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Fannie Mae Appoints Current General Counsel Mayopoulos as CEO

The board of directors for Fannie Mae announced Tuesday the appointment of Timothy J. Mayopoulos, 53, as president and CEO beginning June 18. Mayopoulos will replace current chief executive Michael J. Williams, who announced his resignation in January. Currently, Mayopoulos serves as EVP, chief administrative officer, and general counsel for Fannie. He has spent more than 25 years in the financial services sector, holding senior-level posts with Bank of America, Deutsche Bank, and Credit Suisse First Boston.

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NTC Asks Congress Not to Raise Guarantee Fees for Student Loan Relief

Congress has already approved of raising Fannie Mae and Freddie Mac guarantee fees to support non-housing related initiatives once before. Now, lawmakers are contemplating the use of GSE guarantee fees to fund student loan relief. In response to this, officials from Nationwide Title Clearing sent a release asking Congress not to raid the real estate piggy bank, stating an increase will lead to higher interest rates.

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Trade Group Releases White Paper on Future Role of GSEs

The Community Mortgage Lenders of America (CMLA) released a white paper outlining its policy suggestions for the future of Fannie Mae and Freddie Mac. Shrinking the GSEs role in the secondary market to 30-35 percent and preventing them from securitizing or investing into risky mortgages were among the ideas the trade group endorses. Still, the CMLA said it wants to see the GSEs remain intact due to uncertainty in the markets and to ensure further destabilization does not occur.

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Asking Prices Flat in May While Rent Increases: Trulia

Asking prices fell flat in May after three consecutive monthly increases while also decreasing from the year before, according to reports from Trulia. Asking prices on homes for sale were unchanged in May on a seasonally adjusted basis and fell by 0.2 percent year-over-year. However, when excluding foreclosures, asking prices actually rose 1 percent on a yearly basis, while foreclosure prices dropped 5.8 percent over the same time period.

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Delinquency Rates Drop for Banks, Rise for CMBS in First Quarter

Tuesday's report showed that during the first quarter of 2012, the 60+ day delinquency rate for commercial and multifamily mortgages held in life insurance company portfolios decreased 0.03 percentage points to 0.14 percent. The 60+ day rate for multifamily loans held or insured by Fannie Mae also decreased, falling 0.22 percentage points to 0.37 percent. The 90+ day delinquency rate for loans held by FDIC-insured banks and thrifts dropped 0.13 percentage points to 3.44 percent.

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CoreLogic: HPI Increased in April, Will Continue in May

Home prices across the nation rose in April, and a further increase is expected for May's index, according to CoreLogic's April Home Price Index (HPI) report. The report, released Tuesday, showed that home prices in the United States (including distressed sales-short sales and REO transactions) increased on a year-over-year basis by 1.1 percent in April. This was the second consecutive year-over-year increase in 2012 and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices increased by 2.2 percent in April, marking the second consecutive month-over-month increase this year.

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ISGN Launches Smart Phone App to Assist Appraisers

ISGN Corporation announced Monday the launch of a new smart phone app for its Gators browser-based settlement services and vendor management system. The app is designed to assist appraisers, title abstractors and closing agents out in the field. It allows vendors to accept, decline, or update orders from the field, helping vendors to manage their time.

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Clear Capital: Prices See First Quarterly and Yearly Gain Since 2010

For the first time since August 2010, home prices rose on both a quarterly and yearly basis, according to the May 2012 Home Data Index (HDI) report released by Clear Capital. Quarter-over-quarter, prices appreciated 0.4 percent, the first quarterly increase since November 2011. Year-over-year, prices rose by 0.1 percent, according to the index. The increases were attributed to stronger regional growth in the West, Northeast, and South, as well as a rise in REO-only prices.

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Smith Appoints BDO as Primary Firm to Monitor Settlement

Settlement monitor Joseph Smith announced a partnership Monday to work with BDO Consulting as the primary professional firm. BDO, a division of BDO USA, LLP, will join Smith and his team for three and a half years to oversee the implementation of the settlement involving 49 states, state and federal officials, and the five largest banks - Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally.

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