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Loss Mitigation

Fannie Mae Lays Off Hundreds In D.C.

Fannie Mae has begun laying off hundreds of employees at its Washington, D.C. office to make room for more employees at its Dallas, Texas anti-foreclosure office, according to multiple media reports. Affected employees include those that worked in technology, administration, communications, and the company’s single-family unit, which buys and bundles mortgages for securities.

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Fiserv Enhancements Support GSEs' New Loan Mod Program

Brookfield, Wisconsin-based Fiserv Inc., a provider of information technology services to the financial industry, today announced enhanced capabilities to its Home Retention Solutions offering – a system that helps financial institutions proactively identify and contact troubled borrowers with customized repayment solutions to try to keep them out of foreclosure.

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Arizona Receives Funding for Foreclosure Prevention Counseling

The Arizona Department of Housing (ADOH) announced last week that it has received $683,060 to support the continuation of the state’s foreclosure prevention counseling efforts. The much-needed boost will enable an existing network of 13 community-based organizations across Arizona to provide continued assistance to homeowners in danger of foreclosure, ADOH said in a press statement.

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Ocwen Reports on Success of Customized Loan Mod Program

West Palm Beach, Florida-based Ocwen Financial Corporation, one of the nation’s largest servicers of subprime mortgages, has reported solid success with its program to modify substantial numbers of troubled loans in a way that avoids redefault, and keeps borrowers in their homes and loans performing for investors.

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Fannie Allows Servicers to Modify Loans Before Default

Fannie Mae announced a series of actions this week designed to help borrowers and loan servicers get an early jump on potential mortgage problems and prevent unnecessary home foreclosures among the more than 18 million single-family loans owned or guaranteed by the government-sponsored enterprise (GSE).

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