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AG Orders Banks, Attorneys to Stop Evictions Violating Federal Tenant Law

Connecticut Attorney General Richard Blumenthal sent cease-and-desist letters to 30 law firms and real estate companies this week ordering them to stop abrupt and illegal evictions of tenants of foreclosed properties. Blumenthal says his office has received complaints from tenants who were illegally forced out of rental homes after their landlords' properties were foreclosed - a violation of the federal Protecting Tenants at Foreclosure Act (PTFA) signed into law last year.

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Mortgage Applications on the Rise: MBA

For the week ending January 29, 2010, mortgage rates inched down further and mortgage applications continued to increase, according to the Weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, jumped 21 percent on a seasonally adjusted basis from the prior week.

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CMBS Delinquencies Hit All-Time High: Trepp

Overdue loans in pools of commercial mortgage-backed securities (CMBS) climbed to 6.49 percent in January, according to a report issued this week by Trepp LLC, a New York-based company that tracks the commercial real estate market. That figure is up 42 basis points from the 6.07 percent delinquency rate in December, and Trepp says it's the highest delinquency level in the history of the CMBS industry.

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Corvus Group Forms Troubled Asset Advisory Group

The Corvus Group, a Washington, D.C.-area firm with nearly $10 billion of real estate assets under management from failed banks, has formed a Troubled Asset Advisory Group (Corvus TAAG). The group, based in Chicago, says it provides specialized staffing and advisory services to companies involved with troubled and distressed commercial real estate and homebuilder/residential development debt.

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Associate VP of Multifamily Appointed at MBA

The appointment of Douglas Moritz as associate VP of multifamily at the Mortgage Bankers Association (MBA) was announced Monday by John A. Courson, president and CEO of the company. ""Doug is a seasoned real estate finance professional whose experience spans more than twenty years in the commercial/multifamily industry,"" Courson said.

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Mortgage Bankers Stepping up Financing for Commercial Real Estate: MBA

Contrary to popular belief, the Mortgage Bankers Association (MBA) says financing for new commercial and multifamily mortgages is on the rise. According to a quarterly survey released by MBA Tuesday at its Commercial Real Estate Finance convention in Las Vegas, commercial and multifamily mortgage loan originations were 12 percent higher in the fourth quarter of 2009 than during the same period last year, and 15 percent higher than the third quarter of 2009.

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Real Capital Analytics Names Global Chief Economist, EVP

Following the recent acquisition of Real Estate Econometrics (REE) by Real Capital Analytics (RCA), a global research firm based in New York City, Dr. Sam Chandan of REE was appointed as chief economist, EVP, and a member of the management committee at RCA, according to an announcement Tuesday by the firm.

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GSEs Select U.S. Bank to Support Housing Finance Agency Programs

U.S. Bancorp announced Monday that its lead bank, Minneapolis-based U.S. Bank N.A., was selected by Fannie Mae and Freddie Mac to act as administrator and closing agent for the federal government's temporary credit and liquidity program and the new issuance bond program for state and local housing finance agencies (HFAs).

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Fed Reports a Pause in Credit Tightening

Most large banks have stopped tightening standards on a number of loan types, according to a new report from the Federal Reserve. But the central bank's latest loan officer survey says that while it may not be getting tougher for consumers to borrow, it's not getting any easier yet either because financial institutions have yet to unwind the considerable contraction that has built up over the past two years. Still, the pause in the stiffening might be seen as a hopeful sign for a financing world that's been strained since 2007.

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