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President Obama to Veto Notary Bill Because of Foreclosure Implications

A controversial notary bill has flown under the radar amid reports of servicers' ""robo-signers"" who reflexively shoveled foreclosure cases through the pipeline without having the documents properly notarized. The bill would require state and federal courts to recognize any notarization made by a licensed notary public in any state. Critics say it would make it harder for borrowers to contest the legality of a foreclosure on the grounds of improper documentation. The bill has passed both chambers of Congress, but President Obama says he will not sign it.

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Mortgage Rates Continue Descent, Hitting New Record Lows

Mortgage interest rates dropped again this week, setting new record-lows across the board. Analysts say we have bond investors to thank for the continuing declines. Investors are expecting the Fed to begin pumping more money into the economy to reinvigorate the now lukewarm recovery, so there's been a rush to buy up mass amounts of government- and mortgage-backed debt. This, in turn, has served to drive mortgage rates lower - now at their lowest point in more than a half-century.

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Wells Fargo Offers Pick-a-Payment Customers a Reprieve

Wells Fargo & Co. announced this week that from December 18, 2010, through June 30, 2013, Wachovia Pick-a-Payment customers who are at-risk of default may be eligible to earn principal forgiveness by making on-time mortgage payments. The company says it has already written mortgage principals down by a total of nearly $3.4 billion for Pick-a-Payment customers. The bank will also contribute $24 million to eight states to help with customer outreach and alleviate the impact of foreclosure in local communities.

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Ohio Attorney General Files Fraud Suit Against GMAC Mortgage

The foreclosure paperwork gaffe at GMAC Mortgage has garnered heavy attention from the highest legal counsels in states across the country, and at least one attorney general is pressing charges. In a lawsuit filed Wednesday against GMAC Mortgage and Ally Financial, Ohio Attorney General Richard Cordray accuses the loan servicer and its agents of filing fraudulent affidavits in an attempt to mislead Ohio's courts. He is seeking a preliminary foreclosure injunction, $25,000 for every violation, and consumer restitution.

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Chase Will Offer Mortgage Aid to Unemployed Michigan Borrowers

Chase announced this week that it plans to participate in Michigan's Hardest Hit Fund program to offer assistance to homeowners in the state who are receiving unemployment benefits. The Michigan State Housing Development Authority designed the program to help borrowers stay current on their mortgage even after they have lost their jobs. Chase will partner with the state agency to make the program available to its customers. The program will pay up to half of qualified borrowers' monthly mortgage payments for up to 12 months.

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Safeguard Promotes Halpern to Director of Community Initiatives

Safeguard Properties, the largest privately held mortgage field services company in the country, recently promoted Michael Halpern to director of community initiatives. In this role, Halpern will manage Safeguard's newly created government relations department, which includes working with code enforcement departments, city councils, community organizations, and state entities to establish stronger partnerships on behalf of Safeguard's clients.

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OneWest Becomes Early Adopter of HAMP Principal Reduction Program

OneWest Bank, the Southern California regional lender that was formed out of the old IndyMac, announced Tuesday that it has implemented the new Principal Reduction Alternative (PRA) piece of the administration's Home Affordable Modification Program (HAMP). OneWest is one of the first servicers to officially launch the program, which was initially introduced by the Treasury in late March to provide some mortgage relief to the growing number of homeowners underwater on their mortgage.

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Lawmakers Call for Federal Foreclosure Investigation

House Speaker Nancy Pelosi and fellow members of the California Democratic Congressional Delegation are petitioning federal regulators and the U.S. Department of Justice to launch a formal investigation into servicers' foreclosure practices. The request was prompted by the recent reports of systemic mishandling of foreclosure affidavits by three major mortgage servicers. Delegation members say they have received thousands of complaints from their constituents, which ""appear to outline a clear pattern of misconduct on the part of lenders and servicers.""

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Old Republic Will No Longer Insure JPMorgan and GMAC REOs

Questions about the legality of foreclosure proceedings have prompted Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage. Chase and GMAC both halted foreclosure sales in 23 states and are reviewing legal filings that they say may have been signed without a notary's presence or without verifying the supporting documents.

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Wolters Kluwer Offers Lenders Help in Educating Borrowers

Wolters Kluwer Financial Services will begin providing customizable mortgage application and processing kits to lenders. The two kits, which are available in English and Spanish, are designed to educate borrowers on the mortgage process, helping them improve their financial literacy. The company says the kits can also assist lenders in expediting the application process to close more loans, ensuring disclosures are compliant and provided to borrowers as required, and making sure marketing activities are consistent across branches.

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