Servicing

A Cleveland company that offered to help homeowners avoid foreclosure on their homes has been sued by the Ohio Attorney General's office for failing to live up to its promises of debt relief.

John Dickinson may have been more eloquent when he wrote the “Liberty Song” in 1768. But David Stevens, the new president and chief executive of the Mortgage Bankers Association, emphasized the same point at the group's annual Secondary Market Conference in New York.

Triad Guaranty Inc., the Winston-Salem, N.C.-based mortgage insurer currently liquidating its insured portfolio, lost nearly $5 million in the first quarter, ending a string of three consecutive quarters reporting a net profit.

In two years mortgage banking firms will need a minimum net worth of $2.5 million to be GSE seller/servicers, a mandate this is beginning to drive merger and acquisition activity.

Two members of the House Financial Services Committee late Thursday introduced GSE reform legislation that would create new entities to issue government-guaranteed MBS.

President Barack Obama wants banks to step up their efforts to help struggling borrowers stay in their homes by offering principal reductions, extending short-term modifications, and lengthening existing mods.

he RealtyTrac April 2011 U.S. Foreclosure Market Report finds foreclosure filings dropped 9% compared to March and 34% from April 2010, largely due to delays in foreclosure processing.The April decline marks the seventh straight month the total number of default notices, scheduled auctions and bank repossessions decreased year-over-year down to a 40-month low.

Fewer Americans believe that borrowers who are not making their monthly mortgage payments are strategic defaulters, the most recent Chicago Booth/Kellogg School Financial Trust Index survey found.

The Prestwick Mortgage Group is offering a $172 million package of mortgage servicing rights tied to Fannie Mae loans originated in New Jersey.

Radian Guaranty Inc.'s primary delinquent loan inventory decreased by 1,876 loans in April, but the number of new delinquencies outpaced the number of cures reported by 1,244 loans.