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New DepotPoint Module Manages Short Sales

As the nation’s housing crisis continues, millions of homeowners are facing foreclosure. Short sales are a viable option for homeowners in default to escape the threat of formal foreclosure. DepotPoint Inc.

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Fed Rule Adds Mortgage Rate Disclosures

The Federal Reserve recently approved new regulatory statutes requiring mortgage lenders to disclose to borrowers how much interest rates differ between prime mortgages and the higher-priced subprime loans offered to less-affluent borrowers.

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Fannie Mae to Reinstate Home Buyer Education and Counseling

Fannie Mae announced this week that it will reinstate a requirement for homeownership counseling and education for first-time home buyers obtaining one of its MyCommunityMortgage loans, which give lenders a conforming alternative for low- and moderate-income borrowers, or a loan that relies on nontraditional credit to qualify.

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Mortgage Cadence Provides Technology to Automate Reverse Lending

Colorado-based Mortgage Cadence Inc, a provider of enterprise lending solutions (ELS) for the financial services industry, recently announced that it is helping Senior Lending Network, a program of World Alliance Financial Corp and a recognized leader in reverse mortgages, automate back office workflow for its reverse lending and document preparation process.

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Fed Lowers Key Rate to One Percent

The U.S. Federal Reserve cut its benchmark interest rate for federal funds - the rate at which banks lend to each other overnight - by half a point to one percent on Wednesday. Other central banks around the world followed suit, also reducing rates or announcing that they were considering the move.

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California Law Requires Title Reps to Register

California Governor Arnold Schwarzenegger signed Senate Bill 133 into law last month. The bill, sponsored by the California Land Title Association (CLTA), goes into effect on January 1, 2009 and requires that title insurance sales people be registered with the state.

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FHA Brings Mortgage Relief to 400,000 Homeowners

The U.S. Department of Housing and Urban Development (HUD) recently announced that 400,000 homeowners have refinanced their mortgages with HUD’s affordable mortgage insurance program. Since expanding its refinance program in September 2007, HUD’s Federal Housing Administration (FHA) has helped more distressed homeowners keep their homes by utilizing FHA’s safe and affordable mortgage financing.

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National Trend of Home Price Declines Continues

Standard & Poor’s released its S&P/Case-Shiller Home Price Indices yesterday, reporting on data through August 2008. The study is considered one of the leading measures of U.S. home prices and shows continued broad based declines in the prices of existing single family homes across the country – a trend that prevailed throughout the first half of 2008 and has continued into the second half.

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