Servicing

California Attorney General Jerry Brown late Friday ordered the government-owned Ally Financial Inc. to stop foreclosing on homes in the state if it cannot prove immediately that it is complying with state law.

Moody's Investors Service on Friday placed GMAC's primary and special servicer quality ratings on review for possible downgrade, citing what it calls "irregularities" in the company's foreclosure process.

Charlotte, N.C.-based Mountain Real Estate Capital has closed its second REO/nonperforming loan acquisition from Bank of America in the last three months.

Freddie Mac reported a 17% jump in refinancing volume from July to August and another monthly decline in single-family delinquencies.

Foreclosure starts continue to accelerate with the GSEs displaying more aggressive timelines on early stage delinquencies.

The National Credit Union Administration is seeking bids on about $800 million of commercial mortgage-backed bonds collected from U.S. Central FCU and WesCorp FCU, the opening efforts on its bid to securitize as much as $50 billion in troubled mortgage securities held by failed corporate credit unions.

Fannie Mae is offering seller assistance incentives on its bank-owned properties listed on the company’s REO website, while expanding the initiative to offer an incentive to real estate agents and brokers.

As the national foreclosure prevention campaign and other efforts have begun to mature, loan modification fraud is becoming more defined, increasingly falling into two categories.

Evidence of sloppy mortgage servicing practices should come as no surprise to anyone who has paid attention to the industry during the foreclosure crisis.

Mortgage vulture fund investor Wilbur Ross has agreed to invest several million dollars in The Capital Markets Cooperative, taking a minority interest in the firm, which caters to both depositories and nonbank residential lenders.