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South Carolina Sees First Bank Failure Since 1999

Beach First National Bank in Myrtle Beach, South Carolina, was shut down this weekend by the Office of the Comptroller of the Currency. It's the 42nd FDIC-insured institution to fail this year, and the first in South Carolina since March 1999. The FDIC brokered a deal with Bank of North Carolina out of Thomasville, North Carolina to take over the shuttered institution's operations.

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Financial Crisis Probe Puts Former Fannie Execs in the Spotlight

There's plenty of finger-pointing and opinions to go around in the heated debate over what caused the nation's financial meltdown of 2007. To get to the true triggers, President Obama formed the Financial Crisis Inquiry Commission. This week, two former top execs from Fannie Mae found themselves in the hot seat. They said it was Wall Street firms muscling in on the mortgage-backed securities market, unrealistic housing goals, and a public-private business model that led the GSEs to take greater risks in the years before the mortgage crisis.

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Agency Launches Online HAFA Resource Center

The administration's Home Affordable Foreclosure Alternatives (HAFA) program was officially implemented on Monday, but many real estate professionals still have questions about the logistics of this new initiative. In an effort to answer these questions and provide Realtors with the latest HAFA information, Springboard Nonprofit Consumer Credit Management, a HUD-approved housing counseling agency headquartered in Riverside, California, has launched an online HAFA resource center.

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Retreat Capital Enhances its Predictive Modeling Services

Retreat Capital Management Group, a Lake Forest, California-based provider of loss mitigation and portfolio management products for the mortgage industry, announced Thursday that it has deployed AnswerMine Group's analytic software to power its predictive modeling services for mortgage lenders and servicers.

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Wells Fargo Top Commercial/Multifamily Originator of 2009

Wells Fargo Bank was the top commercial and multifamily mortgage originator last year, according to a set of listings released by the Mortgage Bankers Association (MBA) this week. Other leaders included PNC Real Estate, Deutsche Bank, CB Richard Ellis, and Holliday Fenoglio Fowler.

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FHA Now Accepts Electronic Signatures on Third Party Documents

In a move that will make the application process for Federal Housing Administration (FHA) mortgage insurance easier for borrowers and faster for lenders, FHA announced Thursday that it will begin accepting electronic signatures on third party documents originated and signed outside a lender's control.

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Survey: 24% of Borrowers Believe They Are Underwater

A new poll by market research firm Harris Interactive found that 24 percent of people with mortgages believe they owe more on the loan than their homes are worth. The U.S. Treasury recently announced changes to its foreclosure prevention program to include mortgage relief for underwater borrowers, but some worry the help may be too little too late since it will likely be fall before this assistance is available. Harris says nearly half of the borrowers who believe they are underwater are already having difficulty making their payments.

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Home Price Reductions Surge in Hard-Hit Markets

Home sellers in Las Vegas, Phoenix, and South Florida continued to slash prices in March in hopes of attracting buyers, according to the national online real estate brokerage ZipRealty. National data showed a different story, though.

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CMBS Delinquencies Now Above 7 Percent: Reports

The delinquency rate for commercial mortgage-backed securities (CMBS) surged above 7 percent in March, according to reports recently released by Trepp LLC and Fitch Ratings. According to Trepp the percentage of loans 30 or more days delinquent, in foreclosure, or REO jumped 89 basis points in March to 7.61 percent -- the highest monthly increase since the summer of 2009. Fitch reported the same upward trend, saying CMBS delinquencies soared 85 basis points in March to 7.14 percent.

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PCV Murcor Integrated with Veros for Fannie Mae Appraisals

PCV Murcor Real Estate Services announced this week that it is fully integrated with Veros Real Estate Solutions as part of the Fannie Mae Collateral Data Delivery (CDD) initiative, which will require all lenders to submit full appraisal reports to the GSE in an electronic data format.

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