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LAS VEGAS-Vestin REITs Realty Mortgage I and Realty Mortgage II, working through REO and properties that it plans to foreclose on, reported narrower first-quarter losses in comparison with the first quarter of last year, the mortgage REITs reported in recent SEC filings. At the end of the quarter, Realty Mortgage I had commenced foreclosure proceedings on four of its nine non-performing loans and Realty Mortgage II had started foreclosure proceedings on six of its 12 non-performing loans. Both REITs said they were conducting workout discussions with some of the borrowers on the non-performing loans.

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