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House Committee Approves Extension of High-Cost Loan Limit

The House Appropriations Committee has voted to extend the $729,750 limit for federal loans in high-cost markets through September 2010. The loan limit applies to mortgages financed through Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) and is currently set to revert back to $417,000 at the end of this year unless the extension is approved by Congress.

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Florida AG Sues Mortgage Mod Companies

Florida Attorney General Bill McCollum filed a lawsuit against four related South Florida mortgage companies this week. McCollum alleges that FHA All Day.Com and owner Jason Vitulano, as well as three other affiliated companies, charge up-front fees for loan modification services, purportedly collecting up to $1 million on a monthly basis.

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Fiserv: Price Corrections Continue

Wisconsin-based Fiserv, Inc. has published a new analysis of home price trends based on the Fiserv Case-Shiller Home Price Index and data from the Federal Housing Finance Agency (FHFA). The company says the U.

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Strategic Analytics Enhances MBS Analysis

Santa Fe, New Mexico-based Strategic Analytics Inc. , a provider of stress testing and forecasting solutions for retail lenders, announced Thursday a partnership with Maryland’s BlackBox Logic, LLC, a provider of loan-level mortgage data and cash flow analysis for securitized mortgage products.

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New York Fed: Lax Lending Not to Blame

A recent study published by the New York Federal Reserve says that lax lending standards were not the air that inflated the market’s latest housing bubble and propelled the nation into an economic tailspin.

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Mortgage Insurers Tackle Foreclosures

As unemployment and home foreclosures continue to rise and threaten the economic recovery, the mortgage insurance industry is stepping up its ongoing efforts to keep families in their homes. According to a statement from the Mortgage Insurance Companies of America (MICA) the industry has been at the forefront in developing systems and procedures to support the administration’s Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP).

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Bernanke in the Hot Seat on Capitol Hill

During two days of congressional hearings this week, Federal Reserve Chairman Ben Bernanke told lawmakers he expects foreclosures to head higher still. He added that Fed officials anticipate an economic recovery to start off slowly, primarily because consumers are struggling with high debt and declining housing prices.

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Freddie: Long-Term Mortgage Rates Rise

Mortgage interest rates were mixed this past week with fixed-rate loans somewhat higher and adjustable-rate mortgages lower, according to numbers compiled by mortgage financier Freddie Mac. Still, housing affordability is the highest it’s been in many years, with significantly reduced rates and housing prices.

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Alabama Bankers Look to Wolters Kluwer for Mortgage Lending Compliance

Wolters Kluwer Financial Services announced Tuesday that the Alabama Bankers Association (ABA) has endorsed the company’s mortgage lending compliance solutions. The company explained that its mortgage compliance documentation solutions help institutions reduce regulatory and operational risk, increase speed-to-market, and close loans more efficiently.

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