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Mortgage Apps, Interest Rates Down

The surge of mortgage applications the industry has seen during the past few weeks seems to have cooled off, as the Mortgage Bankers Association’s (MBA) Market Composite Index dropped 38.8 percent from to 732.

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Bailout Most Surprising Event of '08

There were many surprises in 2008. From the collapse of the housing market to the election of the country’s first African American president, Americans saw and experienced a lot. But what was most unexpected was the $700 billion government bailout of Wall Street’s financial institutions, according to a TrueCredit.

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Fannie Needs $16 Billion From Treasury

Fannie Mae will need as much as $16 billion from the Treasury Department to avoid posting a loss in the fourth quarter of 2008, according to an Securities and Exchange Commission filing. The announcement comes just days after Freddie Mac filed a similar report indicating it would as for as much as $35 billion to keep it solvent.

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Home Sales Surge In December

A surge in sales volume in the West sent existing home sales on an unexpected upswing and brought inventory down, according to the National Association of Realtors (NAR). The existing home sales annual rate – a statistic derived from what the number of home sales would be for if a particular month’s pace was maintained for a year – jumped to a seasonally adjusted annual rate of 6.

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Fannie Mae Lays Off Hundreds In D.C.

Fannie Mae has begun laying off hundreds of employees at its Washington, D.C. office to make room for more employees at its Dallas, Texas anti-foreclosure office, according to multiple media reports. Affected employees include those that worked in technology, administration, communications, and the company’s single-family unit, which buys and bundles mortgages for securities.

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Pet Advocacy Group Looks To Expand

Foreclosures are a life-altering event for every member of a family, including the four-legged ones, who many times get left by families that simply can no longer take care of them, or don’t know where to turn for help.

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Criticism of Appraiser Code Mounts

The Federal Housing Finance Agency’s (FHFA) new home valuation code of conduct was created to promote transparency and put distance between lenders and appraisers to encourage more accurate property appraisals, but some question whether it will be effective.

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Fannie Mae Streamlines Expense Processes

Fannie Mae will begin using the HomeTracker Lender Center software to track property preservation efforts conducted by Fannie Mae mortgage servicers. The software, created by Dallas, Texas-based HomeTelos, will allow Fannie Mae to streamline the approval process servicers use to make requests for property preservation expenses by created standardized rules and processes for all user requests.

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