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Government

Report: Subprime Litigation Doubles in 2008

In a new report issued this week, Navigant Consulting, Inc. found that beyond the billions in writedowns, the credit crisis produced an alarming 576 new litigation matters filed in U.S. federal courts in 2008.

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Mortgage Rates Drop

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) today, showing that mortgage rates eased this week, following news of a weaker jobs market which may slow consumer spending and keep inflation at bay.

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MBA's Kittle Testifies on Mortgage Reform

David G. Kittle, chairman of the Mortgage Bankers Association (MBA) and EVP at Vision Mortgage Capital, LLC, testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit on Wednesday.

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MCS Awarded Government Contract

Mortgage Contracting Services (MCS), a property preservation and inspection services provider based in Tampa, Florida, announced on Thursday that it has been awarded a contract with U.S. General Services Administration (GSA) to perform property preservation work for the government.

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BB&T Signs On To Use Fiserv's E-Lending Platform

Fiserv, Inc., a Brookfield, Wisconsin-based provider of financial services technology solutions, announced on Thursday that BB&T Corporation, has chosen the company’s Secure Lending solution to electronically deliver disclosures and other pre-closing documents, with an electronic signature option, to borrowers.

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Fed Purchases $27B in Agency MBS

The Federal Reserve Bank of New York purchased $27.1 billion in agency mortgage-backed securities (MBS) this week. Total MBS purchases since the government program began in early January now stands at $217 billion.

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Freddie Loses $50B in 2008

McLean, Virginia-based mortgage financier Freddie Mac released its 2008 financial results on Wednesday. For the full-year 2008, the GSE reported a net loss of $50.1 billion, or $34.60 per diluted common share.

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