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Email not displaying correctly? View it in your browser. Homeowners Turn to Short Sales as an Alternative to Foreclosure Although the Obama administration continues to search for a solution for homeowners facing foreclosure, the reality of the situation is only about 4 percent of these at-risk borrowers receive long-term mortgage help. With foreclosures on the rise, homeowners are looking for a viable solution to their problems. According to the National Association of Realtors, almost 500,000 transactions in 2009 were short sales, representing almost 10 percent of all home sales. MBA Forecasts 40% Drop in Mortgage Business this Year The Mortgage Bankers Association (MBA) expects home loan originations to fall by 40 percent this year, to their lowest level in a decade, as interest rates go higher and the unemployment picture worsens. The trade group released its mortgage financing forecast Tuesday, and if its calculations are correct, we've got a long and bumpy road ahead before the housing market truly recovers. HUD Subpoenas 15 Mortgage Companies Mortgage companies with significant claim rates against the Federal Housing Administration (FHA) mortgage insurance program were the focus of an initiative announced Tuesday by Kenneth M. Donohue, HUD inspector general, and David H. Stevens, FHA commissioner. According to officials, HUD office of inspector general (OIG) subpoenas were served to the corporate offices of 15 mortgage companies, demanding documents and data related to failed loans which resulted in claims paid out by the FHA mortgage insurance fund. Federal Reserve Posts Record $46 Billion Profit As a result of the Federal Reserve's unprecedented interventions to prop up the ailing economy, the U.S. central bank posted a $46.1 billion profit for 2009, with a large portion of the green coming from its investments in mortgage-backed securities (MBS). It's the biggest annual return the Fed has recorded in its 95-year history. You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference. Unsubscribe roballey.434-974-5586@blogger.com from this list. Corporate Office: DS News 1909 Woodall Rodgers Suite 300 Dallas, TX 75201 Add us to your address book Washington Bureau: 1101 Pennsylvania Avenue NW Suite 600 Washington, D.C. 20004 Copyright (C) 2009 DS News All rights reserved. Forward this email to a friend Update your profile QUICK LINKS DSNews.com DS News' Red Book DS News' Black Book 2009 Five Star Conference DARE