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Obama Nominates Three Treasury Posts

President Barack Obama has announced the nomination of three senior advisers for key positions within the U.S. Treasury Department. Hand-picked for assistant secretary positions are David Cohen, to lead the administration’s fight against terrorist financing; Alan Krueger, to steer economic policy; and Kim Wallace, to oversee legislative affairs.

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Ohio Considers Foreclosure Legislation

The Ohio Legislature has introduced several bills aimed at fighting the foreclosure crisis in the state. Ohio has one of the highest foreclosure rates in the country. Residential foreclosures in the Buckeye State were ranked the 10th highest in the nation in RealtyTrac’s latest market report, with one in every 452 homes receiving a foreclosure filing in January.

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IAS Reports Worst Drop Yet in Home Prices

Denver’s Integrated Asset Services, LLC (IAS) released its latest IAS360 House Price Index on Tuesday, which IAS says is evidence of a continued tailspin for the U.S. housing market. The company reported that nationally, the industry experienced a staggering 3.

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Pennsylvania Steps Up Foreclosure Fight

Pennsylvania Gov. Edward D. Rendell announced on Monday an emergency executive action= intended to provide immediate relief to struggling homeowners in the state. The governor is directing $5 million in state funding to be used for mortgage assistance to ensure that recently unemployed workers can keep their homes while they are retraining and finding new jobs, the governor’s office said in a press statement.

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Report: Mortgage Lawsuits Diminish in Q4

Despite a surge in actions taken by bank regulators, overall mortgage litigation eased at the end of last year, according to a study prepared by the D.C. law firm of Weiner Brodsky Sidman Kider PC. The firm tracked a total of 202 active cases in the fourth quarter report.

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New Yorkers Protest REDC Auction

An auction of foreclosed homes in New York City was picketed by a group of two dozen protesters on Sunday. The auction of more than 375 foreclosed homes was put on by Real Estate Disposition Corp. (REDC), and was only the second event the company has held in the Big Apple.

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UFA: Default Tsunami May Be Receding

According to Michigan-based University Financial Associates (UFA), the risk of default for nonprime mortgages during the first quarter of 2009 is down from Q4 2008. The company’s Default Risk Index for the first three month’s of 2009 fell to 201 from last quarter’s revised index of 209.

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