Servicing

A California attorney and a telemarketing salesman were indicted for defrauding thousands of homeowners in a loan modification fraud scheme.

FirstService Residential Realty was named the vendor to manage the renovation, maintenance and rental management of 94 single-family homes in Chicago that was purchased by The Cogsville Group from Fannie Mae.

In August, 566 foreclosure deeds were finalized in Massachusetts, the lowest number for any month since February 2011.

The loan value for all commercial mortgage-backed securities was 85.9% in August 2011.

In May 2011, Nationstar filed an initial prospectus with the Securities and Exchange Commission, aiming to sell 20% of the company for $233 million.

Fitch has placed its servicer ratings on Ocwen and Homeward Residential on Ratings Watch Negative status.

Alan David Tikal is facing charges that he bilked more than 1,000 homeowners in a multi-state, multimillion-dollar mortgage scam.

Berkshire Hathaway’s interest in Residential Capital Corp. is beginning to waver, according to advisors and others close to the transaction.

Timothy Buzby has been promoted to president and chief executive of Farmer Mac, replacing Michael Gerber.

Independent mortgage servicers are poised for explosive growth as litigation, new capital rules and risk weighting push traditional banks out of the business, said Wilbur Ross.