News

The Fed plans to fill the 15 seats on the CAC with a diverse group of experts who will represent consumer and community development organizations and interests, according to the announcement. Those organizations and interests will include affordable housing, community and economic development, small business, and asset and wealth building.

Two Republican lawmakers have written a letter to the Consumer Financial Protection Bureau director asking for the delay of the combined Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosure forms.

After a slight dip in December likely due to seasonality, REO sales once again had a 60 percent cash sales share for January, according to CoreLogic's January 2015 cash sales report released Thursday.

Lambert was instrumental in starting Treasury's Making Home Affordable Program (MHA) in 2009, which the government began in response to the devastating financial crisis of 2008 and to help families avoid foreclosure. She has continued to promote the program for the last six years, during which time MHA has helped more than one and a half million families.

The step of setting aside a portion of GSE profits for capitalization of a cash window would achieve the goal of reducing taxpayer risk through risk sharing while preserving full small lender access, according to the letter. CHLA first addressed the subject last year in a letter to FHFA last July.

FHFA alleges it suffered monumental losses when the sponsor of the mortgage-backed securities, Tokyo-based Nomura, and the securities' underwriter, Royal Bank of Scotland, did not follow underwriting guidelines on 68 percent of a sample of a bundle of securities backing more than $2 billion worth of mortgages sold to the GSEs prior to the financial crisis of 2008.

New Jersey-based RedVision, an independent, nationwide provider of real property title data, search examination, and curative-ready solutions, has appointed Amy Holder to the new executive role of New Jersey sales director and James Sandifer as VP of regional operations for the southeast and mid-Atlantic regions.

While the Bureau of Labor Statistics reported real wage growth of 22 cents year-over-year in February up to $10.54 per hour, researchers from the Federal Reserve Bank of Cleveland have conducted their own study and discovered that real compensation growth and real wage growth since the end of the recession are slower compared with other recoveries.

In a press statement, CFPB Director spoke out against such practices, saying, “Deceptive advertising has no place in the mortgage marketplace, and the Consumer Bureau will continue to take action against companies that mislead consumers with false claims of government affiliation."

Freddie Mac's April prediction for GDP growth of 2.6 percent is a slight decline from March's forecast of 2.8 amid disappointing incoming data from the first quarter and harsh winter weather. This did not put a damper on Freddie Mac's overall forecast for housing, however. In fact, the title of the report, "Great Expectations," indicated that analysts at Freddie Mac still believe 2015 will be the best year for housing since the pre-recession days.