Mortgage defaults

When news broke in October that New York's Stuyvesant Town was being sold, observers expected the $3 billion loan on the property to be paid off without a glitch.

The commercial mortgage-backed securities delinquency rate improved by double-digit basis points in November, fulfilling Trepp's forecast for a large monthly improvement.

Loan modifications declined 18% during the third quarter to 337,000, a sign of an improving market, according to Hope Now.

The delinquency rate for commercial and multifamily mortgages improved for most categories of investors in the third quarter, according to the Mortgage Bankers Association.

Pacific Investment Management Co. sued Citigroup Inc. over the bank's role as trustee for $13.8 billion of mortgage-backed securities made toxic when the housing bubble burst, leading to "substantial damages."

Three county governments in metro Atlanta have sued Bank of America for engaging in the practice of equity stripping, where the bank targeted minority borrowers with high-interest mortgage loans.

Fannie Mae has transferred the credit risk on a $12 billion pool of mortgages to reinsurers.

From single-point-of-contact requirements to the need for better self-service options, servicers surveyed by National Mortgage News are taking a much-needed hard look at the full range of customer touch-points that they operate.

Default rates on various types of consumer loans improved in October, according to Standard & Poor's and Experian.

Delinquencies on residential mortgages in the third quarter declined on a national recovery in housing prices and other factors, according to the Mortgage Bankers Association.