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First-Time Jobless Claims Spike to 4-Month High

First-time claims for unemployment insurance jumped an unexpected 28,000 to 385,000--the highest level since November--for the week ending March 30, the Labor Department reported Thursday. Economists expected claims to rise to 350,000. Initial jobless claims for the week ending March 23 were unchanged at 357,000.

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Survey: 77% of Americans Believe Housing Crisis Is Not Over

Reports may tout data pointing to a housing recovery, but nearly eight in 10 Americans are unconvinced, according to the How Housing Matters survey conducted by Hart Research Associates. In the survey, 58 percent of Americans said they believe we are still in the middle of the housing crisis, while another 19 percent said the worst is yet to come, which means 77 percent hold the belief that the crisis is still here. Just one in five, or 20 percent, believe the crisis is ""pretty much over.""

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Most CFPB Mortgage Complaints from Consumers Who Can’t Pay

Since December 1, 2011, the Consumer Financial Protection Bureau (CFPB) has handled more than 63,700 mortgage complaints, according to a report from the bureau. Most of the mortgage complaints were a result of issues borrowers faced when they were not able to make their mortgage payments. Overall, 61 percent of the mortgage complaints dealt with issues related to loan modifications, collections, or foreclosures. The second most common mortgage complaint fell into the ""making payments"" category, which covers issues with loan servicing, payments, or escrow accounts.

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Fannie Mae Closes 2012 with Record Annual, Quarterly Profits

Fannie Mae earned a quarterly net income of $7.6 billion in Q4 and an annual net income of $17.2 billion throughout 2012. Both figures represent the largest quarterly and annual net incomes in the company's history. Fannie Mae credited last year's growth to improved credit results driven by a decline in serious delinquency rates, an increase in home prices, and higher sales prices on Fannie Mae-owned properties. For the full year, Fannie Mae paid $11.6 billion in dividends to Treasury under the senior preferred stock purchase agreement between the two organizations.

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Father, Son Charged in Real Estate Investment Scheme

A father and son were charged for their roles in a fraudulent real estate investment scheme on March 27, the Securities and Exchange Commission (SEC) announced Monday. A federal jury in Detroit convicted John J. Bravata on one count of conspiracy and 14 counts of wire fraud, while his son, Antonio M. Bravata was charged with one count of conspiracy to commit wire fraud.

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Commentary: No News Is…

The explanation from the National Association of Realtors (NAR) for the drop in the Pending Home Sales Index (PHSI) for February has to be viewed with a jaundiced eye. According to the NAR, the PHSI dropped because of the low inventory of homes for sale. Of course, that wasn't offered as an explanation one month earlier, when the inventory of homes for sale dropped to its lowest level since December 1999 and the PHSI increased. But when the PHSI fell in February, and the inventory of homes for sale increased, the still-low inventory became a convenient excuse.

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Fiscal Policy Concerns Fade for Consumers; Housing Still ‘Bright’ Spot

Last month's uptick in consumer confidence suggests consumers may not be too concerned about pending impacts of fiscal policy, but Fannie Mae predicts they will nonetheless feel some financial tightening over the next few months. Several economic indicators are trending positive right now, but the GSE's March economic forecast warns the pending sequestration and the effects of higher social security taxes may dampen some of the current progress. On the other hand, the GSE continues to see housing as a bright spot in the economy--one that is not likely to darken in the near future.

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Personal Income, Spending Jump in February

Personal income rose a solid $143.2 billion or 1.1 percent in February, dwarfing expectations, and spending jumped $77.2 billion, or 0.7 percent, the, the Bureau of Economic Analysis, reported Friday. The data suggest the personal spending component of Gross Domestic Product remained strong in the first quarter. That income grew faster than spending was a boost to personal savings, which increased to $310.9 billion in February from $262.5 billion in January, up from 2.2 percent of disposable (essentially after-tax) income to 2.6 percent.

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Top Mortgage and Housing Execs Engage to Promote Progress

Industry leaders gathered in Las Colinas, Texas, Thursday for the Five Star Institute's 2013 REO and Short Sale Executive Summit to discuss issues and market conditions impacting the distressed asset space. A number of the nation's leading financial institutions and government agencies were represented at the event designed to facilitate open dialogue and collaboration for developing solutions to today's most pressing REO and short sale challenges.

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