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Industry Testifies on Future of GSEs

Leaders from a number of housing industry groups flocked to Capitol Hill on Wednesday to weigh in on how mortgage financing giants Fannie Mae and Freddie Mac should be structured. The two GSEs own or guarantee 56 percent, or $5.

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Central Florida Set for Housing Rebound

For the first quarter of 2009, only six states saw an increase in home sales, and Florida was among the lucky few. According to Central Florida real estate agent Amy Ruff thanks to the lower price entry for quality homes and the $8,000 tax rebate for new homebuyers, it looks like buyers are making their way back into the market to snap up extraordinary deals on Central Florida homes.

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Connecticut Housing Market Takes Hit

Sales of single-family homes and condominiums in Connecticut fell by double-digit percentages in April, according to a new report released today by the New England real estate research firm The Warren Group.

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Foreclosures Could Attract Summer Pests

As foreclosure numbers across the country continue to climb and temperatures heat up, the National Pest Management Association (NPMA), headquartered in Fairfax, Virginia, is reminding homeowners and the industry to remain vigilant of an ancillary issue stemming from continued increases in vacated homes – potential mosquito infestations in the summer months, especially in and around those foreclosed properties with backyard pools.

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Clark Street Sets Up REO Buyer Database

Clark Street Capital, a Chicago-based provider of asset management and advisory services, announced on Monday the launch of its Bank Asset Network. The company says the online portal is the first buyer-centric database of its kind offering a secure, tailored venue for the investing public to purchase REO properties.

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FTC Seeks Comment on New Loan Mod, Servicing Rules

The Federal Trade Commission (FTC) has initiated rulemaking proceedings to address loan modifications and mortgage servicing. The agency’s Mortgage Assistance Relief Services rulemaking addresses the proliferation of loan modification and foreclosure rescue services in the current economy.

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FHA Allows Tax Credit As Downpayment

The Federal Housing Administration (FHA) laid out the details of a new policy Mortgagee Letter 2009-15 ] on Friday that will allow first-time homebuyers to apply the $8,000 federal tax credit toward the purchase costs of an FHA-insured home.

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Fitch Expects Re-Defaults on 75 Percent of Subprime RMBS Mods

Fitch Ratings took a closer look at servicers’ loss mitigation efforts among residential mortgage-backed securities (RMBS) in a special report= issued last week. The agency found that while home loan workouts to avoid foreclosures have increased substantially, re-defaults post-modification continue to be a problem for servicers, investors, and homeowners, with as many as three-fourths of those mortgages in the subprime category projected to fall back into default status within one year of the initial resolution.

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