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Posted To: <a href="http://www.mortgagenewsdaily.com/news/”>MND NewsWire

Three major banks and Virginia-based MERSCORP, Inc. and its subsidiary mortgage Electronic Registrations Systems ( MERS ) were sued Friday by the state of New York. The suit, filed by the state’s Attorney General Eric T. Schneiderman , charges that the creation and use of a privately national electronic registration system, MERS, “has resulted in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the judicial foreclosure process.” Further, the lawsuit charges that the employees and agents of the three banks, Bank of America, J.P. Morgan Chase, and Wells Fargo , acting as “MERS certifying officers,” have repeatedly submitted court documents containing false and misleading information that made…(<a href="http://www.mortgagenewsdaily.com/02032012_mers_foreclosure_law.asp”>read more)

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Posted To: <a href="http://www.mortgagenewsdaily.com/news/”>MND NewsWire

CoreLogic and Lender Processing Services (LPS) have each released their most recent Home Price Indices . CoreLogic’s HPI covers December; LPS’s covers the month of November. Here is a quick review of each. LPS found that the average home price for transactions during November was $199.000, down 0.6 percent from the October average. This is the fifth consecutive month that this index has declined. Preliminary information on December sales indicates that the HPI might have lost another 0.8 percent during that month. When the market peaked in June 2006 the total value of the U.S. housing inventory covered by LPS was $10.8 trillion. The value has declined 30.6 percent to $7.5 trillion since that time. Price changes were consistent across the country, increasing in 13 percent of the ZIP Codes in…(<a href="http://www.mortgagenewsdaily.com/02022012_home_prices.asp”>read more)

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Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

MBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 104-03 : +0-05 FNMA 4.0 105-25 : +0-02 FNMA 4.5 106-29 : +0-00 FNMA 5.0 108-01 : +0-00 GNMA 3.5 105-14 : +0-05 GNMA 4.0 107-31 : +0-03 GNMA 4.5 109-07 : +0-01 GNMA 5.0 110-30 : +0-02 FHLMC 3.5 103-27 : +0-03 FHLMC 4.0 105-14 : +0-01 FHLMC 4.5 106-12 : -0-01 FHLMC 5.0 107-19 : +0-00 Pricing as of 4:04 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 1:55PM : Google mortgage Rate Search Discontinued Google: "Google Advisor mortgages has been discontinued We’ve been prioritizing our product efforts across Google, which means taking a hard look at products that haven’t been as successful as we would have hoped. To that end, we’ve closed down the mortgage…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/245995.aspx”>read more)

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Wall Street’s biggest lobbying group is split over a proposed settlement of state and federal foreclosure probes, after a committee of money managers signaled it opposes terms letting banks push some costs onto bondholders. The Securities …

Jan. 31 (Bloomberg) — States have until Feb. 3 to decide whether to accept a proposed nationwide settlement of a foreclosure probe with banks including JPMorgan Chase & Co. and Citigroup Inc. that may total as much as $25 billion. State and …

ALBANY — Non-profit groups that provide counseling and legal services to homeowners at risk of foreclosure and some lawmakers are urging Gov. Andrew Cuomo to include $25 million in the state budget to continue the state foreclosure Prevention …

foreclosure activity fell sharply in the Pikes Peak region in 2011, mirroring a statewide trend of fewer distressed properties, according to a Colorado Division of Housing report released Wednesday. In Colorado Springs and surrounding El Paso County …

If cleared, Oregon residents whose homes were foreclosed upon or who are in danger of losing their homes may qualify for a share of the $100 million to $200 million in relief the state will receive. That will translate into foreclosure relief of …

Jan. 25 (Bloomberg) — A proposed multistate settlement with Bank of America Corp., JPMorgan Chase & Co. and three other U.S. mortgage servicers to resolve probes of foreclosure practices is “inadequate for California,” state Attorney …

Posted To: <a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/”>MBS Commentary

MBS Live : MBS RECAP Open MBS Live Dashboard FNMA 3.5 103-30 : +0-02 FNMA 4.0 105-23 : +0-01 FNMA 4.5 106-29 : +0-02 FNMA 5.0 108-01 : +0-02 GNMA 3.5 105-08 : +0-01 GNMA 4.0 107-27 : +0-01 GNMA 4.5 109-06 : +0-00 GNMA 5.0 110-28 : +0-03 FHLMC 3.5 103-23 : +0-01 FHLMC 4.0 105-12 : -0-02 FHLMC 4.5 106-12 : +0-01 FHLMC 5.0 107-19 : +0-01 Pricing as of 4:04 PM EST Afternoon Market Updates A recap of MBS Market Updates provided by MND Analysts and streamed live to the MBS Live Dashboard . 1:29PM : ALERT: Positive Reprices Not Out of The Question. MBS Test New Highs Although it doesn't look like Fannie 3.5's will add more than a tick or two onto the all time high levels that have provided such a firm ceiling for the past 3 sessions, new highs are new highs. And of course, these are all-time…(<a href="http://www.mortgagenewsdaily.com/mortgage_rates/blog/245763.aspx”>read more)

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