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Mortgage Rates Drop Lower This Week

Mortgage rates across the board fell this week, amid concerns of a weakening labor market and rising unemployment numbers. It was the second week in a row of declines, with the average rate for 30-year mortgages hitting its lowest level in six weeks.

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Treasury Names PPIP Fund Managers

The U.S. Treasury Department announced the names of nine asset managers it has selected to run the public-private partnership funds that will buy up so-called toxic, underperforming mortgage-backed securities (MBS) — assets that have been blamed for draining markets of much-needed liquidity.

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Home Equity Delinquencies Hit Record High

Reflecting continued weakness in the housing sector, delinquencies in the home equity category reached record-high levels during the first three months of the year, according to the quarterly Consumer Credit Delinquency Bulletin issued by the American Bankers Association (ABA) this week.

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Prommis, Radian Team to Stop Foreclosures

Atlanta’s Prommis Solutions and Philadelphia-based Radian Guaranty, Inc. are working together to offer assistance to thousands of Americans who are in jeopardy of losing their homes through foreclosure.

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REOs 20 Percent of Rhode Island Sales

The number of bank-owned property sales in Rhode Island has ballooned to nearly 20 percent of single-family home sales transactions so far in 2009, according to a new report from The Warren Group, a real estate research firm covering the New England area.

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Realtors Support Regional Foreclosure Prevention Programs

The National Association of Realtors (NAR) has awarded more than $682,000 to 25 local and state Realtor associations across the country through its Foreclosure Prevention and Response grant program. The grants help Realtor boards develop and fund local foreclosure deterrence initiatives.

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Pending Home Sales Up For Fourth Month

According to new figures released by the National Association of Realtors (NAR), pending home sales show a sustained uptrend, rising for four consecutive months. NAR says more affordable conditions for purchasing a home and the first-time buyer tax credit have boosted activity.

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Baltimore vs. Wells Fargo Moves Forward

The city of Baltimore launched a relentless campaign back in January of last year against one of the nation’s largest banks, Wells Fargo. Baltimore is suing Wells Fargo under the Fair Housing Act for reverse redlining, meaning the bank allegedly targeted black neighborhoods in Baltimore for predatory residential mortgage loans.

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Fed: Lenders Shun Unprofitable Mods

A new report from the Boston branch of the U.S. central bank warns that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007. No matter whether the workout takes the form of a payment lowering modification, capitalizing repayment plan, short sale, or deed-in-lieu of foreclosure, the Federal Reserve economists who spearheaded the research concluded that quite often, lenders expect to recover more from foreclosure than from a modified loan.

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