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New Michigan Laws Make Mortgage Fraud a Felony

Michigan is taking a strong stand on mortgage fraud. New state laws that went into effect at the start of the year have redefined mortgage fraud in the eyes of the law and outline strict consequences for perpetrators. Residential mortgage fraud is now considered a felony in Michigan, and punishment includes up to 20 years in prison and fines up to $500,000. The new laws define mortgage fraud itself as a criminal act, whereas previously, mortgage fraud fell into the categories of false pretenses and forgery.

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Gateway Mortgage Group Launches Default Services Division

Gateway Mortgage Group is a privately held mortgage bank headquartered in Tulsa, Oklahoma, which provides conventional, Federal Housing Administration (FHA), and Veterans Affairs (VA) loans through 50 retail branches nationwide. The company announced Thursday that it has developed an in-house subservicing unit focused on the specialty and default servicing of FHA and VA loans and hired Kevin Osuna to direct the new operation.

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Voters Oppose Policies That Threaten American Homeownership

A group convened on the steps of the South Carolina State House Thursday to express their support of homeownership and opposition to policy changes that might threaten the American Dream. The outlook expressed at the rally mirrors widespread sentiment uncovered in a recent industry survey. About three-fourths of American voters said it is ""appropriate and reasonable"" for the federal government to promote homeownership through tax incentives.

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Biggest Risk for RMBS Investors? Strategic Defaults.

The performance of private-label residential mortgage-backed securities (RMBS) continues to face many challenges in 2012, with the biggest risk posed by strategic defaults, according to Moody's. The ratings agency says the performance of loan pools backing outstanding RMBS has begun to stabilize, with delinquency levels flat or even dropping as a result of modifications and re-default rates declining. It's the threat of strategic default, particularly in the prime jumbo sector, that has Moody's analysts worried.

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Mortgage Rates Break Record Lows

With property values across the country at depressed levels and interest rates dancing around historical lows for months now, housing affordability has hit an all-time high. That affordability inched even higher this week, as mortgage interest rates broke through their previous record-lows to fall further still. Freddie Mac says all loan products covered in its regular weekly market survey eased to set new all-time lows for the week ending January 12. The 30-year fixed rate is now at 3.89 percent.

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Keystone Asset Management Earns LEED Certification

Keystone Asset Management, Inc., based in Colmar, Pennsylvania, recently earned the designation of being LEED Certified by the U.S. Green Building Council, which verifies environmental performance, occupant health, and financial return. Keystone's certification was earned based on its adoption of environmentally friendly practices and materials. ""We are proud to be a contributor of green standards in the business environment,"" said Jane Hennessy, Keystone's president and CEO.

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Foreclosures in Most of Top 20 Metros Decline From Past Two Years

With Atlanta as the exception, all of the metro areas on RealtyTrac's top 20 list for foreclosure rates in 2011 demonstrated declines in foreclosure activity from both of the previous two years. Foreclosure filings in the Atlanta area in 2011 were 2 percent higher than in 2009. Half of the metros in RealtyTrac's list of top 20 foreclosure rates for 2011 were located in California. Las Vegas had the highest foreclosure rate last year among metro areas with populations of at least 200,000.

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Former Presidential Appointee Devaney Joins IndiSoft Advisory Board

IndiSoft, a technology development firm that focuses on systems for the default services industry, recently announced that Earl Devaney has joined its advisory board. Devaney recently retired from the federal government after 41 years, most recently as President Obama's choice to oversee the distribution of the $787 billion American Recovery and Reinvestment Act of 2009 stimulus plan.

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New REO Inventory in 2011 = 804,423 Homes

RealtyTrac's year-end report released Thursday shows foreclosure filings - including default, auction, and bank repossession notices - were reported on 1,887,777 U.S. properties in 2011. Of that total, 804,423 homes were taken back by lenders as REO. Last year's tally of nearly 1.9 million properties with a foreclosure filing seems staggering, but it's actually the lowest reported since 2007. It's 34 percent below 2010, 33 percent below 2009, and 19 percent below the 2008 total.

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Fannie Mae Extends Mortgage Relief for Unemployed Borrowers

Fannie Mae issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default. Servicers may offer up to six months of forbearance without obtaining Fannie Mae's prior approval. Another six months can be added with the GSE's okay. Fannie Mae's new directive mirrors the unemployed forbearance guidelines issued by Freddie Mac last week.

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