Servicing

The 'Great Recession' and housing bubble have taken their toll on U.S. home owners. According to government figures released Monday morning, the nation's overall home ownership rate fell to 66.5% in the fourth quarter, the lowest reading since 1998.

The U.S. Attorney General is investigating alleged violations of regulations that protect active-duty military personnel from high mortgage interest rates and foreclosures.

Fannie Mae purchased $87.6 billion of mortgages from its seller/servicers in December, its best purchase month of the year and yet another sign that loan production remained strong in the fourth quarter.

The Treasury Department has revamped its short sale program by easing income restrictions and documentation requirements for homeowners facing foreclosure. The changes are effective Tuesday, Feb. 1.

The Warren Group reports an increase in bankruptcy filings in 2010 compared to 2009 in Massachusetts and Connecticut, which ultimately reflect the region's unstable economic welfare and dissolves hopes for a fast path towards recovery.

Despite declines in the hardest-hit areas, according to the RealtyTrac 2010 Year-End Metropolitan Foreclosure Market Report, foreclosure activity increased from 2009. And the main culprit is unemployment.

Rep. Darrell Issa, R-Calif., and other Republican lawmakers Friday introduced legislation to end the Home Affordable Modification Program.

The Department of Housing and Urban Development on Friday officially suspended its anti-flipping rule for the rest of this year to facilitate the financing and sale of newly renovated foreclosed properties.

The concept of a “fee for services” model, including a flat cash payment, has been kicked around for the past 10 years, but is finally gaining traction as the mortgage industry and regulators look for a better way to compensate residential servicers.

Now that the President's first pick to be the new GSE regulator has bowed out due to Republican opposition, the White House will likely appoint an administration official who has already been confirmed by the Senate to run the agency.