Servicing

The Michigan Court of Appeals ruled that Mortgage Electronic Registration Systems Inc. is ineligible to use the state’s non-judicial foreclosure process, vacating the 2009 foreclosures of two borrowers.

Fitch Ratings has given the State of New York Mortgage Agency mortgage insurance fund's insurance accounts a negative outlook while at the same time affirming its ratings.

Fitch Ratings, New York, has downgraded 439 bonds in 244 residential mortgage-backed securities transactions to "Dsf." The rating agency explained that the downgraded bonds have all incurred a principal write-down.

Foreclosure activity in Florida dropped by 12% from March to April, according to ForclosureDataOnline.com.

Nearly half of the housing market nationwide was distressed properties and there has been a slowdown for owner-occupant activity in March, according to the latest monthly Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

For many people, the American dream consists of owning a home, living a prosperous life and raising a family. But the current economic climate has thwarted an individual’s plan to fulfill one major aspect in order to live this dream—owning a home.

Looking to acquire additional as well as different types of properties, Hilco Real Estate set up a new division called to originate, underwrite and acquire assets across a broad range of classes and all stages of financial and operational health, including those in workout, foreclosure and REO.

Flagstar Bancorp Inc. lost $32 million in the first quarter, an improvement over a $192 million loss in the fourth quarter 2010 and $82 million in the first quarter 2010. Company management cited four consecutive quarters of declining credit costs as one reason for the improvement.

The U.S. homeownership rate appeared to stabilize during the first quarter at 66.4%, down only 0.1 of a percentage point from the fourth quarter.

Mortgage application volume decreased by 5.6% on a seasonally adjusted basis for the week ended April 22 as the previous week's volume was boosted by consumers looking to beat the deadline for a Federal Housing Agency mortgage insurance premium increase, according to the Mortgage Bankers Association. The group added that the week's data was not adjusted to take Good Friday into account.