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CFPB Proposes Rules to Supervise Nonbanks

The CFPB, created by the Dodd-Frank Act in 2010, is seeking to clarify procedures that would be used when examining nonbank activity. The bureau launched its nonbank supervision program in January this year as an extension of its bank supervision authority. The proposed rule defines procedures involved in notifying a nonbank that it is being considered for supervision by the CFPB based on reasonable cause.

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National Servicing Settlement Funds Expand Connecticut Programs

Connecticut attorney general George Jepsen announced Friday that programs of benefits resulting from a $25 billion mortgage foreclosure servicing settlement are moving forward in the state. Out of Connecticut's $190 million share of the settlement funds, an estimated $119 million is going into loan modifications. The banks have also agreed to provide $36 million in refinancing to Connecticut borrowers whose homes are worth less than their mortgages. Furthermore, they agreed to provide cash payments of about $1,500 to an estimated 7,500 borrowers in the state who experienced loan servicing abuses and lost their homes to foreclosure between the start of 2008 and the end of 2011.

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High Court Decides in Favor of Quicken Loans in RESPA Case

The Supreme Court ruled unanimously in favor of Quicken Loans, Inc., Thursday, in a case that bars lenders from splitting settlement fees with third parties. The decision upholds an interpretation of the Real Estate Settlement Procedures Act that gives lenders leeway when it comes to charging fees. It rejects a longstanding HUD policy that interpreted the law to include a flat ban on unearned fees. Much of the contention surrounded previous guidance issued by HUD supporting the view that the legal framework prohibits lenders from charging unearned fees.

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RMBS Working Group Launches Website to Report Fraud

With the hope that whistleblowers will sound their horn, the Residential Mortgage-Backed Securities (RMBS) Working Group launched website for insiders to report fraud, the Justice Department announced in a statement. The RMBS Working Group was created in late January 2012 to investigate abuses and fraud in the RMBS market that only exacerbated the financial crises. While still a fairly new group, the unit has been criticized for its slow progress.

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Organization for Military Veteran Real Estate Professionals Founded

According to a press release, Military Veterans Association of Real Estate Professionals (MVAREP) was formed to ""level the playing field"" for military veterans trying to buy homes with a Department of Veterans Affairs (VA) loan. In many cases, VA appraisers are brought in to insure the loan and make sure the purchase is a good investment for the buyer. This process sometimes throws off listing agents and sellers who want to take an easier route.

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FDIC Reports Profit of $35.3B, Problem Institutions Decline

FDIC-insured banks and savings institutions reported a total profit of $35.3 billion in the first quarter of 2012, a $6.6 billion increase from the $28.8 billion net income reported in the 2011 first quarter. The increase marks the 11th consecutive quarter of year-over-year gains. The number of ""problem"" institutions dropped to the smallest number since year-end 2009. ""Problem"" institutions declined from 813 to 772, with total assets of ""problem"" institutions shrinking from $319 billion to $292 billion.

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SIGTARP, CFPB, Treasury Issue Fraud Alert for Servicemembers

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), along with the Consumer Financial Protection Bureau (CFPB) and the Treasury issued a fraud alert Thursday warning the armed services community about scams targeting homeowners seeking mortgage assistance. The alert specifically warned about scammers attempting to exploit the Home Affordable Modification Program (HAMP), which can provide mortgage relief for struggling homeowners through modified payments.

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Expanding HARP to Prevent Defaults and Stimulate Economy

While seeming to recover, the housing market is still undoubtedly fragile, and there are millions of underwater borrowers who continue to struggle with making payments. While HARP proposes to address these concerns, the program has been limited in its ability to reach the masses. Through the Responsible Homeowner Refinancing Act of 2012 introduced by Democratic Sens. Bob Menendez (D-New Jersey) and Barbara Boxer (D-California), a new HARP 3.0 would break down barriers preventing millions more from refinancing. During a hearing on Thursday before a senate subcommittee, industry experts and leaders offered testimony on how the proposed legislation could impact the economy.

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Initial Unemployment Claims Drop But Remain Elevated

First time claims for unemployment insurance dipped to 370,000 for the week ended May 19 from the previous week's upwardly revised reading of 372,000 the Labor Department reported Thursday. Economists had expected the report would show 371,000 initial claims.

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Home Prices Increase 0.6% for GSE-Backed Mortgages: FHFA

Home prices for GSE-backed mortgages rose 0.6 percent on a seasonally adjusted basis in the first quarter of 2012 compared to the previous 2011 fourth quarter, according to FHFA's purchase-only home price index (HPI). Prices also showed a 0.5 percent increase from the year ago first quarter, and month-over-month, prices increased 1.8 percent in March. The purchase only HPI uses home sales price information from Fannie Mae and Freddie Mac loans and includes more than 6 million repeat sales transactions.

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