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SUBSCRIBE ? Volume 7 | Issue 6 | Thursday, February 12, 2009 Click here to view in browser
Spotlight
MBA: Commercial Real Estate Growth, Economy Depend on Employment Recovery
SAN DIEGO--Unemployment will lag in any recovery from the current recession and could peak by mid-2010 as high as 9.6 percent, said Jay Brinkmann, chief economist of the Mortgage Bankers Association.
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MBA: Commercial/Multifamily Originations Down 80% from Year Ago
SAN DIEGO--Commercial and multifamily mortgage loan originations dropped by 80 percent in the fourth quarter from the previous year, the Mortgage Bankers Association reported in its latest Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
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Wachovia Leads National Rankings of Commercial/Multifamily Servicing Volume
SAN DIEGO--Wachovia Securities, with $412.9 billion in U.S. master and primary servicing, leads the Mortgage Bankers Association's annual ranking of commercial and multifamily loan servicers.
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MBA: $171B in Non-Bank Commercial/Multifamily Mortgages to Mature in 2009
SAN DIEGO--The Mortgage Bankers Association reported that $171 billion of commercial/multifamily mortgages held by non-bank lenders and investors will mature in 2009, with volume of loans maturing varying considerably by type of investor holding the loan.
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Shadow Housing Rentals Add to Apartment Vacancies
SAN DIEGO--Higher apartment vacancy rates reflect a growing trend--single-family housing shadow rentals--and show that apartment properties are not immune to the economic crisis.
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Trends
Market Recovery in Eye of Beholder
SAN DIEGO--The definition of "recovery" comes in different forms for the real estate finance market.
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CRE Values Drop at Record Rates, MIT Study Says
Sale prices on commercial property deals sold by major institutional investors set two records in the fourth quarter last year: they dropped by more than 10 percent for the quarter and more than 15 percent for the year, said the MIT Center for Real Estate.
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Corporate Debt Seen as Potential Next Wave in Lending
Middle market loans past due between 30 and 89 days spiked sharply in the fourth quarter to 1.25 percent, up 54.3 percent from the prior quarter and double the year-ago level, reported the Risk Management Association, Philadelphia, and Automated Financial Systems, Exton, Pa.
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CMBS News
Survey: CMBS Servicers Combining Extensions with Paydowns...
SAN DIEGO--Nearly 80 percent of commercial lenders said they would allow up to 12 months in extensions on loans maturing. But the same percentage would require loan pay downs to provide those extensions, said a survey from Jones Lang LaSalle, Chicago.
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...But CMBS Extensions Not for Everyone, Servicers Say
SAN DIEGO--Commercial mortgage-backed securities servicers here at the Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo tried busting the myth that loan extensions would apply to all CMBS maturities this year.
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Commercial Briefs
Commercial Briefs
Fannie Mae, Washington, D.C, reported that it financed $35.5 billion in multifamily rental housing in 2008, including debt financing through lender partners and bond purchases.
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DealMaker of the Week
Johnson Capital Arranges $9.23M with Local Bank for Adobe House
Johnson Capital, Irvine, Calif., arranged $9.23 million in acquisition financing for Adobe House, an assisted living community in Petaluma, Calif.
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People
Mounts Earns Commercial CMB Designation
SAN DIEGO--CampusMBA, the education division of the Mortgage Bankers Association, awarded the Certified Mortgage Banker (CMB) designation, the highest professional designation for the real estate finance industry, to Michael Mounts, CMB, Chicago-based principal of structured finance capital markets with Bank of America.
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MBA News
Participate in MBA 2009 Commercial Real Estate Compensation Survey
The Mortgage Bankers Association encourages members of the commercial real estate finance industry to participate in the 2009 Commercial Real Estate Compensation Survey Program, developed and administered by McLagan, a subsidiary of Aon Consulting Worldwide.
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Register for CampusMBA Multifamily Property Inspection Workshop
Registration is open for CampusMBA's popular Multifamily Property Inspection Workshop, taking place March 18-20 at MBA headquarters in Washington, D.C.
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Registration Open for CampusMBA's Principles of Business Liability Insurance LIVE Online Workshop
The Principles of Business Liability Insurance LIVE Online Workshop, presented in partnership by CampusMBA, the education division of the Mortgage Bankers Association, and Stamford, Conn.-based Insurance Advisors LLC, is the third in the Commercial Insurance LIVE Online Workshop series.
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"We always see, in a recession, people move in with roommates. Kids continue to live with their parents...that is going to drive demand for apartments and it's going to drive demand for single-family rentals until we start seeing jobs come back and expansion in household formation rates."
--MBA Chief Economist Jay Brinkmann.
About MBA Commercial/Multifamily NewsLink
Publisher: Cheryl Crispen, Senior Vice President - Communications and Marketing
Editor: Mike Sorohan 202/557-2855 MSorohan@mortgagebankers.org
Editorial Manager: Michael Murray 202/557-2851 MMurray@mortgagebankers.org
Senior Staff Writer: Charles Wisniowski 202/557-2841 cwisniowski@mortgagebankers.org
Advertising Opportunities: Bill Farmakis 203/834-8832 bill@jlfarmakis.com
John Courson, President and CEO, Mortgage Bankers Association

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