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GSE Loan Mods Up 76 Percent in Q4

The Federal Housing Finance Agency (FHFA) submitted its fourth quarter report to Congress this week detailing actions the GSEs have taken to prevent unnecessary foreclosures. The report shows a 76 percent increase in loan modifications by Fannie Mae and Freddie Mac from the third to fourth quarters of 2008.

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The Moratorium Morass

Why Putting the Brakes on Foreclosures Won’t Stop the Crash California did it. Massachusetts and Maryland did it, too. So did Fannie and Freddie. Florida and Ohio are talking about doing it. The sheriff of Wayne County, Michigan, didn’t wait around for a vote: He did it himself.

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Golden State Foreclosures Still Rising

ForeclosureRadar, which tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for February 2009 on Thursday. The company said that Notices of Default have increased 21.

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Foreclosures Up Six Percent in February

Foreclosure activity in February increased nearly six percent from the month before, according to RealtyTrac’s U.S. Foreclosure Market Report released on Thursday. The gain comes despite widespread foreclosure moratoria instituted by the GSEs and some of the nation’s largest lenders during the first part of the year.

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Home Builders Vying With Foreclosures

As inventories of foreclosed homes swell, home builders across the country, particularly in the Sun Belt states hit hardest by the housing crisis, are pitted against REO properties for sales. Steve Ruffner, president of the Southern California division of new home builder KB Home, recently told the Wall Street Journal:http://online.

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Ohio Considers Foreclosure Legislation

The Ohio Legislature has introduced several bills aimed at fighting the foreclosure crisis in the state. Ohio has one of the highest foreclosure rates in the country. Residential foreclosures in the Buckeye State were ranked the 10th highest in the nation in RealtyTrac’s latest market report, with one in every 452 homes receiving a foreclosure filing in January.

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Pennsylvania Steps Up Foreclosure Fight

Pennsylvania Gov. Edward D. Rendell announced on Monday an emergency executive action= intended to provide immediate relief to struggling homeowners in the state. The governor is directing $5 million in state funding to be used for mortgage assistance to ensure that recently unemployed workers can keep their homes while they are retraining and finding new jobs, the governor’s office said in a press statement.

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New Yorkers Protest REDC Auction

An auction of foreclosed homes in New York City was picketed by a group of two dozen protesters on Sunday. The auction of more than 375 foreclosed homes was put on by Real Estate Disposition Corp. (REDC), and was only the second event the company has held in the Big Apple.

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