Berkshire Partners With Brookfield, New Mortgage Servicer Guidelines: Financial Business Report

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Berkshire Hathaway (NYSE:BRKB) is joining with Brookfield Asset Management (NYSE:BAM) to create Berkshire Hathaway HomeServices. Brookfield’s network operates under the better-known name Prudential and Real Living Brands. The joint venture Chief Executive Ron Peltier says that, “We have significant inventory shortage across the country. We see a housing market that will continue to improve.”

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New guidelines agreed to by Fannie Mae and its insurers change the situation for mortgage servicers such as Genworth Financial (NYSE:GNW) and Radian Group (NYSE:RDN) concerning short sales among them. The modifications allow the firms to approve such sales without getting approval from the insurers.

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