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Survey: Economy Influencing Movers

Just as the Great Depression contributed to large-scale migrations from certain parts of the United States, the current recession could be having a similar, historic effect, a new survey from Relocation.

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Indiana Court Charges Seven for $20M Mortgage Fraud Scheme

Timothy M. Morrison, U.S. attorney for the Southern District of Indiana, announced late last month that seven Indiana residents have been charged with multiple crimes – including conspiracy, wire fraud, and money laundering – related to an alleged $20 million mortgage fraud scheme.

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Missouri AG Sues Mortgage Companies

In late April, Missouri Attorney General Chris Koster launched a zero tolerance campaign against mortgage scams in his state, pledging he will aggressively investigate any suspicion of mortgage deception and use all means in the legal system to prosecute and shut them down or end their deceptive practices.

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Marathon’s Marix Named Freddie Servicer

Marix Servicing LLC www.marixservicing.com, a specialty default servicer located in Phoenix, Arizona, recently announced that the company has been approved by Freddie Mac:http://www.freddiemac.com as a servicer for the GSE’s home mortgage (1-4 unit) program.

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Carrington, Aurora Sign Federal Loan Mod Contracts

Two more servicers have been added to the government’s list of mortgage companies officially under contract to provide federal loan modifications through its Home Affordable Modification Program — Carrington Mortgage Services, of Santa Ana, California, and Aurora Loan Services of Littleton, Colorado.

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House Passes Mortgage Reform Bill

The U.S. House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act (H.R. 1728) on Thursday, by a vote of 300 to 114. Lawmakers say the legislation is intended to protect homeowners and the nation’s economy from the questionable and predatory lending practices that have led to record home foreclosures and triggered the worst financial crisis since the Great Depression.

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Mortgage Investors Support H4H

The Mortgage Investors Coalition (MIC) issued a statement this week commending the efforts of the House and Senate in formulating changes to the Hope for Homeowners (H4H) program. The organization said the revisions made to the program will allow for more homeowners to obtain permanent, low-cost, fixed-rate home financing and pledged the investment community’s full support for the initiative.

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Homeowners Claim KB Home, Countrywide, LandSafe Rigged Appraisals

A group of homeowners filed a class-action lawsuit on Thursday against KB Home, Countrywide Financial, and the bank’s affiliated LandSafe appraisal services, claiming the three conspired to systematically, artificially, and illegally rig home appraisals … to boost home values and sales prices.

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