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U.S., BofA Continue Fight in ‘Hustle’ Case

U.S., BofA Continue Fight in ‘Hustle’ Case

The ongoing legal battle between the U.S. government and Bank of America over the sale of soured loans to Fannie Mae and Freddie Mac before the financial meltdown continued last week as lawyers for the government argued against a motion to throw out a fraud verdict rendered against the bank.

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Florida Home Sales, Prices Keep Going Strong

Florida Home Sales, Prices Keep Going Strong

Florida Realtors released Monday its data on the state's housing market in August, reporting a 4.2 percent year-over-year rise in single-family home sales to a total of 21,594. "For several months now, stability and consistency are key trends we're seeing in Florida's housing market, as the state’s jobs outlook remains steady and the economy continues to grow," said Florida Realtors' president, Sherri Meadows.

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CFPB’s Maggiano Opens Up on Servicing Rules

CFPB’s Maggiano Opens Up on Servicing Rules

A recurring theme during many of the six labs at the Five Star Conference last week was compliance and how it has changed the mortgage industry in the last few years. Laurie Maggiano, program manager for servicing and secondary markets at the Consumer Financial Protection Bureau (CFPB), was on hand to discuss the world of mortgage servicing statutes for the "CFPB's National Servicing Standards—Update Session" section of the conference's Compliance Lab.

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Existing-Home Sales Fall as Investors Retreat

Existing-Home Sales Fall as Investors Retreat

According to transaction data from the National Association of Realtors (NAR), existing-home sales last month were at a seasonally adjusted annual rate of 5.05 million, a decrease of 1.8 percent from July's sales pace of 5.14 million and a drop of 5.3 percent compared to last year. The group's chief economist, Lawrence Yun, pinned August's slower pace to a decline in all-cash purchases made by investors.

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Growing Workforce Propelling Housing in Rust Belt

Growing Workforce Propelling Housing in Rust Belt

As the housing market continues to mend, analysts find the young-adult sector of the market is lagging. Some feel the lack of young first-time buyers is the main component holding the housing market back. However, this may not be the case everywhere. A burgeoning young, knowledge-based workforce is contributing to housing and overall economic growth in Pittsburgh and Cleveland, according to the latest Home Value Forecast from Pro Teck Valuation Services.

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New York Man Indicted for $146M Real Estate Fraud Scheme

New York Man Indicted for $146M Real Estate Fraud Scheme

Selim Zherka, a resident of Somers, New York, was arrested by federal agents on Thursday and charged with falsifying information to obtain loans totaling more than $146 million from three banks: North Fork Bank (now Capital One), Sovereign Bank (now Santander), and Signature Bank, according to an announcement from the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

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Leading Economic Index Slows from Summer Gains

Leading Economic Index Slows from Summer Gains

The Conference Board's Leading Economic Index (LEI) increased 0.2 percent last month to 103.8, half the increase expected by economists. The index grew 1.1 percent in July and 0.7 percent in June. "The LEI continued to rise in August, although at a slower rate than in July," said Ataman Ozyildirim, economist at the Conference Board. "Despite concerns about investment picking up, the economy should continue expanding at a moderate pace for the remainder of the year."

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