Headlines

Employment in the private sector rose in June at the highest rate in nearly two years, according to the ADP National Employment Report issued Wednesday for the month of June. By ADP's calculation, private sector employment rose by 281,000 new jobs created, surpassing most already optimistic projections.

Equifax announced more good news for the housing market on Wednesday, signaling that the broader United States economy may be on the rebound despite a disappointing first quarter 2014. In its latest National Consumer Credit Trends Report, the company reports that home finance write-offs year-to-date in May had to $43.5 billion, a decrease of more than 37 percent from the same point in time just one year ago.

One of the country's leading home price measures continued to push up in May, though gains have now slowed to a single-digit annual pace. CoreLogic reported an 8.8 percent year-over-year increase in its May Home Price Index (HPI), marking 27 straight months of annual improvement. As of the latest report, half of all states and the District of Columbia are now at or within 10 percent of their peak home price appreciation.

Four American communities are getting a facelift. HUD Secretary Shaun Donovan announced Monday that the department was awarding four cities a combined $119.7 million to redevelop and bring revitalization to blighted areas. The award is the latest extension of the department’s "Choice Neighborhoods Initiative," which attempts to take a comprehensive approach to struggling neighborhood revitalization.

Fay Servicing, a Chicago based diversified mortgage company, announced intentions to expand its portfolio by launching an REO division. Glenn Brooks has been selected to head up the new department, serving as Senior Vice President. In that role, Brooks will provide strategic direction and manage outside relationships vital the division’s success.

HSBC has reached a settlement with the federal government related to its failure, prior to 2011, to oversee the reasonableness of the third party foreclosure related fees that it submitted to the Federal Housing Administration (FHA) and the Fannie Mae for reimbursement. The servicer will pay a $10 Million penalty.

The National Association of Realtors lent its support to the Homeowners Armed with Knowledge pilot program but has concerns that it will not do enough to lower insurance premiums for homebuyers. FHA announced the program in May as part of its "Blueprint for Access," outlining additional steps that the agency is taking to expand access to credit for underserved potential borrowers.

The Office of the Inspector General (OIG) for the Federal Housing Finance Agency (FHFA) released a report Tuesday highlighting the risks associated with banks that have traditionally serviced mortgages backed by Fannie Mae or Freddie Mac selling the rights to service troubled mortgages to non-bank servicers that specialize in handling them.

U.S. Bank has agreed to pay the United States Government $200 million to settle claims that it violated the False Claims Act by knowingly originating and underwriting loans insured by the Federal Housing Administration (FHA), underneath the HUD umbrella, that did not meet underwriting requirements for eligibility.

The National Association of Realtors' Pending Home Sales Index (PHSI), which measures contract signings as an indicator of future sales figures, jumped 6.1 percent month-over-month to 103.9. It was the largest one-month increase since April 2010, when the index spiked 9.6 percent as first-time buyers moved to sign purchase contracts to qualify for the First-Time Homebuyer Tax Credit.