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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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Settlement Monitor Selects Primary Firm to Oversee Compliance

The monitor responsible for reviewing $25 billion in settlement funds announced Monday that his office has selected BDO USA, LLP, to serve as the primary professional firm needed to oversee the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós servicers. The firm will play a critical role in the oversight process as Joseph A. Smith, Jr., the former North Carolina banking commissioner selected by 49 state attorneys general to head up the settlement, begins the footwork necessary to fulfill terms and conditions under the landmark deal.

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In Housing Finance Proposals, Treasury Finds Questions, Not Answers

More than a year after releasing a white paper that set forth three options for housing finance reform, Treasury and HUD struggle to determine the best path forward for America's housing finance system. Speaking before an audience at a meeting of the American Real Estate and Urban Economics Association, Counselor to the Treasury Secretary for Housing Finance Michael Stegman explained that rather than answering the broader question of what the future of housing should look like, each proposal seems to ignite a slew of additional critical questions.

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GFI Moves to Dismiss DOJ Fair Lending Suit

GFI Mortgage Bankers filed a motion Friday to dismiss a suit from the Justice Department that alleged discrimination in GFI's lending practices. GFI's motion asserts that the disparate impact discrimination statutes cited by the Justice Department in its suit - the Fair Housing Act and the Equal Credit Opportunity Act - do not contain language that permits anti-discrimination claims. The company also argues that the practice of allowing employees discretion when pricing loans is standard policy and widely accepted in the industry.

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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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