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FOMC to Maintain Low Interest Rates Until 2014

Fed

Members of the Federal Open Market Committee decided Wednesday to keep interest rates between 0 percent and .25 percent until 2014, even while the economy steadily improves. All but one of the Fed├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós governors voted to extend the policy enacted last fall for another two years, where originally the central bank had determined to delay higher interest rates until 2013. The Fed said that it made the decision in lieu of evidence from December that showed unemployment remaining steady. Experts disagree over whether low interest rates will help the market.

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Obama Proposes New Lending Oversight, Refi Modifications

President Barack Obama used his State of the Union address Wednesday to tout his accomplishments and propose several new housing ventures, including possible expansions to refinance programs, consumer financial protection, and new federal initiatives to combat abusive lending practices. The speech weighed in on risky lending practices in particular and went after Republicans for their opposition to his policies, including consumer financial protection. Experts remain on the sidelines about an expanded refinance program.

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New Hire for Avison Young’s Los Angeles Division

Avison Young is bolstering the leadership for its West Coast brokerage operations with the announcement that Martin McDermott will join the company's West Los Angeles office. McDermott, a commercial real estate broker, will focus on office and retail property transactions in his new role for Avison Young.

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Cordray Defends CFPB at First Congressional Hearing

An awkward and slightly tense air greeted Consumer Financial Protection Bureau director Richard Cordray at his first congressional hearing Tuesday, where the new appointee cast his agency as one that would strive to reduce duplication and increase transparency. Although careful in their approach to the new director, Republican committee members frequently cited their concerns about federal overreach, the constitutionality of his recess appointment, and interests for transparency. The CFPB can now supervise nonbank financial entities.

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GOP Candidates Thrash GSEs, Dodd-Frank at Debate

Candidates for the Republican presidential nomination roundly criticized Freddie Mac Monday, taking swipes at rival and former House Speaker Newt Gingrich for services he rendered to the mortgage company as an independent contractor in 2006. Yesterday The Gingrich Group ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô founded by its namesake and currently doing business as the Center for Health Transformation ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô revealed that Freddie Mac paid Gingrich $25,000 in monthly fees for consulting services he rendered to the mortgage company as an independent contractor.

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Zillow Launches New Neighborhood Platform

Zillow is making it easier for home shoppers to gain information about the homes they are interested in purchasing with the launch of its Neighborhood Advice tool. The popular website will allow potential home buyers to learn more about the neighborhood they are targeting via social media outlet, Facebook.

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Illinois Home Sales Climbed in December

Illinois received an unexpected gift during December - rising home sales. Crediting the unseasonably mild weather, low mortgage interest rates, and attractive market pricing, the state recorded its sixth consecutive month of increasing numbers of homes sold. According to the recent report released by the Illinois Association of Realtors, the total number of homes sales during December was up 14 percent year-over-year. Overall, data from Illinois showed 8,828 homes sold for the month, off of 7,746 sold during December 2010.

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Reverse Loan Originator, Onetime Company Exec Make Fraud Blotter

Fraud

A former company executive previously convicted of $100 million in mortgage fraud saw his name on our mortgage fraud blotter for his role in orchestrating an attempted hit from prison, right next to a loan officer sentenced to jail time for taking in $2.5 million in a reverse mortgage plot. First up, the Justice Department offered the account of a Florida loan officer, Louis Gendason, sentenced by a federal judge to 70 months in the slammer for coordinating a reverse mortgage fraud scheme that targeted elderly borrowers.

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CFPB, FTC Sign Agreement to Share, Clarify Powers

New

The Consumer Financial Protection Bureau and Federal Trade Commission signed an agreement Monday to eliminate regulatory overlap by frequently sharing information about investigations and rulemaking proposals. A Memorandum of Understanding obliges the agencies to meet no less than once quarterly to share information, notify each other of action pending against entities, and coordinate training exercises for examiners and personnel. The agreement fulfills provisions under the Dodd-Frank Act that charge the agencies with signing a memorandum.

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