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Fitch: ‘Volatile’ Buyback Claims Up for Bigger Banks

While some signs suggest the housing recovery may finally be under way, others signal that banks will likely continue to see repurchase claims from Fannie Mae and Freddie Mac. Analysts with Fitch Ratings found in a report on Monday that repurchase risk remains high for several financial institutions, including Bank of America, JPMorgan Chase, and Ally Financial. According to Fitch, repurchase risk climbed to 41 percent for Bank of America. Roughly 60 percent of the claims stemmed from private-label requests.

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Obama: Road to Recovery Is Paved with Refis

As the housing market and the overall economy crawl languidly toward an elusive recovery many believe will still take years to achieve, President Barack Obama suggests the key to progress is a broad housing refinance plan. Obama endorses a bill that would allow underwater homeowners to refinance at current interest rates, which continue to wallow near historic lows. A few senators have proposed bills recently to allow more homeowners to refinance their mortgages.

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Fannie Mae Sees Moderate Growth Despite Recent Gains

July├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós positive economic news did little to change Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós forecast for 2012, the GSE revealed Tuesday. Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Economic & Strategic Research Group issued its latest economic outlook, maintaining its expectations for modest growth in 2012. This news comes in spite of reports of strengthening retail sales and job growth in July. Fannie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Economic & Strategic Research Group issued its latest economic outlook, maintaining its expectations for modest growth in 2012.

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FICO and Savvis Launch New Cloud-Based Service

FICO and Savvis are teaming up to provide a new could-based technology service for lenders. The companies have joined forces to launch FICO Debt Manager, a platform that will give users game-changing adaptive control capabilities for collection and recovery processes related to mortgages, secured and unsecured loans, and many different types of accounts.

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Inc. Magazine Honors radius financial group

Massachusetts-based radius financial group inc. has been honored with a national accolade. Inc. Magazine named the mortgage bank among the country's fastest growing companies for the fourth consecutive year, ranking radius at 1,222 on the publication's annual roster of 5,000 thriving organizations to watch.

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Al Capone’s Former Florida Estate Lists for $9.95M

Want to live like a kingpin? You're in luck, because according to Zillow, the Florida estate once belonging to Al Capone is on the market for $9.95 million. The legendary gangster moved into the stunning and storied house on Miami Beach's Palm Island in 1928, and he called the seaside property home before and after his imprisonment for tax evasion, living in the luxurious pad until his death in 1947.

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FGMC to Expand Wholesale Lending Division

Expanding its wholesale unit, First Guaranty Mortgage Corp. (FGMC) has appointed a new national wholesale sales manager. The company recently announced that Industry veteran Patricia Trimble has been hired to fill the leadership position.

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RE/MAX: Is Housing Finally In Recovery Mode?

Looks like the dragon will have to step aside: 2012 is now "The Year of the Housing Recovery," according to RE/MAX. The real estate giant released its National Housing Report for August 2012 (covering July), showing that both sales and prices have posted year-over-year increases for most of 2012. Home sales appear to have peaked year-to-date in June, with July's sales falling 9.4 percent month-over-month. However, sales were up 10.3 percent from July 2011, marking the 13th consecutive month for year-over-year sales gains.

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Wells Fargo Faces Discrimination Suit Over Commercial Loans

Wells Fargo faces litigation from Best Medical, Inc., part of Virginia-based TeamBest, which creates and distributes medical products and technology. The litigation, which originated in spring 2010, was elevated to the U.S. federal court in Alexandria, Virginia, about two weeks ago. Best Medical alleges Wells Fargo discriminated against the company when calling commercial mortgage loans. The company claims its commercial mortgage loans were fully performing, and submitted payments upfront.

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