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Loss Mitigation

Ohio Bank Fails; Eighth This Year

Columbia Savings Bank of Cincinnati, Ohio was closed by the Ohio Division of Financial Institutions, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with United Fidelity Bank of Evansville, Indiana to assume the failed bank's deposits.

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HUD Awards Housing Counseling Grants

In an ongoing effort to improve housing education for consumers, the U.S. Department of Housing and Urban Development (HUD) announced it has awarded $40 million in grants to hundreds of national, regional, and local organizations to bolster housing counseling programs.

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Mortgage Collectors Silence Homeowners with ‘Gag Orders’

A curious piece of text is appearing in some homeowner's loan modification agreements—by accepting a modification from a bank or non-bank servicer, the homeowner agrees to never publicly say, write, or post anything negative about the company doing the modification. Originally in a report from Reuters, Ocwen, Bank of America, and PNC Financial Services Group are adding new terms to their modification contracts to prevent homeowners from publicly disparaging the companies.

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Loan Modification Activity Creeps up in March

HOPE NOW, a group focused on keeping distressed homeowners in their homes, reported they had successfully completed roughly 133,000 modifications in the first quarter of 2014. Of the reported total, approximately 41,000 permanent modifications were from the Home Affordable Modification Program (HAMP).

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Default Rates Decline in April to Lowest Post-Recession Rate

Data through April 2014 showed a decline in the national default rate from March, according to S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices. The indices are a comprehensive measure of changes in consumer credit defaults, released monthly. The national composite default rate recorded its lowest post-recession figure of 1.11 percent in April.

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5 of 6 Banks Meet Mortgage Settlement Expectations

More than two years after the announcement of an historic settlement between 49 state attorneys general and some of the country's largest servicers, most are living up to compliance standards, a new report shows. According to examination results released by the Office of Mortgage Settlement Oversight, five of the six banks met or exceeded expectations across 29 different compliance metrics in the third and fourth quarters of 2013.

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Mortgage Risk Jumps from Increased FHA Loan Volume

The American Enterprise Institute (AEI) put out on Monday a "flash release" of its National Mortgage Risk Index (NMRI), a measure of the likelihood of purchase loan defaults under stressful economic conditions. According to the group, the index climbed last month to 11.89, indicating nearly 12 percent of loans would be at risk of default in the event of another downturn.

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Mercury Network Waives Fees for Tornado-Impacted Properties

Responding to recent tornadoes, Mercury Network will waive the transaction fees for disaster reports in all impacted areas. Fees will be waived for 90 days. Mercury Network is a cloud-based vendor management software platform used by over 600 mortgage lenders and appraisal managements companies.

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Older Americans Carrying More Mortgage Debt

New Homes

While the homeownership rate among Americans age 65 and older has remained at a constant 80 percent for the past decade, the percent of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB).

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Former Bank of America CFO Barred for 18 Months

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that a $7.5 million settlement has been reached with Bank of America’s former CFO, Joe Price, regarding the bank's actions as it sought to merge with Merrill Lynch & Co. in 2008.

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