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Freddie Receives Additional Funding

The McLean, Virginia-based mortgage giant Freddie Mac was given another $6.1 billion by the Treasury Department last week to offset the GSE’s first quarter deficit, according to a recent securities filing by the company.

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Supreme Court Allows States to Pursue Federally-Regulated Banks

In a ruling last week, the U.S. Supreme Court gave state prosecutors the power to investigate and sue national banks for violating fair-lending laws – a blow to federal regulators who say states’ attorneys general don’t have the authority to go after the institutions they oversee.

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Regulators Close Seven Community Banks

Seven regional banks were shut down on Thursday – one in Texas and six in Illinois – bringing the number of failed banks in 2009 to 52. Barely half-way through the year, and that number is already more than double the 25 institutional failures in 2008.

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Chase Releases Mortgage Mod Numbers

Chase Bank announced this week that it has approved 138,000 trial mortgage modifications for struggling homeowners since it began processing loan workouts through President Obama’s Making Home Affordable program on April 6.

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Long-Term Rates Continue to Drop

Mortgage interest rates slipped lower again this week, according to the Primary Mortgage Market Survey (PMMS) released Thursday by Freddie Mac. Frank Nothaft, the GSE’s VP and chief economist, said that along with the recent moderation in home price declines, lower rates are providing a big boost to the nation’s ailing housing market.

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USRES Unveils Property Leasing Solution

US Real Estate Services Inc. (USRES), a national provider of REO management services headquartered in Lake Forest, California, has announced the launch and immediate availability of a new service – USRES Property Management.

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Bank Regulators Report Mod Increase

Loan modifications made by mortgage lenders and servicers spiked during the first quarter of the year, according to a report issued Tuesday by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS).

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Pro-Teck Makes Case for Appraisal Management Companies

Much controversy has surfaced regarding the role and effect of appraisal management companies (AMCs) in the wake of the GSEs’ new Home Valuation Code of Conduct (HVCC). Just last week, lawmakers in the House introduced legislation that would suspend HVCC for 18 months, so that concerns over its effectiveness could be addressed.

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GSEs' Portfolios Take Opposite Paths

Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 1.6 percent in May, while sister company Fannie Mae reported its portfolio grew by 35.1 percent. Freddie’s portfolio now stands at $823.

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