Origination

Five months after the nation's top five servicers settled with the states attorneys general and several federal agencies to address iniquities in foreclosure processes, Joseph A. Smith, Jr., the settlement monitor, released a preliminary report to inform the public of the servicers' progress so far. Thus far, the five servicers ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô offered $10.56 billion in relief to borrowers and have implemented between 35 and 72 percent of the 304 servicing standards detailed in the national settlement.

The nation's economy expanded gradually from early July through mid-August, the Federal Reserve reported yesterday in its periodic Beige Book. The description of the economy, drawn from reports from each of the 12 Federal Reserve districts differed from the usual tone of Beige Books which have recently described economic growth as "modest" or "moderate." Six Districts, according to the Beige Books, "indicated the local economy continued to expand at a modest pace.

In another positive sign for the housing sector, the Pending Home Sales Index rose 2.4 percent in July to 101.7, its highest level since April 2010, the National Association of Realtors reported Wednesday. Economists had expected a 1.0 percent increase to 100.3. The July increase more than reversed an unexpected 1.4 percent drop to 99.3 in June. The only negatives in recent reports were a slight drop in housing starts in July and drops in the median price for existing and new homes in July.

Just when you thought they were on a rebound, mortgage rates once again fell precipitously this week, with the 30-year fixed-rate home loan slamming into 3.39 percent. Zillow reported the latest numbers on Tuesday. The real estate website found the 30-year fixed-rate mortgage slipping from 3.5 percent to 3.4 percent earlier this week. Interest rates for the 15-year home loan averaged 2.76 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered at 2.38 percent.

As bank failures dwindle, FDIC-backed institutions continue to see their own coffers swell, with an agency report finding that banks with government guarantees earned $34.5 billion over the second quarter. And banks seemed to sweat a little less over the last quarter. The FDIC reported that banks with its seal of approval saw their year-over-year increases for the 12th straight quarter. Loan balances meanwhile ticked up by $102 billion, increasing for the fourth time in the last five quarters.

New York-based GFI Mortgage Bankers Inc. reached a $3.5 million settlement with the Justice Department regarding discriminatory lending practices Tuesday. The lawsuit, filed in a Manhattan federal court, alleged GFI priced ├â┬ó├óÔÇÜ┬¼├àÔÇ£residential mortgage loans for qualified African-American and Hispanic borrowers higher than for similarly qualified non-Hispanic white borrowers between 2005 and 2009. GFI admitted there were ├â┬ó├óÔÇÜ┬¼├àÔÇ£significant disparities├â┬ó├óÔÇÜ┬¼├é┬Ø between loans offered to minority borrowers.

Michael Strahan, one of the most memorable players to ever wear a New York Giants uniform, has listed his California estate for $1.849 million. The former defensive end and current football analyst for Fox is set to take a loss on the Hermosa Beach property, which he purchased for $2.2 million in 2005.

Fairway Independent Mortgage Corporation is expanding its footprint, recently announcing the opening of a new office in the Southeast. The lender's latest location will be based in Pooler, Georgia, and Fairway's nationwide presence now encompasses 129 branches around the country.

Reality television star Camille Grammer, best known for her high-profile marriage and divorce with actor Kelsey Grammer, has put her Malibu, California, estate on the market for $17.9 million. The large home, which Realestalker.com dubs a family compound, sits on 4.77 acres, and the gated property includes equestrian facilities, a tennis court, swimming pool, lily pond, and two spas.

Home prices rose 6.9 percent in the second quarter, according to the Case-Shiller Index compiled by Standard & Poor's, the strongest quarter-over-quarter gain since the index began in 1987, S&P reported Tuesday. Separately, the monthly 10- and 20-city index rose 2.2 percent and 2.3 percent respectively in June, S&P said. The two indexes were up 0.1 percent and 0.5 percent respectively in the last year, the first year-year gains in the monthly measures since September (20-year) and October (10-year) 2010.