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Online Lending Shows Strong Momentum in August

Online lending continues to boom, and at least one mortgage-shopping website is reporting that the housing market is heating up, based on site statistics. Citing strong findings from August, MortgageMarvel.com revealed that the number of applications for purchases and refinances submitted during the month quadrupled on a year-over-year basis.

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Home Pricing Showing Strength Heading into September

The September data release from Clear Capital heralds good news for home pricing around the country. According to the company's Home Data Index Market Report, national price improvements observed through the end of summer mark four consecutive months of year-over-year gains. U.S. home pricing rose by 2.9 percent on a year-over-year basis to end August, and Clear Capital noted that the recorded growth "on this non-seasonally influenced metric shows fundamental strength fueling gains, rather than a boost from the summer buying season."

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Financial Institution Sells Majority of Mortgage Business

In California, a financial institution is selling the majority of its mortgage business to facilitate a return of capital agreement in conjunction with a previous acquisition deal. Redding-based Bank of Commerce Holdings has announced that 51 percent of Bank of Commerce Mortgage has been sold back to Simonich Corporation, following a 2009 capital stock purchase transaction between the two entities.

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Alternative Modification Programs Gaining Traction

Struggling borrowers in need of alternative home loan modifications are getting a helping hand from a Texas-based mortgage lender and servicer. Homeward Residential, Inc., has rolled out a new program for consumers who are unable to qualify for modification options through federal initiatives.

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Construction Spending Falls in July, Shy of Estimates

Private and public construction spending fell off in July, shy of initial estimates, with private nonresidential spending worse for the wear if trends persist, analysts say. Analysts with IHS Insight shared their concerns on Tuesday with commentary detailing the latest spending numbers from the Census Bureau. According to the report, construction spending declined by 0.9 percent in July, while spending went up 9.3 percent year-over-year. Public construction declined by 0.4 percent.

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Home Prices Rise to Six-Year High in July: CoreLogic

Home prices in July saw the biggest nationwide year-over-year increase since August 2006, CoreLogic reported Tuesday. According to the company's July Home Price Index (HPI), home prices-including distressed sales-increased year-over-year by 3.8 percent in July. On a month-over-month basis, prices increased 1.3 percent from June. July marked the fifth consecutive increase in home prices on both a monthly and yearly basis. Only 23 metro areas fell year-over-year.

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Florida Home with Infamous Past Lists for $1M

A home with a very dubious history has hit the market in Ocklawaha, Florida. The former residence of Kate "Ma" Barker - she's the mother of famous gangsters, the Barker brothers - has been listed for $1 million. The property, which Barker was renting under an assumed name at the time, was the site of her demise in 1935 when she was shot by police following a four-hour standoff.

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CFPB Unveils Change of Guard With New Senior Personnel

The Consumer Financial Protection Bureau recently unveiled several recent changes of guard for senior personnel. The bureau said in a release on Tuesday that Kelly Thompson Cochran, Chris Lipsett, Stephen van Meter, and Delicia Reynold Hand would move into senior roles. Cochran will transition from her role as deputy assistant director into a new office as acting assistant director for regulations. Van Meter will take up a new position as deputy general counsel, a change from his past role as assistant general counsel for policy with the CFPB.

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Illinois to Set Aside Settlement Funds for Legal Assistance

Illinois has decided to set aside part of its funds from the national mortgage settlement to provide free legal assistance for Chicago area homeowners, Illinois Attorney General Lisa Madigan announced earlier this week. About $4.7 million from the national foreclosure settlement funds will go to the Legal Assistance Foundation. LAF will use the funds to reach out to distressed homeowners and provide services to keep struggling owners in their home. The funds will also help LAF work with the courts to improve the Cook County Foreclosure Mediation Program and support its staff.

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Bankruptcy Judge Bars Bonuses for 17 ResCap Execs

Residential Capital was denied approval from a federal bankruptcy judge to pay its executives bonuses, Reuters reported Wednesday. The key employee incentive plan was for bonuses between $4.1 million and $7 million to be distributed to 17 of the top 20 employees from ResCap. The written court opinion stated the debtors, or ResCap, argued the bonuses would serve to "motivat[e] . . . key talent" during a sales process that has required ResCap employees to assume "responsibilities above their normal duties," and subject them to ├â┬ó├óÔÇÜ┬¼├àÔÇ£extraordinary stress, pressure, and uncertainty as to the security of their jobs."

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