The Minneapolis-Saint Paul commercial real estate market is beginning to stabilize, reports locally based NorthMarq. Though downward trends are still continuing in rental rates and vacancy rates continue to rise, residential land is beginning to trade as national homebuilders return to action. NorthMarq expects a long, gradual recovery to begin in late 2010 or early 2011.

Jefferies, a major global securities and investment banking group, announced Wednesday that Erez Biala will become a managing director and global co-head of collateralized loan obligation (CLO) and collateralized debt obligation (CDO) trading. The New York-based firm hired Biala to further its mortgage-backed securities (MBS) and asset-backed securities (ABS) platform.

Sales of Miami and surrounding area homes increased sharply in June, according to MDA DataQuick. During the month, 9,296 new and resale houses and condos closed escrow in the Miami-Dade, Palm Beach and Broward counties, up 18.3 percent from May and more than 20 percent higher than a year ago.

Joseph A. Jiampietro, senior adviser to FDIC chairman Sheila C. Bair will leave the FDIC on August 13. Jiampietro has served as the senior adviser since March 2009, before that working as managing director of the financial institutions group at J.P. Morgan.

WR Starkey Mortgage has agreed to pay $4.7 million to North Carolina homeowners exploited by a scheme related to the sale and financing of overpriced manufactured and modular homes sold by Phoenix Housing Group, Inc. In conjunction with the attorney general, the North Carolina Office of the Commissioner of Banks announced that the company will pay $26,000 to each of the 171 victimized homeowners.

Tom Glatt, president and CEO of Realtors Federal Credit Union, recently announced that he will be leaving his post effective August 1. Glatt, who has held the titles of president and CEO since December 2008, will be replaced by Jane Pannier, the credit union's EVP and general counsel.