Government

Treasury, HUD, and the Ad Council are reaching out to struggling homeowners with a message of hope. On Wednesday, the groups announced the launch of the third and final phase of their Foreclosure Prevention Assistance Public Service Advertising (PSA) Campaign. With data showing nearly one in 14 homeowners knows what it means to be behind on a mortgage payment, the campaign aims to identify those struggling homeowners and educate them about the free resources available to help prevent foreclosure.

The Treasury announced Tuesday it will sell the remainder of its shares of American International Group, Inc. common stock. The move brings Treasury's stake in the company to an end. After the offering, Treasury will still hold warrants to purchase about 2.7 million shares of AIG common stock. Together, Treasury and the Federal Reserve invested $182.3 billion to stabilize the failing insurance behemoth in September 2008 at the start of the financial crisis.

The Consumer Financial Protection Bureau (CFPB) put a stop to two companies it believes took part in mortgage modification scams that cheated thousands struggling homeowners. The CFPB alleges Gordon Law Firm and the National Legal Help Center amassed more than $10 million after charging consumers for services that falsely promised to stop foreclosures or provide modifications.

After four and a half years, the National Foreclosure Mitigation Counseling (NFMC) program has assisted 1.5 million at-risk homeowners, according to a NeighborWorks America report. Consumers who received mortgage modification assistance from NFMC saw their monthly payments decrease by an average of $176 more per month compared to non-NFMC clients. In addition, homeowners who sought assistance from NFMC were nearly twice as likely to receive a modification.

Edward DeMarco's days directing the Federal Housing Finance Agency (FHFA) may be numbered, according to a report from The Wall Street Journal. ""People familiar with the discussions"" told The Wall Street Journal the White House is preparing to nominate a new director. According to those sources, administration officials are still in the process of gathering names for potential nominees.

The Federal Housing Finance Agency (FHFA) isn't doing enough to monitor compensation for senior professionals at Fannie Mae and Freddie Mac, the Office of the Inspector General (FHFA-OIG) suggests in a new report. While the FHFA has increased its monitoring on executive pay, its oversight of non-executive compensation has been relatively limited, according to the report. For example, payment for executives was brought down from 2010 to 2011, but compensation for senior professionals actually increased in those years.

A Los Angeles jury ruled that three former IndyMac Bank officers must pay $169 million in damages to the FDIC for making negligent loans to homebuilders, according to a report from Bloomberg.

With about one-third of the American population residing in rental housing with climbing rents even despite largely stagnant incomes, the Center for American Progress argues for continued participation of the federal government in the multifamily housing market. Specifically, the organization supports a federal guarantee on multifamily mortgages. CAP says the Federal Housing Finance Agency ""appears poised to pursue plans to privatize the multifamily mortgage market."" However, CAP says doing so would ""be a big mistake.""

Freddie Mac made suggestions on what housing might look like in 2013 in its December outlook report. Overall, the GSE expects to see a continuation of positive trends. For one, property values should still rise into the next year and are likely to increase by 2 to 3 percent, Freddie Mac reported. The market should also see more households, with household formation expected to expand from a net 1.20 million to 1.25 million households.

Consumers' perceptions of housing and the economy are growing more and more positive, according to responses in Fannie Mae's November 2012 National Housing Survey. Attitudes about the current selling environment continue to improve, with 23 percent of respondents saying now is a good time to sell a home, the highest percentage since the survey began in 2010.