Citigroup reported a net income of $4.2 billion in Q2. The bank's earnings represent a 42 percent increase over Q2 2012's estimated $2.9 billion. According to Citi's quarterly earnings filing, the increase was driven by the higher revenues and lower net credit losses, which were partially offset by higher legal and related costs, a lower loan loss reserve release and a higher effective tax rate.

The Index of Consumer Sentiment, published by the University of Michigan and Thomson Reuters twice each month (one preliminary reading and one final reading), dropped to 83.9 from June's final value of 84.1. The median forecast among economists surveyed by Bloomberg was 84.7.

Solidifi, one of the country's largest independent residential real estate appraisal providers, announced the launch of its EXTRAordinary Appraiser Program.

Wells Fargo reported record net income of $5.5 billion for the second quarter, up from $5.2 billion in Q1 and $4.6 billion in Q2 2012. For the first six months of the year, net income was a record $10.7 billion compared to $8.9 billion last year. Credit performance was also improved, according to chief risk officer Mike Loughlin. Credit losses were $1.2 billion in Q2 2013, a decline of $1 billion year-over-year. Meanwhile, JPMorgan reported net income of $6.5 billion for Q2, beating last year's $5.0 billion but falling just short of the first quarter.

Rick Sharga has departed Carrington Mortgage Holdings to serve as EVP for Auction.com, the online real estate marketplace announced in a release. From his office in Auction.com's Irvine, California headquarters, Sharga will serve as the company's chief spokesman on topics related to the U.S. housing market, mortgage market, commercial real estate, and international real estate.

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.51 percent (0.8 point) for the week ending July 11, up from 4.29 percent last week and almost a full percentage point higher than the same week last year (3.56 percent). The 15-year FRM averaged 3.53 percent (0.8 point), up from 3.39 percent previously. Meanwhile, Bankrate.com's weekly national survey saw mortgage rates rising to their highest level in the last two years. The 30-year fixed averaged 4.66 percent this week.

The Federal Housing Finance Agency (FHFA) is facing a lawsuit from a housing group for allegedly failing to uphold the GSEs' obligations to make contributions to a housing trust fund. The National Low Income Housing Coalition announced the suit Tuesday. According to the group, Fannie Mae and Freddie Mac have not met their requirements to pay into the National Housing Trust Fund. Law requires the enterprises to transfer a portion of the value of their new business into the fund, though it was suspended in 2008.

In Florida, Lender Processing Services, Inc. (LPS), announced that Vicki Vidal has joined the company as SVP of product management for its Servicing Solutions and Technology division.

According to Consumer Reports Index, Americans are facing significantly more financial troubles than in June. One index, the Trouble Tracker, climbed more than five points to 39.2 in July, ""an increase that was entirely fueled by an epic 23.3-point jump among those households earning $100,000 or more,"" the organization said. The tracker measures the proportion of consumers that have faced difficulties and the number of negative events they have encountered. Negative events include a missed mortgage payment and home foreclosure.

The National Association of Home Builders' (NAHB) Improving Markets Index (IMI) continued to elude any trends in July, slipping a bit after last month's increase. According to the association, a total of 255 metro areas made the list for July, down from 263 in June. The index improved for seven straight months before declining in April and May--only to turn around again at the start of summer. While July's report showed a decline month-over-month, the number of markets on the index was more than triple that of July 2012.