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The good news benefited the Dow Jones Industrial Average and the Mortgage Industry Equity Composite.

The homeowners association is suing the builder, complicating the deal.

Excessive construction lending by banks and thrifts during the housing boom led to many failures and losses to the Federal Deposit Insurance Corp.

Participants at the National Mortgage News roundtable in New York see a few years of healthy activity left for the distressed mortgage market despite the slowdown in foreclosures and shadow inventory.

Unlike the previous transactions, the latest deal is backed by loans to borrowers that have missed payments in the last 12 months.

New Yorkers for Responsible Lending is calling on Gov. Andrew Cuomo to sign a bill which would amend state law which its supporters claim will move homeowners in danger of foreclosure into court-mandated mediation much quicker by making lenders file certification of the legitimacy of the foreclosure action on a more timely basis.

Two $1 billion losses affecting private-label residential mortgage-backed securities that were taken due to a change in reporting methodologies as loans with principal forbearance changed hands may be the worst of these types of losses.

A former bank executive faces two years in prison and a $2.4 million restitution payment after pleading guilty to one count of misapplication of bank funds.

PennyMac Mortgage Investment Trust has agreed to purchase nonperforming residential mortgages and property acquired in settlement of loans with an unpaid principal balance of $140 million from Citigroup Global Markets Realty Corp.