Servicing

Thanks to the national foreclosure mess, it could take up to 40 months to clear a 1.5 million unit "shadow inventory" tied to non-agency delinquent mortgages, foreclosures and REOs, according to a new report from FitchRatings.

The U.S. homeownership rate remained unchanged at 66.9% in the third quarter, but the foreclosure crisis is hitting minorities harder than whites, according to new government figures released Tuesday morning.

Consumers with home equity loans or lines of credit saw increased mortgage delinquency throughout the recession, according to a new study from TransUnion.

PHH Corp., the nation's seventh largest mortgage banking firm, posted an $8 million loss in the third quarter, after marking down the fair value of its mortgage servicing portfolio by $191 million.

Based on September survey data, the mortgage industry completed close to 150,000 permanent loan modifications for the month, according to HOPE NOW.

Mortgage bankers originated $319 billion of Federal Housing Administration-backed single-family loans in fiscal 2010, a 12% decline from the previous record year.

Anworth Mortgage Asset Corp., a mortgage investing REIT, earned $22.9 million in the third quarter, just about flat from the second quarter.

The Securities and Exchange Commission wants publicly traded depositories to provide "clear and transparent" disclosures on the impact mortgage buyback and foreclosure reviews will have on their bottom line in future quarters.

Distressed loan investors in particular need to keep an eye on potential legal developments arising from recent foreclosure concerns because they could affect their rights one way or another.

Ambac Financial Group Inc., which wrote coverage on billions worth of subprime bonds during the housing boom, Monday morning warned that it may file for bankruptcy protection by yearend if it's unable to reach an accord with senior debt holders on a pre-packaged bankruptcy agreement.