The Federal Reserve has published a new rendition of its popular Beige Book, relaying insight from professionals in the field on regional market conditions. A number of the 12 Fed districts noted improvements in overall credit quality, specifically Philadelphia, Cleveland, Richmond, Kansas City, Dallas, and San Francisco. New York was the only district to report rising delinquency rates on consumer loans, but it saw delinquencies decline for commercial loans and mortgages.

The California Housing Finance Agency said Wednesday that 20 mortgage servicing companies are now participating in the state's ""Keep Your Home California"" program to help families avoid foreclosure. The $2 billion program is funded with federal dollars from the U.S. Treasury's Hardest-Hit Fund. All of the six largest servicing companies in California are participating in at least one of the program initiatives, with one taking part in the principal reduction effort.

Delinquency rates among different groups of commercial and multifamily mortgage investors were mixed in the first quarter, the Mortgage Bankers Association (MBA) reports. Delinquency loans held in commercial mortgage-backed securities (CMBS) reached their highest level since 1997, but MBA says the climb was slower than in recent quarters. On the other hand, delinquency rates for other investors, including Fannie and Freddie, remain below levels seen in the last major real estate downturn - some by large margins.

Pro Teck Valuation Services, a real estate collateral valuation provider, announced Tuesday that Basil G. Pallone has joined the company as CFO. Basil will be responsible for all aspects of the company's financial operations, and has more than 25 years of financial management experience in public, private, and venture-backed companies.

Almost $1.4 billion in commercial mortgage-backed securities (CMBS) conduit loans were resolved with losses in May, according to Trepp LLC. That number was up about 11 percent from April and was the second highest total since the company began tracking this stat in January 2010. During the month of May, 148 loans with a total balance of $1.38 billion were liquidated. The losses on the May liquidations were about $594 million, representing an average loss severity of 43.2 percent.

The number of mortgage borrowers who owe more on the loan than their home is worth decreased slightly during the first quarter, but CoreLogic sees a problem area among homeowners with second mortgages. The company found that 10.9 million, or 22.7 percent, of all residential properties with a mortgage were in negative equity as of the end of March. CoreLogic says the underwater ratio of borrowers with home equity loans is more than double that of borrowers without second mortgages.

The Mississippi Legislature has approved a measure that defines the acceptable uses of broker price opinions (BPOs) to estimate the price of residential real estate property and provides greater clarity to real estate professionals on the preparation and delivery of BPOs in the state. The Broker Price Opinion Act has been signed into law by Gov. Haley Barbour and becomes effective July 1. As the basis for its BPO regulations, the state officially recognized and adopted the BPO Standards and Guidelines (BPOSG) from the BPO Standards Board and the National Association of BPO Professionals.

Williston Financial Group and its wholly owned subsidiary WFG National Title Insurance Company have appointed Morgan Harris as EVP of default services. As head of the company's default services division, Harris will be responsible for the strategic direction of the division, as well as the oversight and management of all aspects of sales and production.

More than three-quarters of foreclosure counselors say the borrower experience when turning to the government's flagship modification program for relief is sub-par. The Government Accountability Office (GAO) says counselors it polled cited concerns about HAMP trial denials, including long waiting periods and documentation issues. Some 39 percent said paperwork had been lost or needed to be resubmitted, while 46 percent said it typically takes seven months or more to receive a decision on a trial mod application.

The Great Recession has exacerbated the housing affordability challenges that had been building for a half-century, according to researchers at the Joint Center for Housing Studies of Harvard University. They say two years ago, 9.3 million homeowners paid more than half their income on their mortgage, and with unemployment and underemployment plaguing more Americans, the figure has undoubtedly risen. On top of that, real home equity dropped to $6.3 trillion at the end of 2010 - well below the $10.1 trillion in outstanding mortgage debt.