Servicing

The government owned Ally Financial has agreed to sell $1 billion worth of senior notes to a group of underwriters including Barclays Capital, Citigroup, Goldman Sachs and Morgan Stanley.

The foreclosure-to-rent movement is an opportunity bound to keep servicers, investors and the Federal Housing Finance Administration busy in the near future. It also is a game changer in the nation’s housing culture because while following the path of homeownership preservation it also embraces renting.

Carver Bancorp Inc. in New York reported a loss of $700,000 for its fiscal third quarter, as the recapitalized company took steps to mark down its problem assets.

BlackRock Inc., the investment firm headed by MBS veteran Larry Fink, recently increased its position in PennyMac Mortgage Investment Trust to 5.48%, more than double its last recorded stake.

Nationstar Mortgage, the nation's 11th largest servicer, is in talks to buy all or parts of Aurora Loan Services, according to industry advisors close to the situation.

Regulators said Wednesday they are extending the deadline for borrowers to request an independent foreclosure review under the consent orders signed by 14 mortgage servicers last April.

Boxing reminds me a lot of today's lenders. Most lenders get into the ring every day, fighting until someone drops. The reason however is not to win a match, but to prevent a repurchase.

The Siegel Group, a commercial real estate company that specializes in the disposition and development of underperforming assets with significant turnaround potential, recently partnered with a small private investment group to purchase a foreclosed Las Vegas hotel for $4.2 million.

Fannie Mae has expanded its online platform to collect and manage real estate offerings for its HomePath properties throughout the country.

Eli Braha, principal of the privately-held real estate company Berkley Acquisitions, is launching a $100 million fund that will seek to invest mainly in opportunistic and distressed assets in the New York metropolitan area.