Servicing

Chicago is the latest city to pass a resolution to hold hearings on whether to use eminent domain to seize underwater mortgages from private investors.

In total, more than $10 million in fraudulent mortgages on more than 40 properties were obtained during the conspiracy.

Gordon Smith, who was just named co-CEO of consumer and community banking at JPMorgan Chase & Co., will assume responsibility for the megabank’s mortgage banking operations in early 2013.

Several large and regional banks have disclosed what their capital ratios would look like if Basel III were in effect now and early results show that First Horizon National, Huntington Bancshares, SunTrust Banks and TCF Financial would take the biggest capital hits if they do not take steps to change their asset mix.

Distressed homeowners have received only 10% of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program.

The Census Bureau reported that 1.6 homes vacant homes were listed for sale as of June 30, down 3% from the first quarter and 18.6% from a year ago.

The minimum bid for the Bourbon Street property is $105 million and the asset will be sold to the highest bidder.

The $8.8 million Class M of series 2002-CIBC5 was downgraded primarily because the New York-based ratings agency believes a former A&P grocery-anchored retail center will continue to see negative results in the future.

On July 17, an indictment was issued in New Jersey charging 11 individuals from five states a for their alleged roles in a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos, including a defendant who attempted to murder a witness to the scheme.

Lender Processing Services found that overall 7.14% of mortgages were in arrears as of June and estimates that its figures encompass 70% of the overall market.