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Virginia Bank Closed, Fourth Collapse of 2014

The Federal Deposit Insurance Corporation (FDIC) announced Friday in a press release the closing of Millennium Bank, National Association of Sterling, Virginia. The bank was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as the bank’s receiver.

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Fannie Mae Confident of Continued Growth in 2014

The housing market’s cooler-than-expected first quarter should just be a temporary blip in a year of modest overall growth, according to Doug Duncan, chief economist at Fannie Mae. Fannie Mae’s latest economic forecast notes harsh weather stunted new home construction in Q1 2014, but the report also reaffirms Fannie Mae's position that the economy and housing markets will improve on 2013 growth by the end of Q4.

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FHFA Announces $122 Million Settlement

The Federal Housing Finance Agency (FHFA) announced Thursday it has reached a settlement with Société Générale, related companies, and specifically named individuals. The parties have reached a settlement of $122 million, and resolved claims made in the lawsuit FHFA vs. Société Générale, et al.

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‘Disruptive Weather’ Continues to Slow Home Sales

“Ongoing disruptive weather patterns in much of the U.S. inhibited home shopping,” said National Association of Realtor’s chief economist, Lawrence Yun. The analysis came in the wake of the release of NAR’s Pending Home Sales Index, noting pending sales edged up .1 percent to 95 last month. Compared to January 2013, pending sales were down 9.0 percent.

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Freddie Mac Reports Continued Quarterly Gains

2015 HUD

Freddie Mac released on Thursday its quarterly earnings report for the end of 2013, revealing yet another strong quarter—the ninth straight. Net income at the enterprise totaled $8.6 billion in Q4. For all of 2013, Freddie Mac reported providing liquidity for 1.6 million refinances; 515,000 home purchases; and 388,000 multifamily rental units.

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Foreclosure Inventory Drops by One-Third, Still Elevated

Short Sales

Foreclosure inventory in January was down by one-third over the year, although completed foreclosures ticked up over the month, according to CoreLogic’s National Foreclosure Report released Thursday. Demonstrating an 11.8 percent increase over the month, completed foreclosures totaled 48,000 in January.

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Wells Fargo Cuts 700 Mortgage Jobs

According to a report from The Charlotte Observer, Wells Fargo is laying off another 700 mortgage workers across the country. The bank announced Thursday the layoffs would affect mortgage processors and underwriters the hardest. What is causing the lending giant to cut jobs nationwide?

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Institutional Investor Sales Decline

RealtyTrac released its January 2014 Residential & Foreclosure Sales Report on Thursday, revealing institutional investors made up 5.2 percent of all U.S. residential property sales in January. Institutional investor sales are down from 7.9 percent in December, and down 8.2 percent from January, 2013.

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Another Man Sentenced in Florida Wire Fraud scheme

A Florida man was sentenced on Tuesday to serve 12 months and one day in prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Vernell Burris Jr. was sentenced to prison along with two other previously sentenced co-defendants, Christopher Godfrey and Dennis Fischer, in a continuing SIGTARP case.

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