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Freddie Mac: ARMs Becoming Obsolete

McLean, Virginia-based mortgage financing giant Freddie Mac released statistics last week that showed in the first quarter of 2009, refinancing borrowers overwhelmingly chose fixed-rate over adjustable-rate mortgages (ARMs).

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Three Banks Closed, FDIC Levies New Fee

Three more community banks – two in Illinois and one in Washington – have succumbed to the nation’s economic crisis, bringing the total number of failed institutions for the year to 36.

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MBS, Foreclosure Lawsuits Climb in Q1

Mortgage-backed securities (MBS) investors led an increase in mortgage-related lawsuits during the first quarter of 2009, according to a mortgage litigation report issued through PRNewswire on Tuesday.

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Federal Regulators Seize BankUnited

BankUnited, Florida’s biggest independent regional bank, was closed Thursday by the Office of Thrift Supervision and sold to a consortium of private equity firms for $900 million. The deal was brokered by the FDIC and represents the largest bank failure this year and one of the agency’s costliest closures ever, second only to IndyMac’s seizure last year.

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REO Inventories Shrinking in California

ForeclosureRadar, a Web site company that tracks every California foreclosure and provides daily auction updates, has issued its monthly California Foreclosure Report for April 2009. In a reversal from the prior month, the company said, the Golden State’s foreclosure notices dropped while foreclosure sales and distressed property purchases by investors rose.

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Michigan Company Provides Tool to Crack the Credit Risk Code

Dr. Dennis Capozza, founder of Ann Arbor, Michigan-based University Financial Associates (UFA), has spent the last 30 years predicting cycles in the mortgage industry. Dr. Capozza’s research and experience have been automated in a scoring system called ForeScore for more than a decade, and last week, UFA announced that lenders, investors, and regulators can now access the ForeScore system and supporting analytics via an integrated Web services platform.

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Redwood Real Estate Fund Goes After REOs

Redwood Real Estate Partners, Inc., a real estate investment company based in Rancho Santa Margarita, California, announced on Wednesday that it has launched a new investment fund with the goal of acquiring $500 million in distressed residential real estate assets.

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