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Author Archives: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

REDC Raises $38K for Dallas Charity at Five Star Conference

Real Estate Disposition Corporation, an Irvine, California-based real estate auction company, raised $38,000 in a two-minute auction of nine guitars autographed by the rock band, REO Speedwagon. The auction preceded an REO Speedwagon performance at the 5th Annual Five Star Default Servicing Conference & Expo at the Hilton Anatole in Dallas.

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Bipartisan Agreement Reached on Bailout Legislation

Treasury Secretary Henry Paulson and Congressional leaders worked late into the nights over the weekend and have finally reached a bipartisan agreement on the specifics of the bailout legislation. According to Senate Majority Leader Harry Reid, a real breakthrough didn’t come until 11:30 p.

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Wachovia Sells Banking Operations to Citigroup

Wachovia announced today that it intends to sell its retail bank, corporate, and investment bank, as well as its wealth management businesses to Citigroup. Wachovia Corporation will remain a public company with two main operating subsidiaries – Wachovia Securities, the nation’s third largest brokerage firm, and Evergreen Asset Management – the bank said in a press statement.

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Bailout Legislation Falters on House Floor

The new bailout legislation was seen as a breakthrough in bipartisan consensus early this morning, but by this afternoon, it was abruptly struck down, as it came up 13 votes short of passage. The final House vote was 228 to 205 against the measure.

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Freddie Announces Organizational Changes

Freddie Mac announced changes to its organization and senior management today. The mortgage backer said the modifications will enable the company to help stabilize the housing finance system and position it to take advantage of business opportunities in the market over the longer term.

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New Program Finds Errors in Over 80 Percent of ARM Loans

You Walk Away, LLC, a company that helps families facing foreclosure, has introduced a new product which performs a comprehensive investigation of mortgage documentation. Based on loan audits the company has already conducted, over 80 percent of adjustable-rate mortgages (ARMs) revealed major TILA (Truth in Lending Act) and RESPA (Real Estate Settlement Procedures Act) predatory lending practices and real estate/mortgage fraud violations, the company said, giving the homeowner grounds to request a loan modification.

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Federal Study: More Banks Modify Problem Home Loans in Q2

Top U.S. financial institutions tried harder in the second quarter to modify problem loans, according to a recent report by federal agencies. The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) have issued a joint mortgage metrics report, in which they found that actions by national banks and thrifts to prevent home mortgage foreclosures increased faster than their new foreclosures during the second quarter of 2008, despite an overall decline in mortgage credit quality.

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