Servicing

As state and federal officials struggle to reach a global settlement with the largest mortgage servicers over problems in the foreclosure process, regulators have grown frustrated with the lack of leadership on their side, saying no one is making an effort to corral the multitude of agencies involved.

A powerful Republican congressman late Thursday introduced a GSE reform bill that would push Fannie Mae and Freddie Mac out of conservatorship after two years and fully privatize them at the end of five.

There is little dispute that the financial crisis was partly the result of fundamental flaws in the housing finance market. The consequences of those flaws, and the losses Fannie Mae and Freddie Mac have inflicted on taxpayers, make clear that we must build a healthier, more stable market that will work better for American families and our nation’s economy.

The FDIC sued three top executives of Washington Mutual, alleging their actions in the bank's mortgage lending operations helped cause the biggest failure in U.S. history.

Local investors are having a significant difference in improving the residential housing market, according to Econohomes' new 2010-11 Real Estate Investor Report.

The average Freddie Mac survey rate for a 30-year mortgage dropped 12 basis points to 4.76% during the week ending March 17 in response to downward pressure on bond yields stemming from the Japanese crisis.

With reports showing that mortgage costs are starting to increase and foreclosures are beginning to decline in several states across the country, ForeclosureDeals.com said now could be the best time for homebuyers to save money on foreclosed properties.

The backlash against an aggressive mortgage servicing settlement reached new heights on Wednesday as two state attorneys general vocally opposed the proposed deal.

Servicer and technology provider Reverse Mortgage Solutions Inc. is expanding into correspondent and retail originations in its niche with hires that include a team that formerly worked for Bank of America before its exit from the business, a spokesman told this publication.

While change at the top of the Mortgage Bankers Association was expected eventually, the trade group's board didn't think it would happen this quickly.