FHFA Principal Reduction Pilot Program. A bill filed by Sen. Robert Menendez, D-NJ, before Congress left town last month would create a shared-appreciation mortgage program in which banks would reduce the mortgage principal for eligible underwater homeowners. Under the Preserving American Homeownership Act, S. 2854, the pilot programs – to be established by the Federal Housing Finance Agency and the FHA – would entitle banks to a portion of the increased value of the home when the market improves.

The GSEs securitized $100.30 billion of purchase mortgages during the third quarter, a 28.3 percent sequential gain.

Banks, thrifts and credit unions reported $540.4 billion of HELOCs on their books at the end of June, down 0.9 percent from March.

Mutual of Omaha bank said it remains "committed" to the mortgage business, even though it's closing the retail channel.

In response, EverBank questioned the accuracy of the IG report.

In the second quarter, Altisource Residential agreed to buy 4,374 nonperforming mortgages that carry an underlying collateral value of $1.23 billion.

Ginnie Mae is taking a closer look at change-of-control applications from issuers and servicers, according to investment banking advisors who work in mortgage industry mergers and acquisitions. “Ginnie is toughening up the change-of-control process to keep folks who got their tickets – and don’t use them – from trying to increase the value of their company in an M&A situation,” said one advisor who represents clients before the agency. He noted...

So, is now a good time to buy into Fannie Mae and Freddie Mac? It's a game not for the faint of heart.

Although 114 servicing workers are losing their jobs in Nebraska, the lender/servicer will add as many servicing positions in the Dallas area over the next six months.

Quicken Loans once again ranked first among all FHA lenders, out producing Wells Fargo by more than $170 million. No, that's not a misprint.