Seven U.S. cities lead fight against homelessness

Seven cities across the country are working toward ending long-term or chronic homelessness and providing the rest of the nation with new approaches to better house and serve their most vulnerable citizens, according to a report released today by Housing and Urban Development Acting Secretary Alphonso Jackson.  more...

Countrywide renames non-prime lending unit

Countrywide today announced it is re-launching its business unit dedicated to non-prime lending using the new name, Specialty Lending Group.

The company aims to define the non-prime market with a name that is more respectful and more accurately portrays the needs of borrowers who have had temporary setbacks in their financial circumstances, said Debbie Rosen, managing director, Specialty Lending Group.

The previous business-unit name was not disclosed.  more...

California builders urge regulatory reforms

California's complex and uncertain governmental regulations have led to a cumulative shortfall of more than 500,000 homes and apartments since 1995, a new study found, suggesting that major reforms are needed to improve California's economy and business climate, the president of the California Building Industry Association said Monday.  more...

Public transit grows on New Yorkers

Of the approximately 6.4 million people nationwide who usually travel to work using public transportation, nearly one-third live in New York City, according to a new analysis of American Community Survey data released today by the U.S. Census Bureau.

New York is the only city where the majority of workers – 55 percent, or 1.9 million people – commute from home to work via public transportation. That is by far the highest percentage among the nation's largest cities.  more...

Mortgage rates take a dip

Long-term mortgage interest rates were lower Monday, and the benchmark 10-year Treasury bond yield stayed at 3.98 percent.

The 30-year fixed-rate average dipped to 5.22 percent, and the 15-year fixed-rate slipped to 4.53 percent. The 1-year adjustable remained at 3.18 percent.

The 30-year Treasury bond yield increased to 4.86 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...

California needs minority real estate commissioner

Three real estate minority professional associations in California have teamed up to endorse Pablo Wong for the state's real estate commissioner.

The National Association of Hispanic Real Estate Professionals, The Asian Real Estate Association of America and the California Association of Real Estate Brokers this week announced their support of Wong.  more...

Identity checker hopes to curb financial fraud

TransUnion and Acxiom Corp. have launched a fraud management platform that aims to help financial corporations better leverage the costs and losses associated with fraud.

Fraud loss in the financial services, telecommunications and insurance industries is a multi-billion-dollar problem, according to industry sources. A Federal Trade Commission study found that identity theft reached about $1.5 billion in losses in 2002 and is expected to grow to $8.6 billion by 2006.  more...