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House Passes 90% Tax on Bailout Bonuses

Compelled by the AIG bonus scandal making headlines this week, on Thursday, the U.S. House of Representatives voted 328 to 93 to institute a 90 percent tax on bonuses paid by any bank or financial institution that owes the government more than $5 billion in federal bailout money.

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REDC Acquires Auction.com Domain for $1.7M

Irvine, California-based Real Estate Disposition Corporation (REDC) has acquired the domain name, Auction.com, for $1.7 million. REDC’s consumer Website for lender-foreclosed home auctions, until now, has been USHomeAuction.

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Mortgage Rates Near Record Lows

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) today, in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent (0.7 points) for the week ending March 19, 2009.

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Fannie, Freddie Under Fire for Bonuses

As lawmakers grilled AIG’s CEO on Capitol Hill Wednesday about executives receiving bonuses from taxpayer dollars, the Wall Street Journal:http://www.wsjonline.com reported that Fannie Mae and Freddie Mac are also handing out sizable bonuses as retention payments to thousands of employees.

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Gov. Launches Homeowner Website

In a joint effort, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) launched a new Website on Thursday for troubled homeowners seeking information about the administration’s Making Home Affordable loan modification and refinancing program.

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Wayne County Sheriff Resumes Foreclosure Sales

Sheriff Warren Evans of Wayne County, Michigan announced this week that he is resuming foreclosure sales. Evans halted all foreclosure sales in his jurisdiction on February 2nd, in anticipation of a foreclosure relief plan from the federal government.

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DocuTech Opens Portland Office, Names COO

DocuTech Corp., a provider of compliance services and document technology for the mortgage industry, has opened a new office in Portland, Oregon. The company said its expansion is to meet growing customer and technology development needs in the mortgage marketplace.

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Fed Bumps MBS Purchases to $1.25 Trillion

The Federal Reserve’s Open Market Committee concluded its monthly meeting on Wednesday afternoon, and announced several aggressive initiatives to provide greater support to mortgage lending and housing markets, the committee said in a statement to the press.

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Financial Reform at Forefront on Capitol Hill

At a congressional hearing on Tuesday, Rep. Barney Frank, chairman of the House Financial Services Committee, said he plans to begin drafting legislation to overhaul regulation of the nation’s financial system by early May.

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Treasury Releases Recovery Funds for Community Banks

On Wednesday, as Vice President Joe Biden hosts local officials from across the country at the White House to discuss how funding from the American Recovery and Reinvestment Act (Recovery Act) will support new economic growth in their communities, the Treasury Department’s Community Development Financial Institutions (CDFI) Fund is releasing its implementation plan to award nearly $100 million in grants and $3 billion in additional tax credit authority to support community-based financial institutions.

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