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Ohio Considers Foreclosure Legislation

The Ohio Legislature has introduced several bills aimed at fighting the foreclosure crisis in the state. Ohio has one of the highest foreclosure rates in the country. Residential foreclosures in the Buckeye State were ranked the 10th highest in the nation in RealtyTrac’s latest market report, with one in every 452 homes receiving a foreclosure filing in January.

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HomeGain Poll Shows Value Disconnect

Emeryville, California-based HomeGain, the first website to provide free instant home values, today announced the results of a nationwide survey analyzing homeowners’ and homebuyers’ views on home prices.

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UFA: Default Tsunami May Be Receding

According to Michigan-based University Financial Associates (UFA), the risk of default for nonprime mortgages during the first quarter of 2009 is down from Q4 2008. The company’s Default Risk Index for the first three month’s of 2009 fell to 201 from last quarter’s revised index of 209.

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Report: Mortgage Lawsuits Diminish in Q4

Despite a surge in actions taken by bank regulators, overall mortgage litigation eased at the end of last year, according to a study prepared by the D.C. law firm of Weiner Brodsky Sidman Kider PC. The firm tracked a total of 202 active cases in the fourth quarter report.

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New Yorkers Protest REDC Auction

An auction of foreclosed homes in New York City was picketed by a group of two dozen protesters on Sunday. The auction of more than 375 foreclosed homes was put on by Real Estate Disposition Corp. (REDC), and was only the second event the company has held in the Big Apple.

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Cramdown Bill Passes House

The U.S. House of Representatives approved legislation on Thursday that will allow bankruptcy judges to reduce the principal amount of mortgage loans. The proposed law has received stiff opposition from the banking and mortgage industries, but the Obama administration and Democratic lawmakers have been unrelenting in pushing the so-called cramdown legislation through Congress.

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Freddie Investigating Own Lobbying

McLean, Virgina-based mortgage giant Freddie Mac has hired a team of lawyers to investigate the company’s own lobbying efforts. Under scrutiny is a campaign that tallied $2 billion, and according to an Associated Press:http://www.

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Former Countrywide Execs Buying Up Bad Mortgages

Many have argued that Countrywide Financial and its top executives carry a large portion of the blame for the current state of the housing market and the vast amounts of bad loans that have now infiltrated the nation’s financial system.

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Freddie Launches REO Rental Initiative

On Thursday, Freddie Mac announced the official launch of its new REO Rental Initiative, giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.

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