Servicing

The California Housing Finance Agency has revised a policy that resulted in it foreclosing on homeowners who were current on payments but had been renting out homes financed through the agency. The policy went into effect last week.

Barclays Capital analysts said in a report released last week that large region-specific note and REO auctions have become a regular feature in the past year.

Wells Fargo and JPMorgan Chase have been sued by the law firm Baron and Budd alleging that the financial institutions illegally levied excessive and deceptive default service fees against borrowers who were late on mortgage payments.

Bond insurer MBIA Inc. has admitted to making errors in its application to regulators seeking to split the company in two.

Interactive Mortgage Advisors is offering a $4.5 billion MSR package with another $1 billion in the works. Phoenix Capital is peddling $35 billion of MSRs for Bank of America - with more on that way.

Despite a shadow inventory of 1.6 million seriously delinquent loans, and a huge inventory of foreclosures, nearly 50% of 900 housing markets tracked by CoreLogic registered price gains last year.

When it comes to mortgage problems, Bank of America and its largest rivals are hogging most of the headlines. But smaller banks are also struggling with high levels of delinquent loans that are holding back a housing recovery.

The mortgage insurance division of Genworth Financial is beginning to see a noticeable pick up in HARP refinancing applications, a sign that the '2.0' version of the program may finally be gaining traction.

How oppressive are distressed sales to the housing market? Try this: The top 50 sellers of homes are banks, according to Jonathan Smoke of Housing Intelligence, the research arm of the Hanley Wood publishing company.

The apartment sector is projected to lead the housing market on the road to recovery, but growth in the multifamily sector will be highly uneven, industry experts said last week in Orlando.