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Plugging the Leak

Rather than Quenching the Industry’s Thirst, Did TARP Trickle Away Needed Funds—Making Matters Worsex Rome may not have been built in a day, but it certainly didn’t take long for its empire to decline and fall.

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Visionet's Outsourcing Business Doubles With Refinance Boom

The recent boom in refinances as homeowners try to cash in on record-low mortgage rates has been a pleasant surprise for Cranbury, New Jersey-based Visionet Systems. The company says that its process outsourcing business doubled during the first quarter of this year as a result of the surge in home loan refinances.

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Empty Promises

In Today’s Gloomy Real Estate Market, Vacant Properties Offer a Glimmer of Hope First it was the subprime explosion. Next it was concerns about adjustable-rate mortgages (ARMs)—creative loans with artificially low teaser rates scheduled to reset to higher rates through 2009.

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Ocwen First to Begin Federal Loan Mods

Ocwen Financial Corporation, a subprime mortgage servicer headquartered in West Palm Beach, Florida, announced on Monday that it is the first servicer in the country to begin executing loan modifications under the Treasury Department’s new Home Affordable Modification program.

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Fannie CEO May Lead Government Bailout

President Barack Obama is expected to name Fannie Mae’s chief executive Herb Allison to head the government’s $700 billion bank bailout program, according to a report published Tuesday by the Wall Street Journal:http://online.

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Report: Government Programs Impact California Foreclosures

ForeclosureRadar, which tracks every California foreclosure and provides daily auction updates on its Web site, issued its March Foreclosure Report for the Golden State on Tuesday. According to the company’s market data, foreclosure notices hit a new record level, while foreclosure sales in the state dropped last month.

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Metro Buyers Turns Tax Credit Into Down Payment

Under the American Recovery and Reinvestment Act of 2009, a tax credit of up to $8,000 is available for first-time home buyers. However, Alpharetta, Georgia-based Metro Buyers Group, LLC, argues that the problem for most first-time buyers is the down payment, and the new tax credit is only available to purchasers that have already closed on their home.

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Making Home Affordable Underway at BofA

Bank of America, which services one out of five mortgages in the United States, announced this week that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Department’s Making Home Affordable program.

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