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Obama to Announce Housing Plan on Wednesday

White House officials said that President Barack Obama is scheduled to unveil the administration’s new housing and mortgage relief program on Wednesday during a speech in Phoenix, Arizona, one of the areas hardest hit by the nation’s foreclosure epidemic.

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Report: Foreclosures Drop Off In California

January brought an unexpected, across the board drop, in the total Notices of Default, Notices of Trustee Sale, and sales at auction in California, not only from the prior month, but year-over-year as well, according to a report released by ForeclosureRadar on Thursday.

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FBI: Mortgage Fraud on the Rise

Federal Bureau of Investigations (FBI) Deputy Director John Pistole told a Senate Judiciary Committee on Wednesday that mortgage fraud investigations are intensifying in both volume and scope as the economic crisis worsens.

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Overture and SigniaDocs Partner to Improve Loan Mod Timelines

Overture Technologies, a provider of lending decisioning solutions, and SigniaDocs, a technology service provider for the mortgage industry, announced the creation of a joint offering on Friday that the companies say will speed servicing of distressed mortgages, reduce repeat default rates, and improve transparency.

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Regulator Calls for Foreclosure Suspension, Banks Consent

On Wednesday, the Office of Thrift Supervision (OTS) – the primary regulator of federal savings holding companies and thrifts, including the nation’s largest banks and mortgage lenders – called on the more than 800 OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Financial Stability Plan’s home loan modification program is finalized.

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Foreclosure Activity Down in January

RealtyTrac released its January 2009 Foreclosure Market Report today, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 274,399 U.

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