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GOOD READS GET INSPIRED GAIN INSIGHT, AND The Alchemists: Three Central Bankers and a World on Fire By Neil Irwin As the global financial system began to buckle in the summer of 2007, three central bank leaders suddenly became the most powerful men in the world: Ben Bernanke, U.S. Federal Reserve; Mervyn King, Bank of England; and Jean-Claude Trichet, European Central Bank. Former Washington Post reporter Neil Irwin recounts the trio's actions— and reactions—as they wagered on the hands they'd been dealt in The Alchemists. Real Estate Dough: Your Recipe for Real Estate Success By Bernice L. Ross, Ph.D. With technology recommendations, new twists on old sales tactics, and dialogues and strategies that have already been proven in the marketplace, the author of Real Estate Dough, Dr. Bernice Ross, says she can help agents generate more leads, close more deals, and take on more listings at full commission. Learn the secrets of the trade from real estate insiders and pore over real-life case study examples to keep your business going strong in any market cycle. The New Financial Deal: Understanding the DoddFrank Act and Its (Unintended) Consequences By David A. Skeel In The New Financial Deal, author David Skeel puts Washington's response to the housing and financial crises under the microscope. Skeel breaks down what the legislation says, detailing the key reforms of the Dodd-Frank Act, but he also explores what this "new deal" really means for the financial system in America—and raises unsettling questions about the politics of our nation's banking system. 16 SPIKE IN JUDICIAL STATES' FORECLOSURE SALES SPARKS INVENTORY DECLINE National foreclosure inventory fell to 3.2 percent in April, its lowest level in four years, according to Lender Processing Services' (LPS) Mortgage Monitor report. The company's analysis revealed a spike in foreclosure sales in judicial states, which stimulated the decline in the national foreclosure inventory. Foreclosure sales in judicial states jumped 17 percent over the month of April and reached their highest level since 2010 when foreclosure moratoria and process reviews brought the foreclosure process to a near halt across the nation, LPS noted. However, "[t]he situation is far from resolved," according to Herb Belcher, SVP at LPS. Despite the monthly increase in foreclosure sales, foreclosure inventories in judicial states remain seven times higher than levels prior to the foreclosure crisis and are three times the levels seen in non-judicial states. Belcher also warned that "recently announced moratoria will need to be monitored to determine the impact on timelines, as well as the rate of the improvement trend." Mortgage delinquencies nationwide declined 5.81 percent over the month of April, LPS reported, bringing the national delinquency rate down to 6.21 percent. LPS also calculated a 13.4 percent fall in delinquencies from January to April this year—the largest decline since 2004. The highest noncurrent rates (including delinquencies and foreclosures) are seen among judicial states. In fact, seven of the top 10 states for noncurrent loans are judicial states, with Florida topping the list at 17.3 percent. At the same time, foreclosure timelines for judicial and non-judicial states continue to be disparate and are growing. According to LPS, by the time a loan reaches foreclosure sale, it has spent an average of 20.5 months in delinquency in non-judicial states compared to 33.3 months on average in judicial states. Foreclosure sales in judicial states jumped in April to their highest level since 2010. REPORT: FHA'S FINANCIAL WOES MAY BE GREATER THAN PRIOR ESTIMATES A House panel is investigating what it believes is an attempt by Federal Housing Administration (FHA) officials to cover up the full details of the agency's financial troubles regarding its Mutual Mortgage Insurance (MMI) Fund. The House Oversight and Government Reform Committee reviewed emails between FHA and IFE Inc., the firm that conducted the agency's actuarial report last year. While FHA projected a deficit of $16.3 billion (revised to $943 million in the White House budget), the messages reveal that its losses could be as high as $115 billion under the most extreme conditions. In a letter first referenced by the Wall Street Journal, Rep. Darrell Issa (R-California), head of the committee, asked FHA commissioner Carol Galante why her agency hadn't reported the larger figure. Issa also sent a letter to IFE requesting more information on the report. According to the Journal, an October email between an IFE analyst and "a senior FHA official" showed that while the agency wanted the results of the more extreme scenario, it preferred to keep that analysis out of the report that would be reviewed by media. In a response to the Journal, HUD spokesperson Addie Whisenant said the agency is reviewing the issue and will "respond to the committee appropriately." A lawyer representing IFE asserted the firm was not pushed to change its conclusions or evaluating methods and "look[s] forward to working with Chairman Issa's staff to share our views with them."

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