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In yet another sign of stabilization within the housing market, national home prices increased on a year-over-year basis for the first time in three years in February, according to the LoanPeformance Home Price Index (HPI) released Monday by First American CoreLogic. Despite the year-over-year increase in prices, the HPI forecast for the coming months turned less optimistic in First American's latest update, showing a softer recovery than in previous forecasts.
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Goldman Sachs is battling allegations that it misled investors in its mortgage securities business. That battle may have just gotten a little tougher. The firm maintains that like everyone else, it suffered heavy losses from the mortgage meltdown. But a Senate investigative committee has released several internal documents obtained from the Wall Street firm that reveal it made "some serious money" betting against the housing market, as Sachs' top execs' put it.
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Incidents of mortgage fraud and misrepresentation by professionals in the industry continue to climb. According to a report released Monday by the Mortgage Asset Research Institute (MARI), such cases increased 7 percent for the 2009 fiscal year when compared to the previous 12 months. The pace has slowed thanks to improvements in industry reporting and policing, but MARI's research shows foreclosure rescue and loan mod scams are on the rise, and now the company is seeing a significant increase in short sale scams.
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The U.S. Treasury is moving ahead with a plan to sell off taxpayers' 27 percent ownership stake in Citigroup Inc. The Wall Street bank was one of the biggest bailout recipients among financial institutions, and the Treasury's decision to pull out is being viewed as a testament to just how quickly the big lenders have been able to recapitalize. Treasury has authorized Morgan Stanley to sell up to 1.5 billion shares of Citigroup common stock - the first offering in a larger plan to dispose of all the Treasury's 7.7 billion common shares in the bank.
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