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GSE Bailout: $146 Billion and Counting

The government's bailout of just two companies - Fannie Mae and Freddie Mac - has surpassed what it cost to put the nation's sprawling banking system back on solid footing. As problems in the housing market pushed the two mortgage giants farther and farther into the red, the federal government stepped in, placing the companies in conservatorship in September 2008. So far, the two GSEs have been given $146 billion to stay afloat. And recent estimates from the Congressional Budget Office put the tab for subsidizing Fannie and Freddie at $389 billion, when all is said and done.

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Foreclosure Mediation in the Forefront

Troubled homeowners seeking foreclosure assistance now have more resources available to them than ever before, according to the Center for American Progress. In a report released in late June titled ""Now We're Talking-A Look at Current State-Based Foreclosure Mediation Programs and How to Bring Them to Scale,"" the Washington, D.C.-based think tank reveals that the number of jurisdictions with foreclosure mediation programs is double what it was a year ago, rising from only 11 to 21.

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Patton Boggs Acquires Breaux-Lott Group

Two of the most recognizable law firms involved in public policy combined yesterday, as Washington, D.C.-based Patton Boggs LLP acquired the Breaux-Lott Leadership Group. Patton Boggs has played a key role in every major piece of legislation and regulatory decision for nearly half a century, while the Breaux-Lott Leadership Group was one of the nation's fastest growing lobbying boutiques.

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Green River Awarded Government Contract for Asset Management

Green River Capital, an REO asset management and loss mitigation firm based in Utah, recently announced that it has been awarded a contract from the U.S. Government Services Administration to provide its services to government agencies. The companys said it completed a lengthy and rigorous application process to demonstrate the intrinsic value of its services, its compliance with Federal Acquisition Rules, and its willingness to provide best pricing for federal customers.

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Delinquencies Inch Up in May, Foreclosure Inventories Remain Flat: LPS

The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report recently released by Lender Processing Services. The total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from April. The foreclosure inventory rate remained stable at 3.18 percent. That means 12.38 percent of the nation's outstanding mortgages are noncurrent.

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Commercial Deal Flow Remains Muted, with Market in Flux: Survey

Commercial real estate investors have become both frustrated and disappointed at the lack of quality buying opportunities that many expected would have materialized by this point in the downturn, according to the second quarter findings of the PricewaterhouseCoopers' Korpacz Real Estate Investor Survey. The report also notes that the unknown speed and strength of the economic recovery has many investors anxious, particularly with the large volume of commercial mortgage debt coming due in 2011 and 2012.

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President Obama Approves Extension of Tax Credit Closing Deadline

It's official--on Friday morning, President Obama signed legislation to extend the closing deadline for homebuyer tax credit recipients. The estimated 180,000 buyers at risk of missing out on the credit can now breathe a sigh of relief. The president's approval of the Homebuyers Assistance and Improvement Act of 2010 extends the closing date from June 30, 2010 to September 30, 2010, giving qualified buyers an extra three months to complete their closing.

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Unemployment Rate Edges Down to 9.5% in June

The nation's unemployment rate fell to 9.5 percent in June, down slightly from May's rate of 9.7 percent, the U.S. Department of Labor reported Friday. Total nonfarm payroll employment declined by 125,000 in June, reflecting the departure of 225,000 temporary Census 2010 workers from federal government payrolls. Private-sector employment continued to inch up, though, as 83,000 new jobs were added over the month.

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DartAppraisal.com Launches Custom Appraisal Warranty Protection

Offering supplementary insurance for financial risk mitigation, DartAppraisal.com's newly introduced DartAssurance custom appraisal warranty provides mortgage lenders, investors, banks, and credit unions with an extra layer of protection against potential loss from default and foreclosure.

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Mortgage Rates Hit Another Record Low

As economic uncertainties continued, mortgage rates inched down even further for the week ending July 1, 2010, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.58 percent this week, and 15-year fixed-rate mortgages came in at 4.04 percent. Bankrate said 30-year fixed-rate mortgages averaged 4.75 percent, while 15-year fixed-rate mortgages fell to 4.2 percent.

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