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Senators Introduce Refi Bill to Expand HARP, C.A.R. Expresses Support

Lawmakers introduced a bill on Monday with plans to once more revamp the Home Affordable Refinance Program for current borrowers with eligible loans with Fannie Mae and Freddie Mac. Sens. Barbara Boxer and Robert Menendez, among others, drafted the Responsible Homeowner Refinancing Act to increase lender competition, open up refinance opportunities to all current borrowers with government-backed mortgages, and strike through appraisal costs and upfront fees on home loans.

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Regulator Goes After MBS Issuer for Role in Credit Union Failures

The National Credit Union Administration (NCUA) is suing the global investment firm UBS Securities for allegedly falsely representing the level of risk associated with mortgage-backed securities (MBS) the firm sold to two federal credit unions. According to NCUA officials, the defaults and losses that resulted directly contributed to the collapse of both credit unions. The case against UBS marks the sixth outstanding suit brought by NCUA against securities issuers. The agency has settled similar claims worth more than $170 million with three securities issuers.

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First Winning Bidder Announced for FHFA’s REO Bulk Sale

After much anticipation, FHFA announced the first winning bidder for its REO bulk sale. San Diego-based Pacifica Companies, LLC, purchased 699 Fannie Mae properties in Florida through the REO pilot initiative. Out of the 699 properties, 506 were occupied units. In a release, the agency stated it will announce the winning investors for properties in other areas in the coming weeks when the transactions close.

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August’s Unemployment Numbers Likely to Trigger Stimulus

A mere 96,000 jobs were added in August, and the unemployment rate fell only because of a drop in the labor force, the Bureau of Labor Statistics reported Friday. Based on August's numbers, economists are anticipating another round of quantitative easing. Here are responses from economists on the latest employment report.

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HARP Refis Outshine 2011 Numbers, Make Monthly Drop

From January 2012 to July, 519,339 loans were refinanced under the Home Affordable Refinance Program (HARP), FHFA announced Friday. Two factors were named as the main drivers behind the high volume of refinancings: record-low mortgage rates and HARP changes such as the removal of the loan-to-value (LTV) ceiling.

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Unemployment Rate 8.1%, Economy Adds 96K Jobs In August

The nation's unemployment rate fell to 8.1 percent in August - the lowest level since April but the economy added just 96,000 jobs, the Bureau of Labor Statistics (BLS) reported Friday. According to BLS, 581,000 people left the labor force in August leading to the drop in the unemployment rate which nonetheless remained above the election-critical 8.0 percent. At the same time, July's job gains - originally reported at 163,000 - were reduced to 141,000 while June's job numbers dropped to 45,000 from 87,000.

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FDIC Releases Report on Its Examination Process

After some community banks expressed concerns that FDIC examinations were being conducted without clear standards or consistent application of agency policies and procedures, which could discourage business growth and responsible lending, the FDIC conducted a report to review its examination process.

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San Bernardino May Not Need Eminent Domain Fix: Report

With prices gaining in San Bernardino County, Clear Capital found that the solution to the area's problem of negative equity may be solved with time. San Bernardino County has become the center of debate following the creation of a Joint Powers Authority to explore a controversial use of eminent domain. However, with prices in the area rising, the county may not need a drastic rescue plan.

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