A prominent New Jersey lawyer has been sentenced to one year and one day in prison on his conviction for making false statements in a bank loan application and failing to pay over payroll taxes withheld from employees, according to federal prosecutors. So reports InsiderNJ.

Federal Reserve Vice Chairman Richard Clarida said the U.S. economy is in a “good place,” during recent remarks. He also vouched for the central bank’s current stance on interest rates. So reports MarketWatch.

A judge has ruled in favor of the Federal Trade Commission against several companies accused of operating mortgage debt relief scams, the FTC has announced. The U.S. District Court for the District of Nevada also slapped an $18.5 million judgment against the scammers.

Bill Bodnar of the Mortgage Market Guide explains what the Fed's guidance means for the mortgage industry.