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PHH Mortgage Enhances its Sub-Servicing Platform

Mount Laurel, New Jersey-based PHH Mortgage Corporation, a private label outsourcing company that provides cost-effective mortgage solutions for financial institutions, real estate brokers, and government agencies, recently announced that it is has enhanced it sub-servicing offering, which allows organizations to outsource the servicing of their loans, including customer service, escrow administration, payment, and collections.

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DoubleLine Launches Open-End Mutual Fund to Invest in MBS

DoubleLine Funds Trust has launched an open-end mutual fund, DoubleLine Total Return Bond Fund, which will invest in mortgage-backed securities (MBS). The company says the fund seeks to exploit pricing dislocations within the mortgage subsectors, and will target long-term investments in both GSE and private-label mortgage bonds.

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GSEs Bolster Foreclosure Prevention Activities in Q4 2009

The Federal Housing Finance Agency (FHFA) recently released its Foreclosure Prevention and Refinance Report, detailing the actions the government-sponsored enterprises (GSEs) have taken to prevent foreclosures and keep people in their home. The findings were positive, showing notable improvements across the board.

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Open Season on Housing Finance: Obama Wants to Hear Your Ideas

Got an insider's view into the workings of the nation's mortgage market, what's right and what's wrong? How about a strategy on reforming the housing finance system? President Obama and his administration want to hear your ideas. Somewhere in the trenches may lie the answers policymakers are looking for. The federal government released a list of questions Wednesday soliciting input and opinions from market participants and industry groups on how to restructure the mortgage finance system.

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Mortgage Applications Fall for Second Straight Week

Marking the second consecutive week of decreased activity, mortgage application volume tumbled 9.6 percent for the week ending April 9, 2010, the Mortgage Bankers Association (MBA) reported Wednesday. This is the third lowest Market Index recorded in the survey since the end of June 2009.

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Home Prices Drop for Seventh Straight Month: IAS

Integrated Asset Services, LLC (IAS) said Tuesday that its benchmark for national house prices fell 0.6 percent in February. The drop marked the seventh straight monthly decline reported by the collateral valuation firm and pushed its home price gauge to April 2004 levels. IAS says that by now, the normal seasonal upturn should have begun, but the company isn't seeing the typical forces at work.

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House Committee Holds Hearing on Barriers to Principal Write-Downs

Political pressure is growing for lenders to cut mortgage principal. Executives from the nation's four largest banks pushed back against that pressure Tuesday, arguing to lawmakers that a large-scale principal forgiveness program could have dire ramifications for the future of housing finance. It's estimated that some 11 million borrowers owe more on the mortgage than their home is worth. JPMorgan Chase projects it would cost $700 billion to $900 billion to bring these underwater borrowers ""even.""

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California Waives State Taxes on Forgiven Mortgage Debt

A newly enacted California law provides a tax break to borrowers whose mortgage debt was forgiven through a foreclosure, short sale, or loan modification. The bill landed on Gov. Schwarzenegger's desk and he inked his approval just days before the April 15th tax deadline. The state's Franchise Tax Board says the new provision will cost California about $34 million in tax revenue, but will provide relief to approximately 100,000 borrowers in the hard-hit state.

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MBA’s Former SVP of Commercial/Multifamily Reclaims Her Position

The Mortgage Bankers Association (MBA) announced Monday that it has named Gail Cardwell as SVP of commercial/multifamily -- a position she previously held. Cardwell rejoins MBA from the Manufacture Housing Institute (MHI), where she served as the president, CEO, and principal spokesperson for the organization.

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Axios Valuation Solutions Makes Case for Appraisal Management Companies

Can appraisal management companies (AMCs) help appraisers? The Fort Worth, Texas-based property valuation management firm Axios Valuation Solutions says, ""The answer may surprise you, and it's a resounding yes."" The company says AMCs provide an invaluable service to America's mortgage lending industry as a buffer against lender pressure, a partner in the quality control process, and a work opportunity resource for appraisers.

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