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Obama Nominates SEC Chair, Renominates Cordray

President Obama nominated Mary Jo White to serve as chair of the Securities and Exchange Commission (SEC), according to reports. White is known for her work as a U.S. attorney for the Southern District of New York, a position she held from 1993 to 2002. During her time as a U.S. attorney, White served as a prosecutor in international terrorism cases, as well as complex white collar cases. Obama also renominated Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB).

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Risk for Mortgage Fraud Increases in Q3

A recent report from verification services provider Kroll Factual Data, Inc., shows the risk of mortgage fraud rose 1.1 percent throughout the country between the second and third quarters of 2012. In some MSAs, the company found the risk of fraud rose from Q2 to Q3 by more than 50 percent. ""While fraud alerts declined in some MSAs, these declines were offset by significant increases in others. This spike in potential fraud is troubling, coming at the same time the mortgage industry is beginning to turn the corner,"" said Rod Bazzani, president of Kroll Factual Data.

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Prices, Sales Improve in Largest Counties in December: DataQuick

Out of the 42 largest counties in the nation, all 42 exhibited price growth on a monthly, yearly, and quarterly basis in December, according to DataQuick's monthly Property Intelligence Report. DataQuick's monthly Property Intelligence Report (PIR) assesses the housing market based on valuation trends, REO inventory trends, and sales trends metrics. In addition to positive price growth in all 42 counties, sales also showed substantial growth in December. While home prices and sales improved, VP of analytics for DataQuick Gordon Crawford, Ph.D., noted foreclosures worsened compared to November.

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Fixed Rates Rise as News on Housing Improves

Positive economic and housing news lifted fixed mortgage rates to their highest level in months this week. According to Freddie Mac&'s Primary Mortgage Market Survey, the average interest rate for a 30-year fixed-rate mortgage (FRM) was 3.42 (0.7 point) for the week ending January 24, up from 3.38 percent last week. The last time the average 30-year reading was this high was September 29 of last year, Freddie Mac said. The 15-year fixed average also rose, climbing to 2.67 percent (0.7 point) from 2.66 percent previously.

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Fannie Mae: Slow Economic Growth May Be the Near-Term Norm

While some are asking when the economy will return to normal, others are wondering if this prolonged period of below-potential GDP growth is actually the ""new normal,"" according to a report from Fannie Mae's (FNMA/OTC) Economic & Strategic Research Group. For 2013 and 2014, Fannie Mae projects a continuation of below-potential economic growth, with a 2 percent growth rate expected for 2013, similar to the lackluster performance seen in 2012.

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First-Time Jobless Claims Fall Again to 5-Year Low

First-time claims for unemployment insurance fell to another five-year low for the week ending January 19, dropping 5,000 to 330,000, the Labor Department reported Thursday. Economists expected claims to increase to 360,000 from the prior week. The previous week's report was unchanged at 365,000, which had been the lowest level since January 2008.

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Freddie Mac’s New Short Sale Process ‘Beginning to Take Hold’

Freddie Mac's Standard Short Sale program has been in effect for close to three months, and the GSE continues to work to publicize the program and inform borrowers of their options, most recently in a blog post Tuesday on Freddie Mac's website. ""Early results indicate that this program is beginning to take hold with homeowners and realtors,"" stated Tracy Mooney, SVP on the Executive Perspectives Blog. Mooney expressed an expectation that the program will reduce short sale timelines by between 50 and 75 percent.

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Economists at NAHB’s Builders’ Showcase Discuss Industry Trends

Speaking at the NAHB's International Builders' Show in Las Vegas, chief economists David Crowe (for the NAHB), David Berson (Nationwide), and Frank Nothaft (Freddie Mac) talked about the trends the housing industry can expect to see and the potential threats that may impede the recovery. In total, NAHB forecasts 949,000 total housing starts in 2013, up 21.5 percent from 781,000 in 2012. Single-family starts are expected to rise 22 percent to 650,000 in 2013 and an additional 30 percent to 844,000 in 2014.

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Report: Servicers Decrease Loans in Shadow Inventory in Q3

As servicers rise out of the paralysis caused by regulatory issues, they are able to take necessary steps to clear out aging loans in shadow inventory, according to a report from Moody's Investors Service. In the report, Moody's revealed the number of loans in foreclosure shadow inventory, or loans in the process of foreclosure but with no resolution, decreased from Q2 to Q3, with the exception of jumbo loans from Citi and subprime loans from Bank of America.

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Fitch: U.S. RMBS Delinquencies Improve in Q4

Serious delinquencies for U.S. RMBS improved across all sectors in the fourth quarter of 2012, according to a new mortgage market index from Fitch Ratings. Furthermore, the agency expects RMBS delinquencies to continue declining this year. According to Fitch, the improvement ""reflects positive selection in the remaining pools, loan modification efforts by servicers, and positive home price trends.""

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