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Loan Mods at Fannie, Freddie on the Rise

Mortgage giants Fannie Mae and Freddie Mac modified nearly 24,000 loans during the fourth quarter of 2008, an increase of 76 percent over the third quarter, according to data released this week by the GSEs’ regulator, the Federal Housing Finance Agency (FHFA).

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Long-Term Mortgage Rates Recede

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which showed interest rates on fixed-rate home loans and some adjustable-rate products eased this week. The GSE reported that the 30-year fixed-rate mortgage (FRM) averaged 4.

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Retreat Capital and Ellie Mae Partner to Provide Loan Mods

Lake Forest, California-based Retreat Capital Management, Inc., a third-party arbitration services company that specializes in bringing loans back to performing status and keeping borrowers in their homes, announced on Wednesday that it is collaborating with software provider Ellie Mae to provide lenders with loan modification services.

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Fed Purchases $21B in Agency MBS

The New York Federal Reserve Bank purchased $21.75 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $355 billion.

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Foreclosures Continue to Climb in Q1

RealtyTrac released its U.S. Foreclosure Market Report for the first quarter of 2009 on Thursday, which showed that one in every 159 housing units in the nation received a foreclosure filing during the first three months of the year.

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Lend America Ups 2009 Projection, Launches Fannie Servicing

Melville, New York-based Lend America, a direct-to-consumer Federal Housing Administration (FHA) lender, recently announced that it has raised its 2009 projection. Based on the company’s first quarter business, Lend America estimates that its servicing assets will surpass $1 billion by the end of the second quarter of 2009 and grow to over $2 billion by December 31, 2009, a 33 percent increase over the company’s previous forecast.

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