It appears that rock bottom mortgage rates have yet to cure the housing industry’s woes.
Nine major servicers regulated by the Office of the Comptroller of the Currency completed 180,000 foreclosure actions in the second quarter, but these firms are still managing roughly 1.3 million borrowers who are going through the foreclosure process.
Bank of America ranked first among all warehouse providers in the second quarter with $12 billion of funding commitments, a 20% decline from a year ago, according to new figures compiled by National Mortgage News.
The Federal Housing Finance Agency Tuesday afternoon released a 37-page “talking paper” on changing GSE servicing fees, while noting that GNMA compensation – for now – will not be part of the discussion.
Outstanding residential mortgage debt in the U.S. will continue to fall over the next three quarters before stabilizing in mid-year 2012, according to a new forecast from Freddie Mac.
Freddie Mac’s restrictive repurchase review policy on defaulted loans may prevent the GSE from recouping “billions of dollars” in losses from lenders, according to a new investigative report from the Federal Housing Finance Agency.
Back in 2006, Fannie Mae officials knew that attorneys representing the GSE were filing false documents in foreclosure proceedings but did nothing about it, according a new inspector general report.
