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Pennsylvania Bank Falls, Bringing 2012 Total to 47

The FDIC closed another Pennsylvania institution Friday, bringing the state's year-to-date tally to two and the national tally to 47. The FDIC approved the payout of the insured deposits of NOVA Bank in Berwyn, Pennsylvania, after the Pennsylvania Department of Banking and Securities closed the institution.

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September Spending Growth Outpaces Income

Consumer spending rose $87.9 billion, 0.8 percent, in September twice the 0.4 percent growth in personal income, $48.1 billion, the Bureau of Economic Analysis reported Monday. While the increase in income matched economist expectations, the increase in spending was higher than forecast. It was the third straight month spending grew faster than income, confirming last Friday's report showing a solid growth in Gross Domestic Product from 1.3 percent in the second quarter to 2.0 percent in the third.

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Massive Mortgage Fraud Investigation Results in 17 More Charged

A massive mortgage fraud investigation led to 17 defendants being charged with crimes ranging from mortgage fraud to money laundering, according to a release from the Justice Department. An additional 14 defendants have also agreed to plead guilty in connection with the investigation, bringing the total number of defendants to 81. A federal indictment unsealed in late October charges the 17 defendants with a number of crimes stemming from their alleged involvement in a criminal organization simply called the "Enterprise."

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Ally Exploring Options to Cut Remaining Mortgage Business

Ally Bank announced it has launched a "process to explore strategic alternatives for its agency mortgage servicing rights (MSR) portfolio and its business lending operations." The announcement signals another step in Ally's shift away from the housing market. In November 2011, the bank began to reduce its correspondent originations business to focus on a smaller group of strategic clients, and in July 2012, it announced its intent to exit the warehouse lending business by the end of the year.

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Park Avenue Pad with Famous Past Lists for $20M

When famed news anchor and 60 Minutes star Mike Wallace passed away earlier this year, the nation mourned the loss of the media legend. However, Wallace's many fans recently got the opportunity to learn more about his life off camera, when his Manhattan duplex hit the open market for a lofty $20 million earlier this month.

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Privately Funded Company Looks to Make Waves in Private Insurance

As the Federal Housing Finance Agency (FHFA) makes declarations of intentions of "establishing a path for shifting mortgage credit risk from the Enterprises (and, thereby, taxpayers) to private investors," one company in its infancy plans to take advantage of this opening for private mortgage insurers.

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Ocwen Wins Auction to Buy Out ResCap Portfolio

Ocwen Loan Servicing, LLC and Walter Investment Management Corp. outbid Nationstar Mortgage Holdings and received preliminary approval for the purchase of Residential Capital's mortgage servicing and origination assets. Ocwen's $3 billion was the highest bid for the assets, which went to auction Tuesday.

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LPS: 2012 Home Prices Up 4.6% as of August

August home prices across the United States were up an average 4.6 percent since the start of the year, according to data from Lender Processing Services' (LPS) Applied Analytics division. LPS' Home Price Index, which reflects transacted sales rather than recorded sales, revealed that the average U.S. home price increased to $205,000 in August, up 0.2 percent from July. The average home price in August 2011 was $199,000, or 2.6 percent less than this year's reading. The most recent price increase brings the HPI up 4.6 percent from January 2012.

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