California Attorney General announced the arrest of Edwin G. Salazar, 34, of Downey, California and Michael Z. Zuniga, 41, of Fullerton, California, in a $1.3 million Ponzi scheme that targeted Latino investors, many of whom were seniors.

Secretary of Housing and Urban Development (HUD) Shaun Donovan and Federal Housing Administration (FHA) Commissioner Carol Galante announced in a press conference Friday FHA's program to sell mortgage loan pools to investors. The Distressed Asset Stabilization Program, designed to give homeowners with seriously delinquent loans a chance to avoid foreclosure, is an expansion of an earlier FHA pilot program that allows investors to purchase loan pools headed for foreclosure. Investors are then charged with the task of working to bring the loan out of default. The program starts in September 2012 with a sale of the loan pools.

Feelings about homeownership remain positive in the face of a diminished market, but an uncertain economy and increasing down payments are keeping Americans from making purchases, a report from Integra Realty Resources (IRR) said. Wednesday's report detailed results from an IRR-commissioned survey of non-homeowners ages 22-50 in 11 major markets. While 85 percent of potential buyers indicated that market conditions are favorable for purchasing a home, unemployment and job instability make many respondents reluctant or unable to buy a home.

Negative reports on the economy may be shaking up confidence, but Capital Economics released a report Friday stating that in their view, the foundations for a sustainable recovery are still in place. The employment situation in the U.S. and issues overseas such as the euro-zone crises are all taking a toll on the economy and consumer confidence. Yet, there are still reasons to make the argument that the recovery is not going to be derailed. Home sales and prices have increased, and mortgage affordability continues to be at an all-time high.

Field Asset Services (FAS) announced Thursday that the Loetta Arrington, senior VP of business development, has been selected to join the board of directors of the Women in Default Services (WinDS) Foundation.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) announced Thursday that a former investment fund manager pleaded guilty to federal fraud charges. SIGTARP issued a release stating that former fund manager John Farahi pleaded guilty on Thursday to four felony counts-mail fraud, loan fraud, selling unregistered securities, and conspiracy to obstruct justice. Farahi admitted to cheating investors out of millions of dollars by falsely promising to purchase corporate bonds backed by TARP.

Efficient Services Escrow Group (ESEG) announced Thursday the company's strategic alliance with Pelorus Equity Group (PEG). In a letter to PEG clients, ESEG president Danny Crenshaw explained that the partnership is a mutual venture to streamline the escrow and title service process and should result in a smoother and more efficient closing process.

Household net worth increased in the first quarter of 2012 due to gains in the stock market, while household debt declined, according to the U.S. Flow of Funds report released by the Federal Reserve. Household net worth, which is the difference between the value of a household's assets and liabilities, increased by about $2.8 trillion to $62.9 trillion compared to the previous quarter, the Fed reported. The value of real estate assets also improved, increasing by $425 billion, or 2.3 percent due to a 2.4 percent gain in home prices, according to analysis from IHS Global Insight.

Speaking before the Joint Economic Committee, Federal Reserve Chairman Ben Bernanke offered three guidelines for fiscal policymakers Thursday. The federal budget must be put on a sustainable long-run path, he said, adding that significantly tightening fiscal policy could impede the economic recovery. Bernanke called on Congress to ""promote a stronger economy in the medium and long term through the careful design of tax policies and spending programs."" The economy, according to Bernanke, is seeing a meager recovery.

The Systemic Risk Council, a volunteer group led by former FDIC chair Sheila Bair, will meet in June to monitor and encourage regulatory reform of U.S. capital markets focused on systemic risk. The council, formed by CFA Institute and The Pew Charitable Trusts, is an assembly of experts in investments, capital markets, and securities regulation.