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BofA Completes More Than 12,000 Permanent HAMP Mods in a Month

According to Bank of America's monthly Home Affordable Modification Program (HAMP) progress report to the Department of Treasury, the Charlotte, North Carolina-based bank has completed nearly 33,000 permanent HAMP modifications, including more than 12,000 since the previous monthly report. As of April 8, 2010, 32,900 Bank of America customers had been placed into completed mortgage modifications with affordable payments under HAMP, up from 20,666 reported a month earlier. This marked the bank's most productive month to date.

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South Carolina Sees First Bank Failure Since 1999

Beach First National Bank in Myrtle Beach, South Carolina, was shut down this weekend by the Office of the Comptroller of the Currency. It's the 42nd FDIC-insured institution to fail this year, and the first in South Carolina since March 1999. The FDIC brokered a deal with Bank of North Carolina out of Thomasville, North Carolina to take over the shuttered institution's operations.

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Financial Crisis Probe Puts Former Fannie Execs in the Spotlight

There's plenty of finger-pointing and opinions to go around in the heated debate over what caused the nation's financial meltdown of 2007. To get to the true triggers, President Obama formed the Financial Crisis Inquiry Commission. This week, two former top execs from Fannie Mae found themselves in the hot seat. They said it was Wall Street firms muscling in on the mortgage-backed securities market, unrealistic housing goals, and a public-private business model that led the GSEs to take greater risks in the years before the mortgage crisis.

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PCV Murcor Integrated with Veros for Fannie Mae Appraisals

PCV Murcor Real Estate Services announced this week that it is fully integrated with Veros Real Estate Solutions as part of the Fannie Mae Collateral Data Delivery (CDD) initiative, which will require all lenders to submit full appraisal reports to the GSE in an electronic data format.

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California Legislature Pushes Important Foreclosure Bill Forward

In a 7-1 vote, the California Senate Banking, Finance, and Insurance Committee approved a measure that would better protect homeowners in the Golden State who are at risk of foreclosure. SB 1275: Homeowners Bill of Rights contains two major provisions. It would require all mortgage servicers doing business in the state to evaluate delinquent borrowers for a modification before proceeding with foreclosure, and if a servicer fails to do so, it would give the homeowner the right to bring an action to either void the foreclosure or recoup damages.

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SEC Proposes Rules to Revise Regulatory Regime for ABS

On Wednesday, the Securities and Exchange Commission (SEC) proposed rules that would revise the disclosure, reporting, and offering process for asset-backed securities (ABS) to better protect investors in the securitization market. The proposed rules are intended to provide investors with more detailed and current information about ABS, including mortgage-backed securities, and more time to make their investment decisions.

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FDIC’s Suzy Gardner on Bank Failures

The FDIC has been hit with a tsunami of bank failures, and the culprit of many traces directly to bad real estate loans. The Congressional Oversight Panel released estimates back in February that put losses from defaults on commercial real estate loans over the next few years as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide. At The Five Star Institute's Commercial Default 360 event in Dallas Tuesday, the FDIC's Beverlea S. ""Suzy"" Gardner addressed this very issue.

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Fed in Same Boat as Banks on Soured Real Estate Assets

The Federal Reserve has gotten a first-hand look at the kind of havoc residential and commercial real estate loans can wreak on a balance sheet in today's market. It can now fully appreciate the woes that lenders and mortgage investors have been facing since the downturn. That's because the Fed's New York bank now finds itself in the very same boat, after two monolithic financial bailouts in 2008 - Bear Stearns and American International Group (AIG) - saddled the federal institution's books with a heap of souring loans.

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Credit Union Regulator Readies Securitization of $50B in ‘Toxic’ Loans

The National Credit Union Association (NCUA) is planning to securitize more than $50 billion of what the organization has deemed to be ""toxic assets that caused the meltdown."" The NCUA, which serves the same regulatory and depository insurance role for credit unions as the FDIC does for banks, would be following in the fashion of its banking counterpart, turning to the secondary market to quickly dispose of poorly performing loans. The FDIC has successfully completed three such transactions over the past month.

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Early Reaction to HAFA Program

The administration's Home Affordable Foreclosure Alternatives (HAFA) program hasn't even been in effect for a full week, and positive feedback is already coming in. Loan Resolution Corporation, a Scottsdale, Arizona-based pre-foreclosure asset manager that acts as a vendor for banks implementing HAFA, said it expects a tremendous surge in short sales to accompany the recent implementation of this new program.

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