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Oregon to Use $88M in Hardest Hit Funding to Help 6,300 Homeowners

Oregon Housing and Community Services, one of five state housing finance agencies selected to receive foreclosure assistance funds through the second round of the administration's Hardest Hit Fund, has submitted a proposal to the Treasury Department detailing how it plans to use its $88 million allocation. The department said its proposal, which comprises five separate programs, will serve a minimum of 6,300 struggling homeowners.

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More Than 172,000 Loan Mods Completed in April: HOPE NOW

Home loan servicers are continuing to step up efforts to put distressed homeowners into more sustainable mortgages, according to data released this week by HOPE NOW. The number of loan modifications offered to homeowners during the month of April - more than 172,000 - represents a 46 percent increase compared to a year earlier, when the industry completed nearly 118,000 loan mods. Nearly two-thirds of the April 2010 number were through servicers' own proprietary, non-government mod programs.

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Ginnie Mae Makes Key Changes to Ginnie II Multiple-Issuer Pools

In an announcement Tuesday, Ginnie Mae described specific details surrounding two important operational changes to Ginnie II multiple-issuer pools. The program changes are aimed at minimizing financial risk for warehouse lenders and making the program more efficient for all lenders, the association said in a statement.

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GSEs to Begin Accepting HAFA Short Sales

Fannie Mae and Freddie Mac both issued new guidelines to servicers Tuesday, which allow homeowners with GSE loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the government's foreclosure prevention program. GSE loans were oddly excluded from the Treasury's Home Affordable Foreclosure Alternatives (HAFA) program when it was rolled out in early April, but by August 1, 2010, all Fannie and Freddie servicers must begin offering HAFA solutions to eligible borrowers.

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FHFA Proposes Rule on GSEs’ Requirements for Underserved Markets

The Federal Housing Finance Agency announced Tuesday that it has sent a proposed rule to the Federal Register implementing provisions of the Housing and Economic Recovery Act of 2008, which establish a duty for Fannie Mae and Freddie Mac to serve very low-, low-, and moderate-income families in three specified underserved markets -- manufactured housing, affordable housing preservations, and rural markets.

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FHA’s Delinquency Rate Falls to 8.5%

It looks as though escalating past due mortgages may be a thing of the past for the Federal Housing Administration (FHA). The federal mortgage insurer's delinquency rate dropped again in April, marking the third straight month of declines. According to FHA's latest operations report, as of April 30, 527,504 mortgages had spent at least 90 days in a delinquent status, yielding a serious default rate of 8.5 percent. That's down from 8.8 percent in March and 9.2 percent in February.

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Regulators Close Down Five More Community Banks

Five financial institutions - three in Florida and one each in California and Nevada - found regulatory officials at their doors Friday evening, discharged to close down their operations. This latest round of seizures brings the total number of insured-bank failures for the year to 78, and will cost the FDIC $317 million.

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HAMP Modifications Have Just a 50% Success Rate: Moody’s

The Treasury's most recent Home Affordable Modification Program (HAMP) report shows ""extremely low conversion rates,"" with success just a 50/50 gamble, according to Moody's Investors Service. As of the end of April, servicers had converted almost 300,000 permanent modifications. However, they had also canceled 277,640 trial mods. Moody's says this represents approximately a 50 percent success rate. The report also shows 3,744 permanent modifications have been canceled.

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More than Half of Foreclosures Triggered by Job Loss: NeighborWorks

NeighborWorks America reports that 58 percent of homeowners who've received assistance through its foreclosure counseling program say the primary reason they are facing foreclosure is reduced or lost income. The nonprofit says it's time for mortgage servicers and investors to make meaningful accommodations for borrowers facing foreclosure -- or prepare for even more empty homes and devastated neighborhoods.

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Fannie Mae’s Delinquency Rate Falls for First Time in Three Years

The percentage of past due loans held by the nation's largest mortgage financier has fallen. In its monthly summary report just released, Fannie Mae said the serious delinquency rate on single-family mortgages in its portfolio dropped to 5.47 percent in March, down 12 basis points from 5.59 percent in February. It's the first time the GSE's serious delinquency rate has declined since March 2007, when it was a mere 0.62 percent.

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