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MBA’s Former SVP of Commercial/Multifamily Reclaims Her Position

The Mortgage Bankers Association (MBA) announced Monday that it has named Gail Cardwell as SVP of commercial/multifamily -- a position she previously held. Cardwell rejoins MBA from the Manufacture Housing Institute (MHI), where she served as the president, CEO, and principal spokesperson for the organization.

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Axios Valuation Solutions Makes Case for Appraisal Management Companies

Can appraisal management companies (AMCs) help appraisers? The Fort Worth, Texas-based property valuation management firm Axios Valuation Solutions says, ""The answer may surprise you, and it's a resounding yes."" The company says AMCs provide an invaluable service to America's mortgage lending industry as a buffer against lender pressure, a partner in the quality control process, and a work opportunity resource for appraisers.

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REDC Auctions 65 Condos in Miami Area

In an announcement Tuesday, Real Estate Disposition, LLC (REDC), a real estate auction company based in Irvine, California, said it sold 100 percent of the San Lorenzo condominiums it auctioned in the Little Havana area of Miami this last weekend. In just two-and-a-half hours, the company auctioned a total of 65 condos at 110 percent of reserves and 88 percent of retail before a crowd of 375 potential buyers.

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HOPE NOW Workshops Provide Help to ‘At-Risk’ Nevada Homeowners

In the latest of a string of homeownership preservation events offered by HOPE NOW, representatives from more than a dozen mortgage servicers and several local HUD-approved housing counselors were on hand last week in Nevada to assist more than 2,300 struggling homeowners who attended workshops offered in Reno and Las Vegas.

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Halo Portfolio Advisors to Provide Hedge Fund with Mortgage Workouts

Halo Portfolio Advisors, LLC has contracted to provide home retention services to a hedge fund operating in the distressed mortgage arena. Halo says its services will improve the performance of the fund's portfolio by providing workouts for non-performing loans using loan modifications, short sales services, refinancing, credit repair, and unsecured debt settlement.

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Standard & Poor’s and Moody’s Dodge Another Lawsuit

In another win for Standard & Poor's and Moody's Corp., U.S. District Judge Jed Rakoff dismissed a lawsuit claiming the companies defrauded investors who relied on their ratings before buying $63 billion of investment-grade mortgage-backed securities. This isn't the first lawsuit investors have filed against the two credit ratings agencies. And it isn't the first one to be dismissed either.

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Saxon Sells Mortgage Servicing Rights to Ocwen

Florida's Ocwen Loan Servicing has acquired the residential mortgage servicing rights on 38,000 loans with an aggregate unpaid principal balance of $6.9 billion. Sources confirm Saxon Mortgage Services, the Texas-based subsidiary of Morgan Stanley, as the seller.

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HUD Institutes Foreclosure Moratorium for Rhode Island Storm Victims

Following the severe flooding in Rhode Island, HUD recently instituted a 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured mortgages in four counties across the state, including Kent, Newport, Providence, and Washington. While the foreclosure suspension is only mandated for FHA-insured mortgages in these counties, Rhode Island's Attorney General, Patrick Lynch, is asking all lenders to consider voluntary moratoria on non-FHA mortgages as well.

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Illinois County Launches Foreclosure Mediation Program

Last November, the board of commissioners of Cook County, Illinois, agreed to include a $3 million amendment in the county's budget in order to create a mortgage foreclosure mediation program. The program, which applies to Cook County residential properties that are owner-occupied, single family homes or individual condominium units and owner-occupied residential properties with four units or less, officially launched on Monday.

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Lender Failures on Pace to Surpass 2009 Collapses

This year has seen a big decline in the number of non-bank mortgage lenders to close down, but the improvement has been offset by a spike in failed financial institutions. From January 1 through April 9, 2010, there have been a total of 55 mortgage-related closings. At about the same point last year, there were 50 closings. The increase traces directly to institutional bank failures, which have doubled compared to a year earlier. Non-bank mortgage operations to close, on the other hand, are two-thirds lower than where they stood at this time last year.

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