The FDIC announced the closure of another bank, noting that Slavie Federal Savings Bank of Bel Air, Maryland has been closed. The FDIC entered into a purchase and assumption agreement with Bay Bank, FSB of Lutherville, Maryland to assume all the deposits of the recently shuttered Slavie Federal Savings Bank.

Safeguard Properties announced the formation of Safeguard Capital Group, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model. With equity capital in excess of $100 million, Safeguard Capital leverages the strength and expertise of Safeguard Properties.

The Data and Analytics division of Black Knight Financial Services released its latest Mortgage Monitor Report, which analyzed data as of the end of April 2014. The report found that there were roughly 2 million modified mortgages facing interest rate resets, with 40 percent of those loan modifications currently underwater.

Fannie Mae announced the expansion of the HomePath for Short Sales website. The website serves as a communication tool to help real estate professionals complete short sales and resolve challenges with Fannie Mae.

RealtyTrac announced recently that veteran licensing and business development executive Jeff Mattice has joined the company. Mattice will serve as VP of the Data Solutions team. In his new role, Mattice will help grow the company's expanding data licensing business.

CoreLogic released its National Foreclosure Report, looking at data as of the end of April 2014. The company found that completed foreclosures in April totaled 46,000, down 0.4 percent from March and down 18 percent year-over-year.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Steven Pitchersky of Rancho Mirage, California was sentenced to 51 months in federal prison for a scheme to defraud GMAC Inc., since rebranded as Ally. Through his fraudulent actions, the company incurred losses of approximately $5.3 million.

The Consumer Financial Protection Bureau (CFPB) ordered RealtySouth to pay a civil penalty of $500,000 for inadequate disclosures. The largest real estate firm in Alabama was charged with leaving consumers unaware of their rights to choose service providers during the home-buying process.

LenderLive, an end-to-end mortgage services provider, announced that Stephen J. Kolimaga has joined the firm as VP of National Sales for the company's Outsource Services Division. In this role, Kolimaga will be responsible for developing new private-label fulfillment relationships with financial institutions, banks, and credit unions.

U.S. residential properties sold at an estimated annual pace of 5.2 million in April, according to RealtyTrac's April 2014 Residential & Foreclosure Sales Report. April's sales pace is a decrease of less than 1 percent from March, but an increase of 4 percent from April 2013.