The Federal Trade Commission has put a stop to a deceptive foreclosure "rescue" operation that charged homeowners $1,200 based on the false promise that it could save them from losing their homes. The operators of the business are barred from…

Intended to improve the disclosures consumers receive in connection with closed-end mortgages and home-equity lines of credit The Federal Reserve Board on Thursday proposed significant changes to Regulation Z (Truth in Lending) intended to improve the disclosures consumers receive in…

TUCSON, Arizona -- The U.S. Army selected the Raytheon Company (NYSE: RTN)-Lockheed Martin (NYSE: LMT) Javelin Joint Venture to provide life-cycle contract support for the Javelin anti-tank missile and command launch unit. The five-year $298.6 million contract has a fiscal…

In June 2009, 11,820 resale homes recorded as being sold, while there were 9,980 recorded sales in May and 7,840 sales for a year ago. Foreclosure activity in June 2009 represented 34 percent (4,060 transactions), while there were 7,760 traditional…

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…

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…

Washington, DC Conditional loan commitments in the amount of $8 billion have been made for the development of innovative, advanced vehicle technologies. The loan commitments include $5.9 billion for Ford Motor Company to transform factories across Illinois, Kentucky, Michigan, Missouri,…

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…

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…

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…

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…