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Lenders Out $310M from ‘Preventable’ Short Sale Losses: CoreLogic

The number of short sales has more than tripled since 2008, with the estimated annual volume now at 400,000, according to CoreLogic. The company says the hard-hit markets of California, Florida, and Arizona, along with Texas, account for more than half of all short sales. But as with any modus operandi that rapidly picks up steam, this proliferation can open the gate for fraud. Lenders' losses resulting from preventable short sale fraud are estimated to be as high as $310 million by the end of this year, CoreLogic says.

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Process Outsourcing Company to Hire Hundreds

Zenta, a Charlotte, North Carolina based residential mortgage fulfillment outsourcing service provider, announced it has immediate openings for more than 100 full time employees in their office in Charlotte. Positions are currently available for operations managers and team leaders, underwriters, senior processors and professionals with related mortgage experience.

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Indiana Attorney General Cracks Down on Foreclosure Companies

This past week Indiana Attorney General Greg Zoeller filed lawsuits against three for-profit foreclosure companies, claiming they have not complied with the state's statutes by demanding money up-front for services not yet performed. Zoeller has formed a Homeowner Protection Unit (HPU) meant to track down foreclosure consultant companies that may be operating illegally in Indiana or are failing to comply with Indiana's new laws meant to protect consumers.

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IndiSoft Appoints Industry Veteran as COO

IndiSoft LLC, a Columbia, Maryland-based technology firm that focuses on systems for the default services industry, has named industry veteran Karun Khanna as COO. In his new position, Khanna will plan and direct all aspects of IndiSoft's business objectives, operational policies, and initiatives. He will spearhead the company's development of its platform to ensure growth, while also determining and achieving short- and long-term financial and operational goals.

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Double-Dip Recession Threatens to Shave 20% off Home Prices: Moody’s

Could the U.S. economy slip back into the throes of the recession that nearly crippled the nation's financial system and protracted any semblance of a housing recovery? The analysts at Moody's think so. They say the odds of a near-term double-dip recession have increased to one in four. And they warn that if the economy sinks back into recession, housing activity will follow. If such a scenario were to play out, Moody's says home prices are likely to fall by another 20 percent before they stabilize in early 2012.

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Former Fannie Mae Exec Claims GSE Mismanaged HAMP

A former Fannie Mae VP has gone public with accusations that the nation's largest mortgage company mishandled its stewardship of the Home Affordable Modification Program (HAMP). The whistleblower claims that HAMP was impeded by intentional delays and slip-ups because Fannie executives placed their institution's short-term financial interests above helping homeowners avoid foreclosure. A spokesperson for Fannie Mae told DSNews.com that there is ""no merit to [the] allegations.""

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Freddie Mac Asks for $1.8B More from Taxpayers after Q2 Loss

Freddie Mac reported Monday that it lost $4.7 billion during the second quarter. The GSE is asking the Treasury for another $1.8 billion of taxpayer dollars. Freddie has drawn $64 billion from its line of credit with the Treasury since the government took control of the mortgage giant in September 2008. Despite a continuous string of losses - this was the 11th in the last 12 quarters - Freddie Mac's latest earnings report actually marks an improvement. For the previous three-month period, the GSE posted a $6.7 billion loss.

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Zillow: Smaller Percentage of Homeowners Underwater in Q2

The percentage of borrowers underwater on their mortgage declined during the second quarter, but that welcome change of pace could come to an abrupt end as home values are again beginning to fall in markets across the country. Zillow reported Monday that as of the end of June, 21.5 percent of single-family homeowners with a mortgage owed more on the loan than their home is worth. That's down from 23.3 percent in the first quarter of this year, and 23 percent during the second quarter of 2009.

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Chicago Lender Shuttered by Regulators as Failed-Bank Tally Hits 109

After four weekends characterized by bank failures in mass, regulators shut down only one financial institution Friday - Ravenswood Bank in Chicago. This latest closing brings the 2010 failed-bank tally to 109. The pace of closings this year is well ahead of the number of shut-downs seen this time last year - 72. The FDIC has said it doesn't expect bank closings to peak until the latter part of 2010.

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Lawmakers to Explore Ways to Recoup Money from GSEs

Leaders of the House Financial Services Committee say they are looking for ways to recoup the billions of dollars the federal government has sunk into the GSEs over the past two years. Taxpayer support to shore up Fannie Mae and Freddie Mac stands at $145 billion so far, and the tab keeps rising. Rep. Paul Kanjorski says, ""Twenty years ago, we found a way for industry to pay back the sizable U.S. Treasury payments for resolving the savings-and-loan crisis. We can do it again.""

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