News

HERA, the Housing and Economic Recovery Act of 2008, required Federal Home Loan Bank director expenses to be reported to Congress in its annual report. However, an investigation by the inspector general for the Federal Housing Finance Agency found that director expense reports contained "inconsistencies and limitations that diminish their usefulness."

According to separate releases from both FHFA and Credit Suisse, the bank will pay approximately $234 million to Fannie Mae and approximately $651 to Freddie Mac—$885 total. The settlement—the ninth out of 18 suits filed against banks by the FHFA in 2011—closes all claims against Credit Suisse in two lawsuits: FHFA v. Credit Suisse, et al. and FHFA v. Ally Financial Inc., et al.

Effective April 1, José R. González will lead the Federal Home Loan Bank of New York (FHLBNY) as president and CEO, the bank announced.

A new survey published through George Mason University's Mercatus Center finds bankers at smaller institutions are growing increasingly anxious about the roll-out of the Dodd-Frank Act and subsequent regulatory requirements. One anonymous banker objected to "the maddening pace of illogical and unnecessary regulation (that would not) have done anything to prevent the 2008 collapse."

Following a slowdown in activity over the previous two quarters, Fannie Mae’s Economic & Strategic Research Group expects economic activity to pick up in the second quarter of this year, bolstered by increases in the housing sector, consumer spending, and business investment. The housing market is expected to show a relatively strong performance, with housing starts increasing almost 20 percent to 1.1 million over the year.

Kroll Factual Data, Inc., a leading provider of credit, risk mitigation, and third-party verification services, announced the addition of several Kroll product integrations into Mortgage Builder Software, Inc.

Move, Inc. filed a suit Monday against Zillow, Inc. and newly hired Zillow executive Errol Samuelson. The suit was filed in the Superior Court of King County, Washington.

Deloitte’s Consumer Spending Index was largely flat in February, seeing “only a marginal change” amid moderate economic growth, the professional services company reported. The index, which tracks consumer cash flow as an indicator of future spending, edged down slightly to 3.9 from a reading of 4.0 in January. “The fundamentals for consumer spending remain stable,” commented Daniel Bachman, senior U.S. economist for Deloitte.

The Conference Board reported its Leading Economic Index (LEI) increased 0.5 percent last month to 99.8, inclining steeper after a 0.1 percent gain in January. “The U.S. LEI increased sharply in February, suggesting that any weather-related volatility will be short lived and the economy should continue to improve into the second half of the year,” said Ataman Ozyildirim, economist at the Conference Board.

In Texas, real estate solutions provider VRM Mortgage Services named 20-year mortgage banking veteran Brandon Kirkham as SVP of operations support.