Servicing

Bank of America is actively selling mortgage servicing rights and becoming more selective in placing MSRs on its books, company officials said Tuesday morning.

The residential finance division of Bank of America posted a stunning loss of $13 billion in the second quarter as delinquent mortgages, expected legal settlements and charges tied to 'reps and warranties' on loans sold into the secondary market hammered its performance.

If the economy remains sluggish and credit conditions remain tight, the homeownership rate could fall another one to two percentage points, according to a study funded by the Mortgage Bankers Association.

One Reverse Mortgage LLC, San Diego, has gotten the go-ahead from Ginnie Mae to securitize Federal Housing Administration Home Equity Conversion Mortgages.

FBR Capital Markets has initiated coverage of Walter Investment Management Corp., which is in the special servicing business, giving the company an "outperform" rating after it closed on its acquisition of Green Tree Credit Solutions LLC.

Default Resource has been selected to manage the REO disposition for United Bank, Barnesville, Ga.

California Governor Jerry Brown has signed SB 458 into law, preventing holders of second mortgages from pursuing a deficiency judgment on a borrower for unpaid debt after a short sale.

DRI Management Systems has released a new portal to the DRI Office default servicing management platform aimed at providing better communication between real estate brokers and servicer asset managers in real estate owned property dispositions.

Two congressmen from high cost housing states have introduced legislation to extend the maximum $729,750 loan limit on government-backed loans for another two years.

Two Harbors Investment Corp., a REIT with jumbo plans and an additional equity offering in the works, was one of the most actively traded stocks on the NYSE Friday afternoon.