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Bank of America Mortgage Modifications Increase to 680,000

Bank of America reports that it has provided mortgage modification assistance to more than 680,000 homeowners since January 2008, 79,859 of which have been completed through the administration's Home Affordable Modification Program (HAMP). According to the company, it leads the industry in HAMP modifications. BofA officials say HAMP results have slowed in recent months due to the implementation of a full documentation requirement prior to initiating a trial mod plan.

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Freddie Mac’s Portfolio Shrinks, Delinquency Rates Mixed

Freddie Mac says it cut its total mortgage portfolio by an annualized rate of 5.2 percent in August. The GSE has been downsizing for most of this year. Only two months during the early part of 2010 saw increases in the company's portfolio size. The GSE also reported that its single-family delinquency rate decreased to 3.83 percent in August, down from 3.89 percent the month before. The multifamily delinquency rate, on the other hand, increased to 0.32 percent, up from 0.30 percent in July.

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Regulators Shut Down Lenders in Florida and Washington

State and federal regulators stepped in to shut down the operations of two community-based lenders over the weekend -- Haven Trust Bank Florida in Ponte Vedra Beach and North County Bank in Arlington, Washington. So far this year, 127 names have landed on the FDIC's failed-bank list. The real estate and financial crises have taken their toll on the nation's banking system. Institutional closings in 2010 are well on pace to surpass the 140 bank seizures that characterized 2009.

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New GSE Requirements for Appraisal Reporting Expected by Year-End

According to a statement released by Freddie Mac and Fannie Mae, the companies are in the process of developing the Uniform Appraisal Dataset (UAD) to improve the quality and consistency of appraisal data on loans delivered to the GSEs. Business and technical details of the UAD, implementation dates for the Uniform Collateral Data Portal (UCDP), and use of the UAD and UCDP are expected to be released later this year. Implementations will occur in 2011.

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Lenders Have Failed to Repurchase $11B in Bad Loans from GSEs

Banks that sold bad mortgages to Fannie Mae and Freddie Mac have a contractual obligation to buy the loans back, according to their regulator. But many of the nation's largest institutions aren't living up to their end of that commitment. The director of the Federal Housing Finance Agency says that as of the end of the second quarter, Fannie Mae had $4.7 billion in outstanding repurchase requests, and Freddie Mac had $6.4 billion -- more than a third of which have been outstanding for more than 90 days.

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Fannie Mae Announces New Buyer and Seller Incentives for REOs

With the foreclosure crisis still raging, the nation's largest mortgage financier has amassed a hefty portfolio of repossessed homes. Fannie Mae took back 68,838 foreclosed properties in the second quarter alone. In the first quarter of this year, the company added 61,929 new REOs to its inventory. In an effort to increase sales of its foreclosed inventory and get these properties off its books, Fannie Mae said Thursday that it is offering additional incentives to both buyers and sellers of its REO homes.

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New Dodd-Frank Requirement Issued for Making Home Affordable

The Treasury issued a new directive of the Making Home Affordable (MHA) program this week. Also known as the Dodd-Frank Certification Requirement, it provides guidance on borrower certification for non-GSE loans participating in the program. The new requirement states that borrowers are not eligible to receive assistance through MHA if they have been convicted of felony larceny, theft, fraud, or forgery; money laundering; or tax evasion in connection with a mortgage or real estate transaction within the last 10 years.

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Treasury’s TARP Supervisor Herb Allison Resigns

Assistant Treasury Secretary Herbert M. Allison said Wednesday that he will be stepping down from his post at the end of September. Allison was responsible for overseeing the administration's $700 billion Troubled Asset Relief Program (TARP). The Treasury's Office of Homeownership Preservation also fell under his jurisdiction. The former Fannie Mae CEO has played an integral role in the development and management of the Obama administration's housing and foreclosure prevention programs.

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Moody’s Forecast for Housing and the Economy: Dim

The analysts at Moody's are downbeat in their outlook for both the U.S. economy and the housing market. They warn that the there's a stronger chance the country will slide back into a recession, and they are forecasting a longer and deeper housing correction. Because of weak housing demand, soft job creation, and the slow speed at which the industry is working through distressed mortgages, Moody's says recovery is already back-sliding into a double-dip. The agency expects house prices to fall until the third quarter of next year.

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Advocates Call on Fed to Modernize Home Mortgage Disclosure Rules

A coalition of community groups called on the Federal Reserve to overhaul a 35-year old law that requires lenders to report vital information on their mortgage lending practices. At a Federal Reserve Board hearing held last week in Chicago, advocates urged the Fed to increase the scope of information mortgage lenders must report and to use the data to crack down on lenders that engage in the sorts of discriminatory and abusive lending practices that led to the current foreclosure crisis and financial meltdown.

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