State

The office of the Special Inspector General for the Troubled Asset Relief Program announced that Jesse Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc. was sentenced today to 24 months in federal prison and ordered to pay a $1.75 million dollar fine in connection to his conviction for defrauding consumers trading in residential mortgage backed securities.

In a positive sign for the housing market, RealtyTrac reported Thursday a decrease nationwide in homes that were classified as “seriously underwater”, down to 9.1 million homes in the second quarter of 2014, representing 17.2 percent of all homes nationwide. The number is a decrease from the 17.4 percent of underwater homes recorded in the first quarter

The Supreme Court of Rhode Island continued the recent trend nationwide of affirming the legitimacy of Mortgage Electronic Information Systems’ (MERS) role as mortgagee, including its authority to assign a mortgage.

In a town hall style meeting in Chicago Tuesday, Mel Watt, Director of the Federal Housing Finance Agency, blamed fear of being taken in by a scam for eligible homeowner’s reluctance to take advantage of the Home Affordable Refinance program.

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.

The government of New York is taking further steps to try to stem the tide of foreclosures that still lingers in the Empire State today. New York Attorney General Eric T. Schneiderman announced the launch of the New York State Mortgage Assistance Program, or NYS MAP, which will provide targeted small loans to families with the aim of helping them avoid foreclosure.

HUD announced the latest development in its effort to crack down on discriminatory housing practices Thursday. The department reached a settlement agreement in cooperation with the Connecticut Fair Housing Center (CFHC) with respondents Lil-1 Associates, AllPoints Realty and realtor Lillian Polak stemming from allegations that they published discriminatory listings and advertisements for condominiums stating that children were not permitted in the units, in violation of federal law.

The U.S. Department of Housing and Urban Development (HUD) announced that it has settled with Utah-based Mountain America Credit Union allegations of discrimination against prospective borrowers on maternity leave. Mountain American Credit Union is the second largest credit union in Utah and the 35th largest credit union in the United States.

Higher home values have continued to fuel more equity home sales, making up more than 80 percent of all home sales for the past 11 consecutive months, according to the California Association of Realtors (CAR). The group noted that pending home sales receded slightly in May, as investors pulled out of the market due to higher home prices.

The U.S. Department of Housing and Urban Development (HUD) announced that Brotman Enterprise, LLC will pay $25,000 as part of an agreement resolving allegations of discrimination. The Philadelphia-area real estate company settled with HUD as part of a Conciliation Agreement.