Mortgage defaults

The share of mortgaged properties underwater is inching down toward 6% but in certain areas like Las Vegas the percentage is more than twice as high, according to CoreLogic.

Fay Servicing will pay $1.15 million in borrower restitution and possible disgorgement to settle CFPB allegations that it engaged in so-called foreclosure dual tracking and failed to keep borrowers informed about loss mitigation efforts.

Lower credit scores for mortgages refinanced in the first quarter are likely to lead to increased defaults of these loans, said Black Knight Financial Services.

DLJ Mortgage Capital, a subsidiary of Credit Suisse, is securitizing $91 million of loans insured by the Federal Housing Administration that were once delinquent but are now making timely payments.

Maryland Gov. Larry Hogan has signed a bill that will expedite foreclosures of vacant and abandoned properties this fall.

The loan comes due next month for a marquee office building in Stamford, Conn., but recent developments raise questions about the payoff of the debt.

Mortgage delinquencies increased 13% in April from March, but the calendar and seasonality were the primary reasons for the spike, said Black Knight Financial Services.

Fidelity National Financial has acquired Hudson & Marshall, a real estate auction company, and in a related move its ServiceLink subsidiary introduced a foreclosure auction product.

Down payment standards should be relaxed to just 10% to spur homebuying among millennials, Bank of America CEO Brian Moynihan said this week.

Reverse mortgage lender Financial Freedom has agreed to pay $89 million to settle False Claims Act allegations involving unearned interest payments it received from the Federal Housing Administration.