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Plugging the Leak

Rather than Quenching the Industry’s Thirst, Did TARP Trickle Away Needed Funds—Making Matters Worsex Rome may not have been built in a day, but it certainly didn’t take long for its empire to decline and fall.

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Fannie CEO May Lead Government Bailout

President Barack Obama is expected to name Fannie Mae’s chief executive Herb Allison to head the government’s $700 billion bank bailout program, according to a report published Tuesday by the Wall Street Journal:http://online.

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Ocwen First to Begin Federal Loan Mods

Ocwen Financial Corporation, a subprime mortgage servicer headquartered in West Palm Beach, Florida, announced on Monday that it is the first servicer in the country to begin executing loan modifications under the Treasury Department’s new Home Affordable Modification program.

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Metro Buyers Turns Tax Credit Into Down Payment

Under the American Recovery and Reinvestment Act of 2009, a tax credit of up to $8,000 is available for first-time home buyers. However, Alpharetta, Georgia-based Metro Buyers Group, LLC, argues that the problem for most first-time buyers is the down payment, and the new tax credit is only available to purchasers that have already closed on their home.

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FHLBank Atlanta Gives $9.9M to First-time Home Buyers

The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced last week that it will continue its initiatives to spur home purchases by providing potential homeowners with access to $9.9 million as part of its 2009 First-time Homebuyer Program (FHP).

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Making Home Affordable Underway at BofA

Bank of America, which services one out of five mortgages in the United States, announced this week that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department’s Making Home Affordable program.

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President Hosts Refinance Roundtable

President Barack Obama held a roundtable discussion in the Roosevelt Room of the White House on Thursday with a group of homeowners who have recently refinanced their home mortgages, taking advantage of historically low interest rates.

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Gov. Advocates Bailout Investment Funds

As part of the administration’s plan to involve the private sector in efforts to purge banks of troublesome mortgage assets, government officials are encouraging large investment companies to create bailout funds – what some are calling the financial-crisis equivalent of the Liberty Bonds hawked by the U.

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Fed Purchases $30B in Agency MBS

The New York Federal Reserve Bank purchased $30.425 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $333 billion.

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Mortgage Rates Up But Still Under 5 Percent

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which showed that mortgage interest rates rose slightly this week, though they remain at historically low levels.

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