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Fiserv Predicts Price Declines Through 2011 Followed by Gains

Fiserv, Inc. released its home price index Tuesday noting declines but predicting stabilization by the end of 2012. For the short-term, Fiserv sees continuing declines - at least until the end of the year. However, beginning in 2012, Fiserv predicts small gains in prices. Fiserv notes that the first quarter of 2011 showed a continuation of the double-dip trend started last year when demand waned after the expiration of the homebuyer tax credit. Price declines early this year were also driven by a jump in foreclosure sales.

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Arizona State Credit Union Offering Fannie Mae HomePath Loans

Arizona State Credit Union is now offering Fannie Mae HomePath loans, making it one of only a handful of credit unions in the nation approved for the mortgage program. HomePath is the GSE's venture for marketing and selling its REO properties, providing special financing terms for the purchase of select Fannie Mae-owned properties. Arizona State Credit Union says its participation in the program is expected to help reduce the inventory of foreclosed homes on the market in Arizona.

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CoreLogic Names Frank Martell Chief Financial Officer

CoreLogic has announced the appointment of Frank D. Martell as its new chief financial officer, effective August 29, 2011. Martell joins CoreLogic with more than 25 years of experience that included public company CFO, COO, and general management positions in the marketing and business information industries. He will oversee global accounting, financial planning and analysis, tax, treasury, real estate, procurement, and administration for CoreLogic.

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Freddie Mac Shows Loss for Q2, Needs $1.5B from Treasury

Freddie Mac said Monday that it logged a $2.1 billion net loss for the second quarter. The company has requested $1.5 billion in taxpayer funding from Treasury, bringing the total amount of its capital draws while in conservatorship to $66.2 billion. Freddie's latest financials represent a slide from the previous quarter, when it posted a $676 million profit and needed no money from Treasury. The GSE acquired 24,799 REO properties through foreclosure in the second quarter but sold 29,355, shrinking its inventory of repossessed homes.

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AIG Files Suit Against BofA While Opposition to Settlement Continues

American International Group Inc. (AIG) filed a lawsuit Monday against Bank of America claiming the bank's subsidiaries, Countrywide and Merrill Lynch, withheld information from its investors regarding loan quality. AIG hopes to secure more than $10 billion from BofA to recover losses resulting from the alleged non-disclosures. The insurance company accuses BofA of giving investors a false account of the performance of its residential mortgage-backed securities. BofA maintains that AIG is responsible for its own losses and rejects AIG's accusations of fraud.

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Regulators Close Down Lenders in Illinois and Washington

This year's failed-bank tally rose to 63 over the weekend, as state and federal regulators seized control of two more community-based lenders -- Bank of Whitman in Colfax, Washington, and Bank of Shorewood in Illinois. Together, the two closings are expected to cost the FDIC $160 million. Though still elevated, the number of bank seizures has tapered off considerably from earlier in the crisis. At this time last year, the count of FDIC-insured institutional failures stood at 109 for the 2010 calendar year.

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Geithner to Remain on as Treasury Secretary

The U.S. Treasury Department's top officer is staying put, despite Republican lawmakers' public appeals for him to step down. After speculation that he might resign once the debate over the government's debt ceiling was resolved, Tim Geithner has decided to remain in his post as Treasury secretary, the administration says. Republican members of Congress began calling for Geithner's immediate resignation after S&P downgraded the United States' credit rating.

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U.S. Downgrade: How Will It Impact Housing Fundamentals?

Congress' last-minute accord to avert a default wasn't enough to save the United States' top rating from Standard & Poor's. The agency downgraded the long-term credit rating of the U.S. to AA+, a grade just below the AAA rating the U.S. had held for 70 years. Analysts were expecting a temporary spike in Treasury yields, which are closely tied to mortgage rate trajectories, but investors responded with a rush on Treasuries, pushing yields down 13 basis points. Fannie Mae, Freddie Mac, and the Federal Home Loan Banks also had their S&P ratings lowered to AA+ on Monday.

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Treasury Reports More Borrowers Qualifying for Permanent Mods

The administration has released a new report on its flagship Home Affordable Modification Program (HAMP). Officials say more borrowers are qualifying for permanent modifications, and in less time. The rate of modifications moving from trial to permanent status under the HAMP umbrella is up to 74 percent, according to Treasury. At the same time, conversions from a trial to permanent modification are down to 3.5 months on average, compared to an average of 5.2 months a year ago.

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Fannie Mae Requests $5B in Taxpayer Support After Q2 Loss

Fannie Mae's second-quarter loss narrowed from the previous quarter, but still in the red, the GSE says it needs to draw another $5 billion from Treasury, bringing its tally of taxpayer-funded support to $104.8 billion since the company was placed into conservatorship. The company reported a net loss of $2.9 billion for the April-to-June period, compared to a net loss of $6.5 billion in the first quarter of the year. Fannie Mae acquired 53,697 REO homes through foreclosure over the three months ending in June.

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