The Pulse

Administration, servicers commit to faster relief for struggling homeowners through loan mods
Senior Obama Administration officials met with top executives from servicers participating in the Making Home Affordable loan modification program to discuss ways to improve effectiveness and efficiency of the program. The meeting, led by... Read more
California home sales increase 20.1 percent in June
According to the latest reports from the California Association of Realtors (CAR), home sales increased 20.1 percent in June in California compared with the same period a year ago, while the median price of an existing home declined 26.4... Read more
HUD announces $2.25 billion in Recovery Act funds now at work
U.S. Housing and Urban Development Secretary Shaun Donovan today announced that HUD is approving the final round of plans submitted by state housing finance agencies totaling over a billion dollars to jumpstart affordable housing programs... Read more
Metrostudy: Economic conditions continue to pressure Twin Cities housing market
“The housing market appears to be bouncing along a ‘sloppy bottom.’ Month-to-month volatility makes it difficult to see a clear direction for the industry,” said Mike Inselmann, president of Metrostudy, a national housing market research... Read more
New home sales rise 11 percent in June
Sales of newly built, single-family homes rose 11 percent in June to a seasonally-adjusted annual rate of 384,000 units, according to the U.S. Commerce Department. Coming on the heels of an upwardly revised number for May, the gain marks a... Read more
Illinois AG cracks down on four loan mod companies
Illinois Attorney General Lisa Madigan has announced four lawsuits against mortgage rescue fraud schemes. Madigan’s suits are part of a national crackdown on rescue and loan modification fraud with the Federal Trade Commission (FTC), the U... Read more
More states enact SAFE Act legislation
Louisiana, Missouri and New York are three of the latest states to enact legislation in compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), which calls for states to establish a scheme for... Read more
CT bill creates restrictions for non-prime & high-cost loans and establishes mortgage fraud as criminal offense.
Connecticut Gov. M. Jodi Rell has signed SB 949, "An Act Concerning Mortgage Practices." The bill, among other things, establishes residential mortgage fraud as a criminal offense in Connecticut. The bill also amends the definition of "non... Read more
Comprehensive financial regulatory reform legislation introduced
House Republicans, led by Financial Services Committee Ranking Member Spencer Bachus (AL), have introduced comprehensive legislation to modernize and streamline the regulatory structure of the financial services industry. The Consumer... Read more
Industry reaction to the Fed's position on originator compensation
On the heels of the announcement by the Federal Reserve Board (FRB) that they have proposed changes to Regulation Z of the Truth-in-Lending Act (TILA), the mortgage industry has come out in support of this move that intends to define... Read more