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iEmergent Forecasts Drop in Mortgage Volume upon Weakening Market

iEmergent expects mortgage interest rates to rise to the mid-five percent range by the end of the year, and home prices to fall an additional 3 to 6 percent. The company's second-quarter update to its Mortgage Volume Forecast also reflects a 5.2 percent further drop in both purchase and refinance volume dollars in 2010.

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Ginnie Mae Guarantees More than $33.9 Billion in MBS in May

The Government National Mortgage Association (Ginnie Mae) recently released its issuance numbers for May, showing that it guaranteed more than $33.9 billion in mortgage-backed securities (MBS) during the month. In addition to reporting on its continued provision of liquidity to the secondary market, the corporation announced that in April, 1.79 percent of the single-family loans in Ginnie Mae guaranteed securities were 90 days or more delinquent, down from 1.85 percent in March 2010.

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Willis Launches New Distressed Assets Practice

Willis North America recently announced that it has formed a distressed asset practice in order to advise clients on managing the risks associated with financially distressed, foreclosed, or abandoned commercial properties and to provide a range of insurance solutions. According to the company, this new unit will coordinate specialist capabilities from across Willis' practice areas to structure insurance programs that respond to a range of risk management and insurance issues related to distressed assets.

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New York AG Cracks Down on Fraudulent Mortgage Rescue Companies

More than 180 foreclosure rescue companies with customers in New York have been sent cease-and-desist letters from the office of state Attorney General Andrew M. Cuomo. These letters, which came as a result of Cuomo's ongoing investigation into the mortgage rescue industry, warn the companies to immediately end all misleading and illegal conduct. According to Cuomo, thousands of New Yorkers have been affected by foreclosure rescue scams.

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Mortgage Rates Fall to Record Lows Due to Disappointing Economic Data

Following a run of disappointing economic data - from housing, to jobs, to consumer spending - mortgage rates fell to record lows this week, Freddie Mac and Bankrate reported Thursday. The GSE says 30-year fixed-rate mortgages averaged 4.69 percent, while rates on 15-year mortgages have dropped to 4.13 percent. Bankrate says nervous investors around the globe are buying up Treasury securities, driving both bond yields and mortgage rates lower.

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Audit Shows Prison Inmates Received $9M in Homebuyer Tax Credits

A breakdown in fraud controls allowed prison inmates to apply for and receive $9.1 million in homebuyer tax credits from the federal government, according to an audit conducted by a Treasury inspector general. More than 1,200 prison inmates, including 241 serving life sentences, cashed in on the home purchase tax incentive. The audit also found that the IRS allowed multiple claims on the same home and laid out $17.6 million for homes purchased before the tax credit program began.

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Regulators Point to Improving Loan Performance Across-the-Board

Performance of home mortgages serviced by the largest national banks and thrifts improved earlier this year, for the first time in more than 24 months. According to a new report from the Office of the Comptroller of the Currency, home loan delinquency rates dropped during the first quarter of 2010, with improvements in prime, Alt-A, and subprime categories. Foreclosure statistics increased, though, with the largest institutions initiating more than 370,000 new foreclosures and 1.1 million already in process.

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Fannie Mae Intensifies Penalties for Strategic Defaulters

To sway homeowners from the growing trend of strategic default, Fannie Mae has announced several policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Under these changes, borrowers who strategically default will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the day of foreclosure. In addition, Fannie Mae said it will take legal action to recoup the outstanding mortgage debt from strategic defaulters in jurisdictions that allow for deficiency judgments.

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UnitedTech to Open New Operations Center in Texas

UnitedTech Lender Services, Inc. (UTLS), holding company to the UTLS family of companies serving the mortgage default servicing industry, announced Wednesday that the company will formally open a new operations center in Irving, Texas on July 12, 2010. The new center will consolidate current operations under a single roof, including foreclosure processing, short sales, and title services. It will also house UTLS's Valuations Services and UTLS Consulting Services.

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