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A bipartisan group of lawmakers called for more modifications to the Home Affordable Refinance Program Wednesday in a public letter addressing federal officials. Sen. Barbara Boxer (D-California) and Sen. Johnny Isakson (R-Georgia) joined eight other lawmakers to call for the FHFA and other federal regulators to lift access barriers to borrowers with higher-equity government-backed loans. The letter argues that new modifications could benefit approximately 12 million other borrowers.

A new survey from Zillow: reveals that prospective homebuyers may have an overly optimistic view when it comes to their expectations related to property appreciation and housing value. In the website├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recent poll, more than 42 percent of those that plan on purchasing a home in the near future said they anticipated a 7 percent annual increase in their property value during their ownership period.

The Federal Reserve restrained itself from announcing any new monetary or fiscal stimulus measures, deciding instead that it will continue to reinvest principal payments for agency debt in mortgage-backed securities while it keeps a heel on historically low interest rates. Continuing a public relations tour at a time of increasing unpopularity on both the right and left, Federal Reserve Chairman Ben Bernanke addressed reporters from behind a desk.

Collateral valuation services provider First Valuation has found a new national sales executive in Brandon O'Briant. While remaining based in Dallas, Texas, O'Briant will apply his 15 years of experience in the mortgage industry to managing First Vaulation's current clients and establishing partnerships on behalf of the company.

As mortgage rates rose, then fell on a debt deal in Europe, mortgage application volume also crept forward last week, with the uncertain economy and high unemployment forcing homeowners to stay on the sidelines. In releasing a weekly survey, the Mortgage Bankers Association found mortgage applications on a seasonally adjusted curve upward to 0.2 percent from the week before. Refinance activity fell on the whole as purchases, still near historic lows, remained overwhelmingly near bottom, the MBA said.

The feud between lawmakers over the Consumer Financial Protection Bureau dragged on Wednesday, as de facto acting director Raj Date defended the struggling agency to Republican House members and the role of the Dodd-Frank Act in financial regulation. Republicans advanced their critiques by highlighting the apparent power of the CFPB director and more compliance workload for financial institutions. Democratic lawmakers played their part by praising the bureau. At other times lawmakers ratcheted up the rhetoric.

Prosecutors slapped Allied Home Mortgage Capital Corp. with a lawsuit Tuesday, seeking to recoup $834 million in bad claims from two executives for their alleged roles in bilking the government over the course of a decade. The complaint accused president and CEO Jim Hodge and EVP Jeanne Stell of violating federal law by knowingly misrepresenting mortgages to authorities, failing to keep up with quality control guidelines, and originating federally insured loans at 600 unapproved branch offices.

BB&T looked southward to acquire Florida-based BankAtlantic Tuesday, assuming $3.3 billion in low-cost deposits and picking up 78 branches from the retail lender in the process, according to statements released by the companies. The move ranks BB&T ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô one of the largest U.S. banks by assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the sixth largest franchise in the Miami market. The North Carolina-based acquirer will pay $301 million above the premium price for the deposits and branches, plus $2.1 billion in performing loans. The acquisition is also another move up for the bank.

Chrysalis Holdings, LLC, has added a new member to its board of directors, with the announcement that Maylene Tan Khieu will join the company's leadership. Khieu is the chief credit officer and senior vice president of compliance for NewDay Financial, LLC, which is a key holding for Chrysalis.

Real estate website Zillow and housing heavyweight PulteGroup, Inc. are teaming up to give away a luxury home worth $350,000. The "I Want a New Home Sweepstakes" will change the life of one aspiring homeowner.