The nation added 80,000 jobs in June, making job growth in the second quarter 225,000 - the weakest quarterly gain in jobs since the third quarter of 2010 when the economy lost 136,000 jobs. The closely watched unemployment rate remained at 8.2 percent, unchanged from May.
Read More »OCC Reports on Risks Banks Are Facing
In a report released by the OCC Thursday, the banking industry's levels of capital and allowance for loan losses were described as robust and of higher quality, but banks of all sizes are still facing specific risks as they adjust to aftershocks following the financial crises. The main risks the OCC said banks are facing include the effects of a weak housing market, revenue challenges related to slow economic growth and market volatility, and the potential that banks may take excessive risks to improve profitability.
Read More »Report: Countrywide Used ‘VIP’ Loan Deals to Influence Lawmakers
Lawmakers released a damning report Thursday that found Countrywide Mortgage deployed 17,979 loans to peddle influence with elected officials, stall GSE reform, and solicit exclusive access for Fannie Mae and the ultimately doomed mortgage unit over the course of more than a decade. The 136-page report ties off an investigation into the so-called ""Friends of Angelo"" circle that in some cases allegedly supplied mortgages free of upfront fees, origination points, and default penalties to influential insiders and power-brokers.
Read More »Rasmus Real Estate Co-founder Ranks Second in Transactions
Rasmus Real Estate Group announced that co-founder Jude Rasmus earned a second-place spot on the Wall Street Journal/REAL Trend list of top real estate professionals by transaction sides.
Read More »FAS Exiting Out of Contract with GSE due to Lack of Profitability
Field Asset Services (FAS) has decided to transition out of a large property services agreement with a government sponsored entity (GSE), FirstService Corporation announced in a release Thursday.
Read More »Rhode Island Decisions Uphold MERS’ Role
The Rhode Island Superior Court rejected challenges to Mortgage Electronic Registrations Systems, Inc. and other defendants' authority to hold, assign, or foreclose. Justice Allen P. Rubine issued eight decisions from April to June that dismissed wrongful foreclosure and other claims against the corporation.
Read More »Two Join Senior Staff at Blackhawk Consulting
Blackhawk Consulting announced the addition of Adam Moysaekno and Mark Woodling as senior staff in the firm's Dallas office.
Read More »The Aftermath of the Barclays Scandal
Barclays was rocked when it was found that the bank's agents had manipulated the London Interbank Offered Rate (LIBOR) starting as early as 2007. The bank was fined hundreds of millions by British and U.S. authorities. As a result, a number of key figures have stepped down while Barclays prepares to launch a third party-led investigation into its practices. The news gets worse for the bank, however.
Read More »RE/MAX Results Named to Star Tribune 100 Top Workplaces
The Star Tribune 100 Top Workplaces named RE/MAX results third overall for large companies for cutting-edge innovation and technology, according to a company release.
Read More »Gains in Asking Prices Threatened by Foreclosures, Rent Up Again: Trulia
After falling flat in May, asking prices went up in June, and rent prices continued to see significant increases, according to Trulia reports released Tuesday. Asking prices on listed homes made a 0.3 percent month-over-month and year-over-year increase in June, according to Trulia's price monitor. Phoenix and two Florida metros posted double digit gains, but Trulia warned that some of the top performing metros are facing another wave of foreclosures.
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