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CredAbility’s Q3 Consumer Distress Index Shows Declines

CredAbility has released its third-quarter findings, and the news is less than ideal. The company's consumer distress index displayed the most significant drop in consumer financial health on record since 2008, largely due to increases in mortgage delinquencies, late payments by renters, and an uptick in housing expenses. Citing rising pricing for food, gasoline, and other necessities coupled with the increase in under-employment, CredAbility's final evaluation of distress among U.S. households totaled 66.7 on the company's 100-point scale.

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GSE Leaders Address Bonuses, Profits Before Congress

The GSEs are making headlines, with Fannie Mae's CEO appearing before Congress to address the entity's possible profitability and Freddie Mac's CEO providing testimony on the controversial executive bonuses within the organization. Both leaders spoke to the House Committee on Oversight and Government Reform to field questions regarding various aspects of Fannie and Freddie's practices and financial standing. The high-profile hearing follows considerable outcry by lawmakers over $13 million in bonuses for 10 senior-level executives.

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SunTrust Transitions Board Leadership

SunTrust Banks, Inc., has announced a new chairman for its board of directors, naming the company's president and CEO to the position. William H. Rogers, Jr., who has served as president and CEO of SunTrust since June, will take over as chairman of the board on January 1.

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New General Counsel Announced for ServiceLink

ServiceLink has appointed a new general counsel, with the announcement that Donald Blanchard will join the company. The end-to-end origination provider plans to capitalize on Blanchard's experience in corporate, contract, and real estate law to enhance their legal support.

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Bank of America’s CEO on a GSE-Free Future

The current complexion of the national housing market is prompting Bank of America Corp. to focus on new lending measures, including taking steps toward facilitating loans that are not backed by the government-sponsored enterprises. BofA's CEO Brian Moynihan highlighted future initiatives from the financial institution during his speech at the BofA Merrill Lynch conference in New York recently, and his remarks revealed the bank's key interest in pursuing changes related to the influx of investor cash into real estate markets around the country.

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International Partners Target Housing in the Philippines

In international real estate news, True Green Energy Group (TGEG) is teaming up with the president and CEO of Universal Resources Development Incorporated (URD) to create housing projects in the Philippines. TGEG, which is based in the country, will become partners with Paul Lu of URD in the development, in collaboration with CJ Consortium Group, Inc., and its various partners.

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Flagging Numbers Show Faltering Market in San Diego

In California, one city is on the decline, with San Diego reporting an 8 percent drop in home sales year-over-year for the month of October. The survey from The Berkland Group notes that the shrinking housing numbers in the city didn't discriminate, affecting all price ranges, but having the greatest impact on the upper end of the real estate market among homes priced between $500,000 and $900,000.

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Ocwen Set to Buy $15 Billion in MSRs from JPMorgan

JPMorgan Chase & Co. has a buyer for $15 billion in mortgage servicing rights from the financial institution, with the announcement that Ocwen Financial Corp. would purchase the bank's MSRs for a rumored $950 million. Ocwen's acquisition follows the company's decision to raise $375 million in new equity through offering 25 million shares of public common stock.

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Ellie Mae Promotes Corr to COO

Ellie Mae has appointed a new chief operating officer, with the announcement that Jonathan Corr will be taking over the executive role. Corr has previously been responsible for the company's corporate and product strategy in his position as Ellie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós executive vice president and chief strategy officer.

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HBI Names New President and CEO

The Home Builders Institute has named a new president and CEO, with the announcement that John A. Courson will take over leadership of the non-profit organization. Capitalizing on his extensive industry experience, HBI will utilize Courson to target new revenue opportunities and program development.

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