Servicing

Although residential lenders are starting to ponder cutbacks in their ranks, not all mortgage-related firms are worried about their head counts. 3 Point Asset Management, Irvine, Calif., hopes to quadruple its workforce to 100 full-timers by yearend.

MountainView Servicing Group, Denver, is offering a forward bulk servicing package where the seller will deliver $25 million to $50 million a month of Government National Mortgage Association (I and II) MSRs.

The prospect of getting laid off has home shoppers wary of committing to a mortgage, and those that do want to buy a home are continuing to find it hard to get financing, according to a monthly survey of real estate agents by Credit Suisse.

David Tobin, principal of Mission Capital Advisors in New York, attended our recent Buying and Selling Distressed Mortgage Portfolios Conference and does not agree with those at the conference who said the gaps between bid and ask are too big in this sector.

Thirty-year conventional securitized mortgage prepayment speeds in June jumped by 16% from the previous month but they were close to 30% lower than year-ago levels, according to Credit Suisse.

A San Diego judge recently ruled that there is enough evidence for a former local police officer and his wife to stand trial on felony charges in connection with the trashing of their foreclosed French Valley home, which was financed by San Diego Metropolitan Credit Union.

Almost three years to the day of seizing IndyMac Bank, the Federal Deposit Insurance Corp. launched a civil action against its former CEO, saying he "negligently" allowed the thrift to keep making risky loans despite signs of market stress.

Unemployed borrowers with an FHA loan will not be required to make any full payments for at least 12 months – and possibly more – under a new HUD program unveiled Thursday morning.

Two separate MBS-related regulatory settlements involving hundreds of millions of dollars restitution to investors were seen late last month and the Securities and Exchange Commission indicated similar cases would remain a priority for it going forward.

Homeland Security Capital Corp., an Arlington, Va.-based publicly-traded company which buys homeland security-related businesses, has moved into the default/real estate owned sector with the purchase of Default Servicing LLC.