Servicing

A private securities market set up exclusively for prime mortgages can be developed and attract investors as Fannie Mae and Freddie Mac are phased out, according to three American Enterprise Institute fellows.

Kondaur Capital Corp., Orange, Calif., is the winning bidder on a 1,000 unit nonperforming mortgage portfolio auctioned off by the Department of Housing and Urban Development.

CoreLogic released a Web-based software for mortgage servicers to automate the decisioning and processing of loan modifications.

Fitch Ratings has downgraded 10 commercial mortgage-backed securities transactions to D, indicating the bonds have suffered principal writedowns.

Regulators and politicians alike believe covered bonds could help fill the void created when and if Fannie Mae and Freddie are dismantled, but right now one of the biggest stumbling blocks to the market moving forward is the Federal Deposit Insurance Corp.

Almost one out of every two homes sold in Orange County, Calif., during February was either a lender-owned home or a short sale, according to a new report released by the California Association of Realtors.

Four state attorneys general have sent a letter to Iowa AG Tom Miller objecting to provisions of the 27-page proposed settlement with the top five servicers.

Showhomes home staging, a nationally franchised network of home stagers, is working with bankers and asset managers to help them preserve foreclosed listings, minimize costs, reduce insurance exposure and sell homes for higher prices.

Despite monthly improvements in 2011, year-over-year new home sales are down 9%, according to results of the John Burns Real Estate Consulting monthly survey.In February, net sales increased by 26%, compared to a normal rise of 12% in January 2011.

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.