On the recommendation of the nominating and corporate governance committee, the board of directors for New York Mortgage Trust, Inc., a self-advised real estate investment trust, announced Tuesday that it unanimously approved the appointment of Daniel Osborne to the company’s board of directors.

The number of REO properties in New York has grown at an overwhelming rate, according to a recent report by the Furman Center for Real Estate and Urban Policy, a joint network of the New York University (NYU) School of Law and the Robert F. Wagner Graduate School of Public Service at NYU.

Fixed-rate mortgages for both 15-year and 30-year terms have fallen once again this week, according to reports released Thursday by both Bankrate, Inc. and Freddie Mac.

On a year-over-year basis, new-home communities in California saw a slight decrease in the pace of home sales in November, according to a report Wednesday by the California Building Industry Association (CBIA).

In an announcement Thursday, Bank of America said there are several indications of strong momentum in its efforts to help customers advance from trial modifications to completed modifications under the federal government's Home Affordable Modification Program (HAMP).

Travis Wright, member of the National Association of Realtors (NAR), has been appointed to executive director of the Real Estate Standards Organization (RESO), according to an announcement Tuesday by NAR.

Despite the fluctuating real estate market conditions, Southern California-based JMAC Lending continues to perform exceptionally well, and the company was searching for an appraisal management company to deliver quality standards and outstanding client service.

In an announcement Tuesday, HUD and the state of Alaska’s division of insurance (DOI) said a legal settlement has been reached with Alyeska Title Guaranty Agency for alleged violations of the Real Estate Settlement Procedures Act (RESPA) and Alaska’s anti-rebating law.

The completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative was announced Wednesday by the Department of Treasury, together with HUD and the Federal Housing Finance Agency (FHFA). The HFA Initiative, expected to come at no cost to taxpayers, is a key element of the Obama administration’s Homeowner Affordability and Stability Plan.

The anticipated surge in commercial mortgage defaults this year could wipe out profits at a number of U.S. banks, according to a research study published Tuesday by SMR Research Corp. However, SMR said this problem is not likely to morph into a true crisis that would endanger U.S. or global financial systems.