Servicing

The U.S. homeownership rate fell by less than half-a-point in the second quarter to 65.9% as foreclosures accelerated and consumers put off buying homes because of fears about prices and the economy.

Ocwen Financial Corp. is again helping itself financially by cutting distressed homeowners an unusual break.The West Palm Beach, Fla., servicer has expanded a program offering shared appreciation loan modifications, in which the mortgage holder reduces a borrower’s principal in exchange for a percentage of future appreciation. The idea has been around for some time. Most servicers have failed to persuade the largest banks and investors to reduce principal because of the potential for fraud and moral hazard.

The Senate Banking Committee will hold a hearing next Thursday on the nomination of Richard Cordray to head the Consumer Financial Protection Bureau.

Bank of America over the past 10 days tried – and failed – to sell roughly $50 billion of 'legacy' mortgage servicing rights, according to servicing advisors familiar with the auction.

Let's skip ahead to Aug. 3. The debt ceiling hasn't moved an inch and the United States no longer enjoys a coveted triple-A credit rating. Now what?

Genworth Financial, which controls the nation’s fifth largest mortgage insurance firm, reported a net loss of $96 million in the second quarter, citing continued problems in the MI space.

Goldman Sachs & Co. and Citigroup Global Markets Inc. Thursday withdrew a CMBS transaction from the market, alleging an inability to get final ratings for it from a company that had promised them.

Ocwen Financial Corp. is again helping itself financially by cutting distressed homeowners an unusual break.

Old Republic International Corp., Chicago, warned Thursday that without an agreement from its regulator and the secondary market, that it could stop writing new mortgage insurance business at the end of August, and put the unit into run-off.

Chief executives from the country's largest banks sent a letter to the White House and Congress Thursday urging them to reach an agreement this week to raise the debt ceiling.