Servicing

American Enterprise Institute resident fellow Ed Pinto—known for his harsh views on government intervention in housing—proposes targeted modifications for severely underwater borrowers who are current.

On July 17, a 26-count indictment was unsealed charging Eliseo Jara Jr., Sergio Jara, Antonio Perez Marcial, Lucia Yolanda Chavez, Arlene Jeanette Jara, Candace Shantel Gonzales, Joseph Shawn Chavez Jr., Melissa Rochelle Jara and Ricardo Fabian Salinas in a mortgage fraud conspiracy. The indictment was returned on July 12 by a federal grand jury in Fresno and the defendants were arrested at their residences on July 17.

For mortgage servicers, Basel III is a chief concern because it caps how much MSRs can count toward core capital.

It appears the nation’s residential servicers are doing a better job of processing mortgage payments.

As we’ve reported before, private equity firms have been eyeing the mortgage market for the past two years – in particular MSRs. But here’s the catch: although there has been plenty of ‘talk,’ no household name PE firms (if there is such a thing) have taken the bait.

The Prestwick Mortgage Group is marketing a $58 million package of MSRs backed by mostly multifamily commercial mortgages held by private investors.

Orrstown Financial Services sold $28.6 million of nonperforming commercial loans to an unnamed outside investor.

An Oregon homeowner’s fight against Merscorp Holdings was revived after a state appellate court reversed a lower court’s decision to rule in favor of the owner of the Mortgage Electronic Registration Systems before the case went to trial.

The Federal Housing Administration will be selling 9,000 nonperforming single-family loans in September as part of its newly expanded note sale program.

U.S. Bancorp set record net earnings of $1.4 billion for the second quarter, up 18% from $1.2 billion in 2Q11.