Home / News / Government (page 463)

Government

June Sees Housing Confidence Boost in Spite of Economic Worries

Downturns in economic confidence hasn't shaken consumers' optimism in the housing market, Fannie Mae's National Housing Survey for June showed. According to the survey, the average home price expectation rose to 2 percent in June, up 0.6 percent from May and the highest recorded value since the survey began two years ago. In addition, 35 percent of respondents expect that home prices will go up in the next year, the highest level recorded since the survey's inception.

Read More »

Obama Administration Continues Pushing for Mods in Mixed Market

Once again, data compiled in the Obama administration's Housing Scorecard pointed to both signs of promise and reasons for concern. One positive indicator for housing was the 7.4 percent rise in home equity to $457.1 billion in the first quarter of 2012. On the downside, the impact of serious delinquencies and underwater mortgages continues to strain the housing market. One popular administration program for underwater borrowers is the Home Affordable Refinance Program (HARP). So far, HUD Acting Assistant Secretary Erika Poethig said almost half a million families have taken advantage of the program, and refinanced families save an average of $2,500 per year.

Read More »

Job Growth Slowed, but Economists Say U.S. Not in Recession

While still in positive territory, June marked another month of feeble gains in employment with the addition of 80,000 jobs. This was followed by 77,000 jobs added in May and 68,000 in April. While the second quarter gains look bleak in comparison to first quarter growth, Capital Economics said June's employment report doesn't mean the recovery has come to a complete halt - it has just lost momentum.

Read More »

GAO Points Out Flaws in Regulator, Servicer Outreach Materials

Regulators and servicers are missing opportunities to enhance communication with consumers, the United States Government Accountability Office (GAO) said in a report. The report, released June 29, examined the efforts of servicers to communicate with customers who may be eligible for an independent foreclosure review. One major problem identified with current communication materials is that they are too difficult for the general public to understand.

Read More »

OCC Reports on Risks Banks Are Facing

In a report released by the OCC Thursday, the banking industry's levels of capital and allowance for loan losses were described as robust and of higher quality, but banks of all sizes are still facing specific risks as they adjust to aftershocks following the financial crises. The main risks the OCC said banks are facing include the effects of a weak housing market, revenue challenges related to slow economic growth and market volatility, and the potential that banks may take excessive risks to improve profitability.

Read More »

Report: Countrywide Used ‘VIP’ Loan Deals to Influence Lawmakers

Lawmakers released a damning report Thursday that found Countrywide Mortgage deployed 17,979 loans to peddle influence with elected officials, stall GSE reform, and solicit exclusive access for Fannie Mae and the ultimately doomed mortgage unit over the course of more than a decade. The 136-page report ties off an investigation into the so-called ""Friends of Angelo"" circle that in some cases allegedly supplied mortgages free of upfront fees, origination points, and default penalties to influential insiders and power-brokers.

Read More »

The Aftermath of the Barclays Scandal

Barclays was rocked when it was found that the bank's agents had manipulated the London Interbank Offered Rate (LIBOR) starting as early as 2007. The bank was fined hundreds of millions by British and U.S. authorities. As a result, a number of key figures have stepped down while Barclays prepares to launch a third party-led investigation into its practices. The news gets worse for the bank, however.

Read More »