In an effort to create a program to empower minority and women-owned business enterprises (MWBEs), Citi and the Foundation for Small Business Development joined Karen G. Mills, Administrator of the U.S. Small Business Association, to launch the Partnership for Small Business Development.

New York Attorney General Eric T. Schneiderman announced a $4 million settlement with a New York foreclosure law firm due to abuses in its foreclosure-related legal work. Founder of the firm Steven J. Baum, managing partner Brian Kumiega, Pillar Processing are required to pay $4 million to the state of New York. Baum and Kumiega are also barred from handling new foreclosure-related cases for two years. Before shutting most its operations on or about December 31, 2011, the firm was largest foreclosure defense firm in New York, and represented large mortgage servicers including Wells Fargo, JPMorgan Chase, Bank of America, HSBC, and Citibank.

Moving along side higher yields on bonds, mortgage rates continued to climb upwards, with the 30-year fixed-rate mortgage above the 4 percent benchmark for the first time since October 27, 2011, according Freddie Mac's Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 4.08 percent for the week ending March 22. Frank Nothaft, chief economist for Freddie Mac, attributed an improving assessment of the state of the economy by the Fed, better than expected results of the bank stress tests, and the likelihood of a second bailout for Greece as reasons for higher bond yields.

First time claims for unemployment insurance fell 5,000 to 348,000, a four-year low in the week ended March 17 and the second straight weekly decline, the Labor Department reported Thursday. Data for the prior week was revised upward, to 353,000 from 351,000, making the decline larger. The last time initial claims fell below 350,000 was in April 2008. Continuing claims, reported on a one-week lag, also fell, dropping 9,000 to 3,352,000 for the week ended March 10, after dropping 63,000 one week earlier. Continuing claims reflect the other part of the employment picture, hinting at hiring.

The current rate at which mortgage borrowers are falling into serious delinquency closely matches the rate of distressed sales - short sales and REO sales - according to CoreLogic's latest report released Wednesday. While distressed sales are keeping the shadow inventory from growing, the quantity on record is not yet decreasing. In fact, today's shadow inventory mirrors that recorded in January 2009, though there have been 3 million distressed sales since that date.

An alarming number of homeowners see strategic default as a viable option should their home continue to depreciate. Almost half - 47 percent - of homeowners participating in an online poll from Housing Predictor say they will walk away from their mortgage if falling home values persist. The number of borrowers open to strategic default has risen sharply since the company last surveyed public opinion on the issue. In October 2010, 36 percent of homeowners polled said they would throw in the towel should housing prices continue to drop.

Mobile Business Concepts (MBC) and Reliance Field Services (RFS) struck a technology agreement for the creation of an app to increase the efficiency of RFS contractors as they send and receive work orders. MBC is designing a company specific app called RFS Connect that will give RFS property preservation field workers the ability to take date/time stamped photos and fill out and send company specific forms through their iPhone, iPad or Android device while at the assigned property rather than waiting to send documents at the end of business day.

Weltman, Weinberg and Reis Co. brought a new associate on board to its Ft. Lauderdale office. Ana Cosculluela practices in the real estate default group with a focus on real estate title and closing services. Cosculluela's specialties include residential and commercial real estate acquisition and financing, title insurance, corporate law, and foreclosure and commercial litigation.

The number of delinquent mortgages continued declining into February based on comparisons for both the prior month and year, according to data from Lender Processing Services (LPS). The delinquency rate, which consists of loans at least 30 or more days past due but not in foreclosure, dropped 5 percent on a month-over-month basis, and 14 percent compared to the same time last year in February. Overall, 5,846,000 properties were either 30 or more days delinquent or in foreclosure in February.

Existing-home sales fell in February from an upwardly revised January sales pace, the National Association of Realtors (NAR) reported Wednesday. February sales - completed transactions - were down 0.9 percent from January to a seasonally adjusted annual rate of 4.59 million. January's total was revised up to 4.63 million from 4.57 million. The February 2012 sales pace was up 8.8 percent from February 2011. The median price of an existing home in February was $156,600, up 0.1 percent from the previous month and up 0.3 percent from February 2011. The month-over-month price increase was the first since last June.