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Bailout Fraud Could Tally $500B Globally

Government stimulus funding totaling $5 trillion has unintentionally introduced new opportunities for fraud and corruption worldwide, according to the latest edition of the Kroll Global Fraud Report. Kroll is a risk consulting firm, headquartered in New York City, with more than 65 offices throughout the United States and around the globe.

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ForeclosureS.com Sees Market Rebounds

The Sacramento, California-based real estate tracking and research company ForeclosureS.com says its market data shows that many areas of the country are now experiencing rebounds, with declining foreclosures, increasing home sales, and even increased average sale prices.

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Allison Confirmed for Treasury Post

Former Fannie Mae CEO Herbert M. Allison, Jr. was confirmed by the United States Senate on Friday to serve as the Department of the Treasury’s assistant secretary for Financial Stability. In this position, he is responsible for developing and coordinating the Treasury’s policies on legislative and regulatory issues aimed at restoring the nation’s financial system.

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Default Mitigation Management Announces New Release of Loss Mit Portal

Newport, Kentucky-based Default Mitigation Management LLC (DMM) has released an update to its Debtor’s Counsel Loss Mitigation Web Portal. The company explained that the new release is another step forward in creating more effective channels of communication between attorneys, servicers, and now the trustees, and streamlining the loss mitigation process – in and out of bankruptcy.

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Investors Target Arizona Foreclosures

Investors are zeroing in on the distressed housing market in Arizona. According to the research firm MDA DataQuick, nearly 4 out of every 10 homes sold in the Phoenix area in April were snatched up by absentee buyers, which typically constitute investors or vacation property purchases.

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Bay State Foreclosures Down Two Months

The number of foreclosures in Massachusetts declined by double-digit percentages in May compared to last year and the prior month, according to the latest report from the Boston-based real estate research company The Warren Group.

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GSEs Adopt Notice of Transfer Statute

President Obama signed into law the Helping Families Save Their Homes Act on May 20, 2009. Among other things, the law amends the Truth in Lending Act (TILA), instituting a requirement that borrowers be notified when their mortgage debt has been sold, transferred, or assigned to a new creditor.

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Fed Purchases $20B in Agency MBS

The New York Federal Reserve Bank purchased $20.29 billion in mortgage-backed securities (MBS) from government agencies this week. The central bank has committed to buy up $1.25 trillion in mortgage securities this year.

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New England Firm Receives LPS Award

Nicholas Barrett & Associates , a mortgage default law firm based in East Providence, Rhode Island, has been named a 2008 Summit Award winner by Lender Processing Services (LPS) for maintaining perfect timeline and performance expectations for 12 consecutive months in foreclosure and bankruptcy transactions.

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New Regulator to Oversee Home Financing

President Obama’s broad proposal for financial regulatory reform calls for the creation of a new regulatory body, the Consumer Financial Protection Agency. The federal supervisor would have far-reaching oversight and enforcement authorities over the entire residential mortgage financing industry.

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