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Freddie Mac Loosens Refinance Rules

Freddie Mac announced on Friday that it is instituting several changes to its refinance offering under the Obama administration’s Making Home Affordable program. The McLean, Virginia-based GSE explained that the new relaxed guidelines will make the refinancing option available to a wider scope of borrowers looking for mortgage relief from the government program.

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Foreclosures Lead to Greater Price Cuts

Nearly a quarter of homes currently for sale in the United States have experienced at least one price cut, according to a report released Friday by Trulia, Inc., a San Francisco-based real estate company that tracks home prices in local communities across the country.

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Realtors Turn to SAS Analytics for Housing, Foreclosure Data

The National Association of Realtors (NAR) says it wants to provide its membership with the best possible information about the U.S. housing market. To help achieve this goal, the NAR research department recently implemented SAS Visual Data Discovery to supply members with updated foreclosure and other housing market information.

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BofA Facilitates Cities' REO Purchases

Bank of America Home Loans recently announced a new streamlined program for municipalities to purchase properties from its REO portfolio. The new guidelines are exclusively for local and state government departments receiving HUD’s Neighborhood Stabilization Program (NSP) grants.

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Wells Looking for 200 Loan Mod Employees

Wells Fargo Home Mortgage is hiring 200 new staff members in the San Antonio, Texas, area to keep up with an increase in loan modification and refinance volumes. The _San Antonio Express-News:http://www.

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FDIC Postpones PPIP Loan Purchases

The FDIC announced on Wednesday that it is postponing the legacy loan portion of the government’s Public-Private Investment Program (PPIP). The plan was unveiled in March as a means of cleansing banks’ balance sheets of under-performing mortgages and other toxic assetst hat have led to substantial write-downs since the beginning of the financial crisis.

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Mortgage Rates Climb Higher

Mortgage interest rates across the board spiked this week, following long-term bond yields higher as the focus among investors shifted to the budget deficit and the possibility of inflation. According to Freddie Mac, the commitment rate for a 30-year fixed rate mortgage is now at its highest level since December 11, 2008, 25 weeks ago.

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