Foreclosure

Homeowners who originated their mortgages during the peak of the housing boom with unfavorable loan terms are getting more frustrated with their inability to refinance with mortgage servicers, according to the J.D. Power and Associates 2011 U.S. primary mortgage servicer satisfaction study.

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The heads of CMBS trading at Citigroup and Goldman Sachs departed from their respective firms late last week.

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Homeland Security Capital Corp., Arlington, Va., has made its second acquisition in the mortgage and settlement services space by buying Timios Inc., a nationwide provider of title and escrow services for $1.15 million, plus contingency payments of up to $1.35 million over the next 12 months.

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CU Companies, a mortgage service organization owned by credit unions in the New Brighton, Minn. area, has launched a correspondent purchase program for member institutions.

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A new report by Amherst Securities Group examines how the recent Bank of America settlement has the potential to significantly impact Countrywide securities that comprise the Covered Trusts. Although the market seems to treat these securities in the same way, Amherst said that the impact will vary from security to security.

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U.S. senior fixed-income investors are taking a more conservative view of cross asset credit conditions on the back of recent macroeconomic concerns, according to a Fitch Ratings fixed-income forum survey of fixed income professionals, conducted in June.

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In a major defeat for the National Credit Union Administration, a federal judge Friday agreed to dismiss negligence charges brought by the federal regulator in a civil suit against 11 directors of the one-time $34 billion corporate credit union, all of them prominent figures in the credit union movement.

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Texas Tech Federal Credit Union in Lubbock has chosen MRG’s Miracle Online platform for its mortgage document preparation needs.

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Arizona State CU has begun offering its members low-down payment, low-rate loans to buy homes currently owned by Fannie Mae, the Phoenix-based credit union said.

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Fannie Mae on Friday suspended Republic Mortgage Insurance Co. as an approved MI to the GSE and took the added step of suspending a subsidiary that RMIC planned to write all new business through come September 1.

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The policy that prevents mortgage servicers from initiating foreclosures in the name of Mortgage Electronic Registration Systems Inc. became permanent this week after parent company Merscorp Inc. finalized changes to its procedures and quality assurance manuals.

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Freddie Mac’s issuance of mortgage-backed securities rose 10% in June after falling nearly 9% in May, according to the government-sponsored enterprise.

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Michelle Korsmo will become the new chief executive of the American Land Title Association, replacing Kurt Pfotenhauer, who is leaving at the end of the month to become executive vice president and vice chairman of First American Title Insurance Co.

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Based on earnings reports and call report filings from smaller banks, Trepp is projecting delinquency rate improvements for residential and commercial mortgages in the second quarter compared to the previous quarter.

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Cognizant has acquired CoreLogic’s Global Services Private Ltd., the India-based captive operations of CoreLogic, in a move that transfers some operations used for U.S. mortgage industry outsourcing to the former company.

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Fannie and Freddie could continue to operate even if the U.S. debt ceiling is not raised by Aug. 2. But raising the ceiling alone, without a budget deal, would leave them – and a mortgage market that relies on their guarantees – vulnerable.

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Aklero Risk Analytics will offer discounted pricing, as well as enhanced delivery options, technology and support, to the member banks of the American Bankers Association’s Business Solutions subsidiary, under a preferred vendor agreement between Fort Washington, Pa.-based Aklero and the Washington-based ABA.

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The White House nominee to be new Comptroller of the Currency said federal banking agencies need to work toward reassuring the public that robo-signings have stopped and foreclosure problems are being corrected.

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