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VISIT US ONLINE @ DSNEWS.COM Indiana rank: 12 90+ Day 3.01% 3.09% -2.54% 90+ Day 3.55% year ago 4.42% percent point change -19.65% 28.43% Top Core-Based Statistical Area ELKHART-GOSHEN, IN 90+ Day 2.95% year ago 3.45% percent point change -14.58% -9.53% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 6.03% Delinquency Rate july 2012 5.45% Foreclosure Rate 6.23% Delinquency Rate Foreclosure Rate july 2012 4.14% year ago 4.35% percent point change -4.76% SWITZERLAND COUNTY Top County Delinquency Rate july 2012 8.00% Foreclosure Rate Unemployment Rate 8.2% 9.2% -10.9% IN THE NEWS Iowa Judge Dismisses Class Action Suit Against MERS Mortgage Electronic Registration Systems, Inc., (MERS) dismissing a class action suit against the company and other defendants. U.S. District Judge Mark W. Bennett An Iowa judge ruled in August in favor of dismissed a five-count suit on behalf of Plymouth County and all other similarly situated counties in the state of Iowa. The suit alleged civil conspiracy and unjust enrichment and sought relief under the provisions of Iowa's Recording Statutes. Bennett noted in his order that the plain- tiffs' case relied on a requirement to record mortgage assignments, a requirement that does not exist under state law. "It could not be plainer that none of Kansas rank: 36 90+ Day 2.24% 2.23% 0.42% 90+ Day 1.68% year ago 1.42% percent point change 18.62% 15.07% Top Core-Based Statistical Area TOPEKA, KS 90+ Day 3.27% year ago the statutes upon which the county relies imposes a requirement on a party assigning a mortgage or receiving such an assignment to record the assignment," Bennett said. Bennett concluded that Plymouth County Iowa rank: 26 90+ Day 1.65% 1.63% 1.41% 90+ Day 3.32% year ago 2.23% percent point change 49.26% -9.83% Top Core-Based Statistical Area OMAHA-COUNCIL BLUFFS, NE-IA Delinquency Rate 90+ Day july 2012 1.69% year ago 1.86% percent point change -9.18% -5.30% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 3.27% 3.10% Foreclosure Rate Share of mortgages in Iowa classified as subprime in the second quarter. Source: Mortgage Bankers Association 7.27% STAT INSIGHT Delinquency Rate Foreclosure Rate july 2012 2.81% year ago 2.82% percent point change -0.31% Top County FRANKLIN COUNTY Delinquency Rate july 2012 6.55% Foreclosure Rate Unemployment Rate 5.3% 6.0% -11.7% and the other plaintiffs were seeking an extension of certain Iowa statutes that would change their meaning and dismissed the case. Janis Smith, VP for corporate 3.13% percent point change 4.41% 8.95% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 1.99% Delinquency Rate july 2012 2.17% Foreclosure Rate 3.77% Delinquency Rate Foreclosure Rate july 2012 2.05% year ago 2.10% percent point change -2.24% Top County NEOSHO COUNTY Delinquency Rate july 2012 4.33% Foreclosure Rate Unemployment Rate 6.3% 6.7% -6.0% IN THE NEWS communications for MERS' parent company, Merscorp, maintained that the MERS system fulfills the purpose of recording statutes. "We have consistently held that there is no basis for these suits, and the Iowa court has affirmed this by pointing clearly to the ab- sence of any statutory requirement to record mortgage assignments," Smith said. "Iowa is the third state to rule on a claim like this, and all have granted our motions to dismiss." Regulator Goes After MBS Issuer for Role in Credit Union Failures Administration (NCUA) is suing the global investment firm UBS Securities for allegedly falsely representing the level of risk associated with mortgage-backed securities (MBS) the firm sold to two federal credit unions. According to NCUA officials, the defaults and losses that resulted directly contributed to the collapse of both credit unions. The suit, filed in a federal district court in The National Credit Union Kansas, alleges 10 counts of securities laws violations by UBS at both the federal and state level. According to the complaint, UBS misrepresented and omitted material facts in the offering documents of $1.1 billion in securities sold to U.S. Central Federal Credit Union and Western Corporate Federal Credit Union (WesCorp). "Both corporate credit unions subsequently failed," after pur- chasing the "faulty securities," NCUA said in a statement. 93