Some mortgage brokers and mortgage banking correspondents looking to do business with CitiMortgage, Inc. may have the door slammed in their face.

In an announcement coming today from the United States Department of Treasury, RLJ Western Asset Management, LP, has completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP).

The historical revised real estate appraisal, constructed by Retro Appraisals LLC, isn't likely to excite lenders. Used by attorneys as a tool in loan modification, foreclosure defense, and foreclosure mediation, this appraisal estimates the market value of the subject property based on past data.

Mortgage interest rates dipped this week, 30-year fixed mortgages under 5 percent, based on Freddie Mac's regular weekly survey release.

The U.S. House of Representatives decided Thursday to extend and expand the federal homebuyer tax credit. The legislation passed with a vote of 403 to 12.

Richard Cordray, Ohio Attorney General, has put his foot down on loan servicers using unfair and deceptive practices. A lawsuit filed today by Cordray against American Home Mortgage Servicing Inc. (AHMSI), alleges numerous violations of the Ohio Consumer Sales Practices Act.

Inventories of REO properties are having less of an effect on home prices, according to the California-based real estate data provider Clear Capital.

One former real estate agent believes he has created the next big thing for foreclosure agents. With technology playing an increasing role in real estate agent's search for systems to help them work smarter and increase production, 27-year-old Thomas Moore decided to attack the issue head on.

Fannie Mae announced Thursday that it is implementing a program under which qualifying homeowners facing foreclosure will be able to remain in their homes as renters if they voluntary transfer the property deed back to the lender.

Only a month in, Vicki Bott, the new deputy assistant secretary for single family housing at the Federal Housing Administration (FHA), defended against rumors saying FHA loans were the new subprime.