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Delinquencies Plague Fannie, Freddie

Statistics show that more homeowners are falling behind on their mortgage payments as the economy tightens, and that even applies to the higher-quality, less-risky home loans owned by GSEs Fannie Mae and Freddie Mac.

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Global DMS Offers HVCC Compliance

Many lenders who sell their loans to Fannie Mae and Freddie Mac are hesitant to outsource the appraisal process to Appraisal Management Companies (AMCs), especially with the GSEs’ strict new Home Valuation Code of Conduct (HVCC) requirements set to take effect May 1st.

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FBI Wants Mortgage Records Kept Longer

The U.S. Justice Department and Federal Bureau of Investigation (FBI) are asking Congress to require mortgage companies to retain records for at least 10 years in order to better facilitate fraud prosecutions.

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Policymakers Ease Mark-to-Market Rules

Last week, the Financial Accounting Standards Board (FASB) approved new, relaxed guidelines for mark-to-market accounting rules – a method of assigning values to financial instruments, such as mortgage-backed securities, based on the current fair market price for similar instruments.

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LenderLive Launches Gov. Loan Mod Campaign with Top Servicer

Denver, Colorado-based LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, announced on Monday that it has successfully launched its first large-scale Home Affordable Modification Program (HMP) campaign with one of the nation’s top four servicers.

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Report: Re-Defaults Still Rising

The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) released their Mortgage Metrics Report for the fourth quarter of 2008 on Friday, which showed that re-default rates following loan workouts to help homeowners avoid foreclosure are still escalating.

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Gov. Agencies Crack Down on Foreclosure Rescue Scams

The U.S. Department of the Treasury, the U.S. Department of Justice, the Department of Housing and Urban Development (HUD), the Federal Trade Commission (FTC), and the Attorney General of Illinois announced the launch of a new initiative on Monday aimed at foreclosure rescue scams and loan modification fraud.

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Fed Purchases $33B in Agency MBS

The New York Federal Reserve Bank purchased $32.9 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $303 billion.

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