Servicing

The Government National Mortgage Association is doubling its net worth requirements for multifamily issuers to $1 million as well as imposing new capital and liquidity standards on firms.

Wells Fargo & Co. recently sold $243 million of nonperforming residential mortgages and Citigroup unloaded $138 million of product, according to investors and brokers who play in that space.

The Mortgage Bankers Associations said it has created a new task force to study the issue of mortgage servicing rights and make recommendations about the future of the business.

An increase in monthly commercial mortgage-backed securities delinquencies in Fitch’s latest report adds to evidence suggesting that improvements in late payments seen in October were due primary to the influence of an extraordinary loan resolution.

Bank of America has directed its foreclosure attorneys to proceed with 16,000 foreclosure cases after a two-month hiatus where it took steps to ensure that cases were being processed correctly.

It may sound like common sense but clear communication can go a long way when dealing with wrongful foreclosures.Servicers today are already overwhelmed with distressed loans and validating additional information is almost impossible.

Almost half of consumers with a mortgage say they would consider walking away from the property if the loan was under water, according to a new survey conducted by RealtyTrac and Trulia.com.

Joseph Smith, the White House nominee to be the new GSE regulator, is getting dragged into the fight over whether Fannie Mae and Freddie Mac should participate in a principal reduction program managed by the Federal Housing Administration.

Moody's Investors Service said it took ratings action on $7.1 billion of payment option ARM MBS issued by GreenPoint Mortgage Funding Trust from 2005 to 2007.

Nonperforming commercial/multifamily whole loans trades are evolving as the market becomes more active, according to two executives at local New York/New Jersey specialist Helios Capital.