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Indiana AG Sues Foreclosure Consultants

Indiana Attorney General Greg Zoeller filed lawsuits in Boone, Clark, Delaware, Grant, and Marion counties last week against five foreclosure consultant companies. The lawsuits filed cite violations of three state laws including the Deceptive Consumer Sales Act, Credit Services Organizations Act, and the Mortgage Rescue Protection Fraud Act.

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Lenders Step Up Foreclosures As Moratoriums Expire

Foreclosure floodgates may soon give way as the nation’s leading mortgage lenders lift their recent foreclosure suspensions and move those borrowers that are ineligible for federal programs on through the property repossession process.

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Treasury Releases Lending Survey

The Treasury Department released its February lending survey on Wednesday. The study covers the top 21 institutions who have received a government investment through the Capital Purchase Program (CAP).

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States Move Toward Electronic Property Registration

The Virginia Legislature has passed House Bill 2150, which would allow lenders and servicers to register their foreclosed properties, for the purpose of property preservation tracking, with the Mortgage Electronic Registration System (MERS) instead of using individual municipal registration databases.

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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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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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