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DS News Webcast: Friday 7/24/2015

Stronger-than-expected economic activity for the second quarter will drive accelerated economic growth for the second half of 2015, according to the July 2015 Economic Outlook released Thursday by Fannie Mae's Economic & Strategic Research Group. Despite volatile economic conditions overseas that could pose headwinds to the U.S. economy, the ESR Group's estimate for full-year economic growth in July is an annualized rate of 2.1 percent, up from June's forecast of 1.9 percent.

Fannie Mae expects the economy to pick up to an annualized rate of 2.8 percent in Q2, which is 0.4 percentage points higher than the June estimate. Fannie Mae Chief Economist Doug Duncan said the Enterprise's housing outlook is largely unchanged in the July forecast, with leading housing indicators such as housing starts, mortgage rates, single-family home sales, existing home sales, and single-family mortgage originations pointing to continued improvement into the summer.

The U.S. government has filed an opposition to Bank of America's appeal to dismiss a 1.27 billion penalty in a mortgage fraud case. Bank of America was ordered to pay the penalty in July 2014 as a result of the bank's alleged role in selling toxic mortgage-backed securities to Fannie Mae and Freddie Mac before the crisis. Bank of America has been fighting to have the verdict overturned ever since, filing its latest appeal in April.

About Author: Jordan Funderburk

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