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Author Archives: Gerry Smith

MountainView Forms Mortgage Loan and REO Valuation Unit

MountainView Capital Holdings, a provider of financial services for institutions participating in the mortgage and fixed income capital markets, has announced the formation of MountainView Portfolio Analytics, a business unit specializing in valuation of residential whole loans, securitized loans, and REO. The company has been providing valuation services for over 20 years but says it decided to create a separate business unit due to increased market demand.

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Citi Posts $2.2B Profit, Emphasizes Integrity of Foreclosure Procedures

Citigroup reported Monday that it pulled in a profit of $2.2 billion, or 7 cents per share, during the third quarter of this year. The company outperformed analysts' expectations of 6 cents per share as it boasted its third straight quarter of positive gains. Citi has skirted recent revelations of flaws in several major banks' handling of foreclosure paperwork, but the issue was front-of-mind during the company's conference call with investors. Citi officials stressed that reviews have not identified any issues with foreclosure processing or affidavits.

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Mortgage Refinancing Rallies as Rates Fall to New Lows

Home loan applications for mortgage refinancing increased for the first time since late August, as borrowers sought to take advantage of the lowest market interest rates in more than 50 years. The Mortgage Bankers Association (MBA) reported Wednesday that its measurement of refinance applications jumped 21 percent for the week ending October 8, 2010. Refinance volumes are now close to their highest level of the year.

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MBS Purchases by Fed Total $115B

The Federal Reserve Bank of New York purchased $23.2 billion in mortgage-backed securities (MBS) for the week ending February 11th. That tally brings total MBS purchases since the government program began in early January to $114.

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