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Fannie, Freddie Proceed with Bonuses

Fannie Mae and Freddie Mac are planning to follow through with the payout of retention bonuses to more than 7,500 employees. The two companies plan to award $159 million to executives and key staff members over the next 18 months, on top of the nearly $51 million already paid out in 2008.

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Mortgage Rates Hit New Record Lows

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, showing that mortgage rates dropped again this week, hitting yet another record-breaking low for all loan products in the GSE’s study.

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Survey: Few Lenders Ready for HVCC

On May 1st, the Home Valuation Code of Conduct (HVCC) is scheduled to take effect, mandating that all new loans sold to Fannie Mae and Freddie Mac comply with strict rules established to mitigate the risk assumed by the two GSEs.

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Wolters Kluwer Extends Compliance Technology to Community Banks

Minneapolis, Minnesota-based Wolters Kluwer Financial Services announced last week that the company is expanding the reach of its CompliSource solution to the community banking marketplace. The tool, which was previously only available to larger lenders, now offers community banks a means for managing state and federal compliance law governing consumer finance, indirect lending, and mortgage lending.

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Freddie Mac Offers New Mortgage Security

Freddie Mac is now offering Reverse REMIC Giant PC securities – a new mortgage-related security intended to provide additional liquidity to the U.S. residential mortgage market and give new options to investors.

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Obama Names Additional Treasury Posts

President Barack Obama announced three new nominations for posts at the Department of Treasury over the weekend. He has selected Michael S. Barr as assistant secretary for financial institutions; Helen Elizabeth Garrett for assistant secretary of tax policy; and George W.

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FDIC Requests Comment on Legacy Asset Purchase Program

The FDIC announced last week that it is seeking public comment on its Legacy Loans Program (LLP). The FDIC and the Department of the Treasury unveiled the LLP last Monday as part of the administration’s Public-Private Investment Program (PPIP).

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Florida Mortgage Industry Pushes for Tax Credit as Down Payment

An alliance of Florida consumers, lenders, realtors, and builders said on Friday that they will aggressively petition state leaders to allow first-time home buyers to use the new $8,000 federal tax credit as upfront cash for a down payment – a move they say would spur Florida’s sluggish housing market and stimulate the state’s lagging economy.

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