Magazine

The South Carolina Board of Financial Institutions closed the five branches of Allendale County Bank, Fairfax, South Carolina on Friday. The FDIC was appointed as the receiver. To protect the depositors, an assumption agreement was made was made with Palmetto State Bank, Hampton, South Carolina.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced that Delio Coutinho pleaded guilty to conspiracy to commit wire fraud. The New Jersey-based Coutinho admitted to his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.

For three straight quarters, California foreclosure starts remain little changed, hovering at a level last seen in early 2006. According to a market study released by DataQuick, steady economic growth and higher home values are responsible for the steady pace of new foreclosures.

For four out of the last five months, single-family home sales have decreased in the Bay State. This trend is seen by some as a simple problem in availability. Timothy J. Warren Jr., CEO of The Warren Group said, "The low inventory of single-family homes in the market is the primary cause of the decreasing sales activity."

More good news has surfaced in the housing market, this time in Florida. According to Florida Realtors, the housing market reported higher median prices, more new listings, and a stable level of inventory in March. Closed sales of single-family homes statewide totaled 20,081 last month, up 2.8 percent from March last year.

The Federal Reserve Board announced the issuance of a Consent Order of Prohibition against Darryl Woods, the former president and chairmen of the board of directors of Calvert Financial Corporation. Woods also served as the former CFO and chairman of the board of directors of Mainstreet Bank.

According to the Colorado Division of Housing, the number of home loans paid off in Colorado fell 49 percent from the first quarter of 2013 to the first quarter of 2014. The report found that approximately 50,000 deeds of trust were released during Q1 2014, the lowest quarterly total recorded in any quarter since the division began collecting data in 2008.

The California Association of Realtors (CAR) reported 367,000 closed escrow sales of existing single-family detached homes, seasonally adjusted at an annualized rate. March marked the fifth straight month with sales below the 400,000 level, and the eighth month of declining sales on a year-over-year basis.

United Wholesale Mortgage (UWM), headquartered in Troy, Michigan, announced it has launched a new program called "Big & Easy Plus," designed for non-QM jumbo loans.

Southern California home sales quickened slightly in March compared to February but are far below average, according to a new report issued by DataQuick. The company reported that home sales were at the lowest levels for a March in six years.