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Fed Purchases $20B in Agency MBS

The New York Federal Reserve Bank purchased $20 billion in mortgage-backed securities (MBS) from government agencies last week. Total MBS purchases since the Fed program began in early January now stands at $237 billion.

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Treasury Details Plan for Toxic Mortgages

The U.S. Treasury Department on Monday laid out details of its plan to alleviate the toxic mortgage assets weighing heavy on banks’ balance sheets – the fiscal burdens that many argue sent the entire national financial system into its headlong tailspin.

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Former Fannie Exec Allnutt Heads New REDC Default Solutions

Irvine, California-based real estate auction company Real Estate Disposition Corporation (REDC) announced on Thursday the launch of a new division: REDC Default Solutions. The new business group will focus on loss mitigation, REO asset management, and asset valuation for lenders and financial institutions.

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House Passes 90% Tax on Bailout Bonuses

Compelled by the AIG bonus scandal making headlines this week, on Thursday, the U.S. House of Representatives voted 328 to 93 to institute a 90 percent tax on bonuses paid by any bank or financial institution that owes the government more than $5 billion in federal bailout money.

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Fannie, Freddie Under Fire for Bonuses

As lawmakers grilled AIG’s CEO on Capitol Hill Wednesday about executives receiving bonuses from taxpayer dollars, the Wall Street Journal:http://www.wsjonline.com reported that Fannie Mae and Freddie Mac are also handing out sizable bonuses as retention payments to thousands of employees.

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Gov. Launches Homeowner Website

In a joint effort, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) launched a new Website on Thursday for troubled homeowners seeking information about the administration’s Making Home Affordable loan modification and refinancing program.

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Wayne County Sheriff Resumes Foreclosure Sales

Sheriff Warren Evans of Wayne County, Michigan announced this week that he is resuming foreclosure sales. Evans halted all foreclosure sales in his jurisdiction on February 2nd, in anticipation of a foreclosure relief plan from the federal government.

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REDC Acquires Auction.com Domain for $1.7M

Irvine, California-based Real Estate Disposition Corporation (REDC) has acquired the domain name, Auction.com, for $1.7 million. REDC’s consumer Website for lender-foreclosed home auctions, until now, has been USHomeAuction.

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