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Illinois Governor Suspends HB 4050

Governor Rod R. Blagojevich directed the Illinois Department of Financial and Professional Regulations (IDFPR) to suspend HB 4050, the state’s pilot program aimed at eliminating predatory lending in 10 zip codes on the south side of Chicago.

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FEMA to Extend Transitional Housing Assistance Program

Federal Emergency Management Agency (FEMA) Director R. David Paulison informed U.S. Senator Mary L. Landreau (D-LA) in a briefing Friday afternoon that the agency plans to extend the transitional housing assistance program for residents displaced by hurricanes Katrina and Rita by at least six months.

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Citigroup to Purchase ABN AMRO Mortgage Group

Citigroup announced today its plans to acquire ABN AMRO Mortgage Group, a national prime and residential mortgage loans originator and servicer. Citgroup will purchase roughly $9 billion in net assets and ABN AMRO’s servicing portfolio of approximately $224 billion.

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Barclays to Acquire Nonprime Lender, EquiFirst

Barclays Bank PLC announced Friday its agreement to purchase EquiFirst Corporation, Regions Financial Corporation’s nonprime origination business. I am delighted to acquire such a strong management team with EquiFirst, and we welcome the EquiFirst staff to Barclays Capital, said Grant Kvalheim, co-president of Barclays Capital.

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REOTrans Server Facility Opens in Dallas

REOTrans, LLC, has opened a new facility in Dallas, Texas, to accommodate its growth and multistate redundancy. Having a centrally located facility will provide our users with faster speeds and support the phenomenal growth we are experiencing, said Chris Saitta, president of REOTrans.

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NLC Draws Attention to Housing Issues

The National League of Cities (NLC) will target critical housing among its top issues to present before the 110th Congress. NLC plans to focus federal attention on predatory lending, foreclosure prevention, and revamping the nation’s mortgage finance system, among other issues.

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