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Fifth Third Mortgage Company Sees Success in Mortgage Modifications

The comprehensive Home Affordability and Stability Plan, introduced by the Obama administration in March 2009, was created in hopes of providing refinance and modification options for millions of homeowners. So far, though, that hasn't been the case. However, Fifth Third Mortgage Company, a financial services company headquartered in Cincinnati, Ohio and a subsidiary of Fifth Third Bank, says it has done its part to help homeowners stay in their homes.

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FTC Rule Bans Up-Front Fees for Modifications

The Federal Trade Commission has proposed a new rule that would prohibit third parties, including loan modification specialists and loss mitigation attorneys, from collecting payment for foreclosure prevention services until after they obtain a documented offer from a lender or servicer for a modification or other form of mortgage relief.

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HOPE NOW Enhances Outreach Events in 2010

As foreclosures continue to plague the nation, many at-risk homeowners are seeking help through home preservation events sponsored by the HOPE NOW alliance, the Obama administration's Making Home Affordable Program, and NeighborWorks America.

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Mortgage Rates Begin an Upward Climb

The four week streak of falling mortgage rates ended this week, according to surveys released Thursday by Freddie Mac and Bankrate. However, despite this slight increase, mortgage rates remain relatively stable and are notably lower than rates this time last year.

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Residential Mortgage Delinquency Rate Surpasses 10%: LPS

Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported this week. When you factor in homes already in the foreclosure process, the total rate of noncurrent mortgages sits at 13.3 percent, according to the company's national loan-level database. This rate indicates that more than 7.2 million mortgage loans are now behind on payments, LPS explained, with another one million properties already taken back by banks and in REO status.

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Lawmakers Advise Administration to Tackle Commercial Foreclosures

Problems in the commercial real estate sector have put Congress on the offensive. House members are particularly concerned with guidance issued be federal banking regulators, advising lenders to extend or restructure loans backed by income-producing or development properties. Lawmakers say there are indications these loans are not being serviced properly, and evidence that regulators themselves are triggering defaults by encouraging lenders to write down the value of performing loans when payments are current.

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AG Orders Banks, Attorneys to Stop Evictions Violating Federal Tenant Law

Connecticut Attorney General Richard Blumenthal sent cease-and-desist letters to 30 law firms and real estate companies this week ordering them to stop abrupt and illegal evictions of tenants of foreclosed properties. Blumenthal says his office has received complaints from tenants who were illegally forced out of rental homes after their landlords' properties were foreclosed - a violation of the federal Protecting Tenants at Foreclosure Act (PTFA) signed into law last year.

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CMBS Delinquencies Hit All-Time High: Trepp

Overdue loans in pools of commercial mortgage-backed securities (CMBS) climbed to 6.49 percent in January, according to a report issued this week by Trepp LLC, a New York-based company that tracks the commercial real estate market. That figure is up 42 basis points from the 6.07 percent delinquency rate in December, and Trepp says it's the highest delinquency level in the history of the CMBS industry.

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Properties Sold at Tax Sale in One Pennsylvania County Results in $2 Million Loss

A group of properties located in Montgomery County, Pennsylvania valued at almost $3.4 million were sold for less than a third of their value at the September 2009 annual upset tax sale. According to a recent report by the Real Estate Tax Sale Law Network, Inc. (RETSL), a servicer who connects lenders and property owners with legal experts who know the intricacies of real estate tax sale law, the properties sold for a total of $1,066,394, equaling only 31 percent of their value.

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