Defeats proposal to strip him of chairmanship.

Washington Courts Continue to Dismiss Wrongful Foreclosure Lawsuits against MERS Post-Bain FOR IMMEDIATE RELEASE CONTACT: Jason Lobo Phone: 703.652.1660 Email: jasonl@mersinc.org Reston, Virginia, May 21, 2013 - MERSCORP Holdings, Inc. today announced that Judge Thomas Rice of the U.S. District Court, Eastern District of Washington, recently ruled in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and its co-defendant members, denying a nine-count complaint alleging wrongful foreclosure and violations of Washington's Consumer Protection Act (CPA). In Ukpoma v. U.S. Bank , the plaintiff, citing the Washington Supreme Court's decision in Bain v. Metropolitan Mortgage Group, Inc. , argued that a wrongful foreclosure claim exists against MERS because MERS cannot act as trust deed "beneficiary" under Washington law and therefore its assignment of the deed of trust to the foreclosing bank was void. Judge Rice found no merit to the plaintiff's reliance on Bain in support of a wrongful foreclosure count against MERS. "The fact that MERS is listed as a beneficiary of the deed of trust is not relevant to the outcome of this case," Judge Rice wrote, ruling that since U.S. Bank was the holder of the plaintiff's note and deed of trust, it had the authority to foreclose. Judge Rice methodically rejected all other counts of the plaintiff's complaint, including allegations of violations of Washington's CPA. To prevail on CPA claims, a plaintiff "must also demonstrate that he or she was injured as a result of the act or practice," he held. Judge Rice dismissed this claim, ruling that the "Plaintiff simply has not been injured by MERS's involvement with her loan." "Here in Ukpoma, the plaintiff relied on the Bain decision in an attempt to stall the non-judicial foreclosure of her property after she defaulted on her loan," MERSCORP Holdings Director of Corporate Communications Jason Lobo said....

What Warren Buffett once called "financial weapons of mass destruction" are firing again, with securitization and shadow banking at post-financial crisis highs. Analysts say it's both a threat to regulation and a sign that the economy is recovering.

Home Depot reported first-quarter earnings and revenue Tuesday that topped analysts expectations.

U.S. futures signaled a flat-to-lower Wall Street open on Tuesday, as markets in Europe and Asia remained cautious ahead of Federal Reserve chief Ben Bernanke's testimony to the Senate on Wednesday.

Retailers are a highlight Tuesday, but the Fed will remain the focus all week.

The Fed's current monetary accommodation will allow the economy to reach "escape velocity" next year, the Chicago Fed president said.

(Reuters) - The U.S. Federal Reserve has the appropriate level of monetary accommodation in place, allowing the economy to reach "escape velocity" next year, a top Fed official said on Monday. "We continue to face powerful headwinds in the fiscal situation and the global economy," Chicago Federal Reserve Bank President Charles Evans told the CFA Society Chicago. But "the U.S. economy seems to be performing pretty well right now," he added, with the labor market improving, consumer spending up and housing stronger.

Prices are just stabilizing in South Carolina, but in the tiny towns of eastern Long Island, New York, better known as the Hamptons, home prices are roaring back and rentals are fully booked for the season.

The roof is not caving in on the housing sector.

Rep. Mel Watt could face some serious pushback in his confirmation hearings.

NEW YORK (Reuters) - Citigroup Inc Chief Executive Michael Corbat named Jane Fraser as the new head of the bank's mortgage business on Monday ,as current CitiMortgage CEO Sanjiv Das plans to leave the bank to pursue other opportunities, according to an internal memo.

Whatever course it chooses, the Federal Reserve will have to grapple with the reality that while its policies have helped levitate stocks, they've been considerably less effective at growing the economy.

The big event this week is Wednesday, when U.S. Federal Reserve Chair Ben Bernanke testifies in front of the Joint Economic Committee, while the Fed releases the FOMC minutes to the April 30 and May 1 meeting.

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 by Ethan Handelman The Housing and Insurance Subcommittee of House Financial Services examined three Deputy Assistant Secretaries from FHA 's Reverse Mortgage, Multifamily Housing, and Healthcare Programs on May 16. Members had sharp questions for the witnesses who were pushed to defend agency decisions and identify corrective measures in the face of a possible FHA draw on the Treasury. Participating members were Neugebauer (Chair, R-TX), Luetkemeyer (Vice Chair, R-MO), Capuano (Ranking, D-MA), Royce (R-CA), Cleaver (D-MO), Clay (D-MO), Beatty (D-OH), Himes (D-CT), Fitzpatrick (R-PA), Heck (D-WA), Sherman (D-CA), and Ellison (D-MN). Reverse mortgages Charles Coulter, Deputy Assistant Secretary for Single-Family Housing faced sharp questions from Rep. Neugebauer on the capital shortfall identified in FHA's actuarial report and the substantial role of the reverse mortgage program in losses thus and to come. Coulter emphasized the importance of the reverse mortgage option for seniors facing financial hardship, particularly now that private capital sources have fled and FHA is the only option in the market. Coulter identified steps taken already to reduce up-front draws and improve loss mitigation efforts but focused attention on the Congressional action needed to empower FHA to take further needed steps, particularly around underwriting non-borrowing spouses. Reps. Heck and Fitzpatrick noted that their proposed bipartisan bill would provide FHA the need authority to get the program on track. Reps. Royce and Luetkemeyer both pressed Coulter to address local-level proposals to seize mortgages by eminent domain and then refinance through FHA, asking him to mirror the GSE refusal to accept such loans. Coulter shared their concern and offered a formal written response rather than an off-the-cuff policy decision. Rep. Capuano raised further questions about whether separate accounting treatment for...

This is a breaking news story. Check back shortly for updates. Dallas Fed President Richard Fisher appeared on CNBC's " Squawk Box" on Monday.

SIFMA Announces Former Senator Judd A. Gregg as New CEO and Appoints Kenneth E. Bentsen, Jr. as President<br/>http://www.sifma.org/newsroom/2013/sifma-announces-former-senator-judd-a_-gregg-as-new-ceo-and-appoints-kenneth-e_-bentsen,-jr_-as-president/

Banks have paid less than half the $5.7 billion in cash owed to troubled homeowners under nearly 30 settlements brokered by the government since 2008, delaying help to the millions of victims of discrimination and shoddy lending that epitomized the housing crisis, according to a Washington Post analysis of government data. Read full article >>        

(Reuters) - A federal judge has revived a closely watched lawsuit accusing JPMorgan Chase & Co of misleading Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt.

The European Union's top economic policy maker and scourge of debt-fueled budget deficits, is fed up with austerity.