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Freddie Mac CEO Moffett Resigns

Freddie Mac today announced that its CEO, David Moffett, has resigned from his position of chief executive and as a member of the organization’s board, effective March 13, 2009. The GSE’s board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett, and said it plans to name an interim CEO before March 13 to assume chief responsibilities once Moffett leaves.

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Banking Groups Sound Off Against RESPA

Eight banking groups led by the Mortgage Bankers Association (MBA) are calling for the government to throw out the new Real Estate Settlement Procedures Act (RESPA), claiming that changes to the regulation are needed to ensure mortgage disclosures truly benefit borrowers.

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Treasury Ups Stake in Citigroup

The Treasury Department reached a deal late Thursday to increase its stake in Citigroup to an estimated 36 percent as part of a third bailout for the struggling bank. Already, the U.S. government holds an 8 percent ownership in the New York institution.

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January Home Sales, Prices Plunge in Connecticut

Sales of single-family homes and condominiums in Connecticut plummeted more than 35 percent in January from a year earlier, according to a report released this week by The Warren Group, publisher of The Commercial Record and a provider of real estate data throughout the New England area.

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Economy Shrinking Faster Than Estimated

According to government officials, the economy contracted at an alarming 6.2 percent during the last quarter of 2008 — the worst showing in 26 years. The Commerce Department released the revised gross domestic product (GDP) number on Friday, showing that the national economy deteriorated much faster than the 3.

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LPS Reports Increase in Jumbo Prime Foreclosures

Lender Processing Services, Inc. (LPS), a provider of integrated technology and services to the mortgage industry, has released its February 2009 LPS Mortgage Monitor. Among the findings, LPS reports that foreclosure starts have continued to increase across major product types over the past several months despite moratoria and mitigation.

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NeighborWorks Receives Smith Barney Donation

NeighborWorks Center for Foreclosure Solutions announced yesterday that it has received a donation in the amount of $50,000 from Smith Barney, a division of Citigroup Global Markets Inc. The contribution was awarded to help support foreclosure intervention and prevention strategies.

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Mortgage Rates Inch Up

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) for the week ending February 26, 2009, showing little change in mortgage rates this week with only slight upticks in three of the four categories of loan products analyzed.

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Treasury: Capital Assistance Now Available

The U.S. Treasury Department has released plans for its Capital Assistance Program (CAP), a core element of the government’s Financial Stability Plan. The Treasury issued terms and conditions for CAP on Wednesday, saying that the new program is intended to support confidence in the health of the nation’s financial institutions and in the system as a whole, and promote lending to creditworthy borrowers.

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January Home Sales Fall, Inventory Down

Existing-home sales declined in January with some buyers waiting to see how details of the economic stimulus package would affect them, according to a new report released on Wednesday by the National Association of Realtors (NAR).

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