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HAMP Report Card Shows Only 31,000 Permanent Mods

Treasury released the highly anticipated progress report on the government's foreclosure prevention program Thursday afternoon - which for the first time includes details on the number of trial modifications each servicer has converted to permanent status - and as lenders warned earlier this week, the results were disappointing.

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Banks to Prepay FDIC Fees, Agency Mulls ‘Safe Harbor’ for Securitized Loans

It's no longer just a proposal the FDIC decided Thursday to implement a new payment structure for banks that requires them to prepay three years of insurance premiums. The agency also signaled that it is putting together new rules that would provide ""safe harbor"" protection for loans bundled in securities, essentially putting these assets out of the FDIC's reach if the selling institution goes under.

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Fed Moves to Keep Watch over Subprime Lenders

Effective immediately, the Federal Reserve will start scrutinizing a class of bank subsidiaries that includes subprime lenders, determining whether they comply with all the government agency's consumer-protection rules and investigating customer complaints.

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House Passes Two FHA Reform Measures in Voice Votes

The House of Representatives passed two housing measures this week designed to assist certain borrowers of Federal Housing Administration loans, earning kudos from some of the nation's largest trade groups in the mortgage and housing industries.

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Fannie CEO Says GSE Will Speed Up Lending

Saying the U.S. housing recovery has a long road ahead, the president of Fannie Mae indicated Wednesday that the government-sponsored mortgage giant will accelerate its funding in sales of loan-backed assets in an attempt to give lending a shot in the arm.

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House Committee Approves Extension of High-Cost Loan Limit

The House Appropriations Committee has voted to extend the $729,750 limit for federal loans in high-cost markets through September 2010. The loan limit applies to mortgages financed through Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) and is currently set to revert back to $417,000 at the end of this year unless the extension is approved by Congress.

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