Bank of America is actively selling mortgage servicing rights and becoming more selective in placing MSRs on its books, company officials said Tuesday morning.

This legislation might as well be called "The Kick the Can Act" and for once, its backers aren't ashamed to admit it. In fact, they're damn proud of it. It's the whole point.

The residential finance division of Bank of America posted a stunning loss of $13 billion in the second quarter as delinquent mortgages, expected legal settlements and charges tied to 'reps and warranties' on loans sold into the secondary market hammered its performance.

A white paper released yesterday by the Milken Institute said the Federal government should allow other mortgage finance-related companies to compete with Fannie Mae and Freddie Mac on a level playing field. The GSEs should also move back into private hands, the paper argued.

Friday's European bank stress tests revealed that all securitization positions in European banking and trading books were stressed, according to market reports.

A new Trepp report showed that while the percentage of loans that paid off on their balloon date rose seven basis points to 42.2% in June, the rate is still struggling to recover after two consecutive months of decline.

MassMutual Asset Finance (MMAF) is marketing an equipment lease and loan ABS deal worth approximately $755.24 million. The 144A deal is sole managed by JPMorgan Securities.

Senator Barbara Boxer of California held a press conference last week to support the passage of Helping Responsible Homeowners Act, which aims to help non-delinquent, existing borrowers refinance at a lower rate through the elimination of Loan-Level Price Adjustments (LLPAs) and qualify borrowers with LTVs higher than 125%.

Caliber Funding has added three new senior vice presidents to its executive management team.

By waiting so long to nominate Richard Cordray to be the first director of the Consumer Financial Protection Bureau (CFPB), President Obama has boxed himself in and Cordary will have to be confirmed by the Senate for the new bureau to exercise its full powers.

FBR Capital Markets has initiated coverage of Walter Investment Management Corp., which is in the special servicing business, giving the company an "outperform" rating after it closed on its acquisition of Green Tree Credit Solutions.

One Reverse Mortgage has gotten the go-ahead from Ginnie Mae to securitize Federal Housing Administration (FHA) Home Equity Conversion Mortgages.