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Court Sides with MERS in Two Texas Cases

A Texas judge granted a motion to dismiss a case filed against Mortgage Electronic Registration Systems, Inc. (MERS), and its co-defendants over county recording clerk filing fees. The dismissal was MERS' second victory of the week in Texas. One day earlier, MERSCORP announced that the Supreme Court of Texas denied a borrower's petition for review.

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CFPB Finds Violations of Consumer Financial Laws Among Lenders

The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report Wednesday, providing an overview of its supervisory actions between July 2011 and September 2012. The agency found several instances in which financial institutions did not adhere to federal consumer financial laws. With regard to the Real Estate Settlement Procedures Act (RESPA), the CFPB noted instances in which institutions did not properly disclose transaction costs and did not properly complete good faith estimates and HUD-1 settlement statements.

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Fixed Rates Begin Month with Small Decrease

Fixed mortgage rates fell back slightly to start November as investors anxiously wait for signs of which direction the economy is headed. According to Freddie Mac's Primary Mortgage Market Survey the average rate for a 30-year fixed-rate mortgage was 3.39 percent (0.7 point) for the week ending November 1, down from 3.41 percent in the previous week. The 15-year fixed average for the week was 2.70 percent (0.7 point), a slip from 2.72 percent in the last survey. Bankrate.com's weekly survey also demonstrated decreases all around.

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Fitch: Impact of Sandy on RMBS

If Hurricane Sandy has any impact on the performance of residential mortgage-backed securities (RMBS), it will probably be one that is short-term, according to Fitch Ratings. The global rating agency says a ""modest and temporary increase in mortgage delinquency could occur"" after assessing the potential impact of the storm that has devastated areas in the Mid-Atlantic and Northeast coast.

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First-Time Jobless Claims Drop Again

First time claims for unemployment insurance fell 9,000 to 363,000 for the week ended October 27, the Labor Department reported Thursday. Economists expected 369,000 initial claims. It was the second straight weekly decline and the fourth drop in the last six weeks.

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NCUA Closes U.S. Central Bridge

The National Credit Union Administration (NCUA) announced the closing of U.S. Central Bridge Corporate Federal Credit Union (U.S. Central Bridge). The closing comes after three years of efforts to stabilize the corporate credit union sector, the agency stated in a release Monday.

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HUD Offers Disaster Relief for Victims in New York and New Jersey

HUD secretary Shaun Donovan announced the department is working to speed up federal disaster assistance to areas in New York and New Jersey following the passage of the storm. HUD is also granting a 90-day forbearance on foreclosures of home mortgages insured by the Federal Housing Administration (FHA).

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Inventory of New Homes Down to Lowest Level in Nearly 50 Years

The inventory of new homes for sale has fallen dramatically since 2008 to 4.5 months, closing in on its lowest level in 50 years, according to the most recent Home Value Forecast report. ""In recent years, new housing supply has been running at the lowest levels since the 1960's due to the slow down in new home construction, the size of homes being built, and the complicated process for selling/buying distressed properties,"" said Pro Teck Valuations CEO Tom O'Grady.

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Mortgage Insurers Join GSEs in Effort to Shorten Short Sale Process

Fannie Mae and Freddie Mac servicers will be able to skip a step when attempting to get a short sale or deed-in-lieu of foreclosure approved. On Wednesday, the GSEs announced standard delegation agreements were reached with nine mortgage insurers to allow servicers to approve of short sales and deeds-in-lieu without a separate review process with the mortgage insurer. The agreement takes effect November 1, along with additional short sale guidelines the GSEs announced in August.

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