The New York Federal Reserve Bank purchased $25.833 billion in mortgage-backed securities (MBS) from government agencies this week. Of the Fed’s new commitment to buy $1.25 trillion in MBS this year, its purchases now stand at $534 billion.

The FDIC announced on Wednesday that it is postponing the legacy loan portion of the government’s Public-Private Investment Program (PPIP). The plan was unveiled in March as a means of cleansing banks’ balance sheets of under-performing mortgages and other toxic assetst hat have led to substantial write-downs since the beginning of the financial crisis.

Mortgage interest rates across the board spiked this week, following long-term bond yields higher as the focus among investors shifted to the budget deficit and the possibility of inflation. According to Freddie Mac, the commitment rate for a 30-year fixed rate mortgage is now at its highest level since December 11, 2008, 25 weeks ago.

The Securities and Exchange Commission (SEC) has formally accused former Countrywide Chief Executive Angelo Mozilo and two other top executives of defrauding investors. Mozilo also faces charges of insider trading.

Record low mortgage interest rates boosted pending home sales for the third consecutive month, according to the latest report from the National Association of Realtors (NAR). The association’s national Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.

The National Association of BPO Professionals (NABPOP) and its BPO Standards Board (BSB) have issued new broker price opinion (BPO) guidelines for real estate agents and brokers to use when determining the probable selling price of residential properties.

The default servicing and creditors’ rights law firm of South & Associates, P.C., hosted its annual on-site Continuing Legal Education (CLE) seminar in May. The event was co-sponsored by the Kansas Bar Association and held at South & Associates’ office in Overland Park, Kansas.

The Mortgage Bankers Association (MBA) announced on Wednesday the nomination of Michael W. Young, chairman of the board of Cenlar FSB, to be its vice chairman-elect. Young’s nomination was announced at MBA’s President’s Conference, which is held each June.

In an attempt to bring greater transparency and accountability to the mortgage lending industry, federal regulators are proposing amendments to the Secure and Fair Enforcement for Mortgage Licensing Act (S.

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey on Wednesday, which shows an increase in purchase activity. This gain, though, was countered by an even larger decline in refinance applications last week.