Government

For aspiring blue bloods, escaping to Cape Cod is a must during the summer season, and while the real estate market in The Cape boasts classic, shingled architecture in abundance, one cool development in Provincetown, Massachusetts, is breaking with tradition.

First time claims for unemployment insurance rose to 3086,000 for the week ended June 9, from the prior week's 38,000, the Labor Department reported Thursday. Economists had expected the report would show 3795,000 initial claims.

In a letter filed Wednesday to FHFA, the Securities Industry and Financial Markets Association expressed its view that Fannie Mae and Freddie Mac should seek to align their operations as much as possible. The alignment would help set the stage and ease transition into the future for the GSEs, SIFMA suggests. Market performance shows a gap between the perceived and actual performance and liquidity of mortgage backed securities issued by the GSEs. The liquidity differential impacts the cost and efficiency of the GSE securitization process and the ability of the Enterprises to fund mortgage lending.

Public interest group Judicial Watch announced Tuesday that it filed a Freedom of Information Act lawsuit against the Consumer Financial Protection Bureau to obtain records detailing President Obama's "recess appointment" of CFPB director Richard Cordray. Judicial Watch, a group dedicated to investigating and fighting possible government corruption, says it submitted a FOIA request on January 12 to CFPB seeking access to records of communications between the bureau, the White House, the Executive Office of the President, the Treasury, and Congress concerning Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós appointment to his post.

In an exclusive interview with MReport Tuesday, Marc Savitt, president of the National Association of Independent Housing Professionals, divulged his intentions to call for the resignation of Raj Date from his post as deputy director of the Consumer Financial Protection Bureau. Following the interview, NAIHP released an official announcement calling for just that. We obtained comments from the consumer bureau countering criticism Date received for a speech Monday in which he faulted mortgage brokers for the housing crisis.

Mortgage applications jumped by 18 percent from the week earlier, riding a refinance wave to numbers not seen since 2009, according to the Mortgage Bankers Association. The trade group found that the Refinance Index climbed up by over 19 percent from the week before, reaching the highest level for an index since April 2009. The refinance share of mortgage activity soared to 79 percent of total volume. He added that loans refinanced through the Home Affordable Refinance Program steadied in recent weeks.

Michael C. Hall, whose famous for his portrayal of serial killer Dexter in the Showtime series of the same name, is braving the dangers of the Los Angeles housing market. Recently listing his Hollywood Hills home for $1.995 million, Hall is looking to unload his classic Hal Levitt-designed home.

Florida-based ISGN Corporation is welcoming a new CEO. The industry technology provider has appointed Ritesh Idnani to lead the company.

Michigan Attorney General Bill Schuette and State Treasurer Andy Dillon announced Tuesday that a federal judge granted preliminary approval to the state's proposed national class action lawsuit against Bear Stearns and Deloitte & Touche. Bear Stearns and Deloitte & Touche have agreed to settle the securities fraud suit. Under the terms of the settlement, the two firms will pay $294.9 million to investors nationwide who bought Bear Stearns stock and other equity securities and options between 2006 and 2008.

Sparking indignation in the mortgage broker community, Raj Date, deputy director of the Consumer Financial Protection Bureau, laid the bulk of the blame for the housing crisis on brokers during a speaking engagement Monday. His statements have led at least one industry trade group to call for his resignation. Marc Savitt, president of the National Association of Independent Housing Professionals, called Date's comments "outrageous." He said the group will call for the official's resignation this week.