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Lawmakers Introduce Bill to Modernize FHA

House Rep. John Adler (D-New Jersey) has introduced the 21st Century FHA Housing Act of 2009, intended to essentially update the Federal Housing Administration (FHA) so that its single-family mortgage insurance program – a program for which demand and market share has soared in recent months – can continue as an affordable way for families to obtain the American dream.

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Freddie Refines Appraiser Guidelines

Freddie Mac issued a bulletin to its servicers on Friday which clarifies its rules for property appraisals under the new Home Valuation Code of Conduct (HVCC) and spells out best practices servicers should follow to ensure loans meet the GSE’s definition of investment-quality mortgages and are eligible for sale to the government-backed mortgage financier.

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Congressman Proposes Home Loan Plan for Unemployed

Rep. Barney Frank (D-Massachusetts) wants to ensure the growing population of jobless Americans don’t fall victim to foreclosure. At a House Financial Services Committee hearing on Thursday – a committee which Frank chairs – he pushed for another $6.

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New TILA Rules Take Effect End of Month

Revised disclosure requirements under the Truth in Lending Act (TILA) will become effective July 30. Some industry experts say the new rules and procedures are complex and could potentially delay the mortgage application and approval process as lenders struggle to comply.

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FBI: Mortgage Fraud Proliferating Rapidly

Mortgage fraud continues to escalate as troubles in the housing sector deepen. According to the 2008 Mortgage Fraud Report released this week by the Federal Bureau of Investigation (FBI), fraud can be blamed for billions of dollars in losses in the mortgage industry.

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Mortgage Rates Drop Lower This Week

Mortgage rates across the board fell this week, amid concerns of a weakening labor market and rising unemployment numbers. It was the second week in a row of declines, with the average rate for 30-year mortgages hitting its lowest level in six weeks.

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Treasury Names PPIP Fund Managers

The U.S. Treasury Department announced the names of nine asset managers it has selected to run the public-private partnership funds that will buy up so-called toxic, underperforming mortgage-backed securities (MBS) — assets that have been blamed for draining markets of much-needed liquidity.

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Fed: Lenders Shun Unprofitable Mods

A new report from the Boston branch of the U.S. central bank warns that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007. No matter whether the workout takes the form of a payment lowering modification, capitalizing repayment plan, short sale, or deed-in-lieu of foreclosure, the Federal Reserve economists who spearheaded the research concluded that quite often, lenders expect to recover more from foreclosure than from a modified loan.

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Baltimore vs. Wells Fargo Moves Forward

The city of Baltimore launched a relentless campaign back in January of last year against one of the nation’s largest banks, Wells Fargo. Baltimore is suing Wells Fargo under the Fair Housing Act for reverse redlining, meaning the bank allegedly targeted black neighborhoods in Baltimore for predatory residential mortgage loans.

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