

To attract private capital into neighborhoods that are recovering from foreclosure, the Department of Housing and Urban Development has launched a Web-based tool that displays the location of all foreclosed properties owned by Fannie Mae, Freddie Mac and the Federal Housing Administration.

A.M Best Co., Oldwick, N.J., has cut its financial strength ratings to "A" from "A+" and issuer credit ratings to "a-" from "aa+" of the property/casualty units of Old Republic International Corp., Chicago, in large part because of the problems the parent company is having with Republic Mortgage Insurance Co.

West Coast foreclosure activity continued to fall in July compared to the previous month, according to the latest report from ForeclosureRadar.

Tom Millon and Capital Markets Cooperative, a secondary marketing specialist based in North Florida, are in an enviable position: they have $100 million of Wilbur Ross' money and aim to spend it—though they are in no rush to do so.

GCC Servicing Systems, a provider of mortgage servicing technology and solutions for banks, mortgage companies and credit unions, has launched its customer service resolution module through its G/Serv platform to assist lenders with the management and tracking of customer disputes.

DJM Realty has been retained to manage the disposition of all the remaining Borders Group and Waldenbooks real estate throughout the country.

Flagstar Bancorp, Troy, Mich., is selling 22 retail banking branches in Indiana to First Financial Bancorp, Cincinnati, for a 7% premium on $328 million in deposits. The deal should result in a one-time gain of $23 million.