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Loan Modifications Lowering Subprime Delinquencies: Moody’s

Subprime mortgage performance appears to have turned a corner, thanks to the administration's Home Affordable Modification Program (HAMP), according to Moody's Investors Service. After rising steadily for nearly four years, Moody's says the total delinquency rate among subprime loans held in residential mortgage bonds peaked at 54.4 percent in January 2010. Over the next three months, though, the delinquency rate began to decline as permanent HAMP mods doubled, and as of April, it had dropped to 51.5 percent.

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Fannie Extends Deadline for HOPE NOW Counseling Reimbursements

Fannie Mae said Monday that it is extending the time period for servicers to request reimbursement for counseling provided by HOPE NOW Alliance members. The GSE covers the cost of counseling fees paid by its servicers on behalf of borrowers who turn to the HOPE NOW Alliance to resolve mortgage delinquencies.

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Lawmakers Reach Consensus on Key Mortgage Reforms

Lawmakers have promised to provide transparency into the reconciliation of the Senate and House financial reform bills. In line with that commitment, they have released a statement outlining the measures that have been approved so far, including several key mortgage reforms. The final bill outlaws many of the practices that marked the subprime lending boom. It establishes a simple standard for all home loans: lenders must ensure that borrowers can repay the loans they are sold.

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Cease and Desist Order Issued Against Kentucky Mortgage Company

On Friday, the Kentucky Department of Financial Institutions issued a cease and desist order against a mortgage company in Louisville, Kentucky doing business as Home Ownership Possibilities for Everyone LLC (HOPE). The order, which prohibits HOPE from engaging in the mortgage business in Kentucky, alleges that the company operated as a mortgage loan broker without proper licensure.

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Veros Selected as Tech Provider for GSEs’ Uniform Collateral Data Portal

Fannie Mae and Freddie Mac have selected Veros Real Estate Solutions as the technology provider for the Uniform Collateral Data Portal (UCDP), which will support electronic appraisal data delivery to the GSEs. Veros will be responsible for building, maintaining, and supporting the UCDP system, and the company will manage all lender connectivity to the portal.

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HUD Awards 55 Contracts Under M&M Program, Divides Responsibilities

In an effort to improve the system of maintaining and selling its inventory of Federal Housing Administration (FHA) foreclosed homes, HUD has awarded 55 new contracts - 23 to companies who will serve as asset managers and 32 companies who will serve as field service managers - under the third generation of its management and marketing program, known as M&M III. Currently, HUD's foreclosure inventory amounts to approximately 44,000 homes. The agency says the M&M III program is expected to create 1,200 new jobs nationwide.

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Extension of Tax Credit Closing Deadline in the Works

Senate Majority Leader Harry Reid (D-Nevada) wants to tack three extra months onto the closing deadline of the homebuyer tax credit. He has introduced an amendment to a jobs and tax bill that would extend the tax credit deadline for closing on a home purchase to September 30. The current deadline is June 30, but there is growing concern that the sheer volume of applications in the pipeline has made it impossible for lenders to close all qualifying transactions by the end of June.

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Regulators Shut Down Washington First International Bank

Breaking from the typical mass shutdowns that have characterized nearly every Friday evening for the past year and a half, regulators this weekend closed down only one financial institution - Washington First International Bank in Seattle. The closing brings the number of FDIC-insured bank failures for the year to 82. That's more than double the year-to-date seizures at this time in 2009.

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Web-Based HMDA Compliance Solution Introduced by Wolters Kluwer

Wolters Kluwer Financial Services announced Thursday that its HMDA Wiz software is now available in a software as a service (SaaS) format. As a result, institutions can begin using this solution to collect, report on, analyze, and submit Home Mortgage Disclosure Act data to their regulator almost immediately, the company said.

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