Servicing

Sales of existing homes fell in October to an annual rate of 4.43 million units, a small decline from the prior month, but a 26% plunge from the same month a year ago, according to new figures released by the National Association of Realtors.

Freddie Mac purchased $39.6 billion of mortgages from its seller/servicers in October, flat from the previous month, but a 23% jump from the same period a year ago.

The National Credit Union Administration is exploring legal remedies against firms that sold faulty mortgage backed securities that later played a key role in the failure of a handful of corporate CUs.

Freddie Mac is creating a new securitization option for lenders that originate "jumbo/super conforming" fixed-rate mortgages that have a maximum loan limit of up to $729,750.

Berkadia Commercial Mortgage is adding a fixed-rate loan for inclusion in new commercial mortgage-backed securities to the products offered through its national mortgage banking network.

The "shadow" inventory of homes that could reach market increased to 2.1 million units in August, an 11% jump from the same period a year ago, according to new figures provided by CoreLogic, Santa Ana.

Mortgage REIT PennyMac Investment Trust has inked a deal to sell $100 million of stock through Cantor Fitzgerald when it needs to raise equity.

Fannie Mae is auctioning off a $30 million pool of bulk real estate-owned properties, according to investors who have viewed the offering circular.

A new report on the failure of WesCorp Federal Credit Union concludes that the one-time $32 billion corporate CU had too much of its investments tied to a single real estate market — its home state of California — and one issuer, Countrywide.

Countrywide, the mortgage giant that's now part of Bank of America, routinely didn't bother to transfer essential documents for loans sold to investors, an employee testified.