Servicing

The House Financial Services Committee has approved a five-year extension of the National Flood Insurance Program by unanimous vote.

Consumers pulled $6 billion of equity out of their homes through cash-out refinancings in the first quarter, the lowest reading in 15 years, according to figures compiled by Freddie Mac.

The Prestwick Group is offering investors an opportunity to purchase up to $40 million a month in GNMA-related servicing rights through a “flow” offering.

Forcing Fannie Mae and Freddie Mac to reduce the principal on their delinquent loans would mitigate taxpayer losses, reduce foreclosures, and help stabilize home prices, according to Sen. Robert Menendez, D-N.J.

Farm Credit System lenders have finally won permission from their regulator to bid on the assets of failed banks.

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.