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PMI Expands Refinance-to-Mod Program

Walnut Creek, California-based PMI Mortgage Insurance Co. announced on Thursday that it has expanded the company’s Refinance-to-Modification (RTM) program. The program can now be used with all PMI-insured loans, not just those loans owned or guaranteed by Fannie Mae and Freddie Mac that are eligible for the federal government’s Home Affordable Refinance Program (HARP).

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Industry Veterans Form Distressed Asset Management Alliance

Boston-based Real Estate Fiduciary Services (REFS), a real estate investment strategist company, has announced the formation of a specialized Asset Management Alliance. Led by REFS President John Baczewski and comprised of seven other senior-level real estate practitioners from diverse backgrounds and cities, the alliance was created in response to the growing number of real estate investors, lenders, and owners with financially distressed and underperforming assets.

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NBA All-Stars Take on Miami Foreclosures

Miami Heat basketball star Dwyane Wade and retired Heat center Alonzo Mourning harnessed their celebrity influence Thursday to raise awareness of the foreclosure crisis in Miami and the affordable, certified resources available to struggling homeowners.

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GSEs' Loan Mods Up 57 Percent

Fannie Mae and Freddie Mac modified nearly 37,000 home loans during the first quarter of 2009, according to the GSEs’ regulator, the Federal Housing Finance Agency (FHFA). The Q1 figure represents a 57 percent increase over the fourth quarter of 2008 and more than double the number of modifications made in the first quarter of last year.

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Mortgage Rates Remain Relatively Flat

Mortgage rates shifted only slightly this week amid mixed reports on the state of the housing market, according to the Primary Mortgage Market Survey (PMMS) issued by Freddie Mac on Thursday. Frank Nothaft, Freddie Mac’s VP and chief economist, pointed to numbers released by the National Association of Realtors earlier this week, which showed that sales of existing homes have risen for two consecutive months.

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MBA: Mortgage Apps Increase

The Mortgage Bankers Association (MBA) issued its Weekly Mortgage Applications Survey on Wednesday, which showed the applications for home loans – both new purchases and refinances – rose last week.

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Texas Bank Sees Mortgage Lending Boom

Colonial Savings F.A., headquartered in Fort Worth, Texas, says government initiatives to lower interest rates and provide incentives to first-time buyers have led to a lending boom for the bank’s mortgage divisions.

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