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FHLBank Atlanta Gives $9.9M to First-time Home Buyers

The Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced last week that it will continue its initiatives to spur home purchases by providing potential homeowners with access to $9.9 million as part of its 2009 First-time Homebuyer Program (FHP).

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Making Home Affordable Underway at BofA

Bank of America, which services one out of five mortgages in the United States, announced this week that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department’s Making Home Affordable program.

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NJ Nonprofit Makes Bulk Default Purchase

Housing and Neighborhood Development Services, Inc. (HANDS), a chartered affiliate of NeighborWorks America, recently announced that it acquired the defaulted mortgages on 47 vacant homes in the greater Newark, New Jersey area.

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Massachusetts AG Sues Foreclosure Rescue Companies

Massachusetts Attorney General Martha Coakley has filed a lawsuit and obtained a temporary restraining order against four defendants for their involvement in a foreclosure rescue scam. The complaint, filed in Suffolk Superior Court, alleges that Loan Modification Group Corp.

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Fed Purchases $30B in Agency MBS

The New York Federal Reserve Bank purchased $30.425 billion in mortgage-backed securities (MBS) from government agencies this week. Total MBS purchases since the Fed program began in early January now stands at $333 billion.

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Four Banks Repay Government Aid

Last week, four regional community banks became the first institutions to pay the government back the bailout money they received through the Troubled Asset Relief Program (TARP), citing their concern over stringent conditions now attached to the federal recovery plan.

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Mortgage Rates Up But Still Under 5 Percent

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, which showed that mortgage interest rates rose slightly this week, though they remain at historically low levels.

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Delinquencies Plague Fannie, Freddie

Statistics show that more homeowners are falling behind on their mortgage payments as the economy tightens, and that even applies to the higher-quality, less-risky home loans owned by GSEs Fannie Mae and Freddie Mac.

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