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Freddie Mac Adds Six States to Winter REO Sales Promo

Freddie Mac has expanded its winter REO sales incentive program to the states of Alaska, Kansas, Kentucky, Missouri, Oregon, and Washington. That makes the promotional offer now active in 33 states and the District of Columbia. The winter sales promo is being offered through HomeSteps, Freddie Mac's REO disposition unit, and pays an extra $1,000 bonus to the selling agent, as well as additional incentives to owner occupant buyers. Offers must be received by January 31, 2012.

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Without California, AG Settlement May Be Reduced

While the attorneys general working toward a settlement with the nation's largest servicers may be able to strike a settlement without California, it may cost them. A deal that seemed likely imminent as of the end of October would have required $25 billion from the banks - $5 billion in cash penalties and $20 billion in refinancings and modifications. That $25 billion could be reduced to $18.5 billion if California refuses to take part in the settlement, and it could limit the amount of assistance provided to California homeowners.

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Thirty-Year Mortgage Rate Drops to 3.98%, ARMs Hit New Lows

Data released by Freddie Mac Wednesday shows mortgage interest rates across the board edged lower for the shortened holiday week, with the 30-year fixed rate slipping to its second-lowest reading on record and adjustable-rate mortgages (ARMs) setting new all-time lows. The 30-year fixed-mortgage rate has averaged at or below 4 percent for four consecutive weeks now. For the week ending November 23, Freddie Mac's study puts it at 3.98 percent. The 5-year ARM is now averaging 2.91 percent, and the 1-year ARM is 2.79 percent.

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Mortgage Insurer PMI Files Bankruptcy

The PMI Group, Inc. says it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. According to PMI, the move is a direct result of the seizure of its subsidiaries PMI Mortgage Insurance Co. and PMI Insurance Co. by the Arizona Department of Insurance on October 20, 2011. PMI sought to overturn the regulator's seizure of its mortgage insurance operations, but that motion was denied on Friday.

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Industry’s Shadows Continue to Shrink

That ominous shadow inventory of repossessed and soon-to-be repossessed homes is getting smaller. Standard and Poor's (S&P) has released its third-quarter shadow inventory update. The agency says the volume of distressed assets included in its assessment dropped from $405 billion in the second quarter to $384 billion in the third. This figure has been on a steady decline since mid-2010. At current liquidation rates, S&P says it will take 45 months to work through the industry's shadow inventory.

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Carrington Mortgage Services Names SVP of Capital Markets

Carrington Mortgage Services, LLC has announced the hiring of Brad Nease as SVP, capital markets. In this newly created position, Nease will lead the secondary marketing efforts for the company's growing loan origination business, and will be responsible for product development, investor relations, loan trading, and warehouse lending. Nease has more than 28 years' experience in the industry. He joins Carrington from ICON Residential Lenders, where he was COO of capital markets.

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Investors Increase Market Share, Especially in Distressed Sector

Investors are making up an increasing share of home purchase transactions, especially in the distressed sector, according to an industry report. In October, investor purchases accounted for 22.3 percent of transactions, in keeping with the last three months during which the rate has remained above 20 percent. At the same time, distressed property transactions grew to take up a larger portion of the market. Investors are seeing profit potential in homes that may need repair because rents are steadily rising.

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Commercial Prices Post Decline After 4 Months of Increases

September marked the 20th consecutive month that distressed sales made up more than 20 percent of commercial property sales, according to Moody's/REAL Commercial Property Price Index. The index reported distressed transactions for the month accounted for 25.9 percent of all commercial transactions. While distressed sales were in keeping with recent trends, commercial property prices broke a four-month streak of increases with a 1.4 percent decline in September, according to Moody's.

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New York’s Baum Law Firm to Close

New York's largest foreclosure law firm is shutting its doors. Steven J. Baum, PC has found itself embroiled in a PR firestorm, and now, after Fannie Mae and Freddie Mac instructed servicers to pull their business from the firm, it's closing up shop. The firm's principal, Steven Baum, signaled his company was about to go dark late last week in a letter to New York Times columnist Joe Nocera. ""Mr. Nocera -- You have destroyed everything and everyone related to Steven J. Baum PC. It took 40 years to build this firm and three weeks to tear down,"" Baum wrote.

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Continental REO Names Beth Zink Closing Coordinator

Continental REO Services (CREO) recently appointed Beth Zink as closing coordinator. Zink joined CREO's closing department in 2009, where she assisted with large accounts including Chase and PHH Mortgage Corporation. Prior to her time with CREO, Zink worked for six years at St. Louis Financial Planners, Inc. as an assistant to the manager.

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