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VISIT US ONLINE @ DSNEWS.COM African-American and Hispanic borrowers higher than for similarly qualified non-Hispanic white borrowers between 2005 and 2009." GFI "allowed its loan officers to make subjective and unguided pricing adjustments to home mortgage loans that were not based on a borrower's objective credit characteris- tics," according to the consent order filed in District Court. GFI admitted there were "significant (CMBS) made a steep drop in August, mark- ing the first fall since February 2012, accord- ing to Trepp, a New York-based research and analytics firm. After five months of increases, the CMBS disparities" between loans offered to African- American and Hispanic borrowers and non- Hispanic white borrowers, according to a press statement issued by the DOJ. "The company also admitted that it provided financial incen- tives to its loan officers to charge higher interest rates and fees to borrowers," the DOJ stated. "This type of practice has no place in delinquency rate fell 21 basis points to 10.13 percent in August, down from 10.34 in July. The plunge in August is the largest since November 2011. Despite the drop, the CMBS delinquency rate is still up from August 2011 when it was 9.52 percent. Six months ago, the rate was even lower at 9.37 percent. According to Trepp, two factors at- the mortgage market," said John Trasviña, HUD's assistant secretary for fair hous- ing and equal opportunity. "HUD and the Justice Department have made a vigorous commitment to ending unlawful lending discrimination." The settlement will compensate about 600 borrowers who were treated unfairly, and it requires GFI to establish new pricing guide- lines that eliminate the personal discretion allowed to individual loan officers. After launching an investigation in June confident about investing in housing," said Leslie Tolf, president of Union Plus. The survey also found that 53 percent of respondents have major concerns about the economy—they fear job loss. Eighty-three percent of respondents expressed concern that "closing costs for purchasing or refinancing a home are too high." With the election season in full swing, the Obama administration will reportedly try to further expand the Home Affordable Refinance Program (HARP). In tandem with the release of the survey tributed to the fall. For one, the amount of resolved loans was high, reaching $1.5 billion in resolutions for August. The transition of these loans out of delinquency status led to downward pressure of 26 basis points on the delinquency rate. Trepp stated the second factor is that most of the loans securitized in 2007 have now passed their maturity date. Thus, the upward pressure from these loans that could not be refinanced is mostly gone. Newly delinquent loans totaled around 2007, HUD reported GFI to DOJ in January 2010. When DOJ filed suit in April 2012, GFI initially filed a motion to dismiss the case. "This lawsuit advances very aggressive and untested enforcement theories," said Andrew L. Sandler, GFI's lead defense attorney. Sandler stated that GFI "look[ed] forward to the opportunity to challenge DOJ's flawed legal theories and factual allegations." However, after the court declared it was results, Union Plus announced the launch of an awareness campaign in the New York, New York, and Columbus, Ohio, areas to encourage union members to take advantage of historic-low mortgage rates. Union Plus offers a mortgage program to union members, their parents, or children. It offers $495 in savings on closing costs for either new purchases or refinancing, and first- time homebuyers can apply for a $500 Union Plus "Welcome to Your First Home Award." In addition, the Union Plus Mortgage $3.3 billion, adding pressure of about 57 basis points to the delinquency rate. Cured loans, on the other hand, accounted for about $2.8 billion, which weighed down the delinquency rate by 48 basis points in August. Among the property types, retail fared the best, with a delinquency rate of 8.18 percent, despite an increase of 15 basis points. The multifamily delinquency rate had the highest rate, 14.90 percent, even after plummeting 79 basis points. "skeptical" federal law allows loans to be priced with such wide discrepancies as seen at GFI, the lending company changed its tune and settled the suit. The case is one of the latest actions from to litigate against lenders to enforce federal fair lending laws where the evidence warrants," stated Thomas E. Perez, assistant attorney general for the DOJ's Civil Rights Division. Poll Finds 80% of Americans Aren't Swayed by Low Mortgage Rates the Financial Fraud Enforcement Task Force, initiated by President Obama in 2009. "The Justice Department will not hesitate still feel antsy about the housing market, with four out of five unlikely to buy a home or refinance their mortgage, even with today's record-low interest rates, according to a recent poll. Despite recent improvements, Americans CMBS Delinquency Rate Falls Sharply Af- ter Increases: Trepp The delinquency rate on loans held in commercial mortgage-backed securities conducted the survey with Harris Interactive. The findings? Only working Americans be- tween the ages of 18 and 34 are slightly more likely to invest in housing over the next year. "With only 18 percent of working families Union Plus, an arm of the AFL-CIO, willing to invest in buying new homes, what this poll tells us, first and foremost, is that we need to help working Americans feel Protection Program provides assistance in the form of interest-free loans and grants to help with mortgage payments if participants become unemployed, are on strike or locked out, or become disabled. "Union Plus offers a mortgage program that gives union families the opportunity to take advantage of the savings they can get by buying or refinancing at extremely low rates, while offering them a unique safety net to protect them against economic hardship," Tolf added. KNOW THIS New York, New York, was named one of the 10 best buyers' markets by Zillow. There, properties are taking longer to sell and are discounted an average 5 percent below the asking price. 101

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