Servicing

The Goldman Sachs Group Inc. indicated its second quarter was a difficult one that included significantly lower results in mortgages, but it still was able to produce $1.85 diluted earnings per common share.

Carrington Mortgage Services this week received Ginnie Mae approval to issue single-family, government guaranteed mortgage-backed securities.

Sandler O'Neill & Partners Tuesday upgraded its ratings on Genworth Financial, calling the company a "buy" because its share price is declining as a result of its U.S. mortgage insurance business.

Default rates for first mortgages improved by 125 basis points in June over the same month last year, while for second mortgages, late payments were better by 101 basis points, according to the S&P/Experian Consumer Credit Default Indices.

The Department of Housing and Urban Development is once again cooperating with nonprofit credit counseling agencies to ensure its Emergency Homeowners Loan Program comes to the rescue of New York’s distressed homeowners at risk of foreclosure.

Shortcomings in the foreclosure processing practices that brought mortgage servicers’ business activity under the microscope are also bringing about new servicing performance assessment tools that are available for market testing.

While in the United States efforts to create more new-issue-rated RMBS are just starting to gain a little more momentum and the latest economic indicators at press time have not exactly been rosy, RMBS Down Under have been doing relatively well.

The National Credit Union Administration late Monday filed its third lawsuit alleging violations of federal and state laws related to misrepresentations in the sale of MBS to now defunct corporate credit unions.

Wells Fargo & Co., the nation's largest residential originator, funded $64 billion of new home loans in the second quarter, a 31% decline from 1Q and a sign that mortgage bankers are in for some tough sledding in the months ahead.

While the future of Fannie Mae and Freddie Mac remains uncertain, there are a number of things the two are doing to improve their operations and financial soundness, according to Patrick Lawler, chief economist and associate director of the Federal Housing Finance Agency.