A new concept paper from the Mortgage Bankers Association (MBA) calls for the alignment of underwriting standards and clear representations of warranties as a major step in secondary market reform. In the paper, MBA suggests that FHFA set the parameters for acceptable underwriting criteria by both Fannie Mae and Freddie Mac and then allow them to offer credit terms within that boundary. In addition, MBA calls for greater clarity in both of the GSEs' representations and warranties framework.

Mortgage rates eased off a bit this week as the markets awaited word from the Federal Reserve on potential changes to its monetary policy. The 30-year fixed-rate mortgage (FRM) averaged 3.93 percent (0.8 point) for the week ending June 20, according to Freddie Mac's Primary Mortgage Market Survey--down from 3.98 percent the week before. Last year at this time, the 30-year FRM averaged 3.66 percent. The 15-year FRM averaged 3.04 percent (0.7 point), down from 3.10 percent the prior week.

Dykema, a leading national law firm, announced that Luke Sosnicki has joined its Los Angeles office as senior counsel.

After staging a turnaround last year, the housing market is continuing on the road to stabilization in 2013, RE/MAX said in its National Housing Report for May. Of the 52 metros surveyed last month, 45 reported higher sales than May 2012, with 30 posting double-digit gains. For all homes sold in May, the median price was $185,000, a 4.2 percent gain over April and a 10.8 percent increase over May 2012. Reduced inventory continues to be a concern, however, though recent monthly changes have been promising.

The recovery should pick up the pace as it heads into the year's second half, according to Fannie Mae's Economic & Strategic Research Group. Based on data for Q1 and predicted numbers for Q2, Fannie Mae expects gross domestic product (GDP) to grow at an average 1.8 percent for the first half of the year. GDP growth is then expected to push past 2.5 percent in 2014, ""boosted largely by tailwinds from the strengthening housing market,"" said Doug Duncan, chief economist for Fannie Mae.

Mortgage Master, one of the nation's largest privately owned mortgage companies, announced the opening of a new retail branch location to serve Connecticut's Greater Hartford area.

While the number of for-sale listings nationwide remains down from last year, June saw a promising lift compared to the start of this year, Zillow revealed in a new report. The overall number of listings on Zillow was down 12.2 percent year-over-year at the start of June, an improvement from the 17.5 percent shortfall recorded in January--in other words, Zillow explained, the inventory of for-sale homes has improved 5.3 percentage points year-to-date. Overall, annual inventory levels improved in June compared to January in 70 metros.

Mortgage rates continued to climb this week, but the near-term future is going to depend on how the Federal Reserve reacts. According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.98 percent (0.7 point) for the week ending June 13, up from 3.91 percent last week. Last year at this time, the 30-year FRM averaged 3.71 percent. The 15-year FRM this week averaged 3.10 percent (0.7 point), up from 3.03 percent in the last survey.

While a new bill proposing the liquidation of the GSEs might have investors unsure about their future, analysts at Barclays insist there is little to worry about for the time being. The bill, authored by Sens. Bob Corker and Mark Warner (D-Virginia) and titled the ""Secondary Mortgage Market Reform Act of 2013,"" represents a major bipartisan step for housing finance reform. According to a discussion draft obtained by Bloomberg, the legislation would liquidate Fannie Mae and Freddie Mac within five years of its passage.

Americans are experiencing significantly fewer financial troubles than they were a month ago, according to the latest index from Consumer Reports. The Consumer Reports Trouble Tracker Index, which measures the proportion of consumers that have faced financial difficulties and the number of events they've encountered, fell sharply from 41.7 in the last report to 34.0--the lowest level since the measure was created.