Servicing

The Federal Housing Finance Agency revealed that it gave Fannie Mae the green light to conduct a pilot program with Wells Fargo in March 2010 to test principal reduction modifications.

Genworth Financial Inc. reported first-quarter net income of $47 million, compared to a profit of $59 million one year prior.

Fifth Third Mortgage Co. is not placing any LTV limits on refinancings of its existing mortgage customers under the HARP 2.0 program.

The Santa Ana, Calif.-based analytic provider said there were 69,000 completed foreclosures in March this year, compared to 85,000 in March 2011 and 66,000 in February 2012.

Freddie Mac executive Anthony Renzi has accepted a senior mortgage job with Citigroup, after weighing a position with Wilbur Ross’ fast-growing mortgage empire.

PHH Corp. posted net earnings of $75 million for the first quarter, turning a profit on its residential mortgage operation, but suffering charges on its servicing business. In 1Q11, the company earned $49 million.

Mixed U.S. housing metrics suggest the speed of the recovery is as crucial as the recovery itself.

Michael D. Fraizer, chairman and CEO of Genworth Financial, resigned Tuesday afternoon, two weeks after the firm’s stock was hammered because of accelerating losses in its Australian mortgage insurance business.

Bank-owned homes have seen a 5.5% increase in prices from a year ago, while fair market homes dropped 2.9%, Clear Capital said in its monthly home data index market report.

Fannie Mae and Citibank officials were developing a principal reduction pilot program that was supposed to go live in July 2010 when it was “mysteriously” stopped and later terminated.