Fannie Mae announced Tuesday it has launched a multifamily mortgage-backed securities system called Fannie Mae Guaranteed Multifamily Structures, or Fannie Mae GeMS, that will include Delegated Underwriting and Servicing (DUS) Megas, DUS REMICs, and syndicated DUS Megas.

Homeownership levels posted Monday by the U.S. Department of Commerce are, at 66.5 percent, the lowest they have been since the fourth quarter of 1998. By contrast the rental vacancy rate decreased 0.9 percent from the rate in the third quarter of 2010, and is the lowest it has been since the first quarter of 2003. Analysts say the nation's homeownership rate is likely to fall further, as evidenced by a combination of weak housing demand and high supply.

On Monday, January 31, the federal bank, thrift, and credit union regulatory agencies, along with the Farm Credit Administration began accepting federal registrations for licensing under the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act. Under the SAFE Act, originators of residential mortgage loans employed by banks, savings, associations, credit unions, or Farm Credit System institutions must register with the registry, obtain a unique identifier from the registry and maintain their registrations.

A survey of 100 distressed debt investors found that this year many will increasingly devote their money to real estate. The survey polled investors from companies such as hedge funds, private equity firm, bank props or trading desks. The study showed that respondents allocated 26 percent of their investments to real estate in 2010, and plan to allocate 48 percent of their investments to real estate this year.

Google has announced that it will be retiring the ability to find properties for sale or rent on Google Maps. The feature is available in the United States, as well as in Australia, New Zealand, the United Kingdom, and Japan and will be discontinued on February 10, because of what the company describes as ""low usage.""

A Virginia housing advocacy group released data this week that shows the housing circumstances in rural Virginia are arguably some of the direst in the nation. Key findings of the report say that the largest increase in foreclosure filings last year occurred in rural Virginia, easing only slightly when banks began moratoriums to review their foreclosure processes.

HUD announced this week that it has terminated the Origination Approval Agreements of 15 mortgage lenders' Homeownership Centers due to poor performance and high default rates. In addition, the federal agency terminated eight lenders' Direct Endorsement (DE) approval. Lenders with Direct Endorsement agreements are authorized to both originate and underwrite an FHA loan. HUD's regulations permit the agency to terminate its agreement with any mortgagee whose default and claim rate exceeds a certain threshold based on their geographic area.

In his report to Congress this week, Neil Barofsky covered a number of controversial issues surrounding the Home Affordable Modification Program (HAMP) designed by Treasury as a foreclosure prevention effort. Barofsky says HAMP ""continues to fall dramatically short of any meaningful standard of success,"" and he faults servicers for compounding the program's problems with unnecessary delays and mishandling of paperwork. Barofsky is the special inspector general for the Troubled Asset Relief Program (TARP), which funds the HAMP initiative.

A recent report by Institutional Risk Analytics (IRA) says Bank of America and Wells Fargo are two of the most sued financial service firms in the United States. IRA says that mortgage exposure is what is causing these two banks and others in similar situations to be embroiled in so many federal legal cases. In addition, the firm points to the added burden many of these companies are also facing in litigation that will not reach federal court, such as cases involving foreclosure practices.

Consumers' trust in America's financial system has increased significantly since the economic crisis culminated, according to a study conducted by the University of Chicago and Northwestern University's Kellogg School of Business. Researchers from the two schools found that nearly 26 percent of Americans have faith in the nation's financial system, up from 20 percent two years ago. While trust and confidence are steadily increasing overall, the study found lingering discontent toward mortgage lenders.