Government

In November, the National Association of Realtors' Housing Affordability Index reached 198.2, up 1.5 points from a year ago. The association projects the index will achieve a record high of 194 for 2012. However, record high affordability doesn't necessarily translate into more homeowners, as "excessively tight underwriting precluded many would-be homebuyers from locking-in generational low interest rates," explained chief economist Lawrence Yun.

National Mortgage Insurance Corporation (National MI) is now approved to write mortgage insurance in 22 states, having recently gained approval in the key state of New York.

In Houston, Texas, Envoy Mortgage is enhancing its loan product offerings to start the new year. Currently operating mortgage retail branches in nearly every U.S. state, Envoy's customers will now have access to an expanded range of Federal Housing Administration (FHA) 203(k) mortgages.

A home with a Hollywood past has hit the market in Minneapolis, Minnesota, for $2.895 million. Built at the turn of the century, the property was made famous in the 1970s thanks to its connection to The Mary Tyler Moore Show, on which the house's exterior was featured as the main character's abode.

Class Appraisal and a la mode announced the launch of a customized plugin designed to reduce appraisal turn times and ensure high appraisal quality.

After some consideration, the board of American International Group (AIG) announced Wednesday the company will not be joining in a lawsuit brought by one of its former executives against the U.S. government. The New York Times first reported Monday that AIG's board was mulling over its options regarding a $25 billion lawsuit filed by Starr International Company on behalf of AIG shareholders and spearheaded by former AIG CEO Maurice "Hank" Greenberg (now the CEO of Starr).

Residential Finance Corporation announced it has brought senior industry executive Nick G. Hahn on board to serve as CFO. Hahn is a 30-year banking and financial services industry vet, having worked most recently as CFO at Capitol Bancorp Limited.

It's been months since New York Attorney General Eric Schneiderman filed suit against JPMorgan Chase over faulty mortgage-backed securities (MBS), but the bank is now coming out of its own corner swinging. Attorneys for the bank filed a motion to dismiss in early January, arguing that because Schneiderman brought his claims under the Martin Act (an article granting the attorney general increased power to combat financial fraud), they are subject to a three-year statute of limitations that has already elapsed.

Rekon Technologies announced the promotion of Jim Su to VP of software development. In his new role, Su is charged with overseeing the technology operations of Rekon's software programmers and managing the company's quality assurance team.

CoesterVMS announced that as of January 1, it has implemented the first flat fee model for residential appraisals. Through the new model, all conventional appraisals are priced at $450 while appraisals are $475. The Rockville, Maryland-based appraisal management company (AMC) explained a tiered fee structure is generally utilized, which determines prices based on the property type or location.