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Green River Capital Launches Short Sale Management Company

REO asset management firm Green River Capital announced Monday that it has launched a company that will focus exclusively on short sale program management, Green River Financial (GRF). In response to growing market interest, the West Valley, Utah-based company is offering a pre-foreclosure short sale and deed-in-lieu program.

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IMDI to Use MDS’s Mortgage Servicing Analysis Product

Mortgage Delivery Specialists (MDS), a provider of mortgage servicing rights acquisition due diligence analysis services, and Indecomm-Mortgage Dynamics Inc. (IMDI), a mortgage banking management consulting and outsource services firm, recently announced a strategic partnership. As a result, IMDI will immediately begin incorporating MDS's mortgage servicing analysis product into its suite of mortgage servicing solutions.

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Survey Finds 76% of Consumers Favor Renting to Homeownership

As the real estate market continues to fight an uphill battle towards recovery, the dream of homeownership seems to be dying out for some consumers, at least for the time being. According to a new online survey conducted in May, 76 percent of consumers deemed renting to be the more favorable option to owning a home in the current real estate market, a 5 percent jump from the 2008 survey results.

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Minnesota Bank Shut Down by Regulators

It seems that every weekend nowadays brings with it a whole new slew of bank closings. This last one, though, was a stark change of pace. Regulators shut down just one institution - Pinehurst Bank in St. Paul, Minnesota. So far this year, 73 FDIC-insured banks have gone under. That's more than double the number of failures this time last year.

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Existing Home Sales Beat Expectations with 7.6% Jump

The National Association of Realtors (NAR) reported Monday that sales of previously owned homes rose 7.6 percent in April compared to March, reflecting a surge in activity as buyers sought to close deals ahead of the contract deadline for the federal homebuyer tax credit. Last month's numbers pushed the annual sales rate to 5.77 million units, up from a 5.36 million sales rate in March, and far exceeded analysts' expectations. They were projecting an increase, but somewhere between a 5.60 and 5.65 million-unit sales pace.

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Housing Recovery Starts in 2011, Says Panel of Industry Experts

The housing recovery is just around the corner - at least that's the consensus among a panel of 92 well-known industry economists and analysts. The analytics firm MacroMarkets LLC, founded by Robert Shiller, real estate sage and father of the closely-watched Case-Shiller Home Price Index, polled the group of housing market experts and strategists from the likes of Alliance Bernstein and Columbia Business School. Based on their responses, the onset of price recovery in U.S. single family real estate is widely expected by 2011.

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Countrywide Picks Up Pace Resolving Troubled Loans: Barclays

Liquidation and modification rates on Countrywide-serviced residential loans have edged higher in the past few months, with a larger percentage of mortgage restructurings encompassing principal forgiveness, according to a study just released by Barclays Capital. The research firm examined loans within residential mortgage-backed securities (RMBS) serviced by Countrywide, now Bank of America Home Loans, and found that while historically, the once-subprime leader claimed lower-than-average mod rates and long liquidation timelines, that has begun to turn around in the past few months.

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Allonhill Appoints Director of Its New Commercial Due Diligence Service

Denver-based Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, recently named veteran underwriter Ross Gammill as director of the firm's new commercial due diligence offering. Gammill comes to his new position with more than seven years' experience in the financial services industry, most recently serving as as underwriter for Bridger Commercial Funding.

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MPS Integrates Its Loan Pricing System Into Calyx Point Software

Mortgage Pricing Systems (MPS), a developer of sophisticated pricing solution for mortgage lenders, recently announced that it has integrated its flagship mortgage product and pricing system - LEAP! - into Calyx Point, a loan origination application for mortgage brokers and bankers offered by Calyx Software, a provider of loan marketing, originating, and processing software. With this integration, MPS can now provide instantaneous loan pricing to Point users.

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Investors Send Commercial Mortgages to Special Servicers at Rapid Pace

The number of loans pooled in commercial mortgage-backed securities (CMBS) that require a ""special"" touch as they edge dangerously close to default is rapidly increasing. Fitch Ratings reported Friday that the risk of default is spreading so quickly through the secondary commercial market that the volume of specially serviced CMBS loans grew to approximately 5,000, totaling $81.7 billion during the first quarter.

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