Daily Dose

Green reported that most of the $1.181 billion credit Bank of America was credited with in Q1 was based on 2,938 first lien principal forgiveness loan modifications. Those modifications, which include principal forgiveness, interest rate reduction, and bringing loans current without penalty, are intended to make mortgages more affordable for struggling homeowners.

The nation's real gross domestic product (GDP) bounced back from a dismal first quarter with an annual growth rate of 2.3 percent in the "advance" estimate for Q2 released Thursday by the Bureau of Economic Analysis (BEA).

At-risk customers, those that J.D. Power defines currently behind in their mortgage payments or concerned about keeping current during the next year, represent only 15 percent of the survey respondent pool. This small group has been the center of regulatory and other government agencies such as the Consumer Financial Protection Bureau (CFPB), Fannie Mae, and Freddie Mac.

CFPB said the company put consumers in "loan modification purgatory," confusing them about the status of their loan mods and making it difficult to take appropriate action.

Nationstar Mortgage Holdings rebounded from a $48 million net loss in the first quarter this year to post a net income of $75 million ($0.69 per share) for the second quarter in the company's Q2 2015 earnings statement released Thursday.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Jon Patterson, a member of Bradley Arant Boult Cummings LLP's Financial Services Litigation & Compliance team.

Among the bills that passed in the Committee were H.R. 2243, the Equity in Government Compensation Act of 2015, which was introduced in May by Ed Royce (R-California). The bill passed by a vote of 57-1.

Even with the higher-trending vacancy rates, monthly retention rates stayed within Morningstar's expectations, in the mid-70s to low-80s range.

The Committee also determined that labor market indicators found that underutilization of labor resources have diminished slightly, and growth in household spending has been moderate, while the housing sector showed some improvement. However, business fixed investment and net export remained soft.

Taylor noted there are two current bills in Congress—one in the House (the Financial Institution Bankruptcy Act of 2015) and one in the Senate (the Taxpayer Protection and Responsible Resolution Act), which he called "essential" for ending government bailouts.