The Office of Mortgage Settlement Oversight continues to evolve as the monitor, a widely respected banking and housing finance chief, takes on new help from accounting and legal firms. Joseph A. Smith, Jr., onetime Federal Housing Finance Agency director-nominee, now responsible for overseeing servicer compliance under the $25 billion settlement, revealed Monday that BDO USA, LLP, would serve as the Raleigh, North Carolina-based office's eyes and ears. He spoke with MReport about the firm Wednesday.

The June 6 edition of HVF's ""Lessons from the Data"" showed that rent-to-value ratios, also called rental yields, tend to be highest in areas with elastic markets, such as Las Vegas. In areas of the city where the ease of adding new housing keeps home prices low, rental yields in certain neighborhoods climbed to 14 percent or higher. On the other hand, areas with restrained housing markets (like many neighborhoods in the New York metro) see yields lower than 2 percent.

The economy expanded at a modest to moderate pace from early April to the end of May, the Federal Reserve reported Wednesday in its periodic Beige Book. The assessment reflected a weakening from the report in April when the expansion was characterized as moderate. Economic outlooks, according to the report, ""remain positive, but contacts were slightly more guarded in their optimism."" Activity in the New York, Cleveland, Atlanta, Chicago, Kansas City, Dallas, and San Francisco districts was described as moderate, while the Richmond, St. Louis, and Minneapolis districts noted modest growth.

WFG National Title Insurance Company announced Monday the promotion of A. Roger Blauvelt to VP of its National Agency Underwriting Counsel.

The survey, released Wednesday, revealed that more than 83 percent of 2009-2010 homebuyers believe owning a home is still an integral part of the American Dream. Furthermore, 88.7 percent of respondents said they were happy with their purchases, citing a multitude of reasons such as the ""stability of owning [their] own property,"" the relief of ""getting away from renting,"" and ""having a yard and a real 'neighborhood feel,'"" to name a few.

Purchasing foreclosures also means discounts, but with the markdown is the price of repairs. According to RealtyTrac, foreclosures or REOs sold at an average discount of 27 percent compared to non-distressed properties in the first quarter of 2012. Through an FHA 203(k) loan, potential buyers who want to purchase a discounted foreclosure but don't have cash for the repairs may find a way to receive financing.

Gerner & Kearns Co., L.P.A. announced Tuesday its new branding of Gerner Law and the launch of its new website. The Gerner Law umbrella houses David Gerner's various business entities, including Gerner & Kearns, PRISM Title & Closing Services, Turnkey Asset Management Solutions, and Strategic Recovery Solutions.

Capsilon announced Wednesday that the company has been issued a patent for specific Capsilon systems and methods for intelligent paperless document management.

The board of directors for Fannie Mae announced Tuesday the appointment of Timothy J. Mayopoulos, 53, as president and CEO beginning June 18. Mayopoulos will replace current chief executive Michael J. Williams, who announced his resignation in January. Currently, Mayopoulos serves as EVP, chief administrative officer, and general counsel for Fannie. He has spent more than 25 years in the financial services sector, holding senior-level posts with Bank of America, Deutsche Bank, and Credit Suisse First Boston.

NeighborWorks America, a congressionally chartered nonprofit corporation, announced Monday the launch of the NeighborWorks Alliance of Texas, an agreement between 13 regional housing organizations dedicated to expanding and preserving housing opportunities for Texans.