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The Bleak U.S. Jobs Picture
(BusinessWeek Online)
BusinessWeek Online - U.S. job losses in June rose to 467,000 as the national unemployment rate rose to 9.5%. This follows a decade where job creation in the private sector hovered in the 1% range. In our feature segment, Chief Economist Michael Mandel explains why job growth has stalled, its importance, and what can be done to reverse this trend. Plus, the latest on the troubled housing market and Wal-Mart's (wmt.) unusual alliance with a labor union.
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U.S. home prices seen down over 40 percent: Barclays
(Reuters)
Reuters - U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said.
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Fannie, Freddie ease terms for mortgage refinance
(Reuters)
 Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.
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Dollar slips vs euro, pound on mixed economic data
(AP)
AP - The dollar was lower against most major currencies Wednesday on mixed economic reports that showed more stable manufacturing activity and a rise in pending home sales.
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Home Sales Perk Up, but Expensive Houses Languish
(Time.com)
Time.com - Home sales are improving lately, but it's the small starter homes that sell, while big expensive houses go unloved
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Gov't foreclosure help will reach more homeowners
(AP)
AP - The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth.
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Freddie Mac gets another $6.1B from gov't
(AP)
AP - Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.
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Pending home sales up 4th straight month in May
(AP)
 AP - Pending home sales rose in May for the fourth straight month, spurred by low prices and a first-time homebuyers tax credit, fresh evidence that the housing sector may be recovering.
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U.S. pending home sales rise 0.1 percent in May
(Reuters)
 Reuters - Pending sales of previously owned U.S. homes rose slightly in May, the fourth straight monthly gain, a real estate trade group said on Wednesday.
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U.S. mortgage applications fall to 7-month low
(Reuters)
 Reuters - U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.
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Treasury OKs 3 firms for mortgage relief program
(AP)
AP - The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program.
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Program saves 60 percent of homes from foreclosure
(Reuters)
Reuters - A program to avert residential mortgage foreclosures has saved almost 60 percent of its participants from losing their homes in a sheriff's sale, officials said on Tuesday.
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Home prices post 18.1 percent annual drop in April
(AP)
 AP - Newfound signs of stability in the housing market could still be threatened by rising foreclosures and slow efforts to stop them, according to two reports released Tuesday.
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Chase: 138k mortgages modified in past 3 months
(AP)
AP - Chase said Tuesday it has approved 138,000 trial mortgage modifications for struggling homeowners in the past three months.
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Protesters demand mortgage help from loan firms
(AP)
AP - Protests are planned in more than a dozen cities across the country to demand that a group of mortgage companies who benefited from federal bailout money participate in a government program designed to prevent foreclosures.
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Lawmakers look at rising scams for reverse mortgages
(McClatchy Newspapers)
McClatchy Newspapers - WASHINGTON — The housing bubble, lax regulatory oversight and an influx of shady loan professionals have made lawmakers uneasy about the safety and soundness of the popular government-backed reverse-mortgage program.
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SEC tells State Street it could face civil charges
(AP)
AP - State Street Corp. on Monday disclosed in a regulatory filing that the Securities and Exchange Commission could bring civil charges against its main subsidiary for possible securities violations tied to past investments in subprime mortgages.
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Top court allows NY state's home lending probe
(Reuters)
Reuters - A divided U.S. Supreme Court ruled on Monday that the New York attorney general's office can investigate whether national banks discriminated against minorities seeking mortgages.
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Weingarten Realty expands, extends tender offer
(AP)
AP - Real estate investment trust Weingarten Realty Investors said Monday it has expanded an offer to repurchase outstanding notes to a total $325 million, and extended the time it's giving investors to decide on the maximum tender offer.
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State Street may face SEC charges over mortgages
(Reuters)
 Reuters - Asset management and servicing giant State Street Corp said it might face civil charges by U.S. securities regulators for exposing investors to losses on subprime mortgages.
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