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HUD Terminates FHASecure

The Department of Housing and Urban Development (HUD) issued a notice late last week, advising lenders of the termination of the Federal Housing Administration’s FHASecure program, under which FHA was able to insure refinance transactions for borrowers delinquent on their mortgages.

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OTS Regulator Let IndyMac Falsify Financial Reports

According to a report released last week by the New York Times:http://www.nytimes.com, an independent investigator of the U.S. Treasury Department has uncovered evidence that officials from the nation’s banking supervisory body, the Office of Thrift Supervision (OTS), helped the failing IndyMac Bancorp paper over its financial difficulties.

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FHA Audit Reveals Good and Bad

This year has proved to be one of the Federal Housing Administration’s (FHA) best yet in terms of loan originations – during FY 2008, which officially ended for the agency on September 30, lenders originated a record $171.

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Home Price Decline Slowed In October

Home prices across the country entered their ninth consecutive month of depreciation in October, but October’s 10.4 percent decline from one year ago is better than September’s 11.2 percent decline, and early data for November predicts an even smaller decline of 9.

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More Homeowners Turning to Short Sales to Avoid Foreclosure

National Short Sale Center, a Scottsdale, Arizona-based company that assists lenders, real estate agents, and homeowners nationwide in short-selling properties for maximum value, has announced that short sales in 2008 hit an all-time high in Arizona, Nevada, California and Florida.

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AP Study: Bailed-out Bank Execs Took in $1.6B

According to a recent study by the Associated Press:http://www.associatedpress.com, banks that are now receiving bailout money from taxpayers, awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year.

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