Servicing

The Senate overwhelmingly passed a bill Thursday to extend the Terrorism Risk Insurance Act, as divisions over a competing measure continue to stymie House leaders.

Nearly five years after Bank of America dumped the Mortgage Servicing Package for technology it obtained in its acquisition of Countrywide, a forlorn Black Knight Financial Services is trying to win back the country's third-largest servicer.

MGIC Investment in Milwaukee reported a nearly fourfold jump in income for the second quarter driven primarily by lower incurred losses as new insurance increased.

Ocwen Financial has created a community advisory council to address the needs of distressed borrowers amid regulatory scrutiny of the mortgage servicer.

Carrington and Selene will take over from Bank of America as subservicers of this storied portfolio, which has atrophied from $26 billion to less than $6 billion.

American International Group will get at least $650 million in a settlement with Bank of America Corp. as the second-biggest U.S. bank seeks to end liability for faulty mortgages.

The bank has "one more sale to wrap up this quarter," its chief financial officer says.

Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.

With mounting indicators clearly showing that the so-called housing recovery was just an illusion, and many housing industry pundits who formerly touted the validity of said recovery now recanting their views, there should be no doubt that we are headed for another/further housing downturn.

Ocwen Financial has repurchased approximately $72.3 million in stock from WL Ross & Co., a private-equity firm in New York.