Newsdesk | Volume 6 | Issue 61 | September 2, 2011

Top News
Fed: Goldman Can't Just Drop Mortgage Business
- - The review is intended to provide remediation to borrowers who suffered financial injury as a result of wrongful foreclosures or other deficiencies identified in a review of the foreclosure process. The foreclosure review will be conducted consistent
BofA May Sell or Shut Correspondent Mortgage-Lending Unit
BusinessWeek - - Bank of America Corp., the largest U.S. lender, plans to sell or shut its correspondent-mortgage unit as Chief Executive Officer Brian T. Moynihan seeks to stop losses on home loans.
A mortgage fix for lenders and homeowners: Shared equity
CNN Money
- - Lenders could write down mortgages in exchange for claims on future appreciation – potentially making it a win not only for homeowners but also for lenders and investors.
Nevada AG questions Bank of America foreclosures, seeks to scuttle settlement
Las Vegas Sun - - Nevada Attorney General Catherine Cortez Masto hit Bank of America with a new charge Tuesday: That it’s been foreclosing on homes it had no authority to foreclose on.

Market News
Mortgage rates stay near record lows
USA Today
- - says the average rate on the 30-year fixed mortgage stayed at 4.22% for a second week. The rate hit 4.15% two weeks ago, lowest level on records dating to 1971.
Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association
- - Mortgage applications decreased 9.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 26, 2011. 
Spring was kind to home prices, but future isn't bright
USA Today
- - Even though prices rose quarter to quarter, they remain 5.9% below where they were last year, putting second-quarter U.S. home prices at 2003 levels, according to the Standard & Poor's/Case-Shiller home price index released Tuesday.
Title Insurance Premiums Decrease in Second Quarter
- - Title insurance companies wrote $2.30 billion in premiums throughout the second quarter of 2011, down from $2.33 billion in the second quarter of 2010, according to the American Land Title
LPS Puts Average Delinquency + Foreclosure Timeline at 599 Days - - The average mortgage loan in foreclosure has been delinquent for 599 days, according to Lender Processing Services (LPS). That’s a record for the company’s regular monthly study on mortgage
Wells Fargo Reports 704,869 Active Trial and Completed Modifications through July 2011
MarketWatch - - with borrowers on mortgage modifications and other options that can help them remain in their homes and avoid foreclosure when they encounter financial difficulties," said Michael DeVito, executive vice president, Wells Fargo Home Mortgage Default

Other News
Appraisers say new rules will cause confusion
Boston Globe
- - New guidelines aimed at standardizing the way home appraisals are conducted will result in confusion, delays, and higher costs in an already vulnerable housing market, according to many home-appraisal professionals.

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