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12 | TH E M R EP O RT MONTH IN REVIEW Big Banks Announce Positive Year-end Earnings, and Politicians Propose Budgets for Future Housing Programs President Barack Obama released his final budget plan for Fiscal Year 2017. According to an announcement from HUD, the President's budget includes a request for $11 billion to end family homelessness. Freddie Mac reported a net income of $6.4 billion for 2015 in the enterprise's Q4 and Full- year 2015 Earnings Report. The January 2016 Employment Summary from the Bureau of Labor Statistics showed that wage growth, which has lagged in recent months, jumped by 12 cents over the month in January—up to $25.39—and by 2.5 percent since the previous January. The Federal Housing Finance Agency re- ported that 21,079 HARP refinances were completed between September and December, bringing the grand total up to nearly 3.381 million since the program's 2009 launch. New York Attorney Gen. Eric T. Schneiderman announced that Morgan Stanley reached a $3.2 billion settlement for toxic MBS with state and federal authorities. The settlement includes $400 million worth of mortgage reduc - tions and other consumer relief and $150 million in cash that will be allocated to New York State. Bank of America reported a net income of $15.9 billion for the full year of 2015—more than triple the bank's reported net income of $4.8 bil- lion for 2014. Hillary Clinton released her "Breaking Every Barrier Agenda," which outlines intentions to revitalize the economy if she is elected president and includes a $25 billion housing reform plan. SunTrust Bank reported a net income of $484 million as of the end of Q4 ($0.91 per average com- mon diluted share), an increase of 23 percent from the year-ago quarter. For the full year 2015, SunTrust reported a net income of $1.93 billion ($3.58 per aver- age common diluted share), which was 11 percent higher than 2014's net income of $1.77 billion. Fannie Mae reported an annual net income of $11.0 billion for 2015—a decline of 23 percent from the previous year's net income of $14.2 billion, according to its earnings report for Q4 and the full year 2015. The Consumer Financial Protection Bureau published a notice in the Federal Register correcting errors and typos regarding tolerances for property taxes and certain other property-related costs that were found in the "Supplementary Information" to the TILA-RESPA Integrated Disclosure rule. MCS Valuations is committed to providing the best possible service and most reliable value to our clients. Backed by industry-leading data and experts with decades of experience, MCS Valuations is your trusted resource for all of your valuation needs. 8 0 0 . 7 9 1 . 7 1 4 5 | M C S V A L U A T I O N S . C O M | I N F O @ M C S V A L U A T I O N S . C O M