The Prestwick Mortgage Group is marketing a $58 million package of mortgage servicing rights backed by mostly multifamily commercial mortgages held by private investors.

Freddie Mac reported new record lows along 30- and 15-year fixed mortgage rates as well as 5/1 hybrid ARMs for the week ending July 19. Both 30- and 15-year rates declined three basis points to 3.53% (no -point rate at 3.71%) and 2.83%, respectively. Meanwhile, 5/1 hybrids fell five basis points to a 2.69% average which matches this week's one-year ARM rate.

Western Asset Mortgage Defined Opportunity Fund’s public-private investment fund or Master Fund was terminated on July 15.

The U.S. Department of Housing and Urban Development (HUD) will now be accepting applications for qualified entities to purchase severely troubled loans that were formerly insured by the Federal Housing Administration (FHA) through the Distressed Asset Stabilization Program.

The slow down in consumer spending seen recently can mean that credit card balances remain flat for the foreseeable future, according to Bank of America Merrill Lynch analysts.

Jeremiah Norton, one of the newest directors at the Federal Deposit Insurance Corp. (FDIC), warned of more profit squeezing and regulatory "headwinds" during his first public speech since joining the agency.

Oak Hill Advisors said it held the final closing of its European distressed debt and restructuring fund, hitting its cap of $1.35 billion.

Walker & Dunlop will be opening its twelfth national office in Madison, WI, making it the second location in the state. Michael Lee and Matthew Lund will be vice presidents in the new office and will focus on the financing of all types of income-producing properties.

Syncora Holdings announced on July 17 that its unit Syncora Guarantee had settled claims related to RMBS with Countrywide Financial Corp., Bank of America Corp. and their affiliates.

It appears that Redwood Trust—until recently the only securitizer of jumbo mortgages in the nation—has company in the space: Credit Suisse First Boston. But don’t pop the champagne quite yet. It’s not what you think.

If several California cities move ahead with a plan to seize underwater mortgages, they could end up paying more for the loans they expected, according to a legal expert retained by the Securities Industry and Financial Markets Association (SIFMA).