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VA Celebrates 20 Millionth Home Loan

Ginnie Mae Veteran lending policy

The Department of Veterans Affairs (VA) announced it has guaranteed 20 million home loans since its lending program was established in 1944. According to a release from the department, the 20 millionth loan was guaranteed for a home in Woodbridge, Virginia, purchased by the surviving spouse of an Iraq War veteran.

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Report: $2 Trillion in Home Equity Lost to Nearby Foreclosures

Foreclosures have drained nearly $2 trillion in home equity from neighborhoods across the United States, according to a report from the Center for Responsible Lending. In a report titled "Collateral Damage: The Spillover Costs of Foreclosures," researchers Debbie Bocian, Wei Li, and Peter Smith conclude that, based on loans that entered foreclosure between 2007 and 2011, approximately $1.95 trillion in property value has been or will be lost by residents who live close to foreclosed properties.

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CoreLogic Rolls Out Third-Party Originator Portal

CoreLogic announced the release of Third-Party Originator (TPO) Portal, a new system developed by the San Mateo, California-based CoreLogic Dorado. Using the portal, correspondent clients and wholesale brokers can upload and lock multiple loans in a bulk transmission to an enterprise lending system (ELS) and monitor them for conditions and approvals.

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Hurricane Sandy Storm-Surge Risk Estimated at $88B

Underwater

Data from CoreLogic shows nearly 284,000 properties (representing almost $88 billion) located in the coastal Mid-Atlantic states may be at risk of storm-surge damage from Hurricane Sandy. Based on early projections of Sandy's path, eight major metro areas in the Mid-Atlantic region, including New York, Philadelphia, and Boston, are at risk.

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French Castle in Pyrenees Foothills Lists for $27.4M

Though a few recent U.S. real estate listings have promised royal living in oversized stateside mansions, a sprawling home in France has hit the market, giving potential buyers the opportunity to purchase an authentic castle that's truly worth of a fairytale.

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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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