Loss mitigation

The Making Home Affordable program has been extended and expanded so many times that it's gotten hard to imagine life without it. But its two primary initiatives have served their purpose and the days may be numbered for HAMP and HARP.

Under the Federal Housing Finance Agency's new mortgage modification program, less than 1% of all seriously underwater properties might qualify for principal loan forgiveness, according to RealtyTrac.

Nationstar Mortgage Holdings reported a $132.4 million loss for the first quarter of 2016, showcasing once more the toll falling interest rates have taken on companies across the mortgage industry.

During the mortgage crisis, servicers recruited people from the origination business to help with loan modifications. Now the two sides of the industry are coming together in a new way.

The Consumer Financial Protection Bureau is expected to finalize its second round of mortgage servicing rules in July, a top agency official said. Laurie Maggiano, a program manager for servicing and secondary markets at the CFPB, also offered insights into the bureau's long-anticipated rulemaking on debt collection.

Even while FHFA finally embarked on a principal reduction plan, critics argued it was a dangerous idea that made Fannie Mae and Freddie Mac less safe while helping relatively few people.

FHFA Director Mel Watt acknowledged that the principal reduction program may seem "too small and too late."

The Consumer Financial Protection Bureau's pending rule hinging on excessive document collection, when the focus should be on prohibitive privacy laws.

Fannie Mae is selling four large pools of nonperforming loans which have a total balance of $1.5 billion.

Banc of California in Irvine has agreed to sell its wholly owned investment adviser subsidiary, The Palisades Group.