A look at stories across HousingWire’s weekend desk, with more coverage to come on bigger issues: Freddie Mac is seeing an increase in mortgage insurer rescissions, cancellations and coverage denials, according to a letter it sent to lenders late Friday. For any mortgage with a loan-to-value ratio of more than 80%, the lender must obtain primary mortgage insurance before selling it to Freddie. If it does not at the time of delivery or if the insurer rescinds coverage, Freddie may require the lender to repurchase the loan. “As an accommodation to seller or servicers and in response to the increased volume of activity, if a seller or servicer currently has an outstanding repurchase request from Freddie Mac related to the rescission, denial or cancellation of mortgage insurance coverage by the mortgage insurer, the seller or servicer must either repurchase the mortgage, or appeal the repurchase request to Freddie Mac by submitting a fully documented appeal,” Freddie said in the letter. JPMorgan Chase (JPM) analysts view the reported sale of a mortgage servicing portfolio from Bank of America (BAC) to Fannie Mae would be positive for the investors in those loans. Last week the Wall Street Journal reported BofA sold an MSR portfolio with a face value of $70 billion to Fannie for roughly $500 million. Neither the bank nor Fannie confirmed the sale. While some complained the move is essentially a back-door bailout for BofA, the Chase analysts said shifting these loans to subservicers such as International Business Machines (IBM), Seterus or Cenlar would benefit investors. “The reported sale moves servicing assets from an originator which has the potential to mine its book of business for refinancing opportunities to one solely concerned with loss mitigation,” analysts said. “This reduces refi risks and we view this as a net positive for agency investors.” Chase analysts said over the weekend mortgage-backed securities held by the top-20 banks dropped 19.7% during the second quarter to more than $1.14 trillion. It’s a reversal from two-straight periods of gains. BofA leads other banks with more than $268 billion in MBS, followed by Chase at $206.5 billion and Wells Fargo (WFC) at $101 billion. The Consumer Financial Protection Bureau signed an agreement with the Federal Trade Commission, allowing the new agency access to a database of consumer complaints. Under Dodd-Frank, the CFPB, which launched July 21, is required to share information with other state and federal regulators. In addition to having access to any complaints filed with the FTC, the bureau will share information it receives as well. The Consumer Sentinel system allows the agencies to track complaints of credit scams, debt collection practices, credit report abuses and others. Several state attorneys general, the U.S. Postal Inspection Service and the Federal Bureau of Investigation already share the system with the FTC. Regulators closed one bank over the weekend, bringing the total number of failures to 64 for the year. The Office of the Comptroller of the Currency closed the First National Bank of Olathe based in Kansas. Enterprise Bank & Trust will assume all $524.3 million in deposits and agreed to purchase essentially all $538.1 million in assets. The Federal Deposit Insurance Corp. expects the closing to cost the fund $116.6 million. Write to Jon Prior. Follow him on Twitter @JonAPrior.

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