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SEC Adopts New Rules for Credit Rating Agencies

Last week, the Securities and Exchange Commission (SEC) approved its final rules for credit rating agency reform. The commission is calling for changes to the practices of credit ratings agencies because it says agencies’ ratings of securities that were backed by subprime mortgage loans contributed to the recent turmoil in the credit markets.

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Connecticut Home Sales Plunge In October

Sales of single-family homes and condominiums in Connecticut continued slumping in October, sinking by double-digit percentages from a year earlier, according to The Warren Group, a provider of real estate data for the New England area.

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Rhode Island Home Sales Surge 11 Percent in October

Single-family home sales in Rhode Island jumped 11 percent in October from a year earlier, the first double-digit percentage gain in monthly home sales in four years and the first significant increase in sales this year, according to a new report from The Warren Group.

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FHFA Reports to Congress on Foreclosure Assistance

Federal Housing Finance Agency (FHFA) Director James B. Lockhart submitted the agency’s first report to Congress yesterday detailing actions FHFA and the government-sponsored enterprises (GSEs) are taking to prevent unnecessary foreclosures.

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Report: Mortgage Fraud Jumps by 45 Percent

Reported incidents of mortgage fraud in the United States increased by an annual rate of 45 percent during the second quarter of 2008 – on fewer loan applications – according to a new report released today by the Mortgage Asset Research Institute (MARI).

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