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Author Archives: Kerri Panchuk

HUD Secretary Under Investigation, Says National Journal

The Secretary of the U.S. Department of Housing and Urban Development (HUD) Alphonso Jackson is allegedly under investigation because of a New Orleans-based HUD contract that was awarded to a social friend, according to a report which ran in the National Journal Group this week.

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U.S. House Passes Mortgage-Related Tax Bill

The chairman of the Mortgage Bankers Association (MBA) and President George Bush applauded Friday the passage of a house tax bill, which has the potential to relieve the stress of troubled borrowers. The bill—HR 3648—would extend the deductibility for mortgage insurance premiums for seven years and exclude discharges of debt on primary residences from gross income, the MBA said in a statement.

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Fitch Makes Downgrades in 2006 Subprime RMBS Review

When re-rating 2006 vintage U.S. subprime residential mortgage backed securities (RMBS) this week, Fitch Ratings agency affirmed 2,228 classes with a par balance of $155.1 billion and downgraded 1,003 classes with a par balance of $18.

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Bear Stearns Announces Restructuring, Layoffs

The Bear Stearns Companies Inc., a financial services firm, is merging its mortgage lending businesses together and cutting 310 positions to meet the structural and operational needs of today’s changing mortgage market.

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Lydian Data Services Makes Use of Technology Solutions

With lenders and investors trying to increase the speed and quality of due diligence on loan folders sent to mortgage process servicers, Lydian Data Services has made the leap into becoming an Advectis BlitzDocs® Certified Quality Control and Due Diligence Provider.

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Massachusetts Foreclosure Crisis Has No Boundaries

Foreclosure filings in the state of Massachusetts jumped significantly in the third quarter of 2007 with filings doubling in 102 cities and 220 communities reporting at least a 50-percent increase in foreclosures, according to a new report from ForeclosuresMass.

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Morgan Stanley Restructures Mortgage Business, Lays Off 600

Current market conditions have prompted financial services company Morgan Stanley to restructure its residential mortgage platform and eliminate 600 full-time positions throughout the U.S. and Europe. Like many other financial service companies, Morgan Stanley says the changes are in response to today’s volatile mortgage market.

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U.S. Representatives Oppose HUD Decision

Certain congressional representatives are expressing dismay over the Department of Housing and Urban Development’s (HUD) plan to end down payment assistance for home buyers. Representatives Gary G.

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HUD Faces Opposition Over Down Payment Ban

A decision to end down payment assistance programs within the U.S. Department of Housing and Urban Development) has raised a few eyebrows among agencies that advocate for the expansion of the American Dream.

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