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Bank, Groups Go After CFPB to Declare It Unconstitutional

The Consumer Financial Protection Bureau faces a new legal challenge as a Texas community bank and two conservative groups launch a lawsuit to undo it and the financial reform law that created it two years ago. The Big Spring, Texas-based State National Bank recently paired with the Competitive Enterprise Institute and 60 Plus Association to sue the embattled consumer bureau in federal court. The suit challenges the constitutionality of the CFPB and Dodd-Frank Act, as well as Richard Cordray's appointment.

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Hollywood Legends List Mullholland Drive Estate for $6.995M

Legendary Hollywood couple Warren Beatty and Annette Bening are selling their Beverly Hills home. The Beatty-Benings put their luxury pad up for for lease last year, but after failing to snag an interested tenant, they've listed the property, which is located on famed Mullholland Drive, for $6.995 million.

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Virginia Man Sentenced Over Role in Mortgage Fraud

SIGTARP announced Tuesday that a Virginia man was sentenced earlier in the week to more than seven years in prison for running a fraudulent mortgage-rescue business. Howard R. Shmuckler of Virginia Beach, Virginia, was sentenced to 90 months in prison followed by three years of supervised release. He was found guilty of running a mortgage-rescue business that received substantial amounts in fees but only modified clients├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ó mortgages in a few cases. Shmuckler pleaded guilty to six counts of wire fraud on April 10.

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Pending-Home Sales Make Strong Debut in May: NAR

The Pending Home Sales Index rose a strong 5.9 percent in May to 101.1, returning to its level of March, the National Association of Realtors said Wednesday. The index had slipped in April to 95.5 after reaching its highest level since April 2010. The index is up a solid 13.3 percent since May 2011. The report is another in a string of positive signs for the housing sector. Pending home sales are counted when sales contracts are signed, and are viewed as a leading indicator of existing home sales, according to NAR.

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Home Prices Strengthen with Second Consecutive Monthly Increase

April marked the second consecutive month of monthly home price gains but posted a 2.4 percent decline year-over-year, according to FNC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Residential Price Index. However, FNC notes that the yearly decline ├â┬ó├óÔÇÜ┬¼├àÔÇ£marks the slowest pace of price declines since the housing crash.├â┬ó├óÔÇÜ┬¼├é┬Ø FNC, an appraisal technology provider, recorded a 0.6 percent price increase in April based on prices in the 100 largest metropolitan areas. FNC relies on public records and real-time appraisals of neighborhoods and properties. Some cities to experience declines in April do not appear to be anomalous.

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Freddie Mac’s Portfolio Shrinks Despite May Growth

Increases in all aspects of Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total mortgage portfolio led to a higher (but still negative) annualized growth rate, according to the GSE├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Monthly Volume Summary for May. The summary showed that Freddie Mac's total mortgage portfolio for the month shrank at an annualized rate of 9.4 percent, a drop from 14.1 percent in April but still far above March├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós 2.9 percent contraction rate. The negative annualized growth rate YTD is 6.8 percent. Liquidations dropped immensely - by negative $45.4 billion.

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FHFA Reports Falling Mortgage Interest Rates

The FHFA reported Tuesday that mortgage interest rates fell based on loans closed in the last week of May. The average interest rate on a 30-year fixed-rate mortgage loan ($417,000 or less) decreased 17 basis points in May to 4.04 percent, the FHFA said. The contract rate on the composite of all mortgage loans was 3.78 percent, down 15 basis points from 3.93 percent in April. Rate changes are based on unweighted survey data. Because interest rates are determined 30-45 days before loans are closed, reported rates depict market conditions from mid- to late- April.

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