Government

Two law firms have joined to file a class action lawsuit against the United States government, alleging it violated the Fifth Amendment when it took the GSEs into conservatorship.

First Guaranty Mortgage Corp. (FGMC) announced it has added a division in its Third Party Originator (TPO) created to focus on United States Department of Agriculture (USDA) Rural Housing Program loans as well as manufactured housing loans under Federal Housing Administration (FHA), Veterans Affairs (VA), and conventional loan programs.

A majority of people applying for mortgage loans online are applying during work hours, according to a recent survey by MortgageMarvel.com.

While a new bill proposing the liquidation of the GSEs might have investors unsure about their future, analysts at Barclays insist there is little to worry about for the time being. The bill, authored by Sens. Bob Corker (R-Tennessee) and Mark Warner (D-Virginia) and titled the "Secondary Mortgage Market Reform Act of 2013," represents a major bipartisan step for housing finance reform. However, the team at Barclays believes the legislation may not go anywhere in its current form.

Redfin agents reported 69.5 percent of offers written in May faced competition, a decrease from 73.3 percent in April.

DataQuick, a real estate solutions provider, announced the promotion of Rich Kuegler to SVP of branch production for DataQuick Title (formerly Rels Title).

Out of San Diego, BankersLab announced the launch of Bank-it: Credit Edition, the latest in its suite of mobile learning apps for retail lending professionals.

The Consumer Reports Trouble Tracker Index, which measures the proportion of consumers that have faced financial difficulties and the number of events they've encountered, fell sharply from 41.7 in the last report to 34.0--the lowest level since the measure was created. As of the latest report, the tracker has fallen more than 50 percent from its reading of 68.7 in September 2009. At the same time, the index's employment measures showed job gains outpacing losses for the third straight month.

The number of job openings fell in April for the fourth time in the last five months as the number of people leaving their jobs jumped to the highest level since August, the Bureau of Labor Statistics (BLS) reported Tuesday in its month Job Openings and Labor Turnover Survey (JOLTS). According to the JOLTS report, the number of persons unemployed for each job opening rose to 3.10, the first increase in that measure since February. The number of unemployed per job opening fell sharply in the construction industry to 7.7.

The pace at which home prices are rising should moderate later this year, according to an analysis from Capital Economics.