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Fed Purchases $33B in Agency MBS

The New York Federal Reserve Bank purchased $32.9 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 $303 billion.

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Survey: Few Lenders Ready for HVCC

On May 1st, the Home Valuation Code of Conduct (HVCC) is scheduled to take effect, mandating that all new loans sold to Fannie Mae and Freddie Mac comply with strict rules established to mitigate the risk assumed by the two GSEs.

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Mortgage Rates Hit New Record Lows

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, showing that mortgage rates dropped again this week, hitting yet another record-breaking low for all loan products in the GSE’s study.

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Report: Home Prices Still Dropping

The new year didn’t change the downward spiral of residential real estate prices, according to the home price data released on Tuesday by Standard & Poor’s (S&P). Data through January 2009 from the S&P/Case-Shiller Home Price Indices, reveals continued broad-based declines in the values of existing single family homes across the United States, with 13 of the 20 metro areas tracked showing record rates of annual decline, and 14 reporting declines in excess of 10 percent.

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RealtyTrac Launches Renter Alerts

On Wednesday, online foreclosure marketplace RealtyTrac announced the launch of RealtyTrac Renter Alerts. The new monitoring service gives tenants advance notice if their landlord defaults on the mortgage and the property they are renting is about to be foreclosed and repossessed by the lender.

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Wolters Kluwer Extends Compliance Technology to Community Banks

Minneapolis, Minnesota-based Wolters Kluwer Financial Services announced last week that the company is expanding the reach of its CompliSource solution to the community banking marketplace. The tool, which was previously only available to larger lenders, now offers community banks a means for managing state and federal compliance law governing consumer finance, indirect lending, and mortgage lending.

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Strong Refinance Activity Continues

The Mortgage Bankers Association (MBA) today released its Mortgage Applications Survey for the week ending March 27, 2009, which shows that refinance activity is continuing to dominate home loan applications as struggling homeowners across the country take advantage of record-low interest rates.

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