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Author Archives: Kerri Panchuk

MBA: U.S. Economy Will Remain Slow Until Mid-2008

Mortgage industry professionals heard both positive and negative news about the state of the U.S. economy when Doug Duncan, Chief Economist for the Mortgage Bankers Association, took center stage at the MBA’s 94th Annual Convention & Expo in Boston on Tuesday.

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ResCap to Slash 3,000 Positions

Residential Capital, LLC (ResCap), a mortgage lending subsidiary of GMAC Financial Services, announced strategic layoffs in a recent Securities and Exchange Commission filing, which states the company is reducing its workforce by 25-percent or 3,000 associates.

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U.S. Treasury Secretary: No Housing Correction in Sight

On the same day that the Mortgage Bankers Association (MBA) predicted a rough patch for the U.S. economy that’s expected to last through mid-2008, U.S. Treasury Secretary Henry Paulson Jr. issued a few gloomy statements of his own, saying the ongoing housing correction is not ending as quickly as it might have appeared late last year.

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NovaStar Financial Inc.Sells Mortgage Servicing Rights

Kansas City, Missouri-based NovaStar Financial Inc. announced a debt reduction plan this week in which the residential mortgage portfolio management company will sell its mortgage servicing rights and servicing advances relating to its securitizations to Fort Worth, Texas-based Saxon Mortgage Services, Inc.

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MCS Offers Vendors Face-to-Face Interaction

Mortgage Contracting Services (MCS), a property preservation and inspection services provider, recently furthered the company’s relationships with vendors by hosting its first annual vendor conference at the National Association Mortgage Field Services Annual Conference.

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First American Real Estate Tax Service Launches Web Portal

First American Real Estate Tax Service, a part of The First American Corp. family of companies, launched a Web-based data solutions portal this week to provide originators, mortgage servicers, investors and consumers with an improved method of safeguarding and processing data.

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Wilson & Associates: Make-A-Wish Dream Takes Flight

Wilson & Associates, PLLC, a law firm specializing in various aspects of default servicing and mortgage banking, says managing attorney Robert M. Wilson, Jr., deserves recognition for helping a young man’s Make-A-Wish dream take flight.

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Reliant Announces Major Changes

Toronto, Canada-based Reliant Financial Service Corp. announced in a letter to shareholders this week that the company is asking the Securities and Exchange Commission to delist its shares of common stock.

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Fed Chairman: Expect Housing Drag to Impact Coming Quarters

Federal Reserve Chairman Ben Bernanke expressed some uncertainty this week when discussing how the current drag in the housing sector will impact the nation’s overall economy in coming quarters. In a speech to the Economic Club of New York, Bernanke said, The further contraction in housing is likely to be a significant drag on growth in the current quarter and through early next year.

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New Clayton Tool Helps Investors Detect Risk

Shelton, Connecticut-based Clayton Holdings Inc. introduced its latest due diligence tool — Clarity™ — for loan buyers, investors, and securitizers on Monday. According to Clayton, a provider of information-based analytics, the new tool is designed to help investors anticipate the risk of loss when acquiring new pools of loans.

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