Washington, DC The Government National Mortgage Association (Ginnie Mae) posted $38.98 billion in total mortgage-backed securities (MBS) issuance in May. For the first five months of calendar year 2009, Ginnie Mae provided approximately $163 billion of liquidity to the secondary…

Phoenix, AZ Arizonas seasonally adjusted unemployment rate increased five-tenths of a percentage point to 8.2 percent in May from 7.7 percent in April. Arizona remains below the national average which also rose by five-tenths of a percentage point from 8.9…

There were 9,980 resale homes recorded sold in May 2009, up slightly from the 9,100 recorded sales in April and 7,210 sales for a year ago. Foreclosure activity in May 2009 represented 30 percent (3,035 transactions), while there were 6,950…

PHOENIX, AZ The Arizona Corporation Commission has approved a consent order that requires Merrill Lynch to pay a $1,751,003 fine in connection with its auction-rate securities (ARS) sales in Arizona. The fine amount is the largest penalty assessed by the…

Loan-Loss Provisions Continue to Depress Net Income Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported net income of $7.6 billion in the first quarter of 2009, a decline of $11.7 billion (60.8 percent) from…

FHA plan will stimulate new home sales and help stabilize housing market WASHINGTON - The Federal Housing Administration (FHA) will allow homebuyers to apply the new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. The…

Washington, D.C. The Securities and Exchange Commission has charged 10 brokers with fraud for falsely marketing investments in derivatives of mortgage-backed securities as safe and suitable for retirees and others with conservative investment goals. The SEC alleges that the brokers…

NEW YORK CITY & WASHINGTON, D.C. - Even as forensic accountants and lawyers continue to untangle what is believed to be the most complicated and far-reaching financial fraud in U.S. history, a total of $61,409,834.50 of Securities Investor Protection Corporation…

WASHINGTON The U.S. Department of the Treasury released Treasury International Capital (TIC) data for March 2009. Net foreign purchases of long-term securities were $55.8 billion. * Net foreign purchases of long-term U.S. securities were $56.4 billion. Of this, net purchases…

WASHINGTON Plug-in electric vehicles using certain types of batteries may qualify for a new tax credit if purchased this year. The Emergency Economic Stabilization Act of 2008 (EESA) and the American Recovery and Reinvestment Act of 2009 (ARRA) created two…

Carrying a credit card balance can be expensive for consumers, especially for those who make only minimum monthly payments. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that consumers be provided with toll-free telephone numbers to call…

Global economic optimism at highest since 2004 NEW YORK and LONDON - Risk appetite has started to pick up on the back of improving global economic sentiment, according to the Merrill Lynch Survey of Fund Managers for April. Optimism about…