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California Groups Awarded $9.4M to Provide Foreclosure Help

Grant funds secured through the national mortgage settlement will be used to provide a wide range of assistance to California homeowners impacted by the state's foreclosure crisis. California Attorney General Kamala D. Harris announced 21 organizations were awarded funds through a $9.4 million grant.

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Commentary: No Virginia, There is No Santa Claus

What do you do when you find out Santa Claus doesn't exist? That's the situation former vice presidential candidate/House Budget Committee Chair/potential presidential candidate Rep. Paul Ryan (R-Wisconsin) faces now that the study which provided him with the academic support for budget cuts (aimed principally at so-called entitlements) has been undermined. Harvard economists Carmen M. Reinhart and Kenneth Rogoff in 2010 published a research paper which held that for countries with debt loads equivalent to or greater than 90 percent of annual economic output, ""median growth rates fall by 1 percent, and average growth falls considerably more.""

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OCC Announces Send Off for 2nd Batch of Foreclosure Review Checks

The Office of the Comptroller of the Currency (OCC) announced the second wave of payments resulting from the foreclosure settlement with federal regulators and 13 servicers was sent Friday. The most recent batch of relief payments includes 1.4 million checks totaling $1.2 billion. So far, 2.8 million checks totaling $2.4 billion have been sent.

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Downward Trend Continues for Fixed Rates

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.41 percent (0.7 point) for the week ending April 18, down from last week, when it averaged 3.43 percent. Last year at this time, the 30-year fixed averaged 3.90 percent. Meanwhile, Bankrate.com's weekly survey showed yet another three-month low for fixed rates. According to the site, the benchmark 30-year FRM average retreated to 3.61 percent from 3.64 percent previously.

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Construction Job Growth Expected to Improve Overall Unemployment

While the March jobs report delivered disappointing numbers, the strength in construction employment offers encouragement, Freddie Mac explained in its economic and housing outlook report for April. Construction jobs have been ""accelerating"" in recent months, with net construction job growth representing 15 percent of all job gains over the last six months, the report stated. ""Construction employment is showing signs of life, which should help to improve the overall macroeconomic picture,"" said Frank Nothaft, Freddie Mac VP and chief economist.

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Hearing Acknowledges FHFA’s Progress, Points to Shortcomings

As the GSEs approach their fifth year in government conservatorship, Congress held a hearing Thursday to evaluate the Federal Housing Finance Agency's (FHFA's) role as regulator and conservator. Acting Director Edward DeMarco offered testimony detailing the agency's achievements, and Steve A. Linick, inspector general at the FHFA Office of the Inspector General, highlighted some areas in need of improvement at FHFA. Linick praised the FHFA as it has ""accepted and begun to implement the vast majority of our audit and evaluation recommendations."" He also addressed areas that could use improvement.

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First-Time Unemployment Claims Tick Up

First-time claims for unemployment insurance increased for the fourth time in the last five weeks, edging up 4,000 for the week ending April 13 to 352,000, the Labor Department reported Thursday. Economists expected 347,000 initial claims. Initial jobless claims for the week ending April 6 were revised up to 348,000 from the originally reported 346,000.

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Beige Book Sees Moderate Growth Despite Sequester Threat

Despite threats from the federal budget sequester, the nation's economy expanded ""at a moderate pace"" from late February to early April, the Federal Reserve reported Wednesday in its periodic ""Beige Book. Activity in five Federal Reserve Districts--Cleveland, Richmond, St. Louis, Minneapolis, and Kansas City--was described as growing at a moderate pace, while in five other districts-- Boston, Philadelphia, Atlanta, Chicago, and San Francisco--growth was notched slightly slower as ""modest.""

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Hearing Raises Foreclosure Settlement Concerns

As more details of the foreclosure settlement emerge, additional concerns and questions continue to be raised. During a hearing before a Senate committee, Debby Goldberg of the National Fair Housing Alliance addressed a handful of those concerns. One issue dealt with how the 13 servicers part of the settlement would receive credit for the $5.7 billion in mortgage assistance they agreed to provide. Goldberg says that unlike the national mortgage settlement (NMS), the Independent Foreclosure Review settlement ""bases the amount of credit the servicer receives on the unpaid balance of the loan, rather than the amount of assistance provided to the borrower.""

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Fannie Mae: Housing Offers Hope as Economy Faces Headwinds

Housing continues to be a bright spot in the economy, contributing positively to GDP. In fact, Fannie Mae cited the sector as the most likely source of upside to our forecast in its April 2013 Economic Outlook. According to the GSE, residential investment--once a drag on the economy--has contributed positively or neutrally to the nation's economic growth for the past seven quarters. The GSE expects this trend to continue this year.

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