Government

In a study the first of its kinds, the U.S. Fish and Wildlife Service reported Wednesday in urban areas across three regions of the country owning a home near a national wildlife refuge increases home value and helps support the surrounding community's tax base. The survey, conducted by economic researches at the University of North Carolina, found three regions that showed a home value increase: 7 percent to 9 percent in the Southeast, 4 percent to 5 percent in the Northeast, and 3 percent to 6 percent in California and Nevada. Tourism to the refuges also plays a role in in the increase.

In what the head of the Consumer Financial Protection Bureau called an important step in the development of our nonbank supervision program, the CFPB officially proposed a rule last week to establish procedures for the bureau's supervision of nonbank financial entities. The Dodd-Frank Act grants the CFPB authority to supervise a nonbank that "it has reasonable cause to determine is posing a risk to consumers based on complaints or other information it receives."

David H. Stevens, president and CEO of the Mortgage Bankers Association is leaving his post to assume the role of president of SunTrust Mortgage. Stevens will leave his current position June 30 and assume his new position at SunTrust July 16.

The Pending Home Sales Index gave back its entire March increase in April, falling to 95.5 from 101.1 one month earlier, the National Association of Realtors reported Wednesday. The March index was revised downward from the originally reported 101.4 adding to the gloomy report. Economists had expected the Index to increase 0.5 percent from March. Even with the decline though, the index is up 14.4 percent since April 2011, but is now at its lowest level since December, dampening expectations.

Investors helped keep interest rates for mortgage loans in record-low territory this week, as European Union leaders grappled with lurking debt crises in Spain and Italy. Real estate Web site Zillow recorded the 30-year fixed-rate mortgage at 3.6 percent, just above an all-time low of 3.59 percent set two weeks before. Rates for 15-year loans averaged 2.91 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered at 2.54 percent. Rates for 30-year fixed-rate loans largely fell in most states, climbing only in Illinois, New York, and Washington.

The Case Shiller Home Price Indexes fell for the seventh straight month in March. The drop in the broader 20-city index was barely noticeable ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô down to 134.10 from 134.14 in February ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô while the 10-city index fell to 146.61 from 146.74. Year-over-year, the 10-city index was down 2.8 percent and the 20-city index off 2.6 percent, improving from February. Economists had expected the 20-city index to show a 2.7 percent year-over-year decline. Separately, the national Case Shiller Index, reported quarterly, was down 2.0 percent in the first quarter.

The Supreme Court ruled unanimously in favor of Quicken Loans, Inc., Thursday, in a case that bars lenders from splitting settlement fees with third parties. The decision upholds an interpretation of the Real Estate Settlement Procedures Act that gives lenders leeway when it comes to charging fees. It rejects a longstanding HUD policy that interpreted the law to include a flat ban on unearned fees. Much of the contention surrounded previous guidance issued by HUD supporting the view that the legal framework prohibits lenders from charging unearned fees.

A task force created by the Obama administration to crack down on residential mortgage-backed securities misconduct recently went live with a new website for whistleblowers. The Residential Mortgage-Backed Securities Working Group established the online portal for those willing to air grievances about misconduct in the packaging and sale of mortgages into securities at financial institutions. The Justice Department launched the RMBS Working Group earlier this year to look into allegations of misconduct.

First time claims for unemployment insurance dipped to 370,000 for the week ended May 19 from the previous week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós upwardly revised reading of 372,000 the Labor Department reported Thursday. Economists had expected the report would show 371,000 initial claims. The Labor Department had initially reported 370,000 claims filed for the week ended May 12. The revision turned that report to an increase of 2,000 from a previously report that filings were unchanged week-to-week. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one-week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô fell 29,000 to 3,260,000.

The number of financial institutions at risk of failure dropped for the fourth consecutive quarter, falling from 813 to 772. The FDIC reported Thursday that the decline signals the smallest number of problem banks since yearend 2009, with total assets waning from $319 billion to $292 billion. The much-weakened Deposit Insurance Fund saw its first-quarter net worth rise to $15.3 billion, up from $11.8 billion over the fourth quarter last year. Insured deposits grew by an estimated 0.7 percent over the first quarter.