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Percentage of Current Mortgages Reaches 3-Year High: OCC

The OCC Mortgage Metrics Report for the First Quarter of 2012 showed that percentages of mortgages between 30-59 days delinquent and mortgages between 60-89 days delinquent both fell to their lowest levels since the OCC began publishing mortgage performance reports in Q1 2008. The percentage of mortgages that were current and performing increased to 88.9 percent, the highest level seen in three years. Also, of the more than 2.5 million loans modified by servicers from 2008-2011, 50.7 percent were either current or had been paid off by the end of 2012's first quarter.

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SEC Charges Utah Man, Firm with Fraud for Alleged Ponzi Scheme

The Securities and Exchange Commission (SEC) announced Monday that it obtained a temporary restraining order and asset freeze against a Utah man and company charged with operating a Ponzi scheme. The SEC's complaint names Wayne L. Palmer and his firm, National Note of Utah, LC, both based in West Jordan, Utah. According to the complaint, Palmer told investors that he would use their money to buy mortgage notes and real estate assets or to make real estate loans and promise them returns of 12 percent annually.

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REO-to-Affordable Housing Bill Passes in New Jersey Senate

The New Jersey State Senate approved on Monday a bill allowing towns to buy foreclosed vacancies to resell or rent them out as housing units. The bill also establishes the New Jersey Foreclosure Relief Corp., which would have the ability to purchase, sell, or rent foreclosed homes.

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Mortgage Loan Fraud Reports Decrease 31% Yearly: FinCEN

For the first quarter of 2012, the number of Mortgage Loan Fraud (MLF) Suspicious Activity Reports (SARs) submitted decreased 31 percent to 17,651 over a one-year period, according to a Financial Crimes Enforcement Network (FinCEN) report. In the first quarter of 2011, 25,485 MLF SARs were submitted. The high level of submissions a year ago was fueled by mortgage loan repurchase demands, which prompted reviews of dated mortgages, according to FinCEN.

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SEC Settlement Against Former Bear Stearns Managers Approved

A civil litigation case brought on by the Securities and Exchange Commission (SEC) against two former portfolio managers with Bear Stearns received approval from the U.S. District Court for the Eastern District of New York. The court approved the settlement on June 18, 2012, and Ralph R. Cioffi and Matthew M. Tannin were ordered to pay a total of $1.05 million in disgorgement and civil penalties, the SEC announced Monday. The SEC's complaint, which was first filed June 19, 2008, alleged that the Bear Stearns funds collapsed in June 2007 due to risky subprime mortgage-backed securities.

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Freddie Mac’s Portfolio Grows Slightly in May, Still Shrinking Overall

Increases in all aspects of Freddie Mac's total mortgage portfolio led to a higher (but still negative) annualized growth rate, according to the GSE's Monthly Volume Summary for May. The summary showed that Freddie Mac's total mortgage portfolio for the month shrank at an annualized rate of 9.4 percent, a drop from 14.1 percent in April but still far above March's 2.9 percent contraction rate. The negative annualized growth rate YTD is 6.8 percent.

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FHFA Resists Transfer Taxes in Illinois and Files Suit

The Federal Housing Finance Agency filed suit Friday against Illinois tax officials for imposing unlawful taxes on Fannie Mae and Freddie Mac. Several Illinois counties have attempted to collect transfer taxes from the GSEs, and some have threatened to reject future property transfers from the enterprises if they do not pay the state and county transfer taxes. Illinois officials have demanded transfer fees from both enterprises. Similar claims and demands have been made from other Illinois counties.

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Principal Reduction Most Effective Type of Mod: Amherst

Amherst Securities recently released a report declaring that principal reduction modifications, without question, are the most effective form of modification. Between three types of modifications - principal, rate, and capitalization - the controversial and much-debated principal reduction mod was found to be the most effective based when it comes to its 12-month re-default rate. For 2011 modifications, the re-default rate after 12 months for principal modifications was 12 percent compared to 23 percent for rate modifications and 30 percent for capitalization modifications, according to the report.

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May New Home Sales Hit Two-Year High

New home sales jumped to 369,000 in May - the highest level since April 2010 - as the median and average home prices both dropped, the Census Bureau and Department of Housing and Urban Development reported jointly Monday. Economists had expected sales to reach 350,000 from the prior month's 343,000.

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