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Fannie Mae Unveils Servicer Achievement Program

Fannie Mae this week unveiled the Servicer Total Achievement and Rewards (STAR) program, which will measure and evaluate mortgage servicers' performance in supporting the housing recovery. The program will examine how the servicers help homeowners avoid foreclosure, and will feature incentives, awards, and an annual scorecard, as well as a monthly snapshot so servicers can track their progress. It will directly link servicer performance to the customer experience and the number of homeowners the servicer has helped.

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Freddie Mac Needs $500M More from Taxpayers after Q4 Loss

Freddie Mac reported Thursday that it lost $113 million in the fourth quarter of 2010. The loss, compounded by the company's $1.6 billion quarterly dividend payment to Treasury for bailout money, left the GSE with a net worth deficit again. Freddie's regulator is requesting another draw from Treasury, this time to the tune of $500 million. The company's fourth-quarter shortfall was actually the smallest of 2010 and brings the GSE's losses for the full year to $14 billion.

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FBI Cracks Down on Mortgage Fraud Schemes Across the Country

As the housing market struggles to get back on its feet, one element holding it back is the prevalence of fraud that increases in times of trouble. In December the CoreLogic Fraud Index revealed fraud losses for 2010 were estimated to be $11 billion. In the past week, the FBI has reported several convictions for mortgage fraud schemes all over the country. The agency says scams involving false promises and fraudulent sales pitches will continue to be a major focus.

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SBA Launches Temporary Refi Program for Commercial Mortgages

Industry analysts have been sounding the alarm for months now about high volumes of commercial mortgages coming due over the next couple of years that borrowers may find difficult to refinance. But small businesses who find themselves in this situation are getting a helping hand from the U.S. Small Business Administration (SBA). The agency is rolling out a program that will allow small businesses to refinance their mortgage debt with a 504 loan.

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Neil Barofsky Resigns as TARP Inspector General

Washington's guard dog who's watched vigilantly over the handling of the federal government's $700 billion bailout purse will step down from his post on March 30. Neil Barofsky, special inspector general for the Troubled Asset Relief Program (SIGTARP), told President Obama that with his initial goals as the program overseer met, ""it is the right time for me to step down and pursue other opportunities.""

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FDIC Said to be Considering $1B Lawsuit Against Former WaMu Execs

Another lawsuit may join the ranks of suits against banking executives for their part in the housing collapse. There are reports that the Federal Deposit Insurance Corporation (FDIC) is said to be considering a lawsuit against former executives of the now defunct Washington Mutual bank, for alleged fraudulent lending practices. The government agency may seek up to $1 billion in damages. The FDIC took control of Washington Mutual and sold it to JPMorgan Chase for $1.8 billion in 2008.

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Rising Home Sales Don’t Offset Lagging Confidence in Market

While recent data points to a pickup in sales activity, sales prices are down, and though mortgage rates remain at record-lows, few people are qualifying for loans. Overall, confidence in the housing market has been shaken. Add to that list the woes of agents and other professionals whose job security depends on the success of the housing market. According to the Bureau of Labor Statistics, the unemployment rate in the real estate subsector has risen from 6.6 percent in October 2010 to 8.3 percent in January 2011.

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Judge Tosses Two Charges Against GMAC in Maine Foreclosure Case

A federal judge has dismissed two charges in a class action lawsuit brought against GMAC Mortgage on behalf of Maine homeowners filed after GMAC's concession that some foreclosure legal documents had been used without following proper procedures. District Judge D. Brock Hornby granted GMAC's motion to dismiss the homeowners' allegations of abuse of process and fraud. One count is still pending in the case, in which the plaintiffs are accusing GMAC of violating the Maine Unfair Trade Practices Act, but an attorney for the homeowners said he expects that to be thrown out also.

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New Consumer Bureau to Put Down Roots Across from White House

Location, location, location. Elizabeth Warren says ""that's the real estate mantra, and the new consumer bureau is following the professional's lead."" The U.S. Department of the Treasury announced late last week that the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, D.C., just across the street from the White House complex.

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DOJ Closes Investigation of Former Countrywide CEO Mozilo

After paying a $22.5 million fine, and after Bank of America footed the bill for a $45 million settlement on his behalf, former Countrywide CEO Angelo Mozilo has had his name cleared. Criminally, at least. In October Mozilo settled a civil lawsuit with the Securities and Exchange Commission for $67.5 million, while not admitting or denying fault for his actions, which the SEC says helped bring about the financial meltdown. The Justice Department has reportedly closed its investigation of Mozilo that began in 2008, determining that those same actions were not criminal.

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