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Stocks for Mortgage Banks Fall on Euro Zone Fears

The surprise resignation of a key official at the European Central Bank sent stocks and shares plunging in markets across Europe and overseas, furthering fears about a global economic slowdown and the potential for sovereign defaults across the European Union. Sagging stocks doubled up woes for Bank of America, whose CEO, Brian Moynihan, announced plans for some 40,000 layoffs as the mortgage giant reassesses its capital position in the market and undertakes restructuring efforts, according to multiple news reports.

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Freddie, HUD Offer a Hand to Irene Victims

Freddie Mac and HUD recently stepped up home relief programs for eligible borrowers who saw their property and prized possessions wash away with the tidewaters of Hurricane Irene. The availability of federal relief will allow qualifying homeowners in distress to gain reprieve from late fees and penalties likely to result from delayed mortgage payments, avoid foreclosure and eviction from their homes, and take advantage of HUD insurance policies to revamp their residences.

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Churchill Promoting VP of Sales

Churchill Mortgage Corp. is promoting from within, naming Doug Walker as its vice president of sales support. Walker has been employed with Churchill for more than a decade, and his new role will encompass lender support for home loan specialists in all branches of the financial institution.

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Bank of Idaho Banking of Tech

Technology provided a big boost for Bank of Idaho giving the company an estimated 67 percent increase in loan officer productivity. Utilizing Mortgagebot to integrate point-of-sale transactions, Bank of Idaho has shortened its average closing time for mortgage loans by 22 percent.

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Global Shocks Unlikely to Directly Crimp Housing

Mortgage application volume suffered a drubbing Wednesday, even as the U.S. economy fell behind in important global rankings and the euro zone crisis continues to trouble investors. With numerous economists attributing lows for consumer confidence to a bevy of international concerns, MReport spoke with analysts to spot any troubling signs for housing as the global economy wobbles. The verdict: Market watchers should keep an eye on euro zone fallout for mortgage rates and credit supply.

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