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Obama Outlines Regulatory Overhaul

President Barack Obama laid out the administration’s plan for a new financial regulatory landscape on Wednesday. Obama says it is clear now that the government could have done more to prevent the current financial crisis from spiraling out of control and threatening the overall economy.

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Concerns Raised Over NJ Foreclosure Law

New Jersey’s Mortgage Stabilization and Relief Act (MSRA), also know as S1599, became effective April 1, 2009. The legislation imposes additional requirements on lenders trying to foreclose, and it allocates $40 million to fund two state mortgage relief programs.

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Mortgage Apps Fall to Seven-Month Low

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which showed that home loan applications dropped to their lowest level since last November, as rising mortgage interest rates have led to an increase in borrowing costs.

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Bill Seeks To Expand Homebuyer Tax Credit

Sen. Johnny Isakson (R-Georgia), along with nine bipartisan cosponsors, has introduced S. 1230, The Homebuyer Tax Credit Act of 2009. The bill would increase the federal tax credit for the purchase of a home from the current amount of $8,000 to $15,000.

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Texas AG Hosts Mortgage Fraud Summit

Texas Attorney General Greg Abbott welcomed state and local authorities, law enforcement officials, prosecutors, and other Texans from the real estate industry to the Office of the Attorney General’s (OAG) Mortgage Fraud Summit in Austin on Monday.

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Washington State Advocates Foreclosure Counseling

Washington state’s PROOF program, which stands for Prevent or Reduce Owner-Occupied Foreclosure, matches homeowners who are behind on their mortgage with certified housing counselors. Lawmakers have authorized $250,000 for the statewide initiative to help distressed homeowners negotiate loan modifications or other workouts with their lenders.

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California Moratorium in Effect

The California Foreclosure Prevention Act officially went into effect on Monday. The measure was signed into law by Gov. Arnold Schwarzenegger last February, and institutes a statewide 90-day foreclosure moratorium.

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Comptroller Dugan Tours Dallas

Comptroller of the Currency John C. Dugan recently toured two Dallas neighborhoods where low- and moderate-income homebuyers are being given affordable opportunities to own a home. Dugan described one of these neighborhoods in South Dallas as being hit hard by foreclosures.

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Pro-Teck Endorses NEW BPO Standards

Waltham, Massachusetts-based Pro-Teck Services recently issued a statement endorsing the Broker Price Opinion (BPO) Standards and Guidelines (BPOSG) introduced by the BPO Standards Board late last month.

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Foreclosure Scammers Target Short Sales

Scottsdale, Arizona-based National Short Sale Center says more than 50 percent of the homeowners it is working with to secure short sales have been approached by circumspect individuals or companies proffering fraudulent foreclosure rescue services.

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