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Mortgage Fraud Rises Due to Dishonest Applicants

While fraud in the financial services sector declined year-over-year from April through June, mortgage fraud increased, according to the latest report from Experian, a global information services company based in London. Thirty-nine out of every 10,000 mortgage applications were fraudulent during the April to June period, up from 32 out of 10,000 in the same period last year, according to Experian. Mortgage fraud far outpaced savings account fraud.

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Spending Growth Tops Income Expectations In July

Personal income rose $42.3 billion in July but consumer spending increased $46.0 billion, the Commerce Department reported Thursday. The increase in income ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô 0.3 percent ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô topped expectations of a 0.3 percent boost, and the 0.04 percent increase in spending also met economist expectations. The Mr. Micawber-like report ("Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery," per Charles Dickens) meant personal savings dropped in July.

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Initial Jobless Claims Higher Than Expected

First time claims for unemployment were unchanged at 374,000 for the week ended August 25, the Labor Department reported Thursday after revising upward by 2,000 the prior week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós originally reported 372,000 claims. Economists surveyed by Bloomberg had expected 370,000 initial claims. Continuing claims ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported on a one-week lag ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô dipped 5,000 to 3,316,000 from the prior week's 3,321,000, revised from the originally reported 3,317,000. The BLS report will be published September 7. From mid-July to mid-August, first time claims are down 14,000 but continuing claims.

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Servicers Work Toward Fulfilling National Settlement Terms

Five months after the nation's top five servicers settled with the states attorneys general and several federal agencies to address iniquities in foreclosure processes, Joseph A. Smith, Jr., the settlement monitor, released a preliminary report to inform the public of the servicers' progress so far. Thus far, the five servicers ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô offered $10.56 billion in relief to borrowers and have implemented between 35 and 72 percent of the 304 servicing standards detailed in the national settlement.

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Beige Book Finds Economy Expanding ‘Gradually’

Fed

The nation's economy expanded gradually from early July through mid-August, the Federal Reserve reported yesterday in its periodic Beige Book. The description of the economy, drawn from reports from each of the 12 Federal Reserve districts differed from the usual tone of Beige Books which have recently described economic growth as "modest" or "moderate." Six Districts, according to the Beige Books, "indicated the local economy continued to expand at a modest pace.

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GDP Growth Pegged at 1.7%, Up From Earlier Estimate

The U.S. economy grew in the second quarter at 1.7 percent, slightly faster than the originally estimated 1.5 percent, the Bureau of Economic Analysis reported Wednesday. At the same time BEA reported second quarter grew at a meager 0.5 percent from the first quarter, but an improvement from the 2.7 percent drop in corporate profits registered in the first quarter. Profits in the financial sector though fell more than 9 percent. The upward revision in second quarter GDP growth was in line with the forecast by economists surveyed by Bloomberg.

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FDIC-Backed Banks Rebound Over Second Quarter

As bank failures dwindle, FDIC-backed institutions continue to see their own coffers swell, with an agency report finding that banks with government guarantees earned $34.5 billion over the second quarter. And banks seemed to sweat a little less over the last quarter. The FDIC reported that banks with its seal of approval saw their year-over-year increases for the 12th straight quarter. Loan balances meanwhile ticked up by $102 billion, increasing for the fourth time in the last five quarters.

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After Resistance, GFI Mortgage Settles with DOJ

New York-based GFI Mortgage Bankers Inc. reached a $3.5 million settlement with the Justice Department regarding discriminatory lending practices Tuesday. The lawsuit, filed in a Manhattan federal court, alleged GFI priced ├â┬ó├óÔÇÜ┬¼├àÔÇ£residential mortgage loans for qualified African-American and Hispanic borrowers higher than for similarly qualified non-Hispanic white borrowers between 2005 and 2009. GFI admitted there were ├â┬ó├óÔÇÜ┬¼├àÔÇ£significant disparities├â┬ó├óÔÇÜ┬¼├é┬Ø between loans offered to minority borrowers.

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Michael Strahan Lists Hermosa Beach Home

Michael Strahan, one of the most memorable players to ever wear a New York Giants uniform, has listed his California estate for $1.849 million. The former defensive end and current football analyst for Fox is set to take a loss on the Hermosa Beach property, which he purchased for $2.2 million in 2005.

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Fairway Independent Mortgage Expanding in Georgia

Fairway Independent Mortgage Corporation is expanding its footprint, recently announcing the opening of a new office in the Southeast. The lender's latest location will be based in Pooler, Georgia, and Fairway's nationwide presence now encompasses 129 branches around the country.

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