Servicing

Differences between vacant and occupied properties tend to be striking. The foreclosure law, however, is the same. And that, insiders say, is a huge problem with short- and long-term consequences.

The Private National Mortgage Acceptance Corp. plans to make a big splash in warehouse lending and late this week unveiled who will lead the effort -- Paul Szymanski, once a top warehouse executive at the number one player in that niche: Bank of America.

Glen A. Messina is the new chief operating officer at PHH Corp., Mount Laurel, N.J., where he will oversee, among other things, the operations of PHH Mortgage.

The precedent set by the recent Bank of America MBS settlement raises concerns for smaller banks that might not be able to absorb large settlements as well.

Wells Fargo & Co. and Bank of America Corp. have agreed to hand off some of their foreclosed properties in Cuyahoga County, Ohio. The banks have joined others in working with the Cuyahoga County Land Reutilization Corp., donating vacant and foreclosed properties to the land bank that serves the county in Northeast Ohio encompassing Cleveland.

Residential lenders and investors no longer have to fear steep declines in home prices and mortgage credit should become more available later this year, according to a new report from Bank of America/Merrill Lynch.

Fitch expects that Bank of America's recent settlement of mortgage repurchase and servicing claims will "positively" affect the ratings of roughly 10% of Fitch-rated residential MBS that are part of the legacy trusts.

The Office of the Comptroller of the Currency is ordering all national banks to conduct in-house reviews of their foreclosure management practices and prepare reports for OCC examiners.

The U.S. Bankruptcy Court in New York has approved the reorganization plan of Innkeepers USA Trust, a real estate investment trust which filed for Chapter 11 protection in July 2010.

CoreLogic's April shadow inventory report revealed positive signs for a possible recovery in the housing industry.