Servicing

Improved asset quality and declining expenses powered Washington Federal in Seattle to a $34 million profit in the quarter that ended March 31, a 32% increase from the same period in 2011.

Bank of America is preparing to sell off hundreds of foreclosed homes in bulk as part of its ongoing effort to clear out its inventory of distressed assets.

Bank of America wants to clear out the backlog of distressed homes in Florida by using technology to speed up short sale approvals.

Rumors are starting to surface that if and when a 'HARP 3.0' program is unveiled it will include non-GSE loans. As one commenter told us, "There are a lot of Alt-A loans that look just like GSE loans, but went to private investors. Why should they be punished because their loan was sold to the wrong investor?"

Citigroup, which exited the wholesale channel a few months back, funded $14.3 billion of home mortgages in the first quarter, a steep decline from the prior period.

Wells Fargo & Co. on Friday reiterated its plans to slash costs over the next year -- but executives gave themselves new wiggle room to rethink those cuts later.

The foreclosure crisis is loosening the traditionally strong tie homeowners have with their homes. New findings from FICO's latest quarterly survey of bank risk professionals indicate one way the slow recovery will affect distressed homeowners in 2012 is increased propensity for "strategic default."

When the topic is principal reduction the glass is either half full or half empty. Yet, if mounting pressure on government sponsored enterprises and their conservator results in a green light to writedowns on GSE loans as everyone expects, such a solution will also require the approval and financial support of the department of treasury.

Over the past two months National Mortgage News has been reporting on a mysterious warehouse lender called eWarehouseOne. Late this week we learned that Anthony J. Simich, a division vice president for the firm - and one of few employees there who actually returns phone calls and emails - resigned.

Looking at the continuing foreclosure crisis, with a couple of million resolutions done, a couple million more to do, and more than a million units of shadow inventory waiting in the wings, one is reminded of Winston Churchill's pronouncement during World War II that while it might not yet be the beginning of the end, at least it is the end of the beginning.