Browsing: Newsbytes

Mortgage

Fannie Mae and Freddie Mac will participate in the federal government’s Home Affordable Modification Program and Home Affordable Refinance Program through the end of 2016, Federal Housing Finance Agency Director Mel Watt said in a speech on Friday in Los Angeles.

Newsbytes

Cynthia Lowman — president of United Bank Mortgage Corp., Grand Rapids, Mich., and chairman of ABA’s Mortgage Markets Committee — will testify on ABA’s behalf on Thursday at a House Financial Services subcommittee hearing on implementation of the TILA-RESPA integrated disclosures that take effect Aug. 1.

Human Resources

On May 7, the federal District Court for the District of Columbia rejected a challenge by the National Association of Manufacturers et al. to the Department of Labor rule requiring federal contractors to post a notice of employee rights under the National Labor Relations Act. DOL’s rule took effect on June 21, 2010, but was challenged in this lawsuit.

Legal

Financial institutions and other businesses need protection from abusive patent trolls, ABA and several trade groups said in a statement for the record for a Senate Judiciary Committee hearing yesterday.

Economy

Total nonfarm payroll employment rose by 223,000 in April, up from last month’s revised estimate of 85,000. The unemployment rate dropped slightly to 5.4 percent, the lowest since 2008. The Federal Reserve has placed its full-employment estimate between 5 percent and 5.2 percent.

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