Servicing

Residential Credit Solutions, a specialty servicer and NPL investor based in Ft. Worth, this week received final approvals to issue and service Ginnie Mae I and II single-family mortgage-backed securities.

According to the office of the inspector general for the Troubled Asset Relief Program, Reginald Harper developed a scheme with Troy Fouquet, a local real estate developer, to create and use false loans to hide delinquent nonperforming loans.

Recently, we called a trader of nonperforming loans who said quickly, "Can't talk right now. Way too busy." Later on we finally spoke and the message delivered was quite clear: the market for underperforming and nonperforming mortgages appears to be gathering steam.

Investors seeking to buy and then rent foreclosed properties from Fannie Mae and Freddie Mac have raised at least $2 billion in the last six weeks, according to housing analysts at Morgan Stanley.

Even though mortgage rates continue to fall, California homebuyers are not taking advantage of this historic opportunity.

Aurora Loan Services, Denver, recently halted residential production as the company continues to weigh bids on its servicing platform, according to a former ALS official and industry consultants.

With its nonbank supervision program finally underway, the Consumer Financial Protection Bureau wants to bring debt collectors and consumer reporting firms under its oversight umbrella.

A new report that found systemic flaws in California's foreclosure process could be fodder for securities investors to make claims against banks and mortgage servicers, its author says.

It appears that residential delinquencies are headed in the right direction - down - but the jury is still out on how improving late payments are affected by government modification programs and delays caused by the robo-signing settlement.

Stewart Information Services Corp., Houston, Thursday reported net earnings of $2.3 million for 2011, its first annual profit since 2006.