In response to the Federal Housing Administration's (FHA) capital woes in the last several years, the Government Accountability Office (GAO) revealed Thursday it considers the agency to be a ""high risk"" program ""due to [its] greater vulnerability to fraud, waste, abuse and mismanagement or the need for transformation."" In a 2013 update to its High-Risk Series, GAO noted that FHA's single-family loan insurance portfolio has grown from about $300 billion in 2007 to $1.1 trillion in 2012 as the agency continues to edge out the private sector.

United States Appraisals, a nationwide appraisal management company based in Kansas, named Richard Garrie as chief appraiser. Garrie has more than 17 years of residential valuation experience, including eight years as a branch manager for Forsythe Appraisals, LLC.

The federal judge who approved last year's National Mortgage Settlement between the government and the five largest servicers turned down Wells Fargo's claim that a federal lawsuit against the bank violates settlement terms. District Judge Rosemary Collyer wrote in her opinion that Wells Fargo took ""a leap of logic"" in its interpretation of several settlement provisions that would bar the government from bringing certain claims against the bank.

RE/MAX agents in the United States reported nearly 840,000 transaction sides last year--a 12 percent increase over 2011, the agency reported Tuesday. More notably, individual productivity within the RE/MAX network rose 15 percent to an average of 16.3 transaction sides per agent.

Months after filing a felony charge against Lorraine Brown, Michigan attorney general Bill Schuette announced the former DocX president has pleaded guilty to racketeering for her alleged role in the company's fraudulent signing practices. [IMAGE] According to a release from Schuette’s office, Brown pleaded guilty to one count of conducting criminal enterprises—a 20-year felony—before Kent County Circuit Court Judge Mark Trusock.

Freddie Mac's board has a new member. The company announced the election of Steven W. Kohlhagen, Ph.D. to its board of directors. Kohlhagen brings more than three decades of experience with him.

The company's data shows a total of 145,797 condos and houses were bought without mortgage financing in 2012, up from 125,812 in 2011 (the previous high) and 39,731 in 2007, when the housing market started to deflate. According to DataQuick president John Walsh, the increase in cash buying comes from high investor interest, a higher perceived return on investment, and a currently difficult mortgage environment.

Two U.S. senators reintroduced legislation designed to open up competition and limit barriers to refinance for qualified homeowners who are otherwise left without options. Senators Robert Menendez (D-New Jersey) and Barbara Boxer (D-California) reintroduced The Responsible Homeowner Refinancing Act of 2013, a bill that would allow homeowners to take advantage of low interest rates by reducing or removing certain refinance requirements.

Effectively immediately, Carrington is offering three-day turn times on conventional purchase loans and loans insured by the Federal Housing Administration (FHA). In addition, Carrington announced that it stands ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded.

Homebuyer interest got off to a strong start in 2013, according to Redfin's Real-Time Demand Pulse for February. The report, which reflects data for January, shows the number of Redfin customers requesting home tours rose 57.9 percent in January, up from 52.0 percent at the same time in 2012. January's monthly increase is a turnaround from December's slump, which saw a 7.0 percent decline in customers requesting tours.