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Mortgage Apps Nosedive in Latest Survey

The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending April 24, 2009, which showed that despite high affordability conditions within the marketplace, the number of people applying for a home loan dropped significantly last week.

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Bay State Home Sales Fall To 18-Year Low

Sales of single-family homes in Massachusetts during the first quarter dropped nearly 11 percent, according to a market report released Wednesday by the Boston-based research firm The Warren Group. During the first three months of the year, the company said 6,160 homes were sold in the Bay State, down from 6,912 for the same period last year.

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Appraisal Company Warns of HVCC Errors

The new Home Valuation Code of Conduct (HVCC) for loans sold to mortgage giants Fannie Mae and Freddie Mac is set to take effect in less than one week, on May 1, 2009. But according to Lansdale, Pennsylvania-based Global DMS, which has provided appraisal management solutions to the mortgage industry for the past 10 years, many lenders are still not prepared to comply.

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Treasury Releases New Details of Making Home Affordable

The U.S. Treasury announced details on Tuesday of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program. The new program components include an initiative that specifically addresses modifications on second lien mortgages and a set of measures intended to provide assistance to those borrowers who are underwater – meaning the value of their home is less than the outstanding balance owed on their mortgage.

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RealtyTrac Goes International

On Tuesday, RealtyTrac announced a strategic alliance with global real estate portal Enormo that will give Enormo’s international user base of potential homebuyers and investors unique access to RealtyTrac’s database of U.

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Report: Home Prices May Be Leveling Off

The spiraling decline in home values for the past too-many-months slowed in February, according to data released by Standard & Poor’s on Tuesday. While the prices of existing single family homes across the United States continued to slide, the downward trend didn’t gain any speed, offering a sliver of promise to the nation’s housing markets.

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NAR Wants HVCC Delayed

National Association of Realtors (NAR) President Charles McMillan is calling for Fannie Mae and Freddie Mac to delay the new Home Valuation Code of Conduct (HVCC), which is scheduled to take effect May 1, 2009.

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Moffett Returns to Freddie Mac as Finance Consultant

Following the apparent suicide of Freddie Mac’s acting CFO David Kellermann on Wednesday, the GSE’s former CEO David Moffett, who resigned from his post in March, has agreed to temporarily return to the company as a consultant to interim CEO John Koskinen.

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Treasury Hires Bailout Asset Managers

The U.S. Department of the Treasury announced last week that it has selected three firms to manage its portfolio of assets issued by banks and other institutions participating in the Capital Purchase Program (CPP).

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BofA Launches Unified Mortgage Brand

Bank of America announced on Monday that it has combined its mortgage and home equity operations with Countrywide Home Loans under the umbrella of a single brand – Bank of America Home Loans. BofA said that just 10 months after acquiring the subprime lending leader, the Countrywide brand is now retired.

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