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BofA Facilitates Cities' REO Purchases

Bank of America Home Loans recently announced a new streamlined program for municipalities to purchase properties from its REO portfolio. The new guidelines are exclusively for local and state government departments receiving HUD’s Neighborhood Stabilization Program (NSP) grants.

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Industry Groups Issue BPO Standards

The National Association of BPO Professionals (NABPOP) and its BPO Standards Board (BSB) have issued new broker price opinion (BPO) guidelines for real estate agents and brokers to use when determining the probable selling price of residential properties.

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Mortgage Rates Climb Higher

Mortgage interest rates across the board spiked this week, following long-term bond yields higher as the focus among investors shifted to the budget deficit and the possibility of inflation. According to Freddie Mac, the commitment rate for a 30-year fixed rate mortgage is now at its highest level since December 11, 2008, 25 weeks ago.

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FDIC Postpones PPIP Loan Purchases

The FDIC announced on Wednesday that it is postponing the legacy loan portion of the government’s Public-Private Investment Program (PPIP). The plan was unveiled in March as a means of cleansing banks’ balance sheets of under-performing mortgages and other toxic assetst hat have led to substantial write-downs since the beginning of the financial crisis.

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Industry Testifies on Future of GSEs

Leaders from a number of housing industry groups flocked to Capitol Hill on Wednesday to weigh in on how mortgage financing giants Fannie Mae and Freddie Mac should be structured. The two GSEs own or guarantee 56 percent, or $5.

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FHA Allows Tax Credit As Downpayment

The Federal Housing Administration (FHA) laid out the details of a new policy Mortgagee Letter 2009-15 ] on Friday that will allow first-time homebuyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home.

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