Servicing

Although Congress and the White House are betting that in time the private sector will fill the void created by a diminished Fannie Mae and Freddie Mac, a new report from Standard & Poor's predicts that any recovery in the private label market is still years away.

While investors believe they will be able to outbid first-time buyers in the "rush" to snap up houses at today's bargain-basement prices, a large majority apparently plan to use a combination of cash and credit to purchase properties as they build their inventories.

After his criticism last month of Republican bills to unwind Fannie Mae and Freddie Mac, the regulator of the two government-sponsored enterprises made clear Wednesday he does not believe the latest round of bills is much better.

Utah Attorney General Mark Shurtleff is claiming that Bank of America’s foreclosure unit Recontrust is conducting illegal activity within the state.

The GSE regulator is looking at selling off modified loans that Fannie Mae and Freddie Mac are holding in their giant mortgage portfolios.

Banco Popular de Puerto Rico, the principal banking subsidiary of Popular Inc., has terminated negotiations regarding the sale of a portfolio of nonperforming construction and commercial real estate loans.

Carrington Property Services, a national asset and property management company, has increased its ability to manage and rent single-family residential homes that are owned by financial institutions.

Starting on June 1, Kornfeld Cos. will contribute its property management and leasing portfolio to Gart Properties as part of a business merger.

GA Keen Realty Advisors has been retained to assist in the marketing and disposition of 70 leased properties across 21 states operated by Metropark—a high-end clothing company that filed for bankruptcy this month.

Sidus Financial, a nonbank mortgage firm that is at least 11 years old, is pulling the plug on its wholesale and correspondent lending division, according to correspondence provided to National Mortgage News.