Government

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.

Refinance volume under the Home Affordable Refinance Program (HARP) stayed strong in March even as mortgage rates rose, the Federal Housing Finance Agency (FHFA) reported Wednesday. In March, the GSEs refinanced close to 100,000 loans through HARP, bringing the program total since the 2009 inception to nearly 2.4 million, according to the FHFA. The program continued to provide relief to underwater borrowers, who accounted for nearly half of all HARP refinances in Q1.

When seeking a new home, minorities face subtle discrimination that could increase costs or prolong their home search, according to a report released Tuesday by the Department of Housing and Urban Development (HUD). While HUD's report reveals a downward trend in ""the most blatant forms of discrimination,"" such as refusing to meet with minority buyers, HUD found less obvious forms of discrimination persist. Among the types of discrimination studied, ""[m]ost important, minority homeseekers are told about and shown fewer homes and apartments than whites,"" HUD said.

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.

There's a mortgage debt ""overhang"" that threatens the health of the national economy, and one possible solution to the problem comes in the form of eminent domain, according to a new report authored by Robert Hockett. Of the roughly 11 million underwater mortgages, about 3 or 4 million are in default, foreclosure, or foreclosed and awaiting liquidation, the report, Paying Paul and Robbing No One: An Eminent Domain Solution for Underwater Mortgage Debt, found.

The number of job openings fell in April for the fourth time in the last five months as the number of people leaving their jobs jumped to the highest level since August, the Bureau of Labor Statistics (BLS) reported Tuesday. The number of persons unemployed for each job opening rose to 3.10, the first increase in that measure since February. At the same time, the JOLTS data showed hiring in the first four months of the year was up--albeit just 0.2 percent--from the same period in 2012.

The weekend saw more bad news from FDIC: the closure of a Tennessee bank, bringing the nation's year-to-date total to 16.

The key to a viable, accessible mortgage market lays in the structure of the secondary market, according to opinions expressed by the Center for American Progress, a policy think tank, and the National Council of La Raza, a Hispanic advocacy group. In a report, the two groups propose ways the secondary market can accomplish the goals of accessibility and affordability.

Reports of strong home price gains drove confidence in the housing market up to record levels in May, Fannie Mae reported. According to the GSE's May 2013 National Housing Survey, Americans expressed record confidence in price gains, with 55 percent--a survey high--saying they believe prices will go up in the next year. In addition, the average 12-month home price change expectation was 3.9 percent, the highest level in the survey's history and a leap over April's 2.7 percent forecast.

The pace at which home prices are rising should moderate later this year, with home prices forecast to rise by 8 percent this year then increase by another 4 percent in 2014, according to an analysis from Capital Economics. Although the research firm agrees with analysts who have warned recent home price gains are not sustainable, housing bubble concerns were described as ""premature."" Unlike other projections, the firm also doesn't expect to see a swift increase in mortgage rates over the next year.