Servicing

Mortgage bankers likely won't see any official proposals to revamp servicing compensation until late summer, Government National Mortgage Association president Ted Tozer said Friday morning.

Freddie Mac purchased $38.9 billion of home mortgages from its seller/servicers in February, a slight gain from January, according to figures released Friday morning.

A class-action lawsuit filed against CitiMortgage Inc. in New Jersey indicates a legal glitch may be enough to prolong for many years to come foreclosure suspensions on loans that are or may become part of a class lawsuit elsewhere in the country.

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.