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Regulator Calls for Foreclosure Suspension, Banks Consent

On Wednesday, the Office of Thrift Supervision (OTS) – the primary regulator of federal savings holding companies and thrifts, including the nation’s largest banks and mortgage lenders – called on the more than 800 OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Financial Stability Plan’s home loan modification program is finalized.

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Foreclosure Activity Down in January

RealtyTrac released its January 2009 Foreclosure Market Report today, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 274,399 U.

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Mortgage Rate Declines Spark Refinancing

Mortgage rates for a 30-year fixed-rate mortgage (FRM) averaged 5.16 percent with an average 0.7 point for the week ending February 12, 2009, according to Freddie Mac’s newly released Primary Mortgage Market Survey.

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AmeriBid Tackles Condo Surplus

AmeriBid, an auction provider with over 60 years of collective auction experience, and Condo.com, a condominium marketplace, recently announced a strategic partnership aimed at the growing inventory surplus of repossessed condominium homes.

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Economists Warn, 'Don't Expect Return to High Growth of Past'

According to a panel of financial experts at the 2009 Economic and Investment Forecast Dinner in Los Angeles last week, more pain lies ahead for the U.S. and global economies as they adjust from a long period of credit-fueled prosperity to a new era in which both economic growth and investment returns are likely to be lower.

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Lawmakers Reach Stimulus Deal

Congressional leaders have announced that negotiations between House and Senate officials over the terms of the economic stimulus package have led to a sooner-than-expected compromise. The new bill, now pared down to $789 billion, will be put to the House for a final vote on Thursday, sent to the full Senate on Friday, and make it to President Obama’s desk for his signature by President’s Day next Monday, government officials said.

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Mortgage Apps and Refinances Drop

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 600.

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Geithner Plan Receives Mixed Reviews

Treasury Secretary Timothy Geithner outlined the Obama administration’s economic recovery strategy on Tuesday – dubbed the Financial Stability Plan – and on Wednesday, Geithner was called before Congress to defend the tactics he proposed.

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Geithner Unveils New Economic Plan

Treasury Secretary Timothy Geithner laid out the new administration’s highly-anticipated blueprint for the nation’s economic recovery Tuesday morning in Washington. In his remarks, Geithner said, The financial system is working against recovery, and that’s the dangerous dynamic we need to change.

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