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Government, Agents, Lenders, Vendors: One United Force When It Comes to HAFA

The administration's Home Affordable Foreclosure Alternatives (HAFA) program is in effect, and players from every corner of the industry are teaming up and working in unison to help ensure the short sale program's success. The Treasury's Laurie Maggiano tells DSNews.com that major servicers are ready, with dedicated staff on hand to handle the influx of short sale requests. And some of the biggest players, like Bank of America, are taking it one step further, partnering with technology firm Equator and RE/MAX agents to hit the ground running.

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How Did Some Housing Markets Bypass the Bust?

With all the negative news and lackluster market indicators, it may seem as though the entire country is neck-deep in the worst housing slump most of us have ever seen. But a new study by two officials at the Federal Reserve Bank of New York indicates otherwise. They've concluded that much of the United States has been largely insulated from the boom-and-bust volatility of the most recent real estate cycle. They point to the markets that didn't ride the lofty price wave of the last decade and had little subprime lending as the great escapees.

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IndiSoft Launches Realtor Portal to Meet HAFA Directives

Technology provider IndiSoft, LLC, has announced that effective immediately, its RxOffice platform meets the Home Affordable Foreclosure Alternatives (HAFA) program requirements, which take effect today, Monday, April 5. In addition, the company announced the roll-out of its new RxOffice Realtor portal, which IndiSoft says will help Realtors manage the anticipated upsurge in short sale transactions expected with HAFA's implementation.

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Texas Real Estate Commission Warns of Real Estate Brokerage Scams

The Texas Real Estate Commission has issued a statement alerting the state's real estate community and the public that the agency has received complaints against a group of individuals and companies doing business in the Dallas/Fort Worth area, representing themselves as real estate agents and brokerage companies even though they do not hold Texas real estate licenses. The group typically takes deposits on properties that they claim are available for a short sale but in reality are days away from foreclosure.

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HAFA is Officially Underway

The deadline for servicer implementation of the administration's Home Affordable Foreclosure Alternatives (HAFA) program has arrived. HAFA aims to help homeowners who are unable to qualify for a loan modification by providing them with the option to pursue a short sale or deed-in-lieu. To encourage HAFA participation, the Treasury Department raised financial incentives. Borrowers are now eligible for $3,000 in relocation assistance, and servicers will receive $1,500 to cover administrative and processing costs for a short sale or deed-in-lieu completed under the program.

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FHA Pulls Approval from Two Mortgage Lenders

FHA officials have warned that they will be keeping a close eye on lenders to ensure the agency's standards are being followed, and that pledge became painfully apparent for two mortgage companies last week. FHA has permanently withdrawn its approval of Atlanta-based RSA Financial, Inc. and 1st Alliance Mortgage of Houston, Texas. The actions impose steep penalties on the the two lenders and prevent them from originating and underwriting new FHA-insured mortgages.

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Freddie Mac Announces Mezzanine Program for Multifamily Mortgages

With financing in the commercial real estate sector severely constricted and billions in multifamily mortgages on the verge of coming due, Freddie Mac is stepping up to the plate to ensure strapped apartment owners have an avenue to refinance their debt. The GSE has launched a new lending program that allows mezzanine debt on qualifying multifamily first mortgages. Freddie officials say the initiative will reduce the number of properties that may otherwise become defaults, drawn-out workouts, or foreclosures.

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TARP Repayments Reach $181 Billion

The Treasury Department announced Friday that it has received a total of $181 billion from companies to repay their government bailouts. The new figures were released after the Treasury collected full repayment on Troubled Asset Relief Program (TARP) money given to insurance and investment firm Hartford Financial Services Group, Inc. in the sum of $3.4 billion. Automaker General Motors also repaid $1 billion. While the auto industry's bailout is expected to be one of the biggest TARP losers, Treasury now estimates that its programs aimed at stabilizing the banking system will earn a profit.

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Lawmakers Introduce Bill to Eliminate Servicing Conflicts of Interest

There are thousands of troubled mortgages in need of modification, but some lawmakers think there is a conflict of interest, in the form of second mortgage ownership, that may be preventing large mortgage companies from voluntarily offering modification services. In hopes of eradicating this issue, two members of the House Financial Services Committee have introduced the Mortgage Servicing Conflict of Interest Elimination Act, which prohibits servicers from owning debt secured by a home that backs a mortgage they already service.

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