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Home Resales Down in March

Existing-home sales slipped in March, after exhibiting a hopeful rise the month prior, according to data released Thursday by the National Association of Realtors (NAR). The association did note however, that the market is starting to see a pick-up in activity from first-time buyers based on transactions even before the federal tax credit became available, which leads NAR to expect a prominent increase in sales from this market segment in the coming months.

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The Fate of the Nation's Banks

The International Monetary Fund (IMF) released a report this week that estimates U.S. banks will lose another $550 billion in the value of their holdings over the next two years as a result of the financial crisis.

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Potestivo & Associates Named to New Wingspan Attorney Network

Michigan-based Potestivo & Associates, P.C. has announced the firm’s acceptance as an Eagle member of the newly created Wingspan Professional Attorney Network (WPAN). As part of this network, Potestivo & Associates will provide mortgage default and legal support to specialty servicer Wingspan Portfolio Advisors, LLC.

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Fannie Hires Bank Execs For Top EVP Posts

Fannie Mae’s newly appointed president and CEO Michael J. Williams recruited three former bank executives to fill key management positions this week. To round out the company’s leadership team, Williams has hired Timothy J.

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Michigan Cities Tackle Abandoned Homes

The city of Detroit has implemented a new vacant property procedure that allows city inspectors to board up vacant, foreclosed homes at the cost of the property owner. The city says the ordinance is intended to secure and protect vacant properties for the safety of the community.

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Banks' Projected MBS Losses Over $250B

According to new research by Standard & Poor’s released this week, $250 billion of securitized mortgages are presently in bankruptcy, foreclosure, or REO, and the company says the performance of private-label securities – those that banks keep on their books – are expected to decline even further.

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Sun Belt Leads Metro Foreclosures

RealtyTrac on Wednesday that cities in California, Florida, Nevada, and Arizona accounted for the first quarter’s 26 highest foreclosure rates among metro areas with a population of 200,000 or more.

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Long-Term Rates Fall Below Short-Term

Freddie Mac released the results of its weekly Primary Mortgage Market Survey (PMMS) on Thursday. For the week ending April 23, 2009, Freddie’s study shows that long-term interest rates are now lower than those for short-term mortgage products.

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House Committee Meets on Mortgage Reform

The House Financial Services Committee held its final hearing Thursday on mortgage reform. The committee plans to vote on the bill next week and send it to the full House for approval soon after. Committee leaders say the legislation is needed to prevent those practices that led to the nation’s mortgage meltdown and financial crisis from being repeated.

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