LoanCare Servicer Ratings Downgraded Again
For the second time in less than 30 days, LoanCare Servicing Center Inc. has seen its servicer rating downgraded due to problems at its parent.

Moody's Investors Service said today that it lowered LoanCare's servicer quality rating for prime mortgages to SQ4+ from SQ3.

Servicers are rated on a one-to-five scale, with one being the strongest.
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New PHH CEO
PHH Mortgage has promoted its chief financial officer to chief executive officer.

Financing for the Financiers
Several institutions have wrapped up big corporate financing transactions that will enhance their capital positions.

New CEO at MBA
A new chief executive officer will oversee the country's primary trade group for the mortgage industry as signs of life emerge in the sector.

Deal Reached on IndyMac Sale
The Federal Deposit Insurance Corporation has reached an agreement to sell the banking operations of IndyMac Federal Bank FSB.

W&W Deal Done
Wells Fargo & Co. has closed on its acquisition of Wachovia Corp. The move potentially creates a new No. 1 mortgage lender. Meanwhile, Bank of America Corp. completed its own acquisition.

PNC Acquisition of National City Done
Fresh with government funds, The PNC Financial Services Group Inc. completed its acquisition of National City Corp.

Class Action Madness
Two companies have settled investor class action lawsuits filed against them, while investors of residential mortgage-backed securities have joined the class action frenzy.

Lifeline Extended to GMAC
The parent of Residential Capital LLC has converted to a bank holding company and received billions of dollars in badly needed capital.

Institutional Musical Chairs
Several institutions -- including Freddie Mac, SunTrust Banks Inc. and Redwood Trust Inc. -- have recently shaken up their top management. Even the primary trade group for the mortgage industry announced executive changes.