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Community Organizations Work to Prevent Foreclosure

Increasingly, community organizations are getting more involved in ensuring that their citizens are able to avoid foreclosure and stay in their homes. The motivation is simple, fewer foreclosures make for more stable communities. More stable communities reduce crime and protect property values. To that end, Boston Community Capital (BCC) created the Stabilizing Urban Neighborhoods (SUN) program to allow borrowers to remain in their homes, while still achieving principal reduction and lowering their monthly payment.

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Default Risk Drops, Still Above Normal Levels

Loan risk in the agency mortgage market came down slightly in June, but analysts warn that risk levels are still unacceptably high. According to the American Enterprise Institute's latest National Mortgage Risk Index, the share of home purchase loans at risk of going sour in the event of an economic downturn fell nearly half a percentage point last month to 11.44 percent.

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Illinois Bank Shuts Its Doors

The fallout of the financial crisis caught up to another bank over the weekend, resulting in a shutdown by federal regulators. The Office of the Comptroller of the Currency (OCC) announced on Friday the closure of Chicago-based GreenChoice Bank. The recently shuttered ...

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Cordray to Testify Regarding Allegations of Discrimination at CFPB

As part of its continuing effort to address nagging allegations of discrimination and subsequent backlash against whistleblowers at the Consumer Financial Protection Bureau (CFPB), the House Oversight and Investigations Subcommittee will on Wednesday hear testimony from CFPB director Richard Cordray. ...

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Goldman Sachs FHFA Settlement could reach $1.25 Billion

Multiple reports surfaced over the weekend that Goldman Sachs may be nearing a deal with the federal government to settle claims that it sold faulty mortgage backed securities to Fannie Mae and Freddie Mac, according to people with familiar with the negotiations. If a deal is reached it is expected to come in between $800 million and $1.25 billion. The talks were first reported by the Wall Street Journal.

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Large Lenders Taking More Risk, Small Banks Cautious

Credit standards at large lenders appear to be loosening somewhat, while criteria at small and mid-sized lenders appear to be tightening, according to a new survey from Fannie Mae. Fannie Mae surveyed executives at its lending customers during the first two quarters of this year for its first ever Mortgage Lender Sentiment Survey.

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CFPB Proposes Changes to Reporting Requirements

The Consumer Financial Protection Bureau is proposing a rule designed to improve the availability of access to credit. The proposed rule would update the reporting requirements contained within the Home Mortgage Disclosure Act and simplify the reporting process for financial institutions.

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House Oversight Committee Wants Securities Settlement Documents

Capitol Hill

The ongoing tension between the Justice Department and the House Oversight Committee saw a new development this week as Rep. Darrell Issa (R-California), committee chair and vocal critic of Attorney General Eric Holder, requested the department turn over all of its documents related to its recent securities settlements with JPMorgan Chase and Citigroup.

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Morgan Stanley Settles RMBS Claims

Morgan Stanley agreed to pay back $275 million to investors whom the Securities and Exchange Commission say were mislead by a pair of mortgage bonds the company marketed during the financial crisis.

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