Servicing

The Federal Housing Finance Agency has ordered Fannie Mae and Freddie Mac not to pursue any deficiency judgments against members of the military if they are forced to short sale their home and if the mortgagor is required to move as part of their duty.

Mortgage cases are shifting to become more fact-intensive, rather than legal-intensive, meaning investors’ attorneys need witnesses to explain the circumstances in a case.

A 2006 commercial mortgage-backed security deal collateralized by two very different properties in Hawaii and New York, respectively, has ended up affected by stressors that have increased its Fitch loss expectations and caused the rating agency to downgrade one investment grade class.

Sales of single-family homes, condominiums and cooperatives fell to a 4.55 million seasonally adjusted annual rate in May from a 4.62 million rate in April.

Fannie Mae and Freddie Mac multifamily mortgage originations and mortgage debt outstanding will continue to show strong growth over the next 18 to 24 months.

To correspondent mortgage sellers and loan brokers, the ‘coincidental’ move by certain megabanks to only refinance FHA Streamlines that they are already servicing is a way to lock them out of the business.

Fitch Ratings has raised its ratings outlook for First American Financial and its subsidiaries to “positive” from “stable” because of the nation’s second largest title insurer’s capitalization, profitability and moderate financial leverage.

The weak economy throughout the state of Florida is affecting the bond financing of multifamily projects.

The public relations department of JPMorgan Chase has finally made up its mind: the megabank will only engage in FHA Streamline refinancings on loans that it presently services.

Suzanne Hutchinson will retire at the end of the year from her post as executive vice president of the Mortgage Insurance Cos. of America.