Servicing

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.

Political pressure backed with money can be very persuasive in Washington and it may provide relief for some underwater borrowers with Fannie Mae and Freddie Mac loans.

JPMorgan Chase (JPM) reclassified $1.6 billion of mortgages as nonperforming loans at the urging of regulators - even though the loans are still in good shape, executives said Friday.

One of the easiest ways to get my attention is to follow me on Twitter and shoot me a message. I'm @mortgagenewz.

MortgageKeeper's database provides troubled borrowers with a list of nonprofit and government agencies in seconds that assist mortgagors paying their utility bills, locate inexpensive child care or uncover other sources of assistance that may keep them from defaulting on their mortgages.