Today’s News Synopsis:
Multiple lenders have been accused of discriminating against pregnant women. Freddie Mac said 30-year loan rates declined to 4.55%. Statistics from the Labor Department show jobless claims decreased 1.4% last week. Approximately 25% of homeowners who believe they are victims of a foreclosure rescue scam originate in California, according to the Homeownership Preservation Foundation.
In The News:
Washington Post – “HUD announces agreement on pregnancy suit” (6-2-11)
“Cornerstone will also create a $750,000 victims’ fund to compensate other borrowers who allegedly experienced discrimination because they were on pregnancy or maternity leave at the time they were applying for a loan, according to HUD.”
Los Angeles Times – “Home loan rates fall, but so does mortgage demand” (6-2-11)
“Freddie Mac said Thursday that the typical rate for a 30-year fixed-rate home loan declined to 4.55% this week from 4.60% a week earlier. Not since the week of Dec. 2, when the survey showed the 30-year mortgage at 4.46%, have rates in the survey been lower.”
Bloomberg - “Fed May Signal Balance Sheet Will Stay at Record to Counter U.S. Slowdown” (6-2-11)
“There’s a ‘strong possibility’ that the Federal Open Market Committee will say following the June 21-22 meeting that it will keep reinvesting proceeds from maturing debt for a while, said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. (JPM) in New York. Previously, the FOMC has said it will keep the benchmark interest rate near zero for an ‘extended period’ without a similar pledge about its balance sheet.”
Housing Wire – “Jobless claims inched down to 422,000 last week” (6-2-11)
“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended May 28 decreased about 1.4% to 422,000 from 428,000 the previous week, which was revised upward by 4,000 claims.”
Housing Wire – “Slight dip in CMBS delinquencies a temporary blip: Barclays” (6-2-11)
“According to Barclays, 30-day delinquencies in the CMBS space dropped to 9.8% in May from 9.9% in April. The research firm said this is the first decline in CMBS delinquencies witnessed since mid-2009.”
DSNews - “California Accounts for Nearly 25% of Suspect Foreclosure Rescue Scams” (6-2-11)
“Nearly one-quarter of calls from homeowners who believe they are victims of a foreclosure rescue scam originate in California, according to statistics released by the Homeownership Preservation Foundation (HPF), which operates a national hotline to direct homeowners to accredited counseling services.”
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