Servicing

A pair of rulings from federal bankruptcy judges last week is adding a new wrinkle to the role of MERSCorp Inc. in state foreclosure proceedings.

The PMI Group, Walnut Creek, Calif., posted a $184 million loss in the fourth quarter, compared to $242 million of red ink spilled in the same period a year earlier.

Saxon Infotech Inc. of Columbia, Md., has launched a Housing Research Group, whose stated goal is to help identify the need for advocacy and new policy that would “address and solve current issues and curb future crisis.”Executives said it is a “mission-critical” project.

The Federal Deposit Insurance Corp. plans to close its West Coast temporary satellite office in Irvine, Calif., by the beginning of next year due to improving conditions in the banking industry.

Annaly Capital Management, a mortgage investing REIT, on Tuesday priced a $1.3 billion additional offering of stock, its second trip to the equity well within two months.

Richard Northcutt, a California real estate executive, pleaded guilty in U.S. District Court in Sacramento, Calif., to a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County.

Freddie Mac on Monday said next week it expects to offer to the market via a dealer syndicate its first-ever offering of structured pass through certificates backed only by multifamily mortgages with seven-year original terms.

Mortgage bankers are expected to write $322 billion worth of FHA-backed loans in the coming fiscal year, according to updated budget projections made by the Department of Housing and Urban Development.

Kondaur Capital Corp., an active player in the nonperforming loan market, Monday slashed its staff by 39%, saying it is having a hard time finding enough available product to purchase.

A pickup in CMBS issuance is giving the market a much-needed liquidity boost, but underwriting standards are slipping as sponsors scramble to find enough collateral for deals, which are drawing investors looking for extra yields.