Servicing

Bank of America lost $1.5 billion on its residential mortgage business in the second quarter with credit charges remaining high and loan production barely rising from the first quarter.

A few minutes after the Senate passed historic legislation to reform Wall Street, the Securities and Exchange Commission announced that Goldman Sachs had agreed to a record $550 million settlement of civil charges that the firm misled clients that lost $1 billion on a subprime CDO known as ABACUS.

Today’s way of managing the REO sales process is still built around the same technology system that was in place two decades ago, which creates inefficiencies that prevent offers from going through, according to industry insiders.

What are the best options available to lenders to deal with today's ever-changing loan volumes while maintaining loan performance?

FBR Capital Markets is recommending investors be "more aggressive" on private mortgage insurers ahead of their second quarter earnings reports.

The average rate for a 30-year fixed rate mortgage during the week ended July 15 matched the previous week's record low of 4.57%, according to Freddie Mac's Primary Mortgage Market Survey.

Borrowers giving up their homes through short sales face pressure to pay fees under the table; potential ripple effects of a Fannie Mae/Freddie Mac name change.

Midyear foreclosure numbers are on pace to exceed 3 million properties by the end of the 2010, and more than 1 million REOs. These are the latest findings from the Irvine, Calif.-based tracking service RealtyTrac, which says a total of 1.96 million foreclosure filings were reported on 1.65 million U.S. properties in the first six months of 2010.

JPMorgan Chase saw its mortgage banking related income spike by almost 200% in the second quarter to $364 million but is forecasting delinquency related losses of at least $1.8 billion for the next few quarters.

JPMorgan Chase CEO Jamie Dimon said his company was one of "many" broker/dealers that received a subpoena from the Federal Housing Finance Agency which recently launched an inquiry into private label securities purchased by Fannie Mae and Freddie Mac.