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California Moratorium in Effect

The California Foreclosure Prevention Act officially went into effect on Monday. The measure was signed into law by Gov. Arnold Schwarzenegger last February, and institutes a statewide 90-day foreclosure moratorium.

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Texas AG Hosts Mortgage Fraud Summit

Texas Attorney General Greg Abbott welcomed state and local authorities, law enforcement officials, prosecutors, and other Texans from the real estate industry to the Office of the Attorney General’s (OAG) Mortgage Fraud Summit in Austin on Monday.

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Pro-Teck Endorses NEW BPO Standards

Waltham, Massachusetts-based Pro-Teck Services recently issued a statement endorsing the Broker Price Opinion (BPO) Standards and Guidelines (BPOSG) introduced by the BPO Standards Board late last month.

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Foreclosure Scammers Target Short Sales

Scottsdale, Arizona-based National Short Sale Center says more than 50 percent of the homeowners it is working with to secure short sales have been approached by circumspect individuals or companies proffering fraudulent foreclosure rescue services.

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New York Governor Wants Stronger Mortgage Protections

New York Gov. David A. Paterson has proposed legislation that would build upon the state’s subprime lending reform law enacted last year. The measure centers on providing additional protections for homeowners and tenants, establishing safeguards against foreclosure rescue scams, and preventing urban blight caused by foreclosed homes.

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Nevada Enacts BPO Law

Nevada Governor Jim Gibbons signed Senate Bill 184 into law last Tuesday. The measure, which received widespread support from real estate brokers, agents, and appraisers in the state, enables broker price opinions (BPOs) to be performed in Nevada and provides the real estate valuation industry there with clarity regarding BPO preparation and delivery.

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Comptroller Dugan Tours Dallas

Comptroller of the Currency John C. Dugan recently toured two Dallas neighborhoods where low- and moderate-income homebuyers are being given affordable opportunities to own a home. Dugan described one of these neighborhoods in South Dallas as being hit hard by foreclosures.

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Lending Down at Bailed-Out Banks

Federal regulators completed unprecedented stress tests of the largest banks’ balance sheets last month, and found that 10 of the 19 institutions screened had enough capital on hand to not only sustain lending in the current environment, but could continue lending even if economic conditions worsen.

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Fed Underwater On MBS Purchases

The U.S. Federal Reserve’s plan to buy up mortgage-backed securities (MBS) has proven to be a high-ticket project. According to a recent Wall Street Journal:http://www.wsjonline.com report, which cited analysis by JP Morgan Chase, the Fed is underwater on its MBS portfolio by about one percent, and it would have to take approximately $5 billion in losses if it were to mark its portfolio to the market.

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