Secondary Market

The economy expanded at a modest to moderate pace from early April to the end of May the Federal Reserve reported Wednesday in its periodic Beige Book. The assessment reflected a weakening from the report in April when the expansion was characterized as moderate. Activity in the New York, Cleveland, Atlanta, Chicago, Kansas City, Dallas, and San Francisco Districts was described as moderate, while the Richmond, St. Louis, and Minneapolis Districts noted modest growth. Boston reported steady growth, and the Philadelphia District indicated that the pace of expansion had slowed slightly.

Giving homebuyers a new way to access property information, BluFi Lending has unveiled its Mobile Connect service. The direct lender's smartphone initiative will serve as a marketing and communications platform for those seeking details on the go while surveying a potential property.

The Systemic Risk Council, a volunteer group led by former FDIC chair Sheila Bair, will meet in June to monitor and encourage regulatory reform of U.S. capital markets focused on systemic risk. The council, formed by CFA Institute and The Pew Charitable Trusts, is an assembly of experts in investments, capital markets, and securities regulation.

Interthinx has added a public policy expert to its leadership line up. The company recently announced the appointment of Sharee McKenzie Taylor as Interthinx's director of industry relations in Washington, D.C.

Citizens First Wholesale Mortgage Company has welcomed a new president. The Florida-based organization recently announced the appointment of Jonathan L. Woods to the executive role.

Mortgage applications increased 1.3 percent on a seasonally adjusted basis in May, according to the Mortgage Bankers Association's latest mortgage application survey released Wednesday. The survey measured application data for the week ending June 1 and included an adjustment for the Memorial Day holiday. On a non-seasonally adjusted basis, application rates were not as strong, falling more than 9 percent from the previous week. Refinances continue to make up a large portion of mortgages, taking up 78 percent of activity for the week, up 1 percent from the previous week.

Mortgage giant Fannie Mae announced Tuesday that old hand Timothy Mayopoulos will take over as president and CEO in mid-June. The new chief executive joined Fannie three years ago to serve as EVP, chief administrative officer, and general counsel. He assumes his new role as outgoing CEO Michael Williams takes leave. Before joining Fannie Mae, Mayopolous served as EVP and general counsel of Bank of America. He also functioned in senior management roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette, Inc.

Nationstar Mortgage LLC, a wholly-owned subsidiary of Nationstar Mortgage Holdings Inc., announced Tuesday that it reached a deal with Bank of America to acquire residential mortgage servicing rights for a portfolio with $10.4 billion in unpaid principal balance. The entire portfolio is backed by the GSEs. The deal was struck with a co-investment from New York-based Newcastle Investment Corp. Newcastle├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós $44 million contribution toward the purchase price of the portfolio comes with rights.

More than a year after releasing a white paper that set forth three options for housing finance reform, Treasury and HUD struggle to determine the best path forward for America's housing finance system. Speaking before an audience at a meeting of the American Real Estate and Urban Economics Association, Counselor to the Treasury Secretary for Housing Finance Michael Stegman explained that rather than answering the broader question of what the future of housing should look like, each proposal seems to ignite a slew of additional critical questions.

GFI Mortgage Bankers filed a motion Friday to dismiss a suit from the Justice Department that alleged discrimination in GFI's lending practices. GFI's motion asserts that the disparate impact discrimination statutes cited by the Justice Department in its suit - the Fair Housing Act and the Equal Credit Opportunity Act - do not contain language that permits anti-discrimination claims. The company also argues that the practice of allowing employees discretion when pricing loans is standard policy and widely accepted in the industry.