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Fannie Mae Taps Former BofA EVP for CEO

Mortgage giant Fannie Mae announced Tuesday that old hand Timothy Mayopoulos will take over as president and CEO in mid-June. The new chief executive joined Fannie three years ago to serve as EVP, chief administrative officer, and general counsel. He assumes his new role as outgoing CEO Michael Williams takes leave. Before joining Fannie Mae, Mayopolous served as EVP and general counsel of Bank of America. He also functioned in senior management roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette, Inc.

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Home Prices Rose in April, May Continue: CoreLogic

Home prices across the nation rose in April, and a further increase is expected for May's index, according to CoreLogic's April Home Price Index report. The report, released Tuesday, showed that home prices in the United States increased in on a year-over-year basis by 1.1 percent in April. This was the second consecutive year-over-year increase in 2012 and the first time two consecutive increases have occurred since June 2010. On a month-over-month basis, home prices increased by 2.2 percent in April, marking the consecutive month-over-month increase this year.

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Prices See First Quarterly, Yearly Gain Since 2010: Report

For the first time since August 2010, home prices rose on both a quarterly and yearly basis, according to the May 2012 Home Data Index report released by Clear Capital. Quarter-over-quarter, prices appreciated 0.4 percent, the first quarterly increase since November 2011. Year-over-year, prices rose by 0.1 percent, according to the index. The increases were attributed to stronger regional growth in the West, Northeast, and South, as well as a rise in REO-only prices. Among the four regions, the growth was greatest in the West.

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Nationstar to Acquire $10.4B Servicing Portfolio From BofA

Nationstar Mortgage LLC, a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc., announced Tuesday that it reached a deal with Bank of America to acquire residential mortgage servicing rights for a portfolio with $10.4 billion in unpaid principal balance. The entire portfolio is backed by the GSEs. The deal was struck with a co-investment from New York-based Newcastle Investment Corp. Newcastle├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós $44 million contribution toward the purchase price of the portfolio comes with rights.

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First-Quarter HARP Refinances Double From Q4 2011: FHFA

The number of loans refinanced through HARP in the first quarter of 2012 was nearly double the number of refinances in the fourth quarter of 2011, according to the Federal Housing Finance Agency's March 2012 Refinance Report released Friday. The report showed that 180,185 loans were refinanced through HARP during the year├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós first quarter, nearly twice the 93,190 refinances in the previous quarter. The month of March alone saw 79,470 loans refinanced with HARP, implicating nearly one in seven loan refinances in the quarter.

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Income Growth Slows in April as Consumer Spending Increases

Consumer spending grew just 0.3 percent in April, up slightly from 0.2 percent in March, the Bureau of Economic Analysis reported Friday. Economists had expected spending to be up 0.3 percent. At the same time, personal income grew 0.2 percent in April, BEA said, compared with market expectations of a 0.

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U.S. Economy Adds Only 69K Jobs, Fewest in a Year

The economy added just 69,000 jobs in May compared with a revised 77,000 in April down from the originally reported 115,000, the Labor Department reported Friday. The closely watched unemployment rate inched up to 8.2 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a function of an increase in the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós labor force to the highest level ever. Payroll gains for March and April were revised, subtracting 11,000 from the last published numbers for March and 38,000 from the preliminary report for April. A sharp drop in construction jobs ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 28,000 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô led payrolls down.

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Memphis Drops Suit With $7.5M Agreement From Wells Fargo

After filing suit in January 2010 for predatory lending practices, the city of Memphis, Tennessee, and Shelby County have dropped charges against Wells Fargo. The two parties reached an agreement that requires the mortgage giant to commit $7.5 million to homeownership initiatives. Of the total, $4.5 million will go to down payment and home renovation assistance in amounts up to $15,000 for qualifying families and individuals. The city of Memphis and Shelby County will receive the remaining $3 million.

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Mortgage Insurers Wrote $7.1B in New Primary Insurance in April

Three mortgage insurers wrote $7.1 billion in newly originated primary mortgage insurance in April, up from $3.7 billion last year, according to the Mortgage Insurance Companies of America. MICA said that the companies, including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., and Radian Guaranty Inc., fielded new primary insurance from $6.7 billion in March. Some 30,575 borrowers used private mortgage insurance to buy or refinance their homes in April. The insurers reported 22,569 defaults and 20,678 cures in April.

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