The Slavic Village Recovery, LLC (SVR) officially kicked off recently with a volunteer event. SVR--a partnership involving efforts from private companies, nonprofit stakeholders, and the public sector--seeks to restore the Slavic Village community that was devastated by the foreclosure crisis.

The Federal Reserve Board announced Friday a settlement with GMAC Mortgage that will end the complex and costly foreclosure reviews required through prior enforcement actions. GMAC will pay about $230 million in cash payments to mortgage borrowers as part of the foreclosure deal. According to a statement from the Fed, over 232,000 GMAC borrowers whose homes were in any stage of foreclosure in 2009 and 2010 will receive payment relief.

According a survey from the National Association of Realtors, 80 percent of Americans said they believe buying a home is a good financial decision, up by 8 points from 2011. Over the last two years, the market has also seen an increase in renters who are interested in owning. In the recent survey, 36 percent of renters said they are thinking about buying, up from 25 percent in 2011, while 51 percent of renters also said that owning in the future is one of their highest personal priorities. Not only are views toward housing stronger, but Americans are also less concerned when it comes to job security.

Low inventory coupled with rising mortgage rates and home prices are leading prospective buyers to consider using ""aggressive"" tactics such as overbidding to obtain a home, according to recent survey from Trulia. In order to secure the desired home, 25 percent of prospective buyers in the survey said they were willing to bid 1 to 5 percent above the seller's asking prices. When it came to overbidding, younger buyers (aged 18 to 34) are more likely to use the strategy. The survey also examined top worries and found rising mortgage rates weighed on the minds of 41 percent of potential buyers.

Wells Fargo Ventures, LLC, a subsidiary of Wells Fargo & Co., will exit from its eight mortgage joint ventures in mortgage lending due to ""the current regulatory and market environment,"" the company announced Thursday. The wind down, which will take place over the next 12 to 18 months, will impact about 300 mortgage workers.

Sentinel Field Services, Inc. (SFS) selected Phil Johnsen to lead the company as CEO. Johnsen comes to SFS with extensive mortgage industry experience combined with a technology background.

The number of borrowers who refinanced through the Home Affordable Refinance Program (HARP) fell 20 percent month-over-month in May, data from the Federal Housing Finance Agency (FHFA) revealed. The GSEs refinanced 84,648 borrowers through HARP in May, down from 106,910 in April. Since HARP's 2009 inception, the program has refinanced over 2.6 million loans.

A private-sector coalition that aims to hire 100,000 U.S. military veterans by 2020 has moved quickly toward its goal. 100,000 Jobs Mission announced 77,612 veterans have found employment as of the second quarter of this year due to efforts from the companies involved.

Gerner & Kearns Co., L.P.A. announced Matthew Taulbee joined as associate attorney for the firm's default practice group.

With the exception of short sales, activity for distressed sales was relatively calm in June, according to data from RealtyTrac. Last month, institutional investors accounted for 9 percent of residential sales. The share represents a slight increase from 8 percent in May, and a small decrease from 10 percent in June 2012. Meanwhile, short sales saw a significant increase over the last year, representing 14 percent of all sales in June, up from 8 percent a year ago.