Servicing

Most Federal Reserve officials foresee a continued slow recovery in the housing market and some are optimistic the improvement may pleasantly surprise their fellow members on the Federal Open Market Committee.

Here's a fact you may not be aware of: properties governed by homeowner associations are the most rapidly growing form of housing in the U.S. today. Nearly 80% of new home construction is connected with an HOA or community association, according to the Community Associations Institute, the trade association representing HOAs.

Capital Trust, a real estate investment trust that invests in commercial real estate loans and securities, said it is exploring "strategic alternatives" for the New York-based company.

The Federal Housing Finance Agency—which recently established time limits for GSE servicers to respond to short sale offers—is now trying a expedite the negotiation process between various parties in such transactions.

Short sales outnumbered REO sales in 12 states in January, RealtyTrac said, indicating that lender-servicers have agreed to sell the home for less than what’s owed on the mortgage, therefore preventing a borrower from going through the foreclosure process which costs more than executing a short sale.

Beazer Homes USA formed a real estate investment trust called Beazer Pre-Owned Rental Homes to acquire, refurbish and lease recently constructed, previously owned single-family homes on a large scale in select markets throughout the country.

Mortgage delinquencies continued on their downward path in the first quarter with 7.4% of all loans considered past due, the lowest reading since the third quarter of 2008, according to new figures compiled by the Mortgage Bankers Association.

When Residential Capital Corp. filed for bankruptcy protection earlier this week it left behind a trail of unsecured creditors with claims totaling well over $1 billion, according to court documents.

Under the program, which was tested in the Sunshine State last year, B of A will offer to pay delinquent mortgage customers up to $30,000 to help with relocation expenses after completing a qualified short sale.

The Federal Housing Administration—which holds title to 700,000 seriously delinquent mortgages—plans to ramp up its single-family nonperforming loan sale efforts, according to housing commissioner Carol Galante.