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FHA Allows Tax Credit As Downpayment

The Federal Housing Administration (FHA) laid out the details of a new policy Mortgagee Letter 2009-15 ] on Friday that will allow first-time homebuyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home.

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Fitch Expects Re-Defaults on 75 Percent of Subprime RMBS Mods

Fitch Ratings took a closer look at servicers’ loss mitigation efforts among residential mortgage-backed securities (RMBS) in a special report= issued last week. The agency found that while home loan workouts to avoid foreclosures have increased substantially, re-defaults post-modification continue to be a problem for servicers, investors, and homeowners, with as many as three-fourths of those mortgages in the subprime category projected to fall back into default status within one year of the initial resolution.

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BofA Modifies 64,000 Countrywide Loans

Bank of America says it modified more than 64,000 Countrywide mortgages between December and March. The workouts are part of the bank’s agreement with 42 state attorneys general to settle predatory lending charges against its Countrywide subsidiary.

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Foreclosure Starts Hit One Million

According to the D.C.-based nonprofit homeownership research and advocacy group the Center for Responsible Lending (CRL), a dismal milestone was reached over the weekend – the organization says one million new foreclosures have been filed so far in 2009.

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Real Estate Auction Platforms For Sale

The real estate auction Web sites BidSell.com and BidRent.com, as well as their Canadian counterparts BidSell.ca and BidRent.ca, have been put up for sale by Idea Labz, Inc., an Internet holding company based in Los Angeles.

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Reisenfeld & Associates Joins Wingspan Network, Hires New Attorney

The Cincinnati-based law firm of Reisenfeld & Associates LPA, LLC has announced the firm’s acceptance of Angel status to the recently created Wingspan Portfolio Attorney Network (WPAN). As an part of this group, Reisenfeld & Associates will provide legal support to Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage company specializing in servicing delinquent loans.

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Reisenfeld & Associates Joins Wingspan Network, Hires New Attorney

The Cincinnati-based law firm of Reisenfeld & Associates LPA, LLC has announced the firm’s acceptance of Angel status to the recently created Wingspan Portfolio Attorney Network (WPAN). As an part of this group, Reisenfeld & Associates will provide legal support to Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage company specializing in servicing delinquent loans.

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Equifax Expands Mortgage Credit Checks

Equifax Inc., the consumer credit reporting agency based in Atlanta, Georgia, announced on Thursday the availability of a proprietary solution which the company says now provides even more comprehensive employer- and government-verified information for mortgage lending institutions.

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HOPE NOW: April Workouts Hit New Record

HOPE NOW announced this week that 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data. Last month, HOPE NOW members and the mortgage lending industry modified 127,000 mortgages and completed 143,000 repayment plans.

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