Fannie Mae);/*1217622714470*/ announced yesterday that, similar to the changes Freddie Mac has decided to make, they will be increasing the cash incentives they pay to servicers who help homeowners avoid foreclosure.

The Michigan State Housing Development Authority applauded the Michigan Congressional Delegation in a press statement yesterday, for their work in helping pass the Economic Recovery Act of 2008, which was recently signed by President Bush.

Today, Treasury Secretary Henry M. Paulson, Jr. delivered remarks on the state of the economy, and especially addressed the current housing market, at the Exchequer Club. His remarks came shortly after the Commerce Department announced that gross domestic product (GDP) growth during the second quarter of 2008 was 1.

Freddie Mac announced today that it is doubling financial incentives to servicers who help borrowers avoid foreclosure. The additional financial incentives will start August 1, 2008 and will include raising the compensation for negotiating repayment plans from $250 to $500, increasing the compensation for loan modifications from $400 to $800, and increasing the compensation for short sales or other preforeclosure sales, that are for less than the full amount owed, from $1,100 to $2,200.

The Mortgage Bankers Association recently announced the appointment of James P. Gross as AVP of accounting, tax, and bank regulation. MBA also announced the retirement of Gross’ predecessor, Alison Utermohlen after 20 years of service with the association.

David Trott, managing partner of Trott and Trott, P.C., announced this week that Kenneth Kurel has been named partner at the firm. The Farmington Hills-based firm conducts residential default procedures in Michigan, representing mortgage bankers, banks, credit unions, mortgage servicers, regional property owners, investor groups, and individual entrepreneurs.

Titanium Holdings, Inc. announced this week that Patrick Carey has joined the company as CEO. Titanium Holdings, Inc. is the parent company of Titanium Solutions, Inc., a provider of homeowner consulting services.

In Washington on Monday, Treasury Secretary Henry Paulson outlined a proposal for financial institutions to issue covered bonds to create broader choices for mortgage financing, and applauded the support of the nation’s four largest banks to spur the initiative.

During a time of waning property sales and a faltering housing market, Internet auction sites report to be thriving. Realtybid.com announced last week that its property sales increased by 12.4 percent during the first half of 2008, compared to the same period in 2007.

The Hope Now Alliance, a private sector alliance of mortgage servicers, counselors, and investors who work to help homeowners facing foreclosure, announced today that mortgage servicers helped a record number of homeowners avoid foreclosure in June 2008 and the second quarter 2008.