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Loss Mitigation

CFPB Recovers $1 Million for Veterans

HELOC

The Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the bureau about financial products or services have recovered over $1 million. The report covers more than 14,000 complaints filed from July 21, 2011 through February 1, 2014.

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Senior RMBS Trader Convicted of Defrauding TARP

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced in a press release Friday that a federal jury in New Haven has convicted Jesse C. Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc., of multiple offenses involving schemes to defraud customers trading in residential mortgage-based securities (RMBS).

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Should States Fast-Track Foreclosures?

A new study released by the Federal Reserve Bank of Cleveland suggests that fast-tracking foreclosures on vacant properties could provide states with substantial savings. Researchers Kyle Fee and Thomas J. Fitzpatrick used two judicial states, Ohio and Pennsylvania, to show that savings from fast-tracking could save at least $24 million annually.

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Mortgage Insurance Delinquencies Decline in February

Short Sales

Radian Guaranty released data for primary mortgage insurance delinquencies for the month of February on Wednesday, reporting fewer loans are delinquent as of the end of the month. New insurance written for the month came in at $1.9 billion, with a beginning primary delinquent inventory of 58,782.

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Fifth Bank of the Year Fails; First in Pennsylvania

Vantage Point Bank of Horsham, Pennsylvania was closed Friday by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver. The FDIC entered into a purchase and assumption agreement with First Choice Bank of Mercerville, New Jersey to assume all of the deposits of Vantage Point Bank.

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Virginia Bank Closed, Fourth Collapse of 2014

The Federal Deposit Insurance Corporation (FDIC) announced Friday in a press release the closing of Millennium Bank, National Association of Sterling, Virginia. The bank was closed by the Office of the Comptroller of the Currency, which appointed the FDIC as the bank’s receiver.

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Wells Fargo Cuts 700 Mortgage Jobs

According to a report from The Charlotte Observer, Wells Fargo is laying off another 700 mortgage workers across the country. The bank announced Thursday the layoffs would affect mortgage processors and underwriters the hardest. What is causing the lending giant to cut jobs nationwide?

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Another Man Sentenced in Florida Wire Fraud scheme

A Florida man was sentenced on Tuesday to serve 12 months and one day in prison for defrauding thousands of homeowners in a $4 million nationwide home loan modification scheme. Vernell Burris Jr. was sentenced to prison along with two other previously sentenced co-defendants, Christopher Godfrey and Dennis Fischer, in a continuing SIGTARP case.

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Inequality Marks Recovery; Home Prices to Stabilize

The Demand Institute, a non-advocacy, non-profit think tank jointly operated by the Conference Board and Nielsen, released Wednesday a new report entitled: "A Tale of 2000 Cities: how the sharp contrast between successful and struggling communities is reshaping America." The report "finds that a large proportion of housing wealth is concentrated in a relatively small proportion of America's cities, towns and villages."

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Underwriting Discipline Key for Title Insurers to Mitigate Losses

"Looser financial institution credit standards on residential and commercial policies could lead to an increase in title insurance claims if the insurers fail to maintain rigorous underwriting procedures," Fitch Ratings said in a release put out Monday.

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