Servicing

As I stated in my testimony in May before this subcommittee, the main purpose in addressing housing finance reform should be to promote the efficient provision of credit to finance mortgages for single-family and multifamily housing. Legislation is needed to restructure and strengthen our nation’s housing finance system and to resolve the enterprise conservatorships.

Buyers of foreclosed homes through courthouse auctions are finding interest from an unusual crop of clients: the original owners who are still living in the homes.

Fannie Mae and Freddie Mac saw their loan purchase market share – as a percentage of all originations – fall in the first-half of the year as the Government National Mortgage Association gained.

The Office of the Comptroller of the Currency has ordered seven of the nation's largest residential bank servicers to review their foreclosure processes in the wake of revelations by Ally Financial that it had cut corners when taking title to homes backed by delinquent mortgages.

Residential property manager Integrated Mortgage Solutions is now offering an end-to-end REO Broker Back Office solution.

The latest September remittance data according to Barclays show delinquencies of more than 60 days on commercial mortgage-backed securities have continued to climb.

A judge for the U.S. District Court for the Western District of Washington has issued an order that partially denies defendants’ motion to dismiss plaintiffs’ Securities Act claims in a mortgage-backed securities case.

The House of Representatives approved a continuing funding resolution early Thursday morning that extends the $729,750 maximum loan limit for Fannie Mae, Freddie Mac and Federal Housing Administration single-family loans until Sept. 30, 2011.

The document processing problems plaguing the mortgage servicing industry could cause some foreclosures to take up to 10 years, according to Mark Zandi, chief economist for Moody's.com.

JPMorgan Chase & Co. said Wednesday that it is halting 56,000 foreclosures in process, pending a review of whether employees properly signed and verified information in foreclosure documents.