Bernanke Issues Deficit Warning

Bernanke Issues Deficit Warning
Wall Street Journal, June 9, 2010

The U.S. economy should continued to grow this year and next, but the pace won't be strong enough to fix the jobs market and cut a huge budget deficit, the Federal Reserve chief said Wednesday. Fed Chairman Ben Bernanke told the House Budget Committee that a continued increase in consumer spending and business investment should make up for a fading government stimulus in lifting the economy.

Judge Orders BofA to Halt All Foreclosure Sales in Utah
DSNews, June 8, 2010

A judge in St. George, Utah has issued a preliminary injunction stopping all foreclosure sales in the state by Bank of America and its subsidiary ReconTrust. The decision, by 5th District Court Judge James L. Shumate, was based on the grounds that the nation’s largest mortgage servicer and its related companies are not registered to do business in Utah. The court order puts a temporary freeze on all trustee sales of homes foreclosed by BofA, until it can be determined if the bank is properly licensed to operate in the state.


Equator Sees Pickup in Short Sales, with 215,000 Closed on Its Platform
DSNews, June 8, 2010

Equator has closed 200,000 short sale transactions through its technology platform since the system was first launched just seven months ago. Another 15,000 short ales have been completed on the Equator platform that conform to the guidelines of the federal government’s Home Affordable Foreclosure Alternatives (HAFA) program. Chris Saitta, the Los Angeles-based company’s CEO, explained to DSNews.com that he’s beginning to see a shift from the “traditional” short sale flow – which as it stands now makes up the lion’s share of the business coming into the Equator platform – towards more HAFA-esque short sales.