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Texas Bank Sees Mortgage Lending Boom

Colonial Savings F.A., headquartered in Fort Worth, Texas, says government initiatives to lower interest rates and provide incentives to first-time buyers have led to a lending boom for the bank’s mortgage divisions.

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LPS Launches New Home Price Index

Lender Processing Services, Inc. (LPS), a Jacksonville, Florida-based provider of technology and services to the mortgage industry, announced Tuesday the launch of its proprietary Home Price Index (HPI).

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REDC Sued for $132 Million

National Home Auction Corporation (NHA), a now-defunct real estate company specializing in the marketing and auction-style sale of lender foreclosed properties, filed a lawsuit against Real Estate Disposition Corporation (REDC) in an Orange County Superior Court on Friday.

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MBA Lowers 2009 Home Loan Forecast

The Mortgage Bankers Association (MBA) announced Monday that it has lowered its forecast of mortgage originations in 2009 to $2.03 trillion, a drop of over $700 billion from its March forecast. The association explained that $84 billion of the drop is due to lower purchase originations and the other $616 billion-plus is due to fewer rate and term refinancings and very low volumes within the Fannie Mae and Freddie Mac Home Affordable Refinance Program (HARP).

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Bailout Fraud Could Tally $500B Globally

Government stimulus funding totaling $5 trillion has unintentionally introduced new opportunities for fraud and corruption worldwide, according to the latest edition of the Kroll Global Fraud Report. Kroll is a risk consulting firm, headquartered in New York City, with more than 65 offices throughout the United States and around the globe.

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ForeclosureS.com Sees Market Rebounds

The Sacramento, California-based real estate tracking and research company ForeclosureS.com says its market data shows that many areas of the country are now experiencing rebounds, with declining foreclosures, increasing home sales, and even increased average sale prices.

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Bay State Foreclosures Down Two Months

The number of foreclosures in Massachusetts declined by double-digit percentages in May compared to last year and the prior month, according to the latest report from the Boston-based real estate research company The Warren Group.

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Allison Confirmed for Treasury Post

Former Fannie Mae CEO Herbert M. Allison, Jr. was confirmed by the United States Senate on Friday to serve as the Department of the Treasury’s assistant secretary for Financial Stability. In this position, he is responsible for developing and coordinating the Treasury’s policies on legislative and regulatory issues aimed at restoring the nation’s financial system.

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Default Mitigation Management Announces New Release of Loss Mit Portal

Newport, Kentucky-based Default Mitigation Management LLC (DMM) has released an update to its Debtor’s Counsel Loss Mitigation Web Portal. The company explained that the new release is another step forward in creating more effective channels of communication between attorneys, servicers, and now the trustees, and streamlining the loss mitigation process – in and out of bankruptcy.

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