Government

The Federal Housing Finance Agency (FHFA) released its monthly House Price Index (HPI) for February, revealing continued growth even as winter weather slowed the market. The broad measure of the movement of single-family home prices in this purchase-only index went up by 0.6 percent, according to FHFA, and with the exception of November 2013, marked nearly two straight years of increases.

Lenders closed on a greater share of mortgages last month compared to February—and they did it at a faster pace, according to mortgage software provider Ellie Mae. The company’s latest Origination Insight Report, released this week, shows that out of a sampling of loan applications initiated 90 days prior to March, 58 percent closed last month. That rate is up from 55.3 percent in February and from the 2013 average of 54 percent.

Secured loans, or advances, from the Federal Home Loan Banks system to lenders dried up significantly after the market crash of 2008, when the loans peaked at about $1 trillion. But since then, advances have risen to $492 billion, largely due to a flood of secured loans to the system's four largest members—JPMorgan Chase, Wells Fargo, Bank of America, and Citibank. These lenders accounted for $135 billion of the contributions through 2013.

Matt Hunoval, founder of the Charlotte-based Hunoval Law firm, has been appointed by Governor Pat McCrory to serve as a member of North Carolina’s State Banking Commission.

Four California men have been indicted on federal charges of conspiracy, bank fraud, wire fraud, and more in a case relating to the collapse of the Sonoma Valley Bank in August 2010. According to a release from the Special Inspector General for the Troubled Asset Relief Program, the accused allegedly "skirted the bank's internal controls and defrauded Sonoma Valley Bank by authorizing the bank to lend $9.5 million to a straw purchaser."

While small bankers have expressed concerns that increased regulations may hurt profit margins and make them more susceptible to buyouts, data from a new FDIC study argues otherwise. The study looked at bank trends from 1985 to 2013, and found "the recent uptick in the rate of consolidation is attributable to factors that are likely to subside once the effects of the crisis are fully behind us."

In a testimony given in front of the House Financial Services Committee this week, OCC chief counsel Amy Friend addressed frustrations stemming from regulatory burdens on community banks banks. Friend's testimony offered a conciliatory nod to the plight of smaller banks while noting particular ways the OCC addresses smaller bank's particular grievances with the Dodd-Frank Act.

The government renewed its support for homeless assistance programs across the United States with the awarding of $1.6 billion in grants. President Obama’s 2015 budget seeks $2.4 billion for Homeless Assistance Grants, an increase of $480 million above the 2012 enacted level. As budgetary battles continue to shape policy in Washington, HUD Secretary Shaun Donovan urges lawmakers to approve the full funding so local providers can move forward.

An audit of the Consumer Financial Protection Bureau's (CFPB) operational efficiency found the agency is lacking when it comes to the execution of its supervisory activities. In a report, the Office of the Inspector General for the Federal Reserve System says CFPB could improve in three areas: reporting timelines, standard compliance rating definitions, and examination reporting policies.

The Department of Labor reported 192,000 new jobs in March, down slightly from February’s revised growth of 197,000 (from 175,000 originally reported). January’s employment growth was also revised, receiving a bump up to 144,000 from 129,000 reported last month. Despite last month’s apparent strength, the overall unemployment rate stubbornly stayed at 6.7 percent.