Servicing

With the likelihood of legislation to create a new housing finance system increasingly remote, the government should still take interim steps to transition away from a system built around Fannie Mae and Freddie Mac, industry representatives said Wednesday.

One tenet of real estate investing is that you never should sell a home in a down market. And one tenet of mortgage banking has always been that you don't sell servicing rights in a down market either.

Community bankers are pressing for a carve-out as lawmakers weigh whether to create national mortgage servicing standards.

Realtors are having trouble working with lenders during the short sale process, according to a California Association of Realtors survey.

MortgageKeeper Referral Services has developed a database that helps struggling borrowers improve their financial situations by connecting them to qualified nonprofit organizations and governmental agencies.

Atlanta real estate developer Shi Shailendra is facing several lawsuits in which he allegedly influenced five Georgia banks, four collapsed state banks, and 12 current and former senior banking executives to collude with him in a $100 million Ponzi scheme.

Webster Bank has provided a $15.5 million loan to PK Rumford LLC in order to help finance the redevelopment of a historic Rhode Island mill complex.

Lower mortgage rates, driven by the debt ceiling negotiations and bad economic news, led to a 7.1% increase in application volume the week ended July 29, according to the Mortgage Bankers Association. But, an economist with the group pointed out, refinance volume is still 30% lower than it was at this time last year.

To strengthen its position in the hospitality sector, the Lightstone Group has closed on a senior mortgage acquisition secured by the Holiday Inn Express Hotel & Suites Tower Center.

Home prices increased by just under 1% in June from the prior month, marking the third consecutive monthly increase, according to new figures compiled by CoreLogic, Santa Ana, Calif.