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Mortgage Rates Fall Back Down

Mortgage interest rates across the board dropped back down this week, following three straight weeks of increases for long-term, fixed-rate home loan products. Frank Nothaft, Freddie Mac’s VP and chief economist, explained that the upward trend was reversed by reports of low, benign inflation figures.

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GSEs Adopt Notice of Transfer Statute

President Obama signed into law the Helping Families Save Their Homes Act on May 20, 2009. Among other things, the law amends the Truth in Lending Act (TILA), instituting a requirement that borrowers be notified when their mortgage debt has been sold, transferred, or assigned to a new creditor.

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Fed Purchases $20B in Agency MBS

The New York Federal Reserve Bank purchased $20.29 billion in mortgage-backed securities (MBS) from government agencies this week. The central bank has committed to buy up $1.25 trillion in mortgage securities this year.

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CRL Puts Price Tag on Foreclosure Impact

According to the Center for Responsible Lending (CRL), the impact of the foreclosure crisis not only has devastating consequences for the displaced households, but in its wake, the spillover effect is eating away at the value of nearby homes by startling sums.

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Title Alliance Ltd. Acquires Northern Ohio Title Venture

Title Alliance, Ltd. , headquartered in Media, Pennsylvania, announced on Wednesday that it has acquired America Land Title Affiliates, LLC. America Land Title Affiliates is made up of a group of Realtors in the Akron, Ohio area, each producing over $2 million per year.

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Home Warranties May Entice Buyers

A recent study conducted by a national real estate company and American Home Shield, a home warranty company based in Memphis, Tennessee, found that homes offered with warranty protection sold an average of 23 days faster than homes with no warranty coverage.

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Slow Start for Federal Mortgage Programs

The Treasury Department said this week that Making Home Affordable servicers have extended 150,000 loan modification offers to distressed homeowners, and about 55,000 borrowers are already enrolled in the three-month modification trial.

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Foreclosures Still Climbing in California

Despite the fact that lenders in California are voluntarily postponing the majority of foreclosure sales – 73 percent, to be exact – ForeclosureRadar says its market data reveals a steady increase in the number of foreclosed homes in the state sold at auction.

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LoanMarket.NET, First American Partner

Irvine, California-based LoanMarket.NET has partnered with First American Title Insurance Company to offer nationwide third-party title, signing, and settlement services to its online buyers and sellers of mortgage note investments.

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Obama Outlines Regulatory Overhaul

President Barack Obama laid out the administration’s plan for a new financial regulatory landscape on Wednesday. Obama says it is clear now that the government could have done more to prevent the current financial crisis from spiraling out of control and threatening the overall economy.

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