The International Monetary Fund (IMF) released a report this week that estimates U.S. banks will lose another $550 billion in the value of their holdings over the next two years as a result of the financial crisis.

Existing-home sales slipped in March, after exhibiting a hopeful rise the month prior, according to data released Thursday by the National Association of Realtors (NAR). The association did note however, that the market is starting to see a pick-up in activity from first-time buyers based on transactions even before the federal tax credit became available, which leads NAR to expect a prominent increase in sales from this market segment in the coming months.

There’s plenty of blame to go around for America’s subprime mortgage crisis, but according to a researcher at the Ross School of Business in Ann Arbor, Michigan, the types of data banks used to evaluate risk may be the culprit for its proliferation.

The Pennsylvania Department of Banking recently ordered four out-of-state mortgage modification companies to stop engaging in unlicensed activity in the state. The department issued cease and desist orders against Consumer Loan Modification of Arizona, U.

According to new research by Standard & Poor’s released this week, $250 billion of securitized mortgages are presently in bankruptcy, foreclosure, or REO, and the company says the performance of private-label securities – those that banks keep on their books – are expected to decline even further.

First American Title Insurance Company announced this week that John D. Markunas has joined the company as VP of international business development. In this new position, Markunas will be responsible for business development in Latin America and will concentrate on opening the title insurance market in Brazil.

The city of Detroit has implemented a new vacant property procedure that allows city inspectors to board up vacant, foreclosed homes at the cost of the property owner. The city says the ordinance is intended to secure and protect vacant properties for the safety of the community.

Cambridge Realty Capital Companies says it processed 19.5 percent fewer loan requests during the first quarter of 2009 than it did for the same period last year. The Chicago-based firm is a real estate investment banker for senior housing owners, lenders, and investors, with three distinct business units: Federal Housing Administration (FHA) insured HUD loans, conventional financing, and investments and acquisitions.

Fannie Mae’s newly appointed president and CEO Michael J. Williams recruited three former bank executives to fill key management positions this week. To round out the company’s leadership team, Williams has hired Timothy J.

The House Financial Services Committee held its final hearing Thursday on mortgage reform. The committee plans to vote on the bill next week and send it to the full House for approval soon after. Committee leaders say the legislation is needed to prevent those practices that led to the nation’s mortgage meltdown and financial crisis from being repeated.