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Borrowers Looking to Reduce Debt and Build Credit: Survey

As the economic recovery slowly continues, consumers are looking for ways to gain a solid financial footing. Specifically, they are asking lenders how they can raise their credit scores, reduce debt, and build their savings. That's according to the results of a financial literacy survey Wolters Kluwer Financial Services conducted with 175 banks, credit unions, and mortgage lenders.

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Judge Dismisses Investors’ Suit Against Ratings Agencies

A federal judge in New York has thrown out a lawsuit against Standard & Poor's and Moody's brought by investors who claim the ratings agencies defrauded them on nearly $100 billion in mortgage-backed securities (MBS) issued by the now defunct Lehman Brothers Holdings, Inc. back in 2007.

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TARP Overseers Have Commercial Real Estate in Their Sights

The congressionally appointed committee charged with overseeing the government's $700 billion Troubled Asset Relief Program (TARP) headed to Atlanta to hold a hearing on problems in the commercial real estate (CRE) sector. Specifically panel members are hoping to get a better grasp on how CRE woes will affect the banking system and the role of TARP in addressing that impact, hoping to stave off another real estate-induced financial meltdown.

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My Florida Regional MLS Launches Catylist CIE

The Catylist commercial information exchange (CIE) service was recently adopted for the commercial members of My Florida Regional MLS (MFRMLS), a consortium of 13 Realtor boards and Florida's largest multiple listing service (MLS) with approximately 30,000 subscribers.

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Encore Equities Announces VP of Capital Markets

On Friday, Encore Equities, LLC, a subsidiary of Dallas-based Encore Enterprises, Inc, named Scot Clevenger as the company's VP of capital markets. In his new position, Clevenger will cultivate investor and partner relationships and identify projects that meet the company's investment criteria.

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Fannie Mae Offers Subsidy for REO Purchases

Fannie Mae says it will cover the closing costs on purchases of its REO homes - an incentive the GSE hopes will help it pare down a bloated supply of repossessed properties. From now until May 1, people purchasing a home through HomePath, Fannie Mae's REO disposition operation, will receive up to 3.5 percent of the final sales price, which can be applied toward closing costs or used to purchase appliances for their new home. At the end of September, Fannie Mae had 72,275 REO properties on its books, marking a 7 percent increase year-over-year.

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Short Sale Company Completes SAS 70 Type II Certification

Loan Resolution Corporation (LRC), a pre-foreclosure asset manager based in Scottsdale, Arizona, recently announced that it has successfully completed its Statement on Auditing Standards No. 70 (SAS 70) Type II certification, the widely recognized auditing standard developed by the American Institute of Certified Public Accountants.

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CRE Loan Prices Fall in December: DebtX

According to a recent report by DebtX, a full-service loan sale advisor based in Boston, the aggregate value of DebtX-priced commercial real estate (CRE) loans that collateralized commercial mortgage-backed securities (CMBS) dropped to 75.9 percent as of December 31, 2009, falling 1.8 percent from November 30, 2009.

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