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HOPE NOW: 123,000 Modifications in January

HOPE NOW, a foreclosure prevention alliance of mortgage servicers, non-profit counselors, and investors, today announced that its members and the larger mortgage lending industry modified 123,000 mortgages in January 2009.

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Citi Reduces Mortgage Payments for Unemployed

Citigroup announced on Tuesday that it is initiating a new mortgage program to help the rising numbers of unemployed Americans hold onto their homes. The initiative is aimed at those homeowners whose economic conditions have changed because of the deteriorating national economy, leaving them unable to meet their mortgage obligations.

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Attorney Group Offers ‘Immediate’ Loan Mod Program

With President Obama’s recent proposal to provide $75 billion to help modify home loans, millions of Americans on the brink of foreclosure now have hope in sight. But what’s uncertain, particularly for those who are facing imminent foreclosure, is how quickly the assistance will funnel down the pipeline to homeowners.

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Pending Home Sales Down

According to a new report released Tuesday by the National Association of Realtors (NAR), pending home sales declined on the heels of a weakening economy as buyers awaited clarity on the federal government’s housing stimulus provisions.

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Fannie Reports $58B Loss for 2008

Washington, D.C.-based Fannie Mae reported a loss of $58.7 billion, or ($24.04) per diluted share for fiscal year 2008. The GSE’s annual deficit is a significant increase from 2007, when the company reported a loss of $2.

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Push for Downpayment Assistance Continues

According to AmeriDream, a non-profit organization based in Maryland that provides housing-related programs to low and moderate income Americans, last week’s report from the National Association of Realtors (NAR) showing yet another decline in January home sales is strong evidence that Congress must provide proven incentives like downpayment assistance (DPA) in order to stabilize the housing market.

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Rhode Island Home Prices, Sales Sink

Single-family home prices in Rhode Island during the month of January fell to the lowest level in about seven years, according to a report released today from The Warren Group. The Warren Group, which provides real estate research for the New England region, said the median selling price for single-family homes in Rhode Island in January fell 23.

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Freddie Mac CEO Moffett Resigns

Freddie Mac today announced that its CEO, David Moffett, has resigned from his position of chief executive and as a member of the organization’s board, effective March 13, 2009. The GSE’s board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett, and said it plans to name an interim CEO before March 13 to assume chief responsibilities once Moffett leaves.

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