Charlotte, North Carolina-based Mountain Funding LLC, an investor in distressed real estate debt portfolios, has absorbed the 14 senior executives of GMAC-ResCap's REO asset management group.

The Federal Financial Institutions Examination Council (FFIEC), made up of the agencies that supervise banks, told servicers last week that the focus of their loss mitigation efforts should first and foremost be recovery for investors and owners of the loans they service.

Despite state lawmakers's efforts to curtail home losses, a record number of California foreclosures are now scheduled for sale.

Fitch Ratings has assigned Residential Credit Solutions, Inc. (RCS) a U.S. residential primary servicer rating for subprime product of â¬ËRPS3-â¬Ë.

RealtyTrac released its July Foreclosure Market Report Thursday, and the findings are a stark contrast to recent news of healthier markets and price bottoms.

Home prices continue to edge upward, kindling the small flicker of hope that perhaps we've reached a turning point in the housing crisis.

The Senate Ethics Committee introduced a bill last week that would require members of Congress to disclose their personal mortgage information to the public.

Dallas-based Acqura Loan Services unveiled its new Velocity software system on Tuesday, a new proprietary loss mitigation platform designed to assess borrower risk and determine the most sustainable modification or collateral disposition for the distressed loans that Acqura services.

The PMI Group, Inc. announced two executive promotions within its leadership team Tuesday. Andrew D. Cameron was named EVP, general counsel, and secretary. Thomas H. Jeter has been appointed group SVP, chief accounting officer, and corporate controller.

Roseville, California's American Pacific Mortgage Corporation was honored with the prestigious Affiliate of the Year award at the 2009 California Association of Mortgage Brokers (CAMB) convention in San Diego.