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SUBSCRIBE ? Volume 11 | Issue 203 | Thursday, October 18, 2012
The Lede
MBA Issues Call to Action on Basel III Framework
The Mortgage Action Alliance Inc. issued a Call to Action yesterday, warning that a proposed U.S. Basel III framework could force the U.S. mortgage industry to accept punitive treatment of mortgage servicing that would impact consumers, servicers and the housing and commercial markets.
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Top National News

Residential Finance News

Commercial/Multifamily News

MBA News

Article Abstracts

Top National News

U.S. Home Construction Climbs to a 4-Year High
New York Times (10/18/12)
Housing starts jumped 15 percent to an annualized rate of 872,000 units in September, reports the Commerce Department. Single-family building climbed 11 percent to the fastest pace in four years, while new apartment projects surged 25.1 percent. Historically low mortgage interest, steady price appreciation and a short supply of resale homes have fueled the gains in residential construction.
(More)

Mortgage Lending Up, But Crisis’s Toll Persists
Washington Post (10/18/12) P. A12
Although some of the nation's biggest banks are reporting annual gains in mortgage originations, they still face litigation, foreclosures and regulatory burdens tied to the collapse of the housing market. Much of the jump in originations can be attributed to refinancing, but banks' third-quarter results have been dented by loan buyback demands, among other things.

(More)

Ellie Mae Reports FHA-Backed Mortgage Market Share Shrinking
Housing Wire (10/17/12) Panchuk, Kerri
Ellie Mae reports that borrowers are favoring conventional mortgage financing over FHA products. Ellie Mae COO Jonathan Corr notes that FHA loan closings have declined to 19 percent from 28 percent over the past six months, partially due to higher FHA premiums that took effect in April. Over the same period, he says conventional loan closings have increased to 72 percent from 64 percent, largely as a result of HARP 2.0 initiatives.

(More)

Redwood Sells $297 Million of Mortgage Bonds as Deals Accelerate
Business Week (10/17/12) Shenn, Jody
In an offering completed on Oct. 17, Redwood Trust Inc. sold $297 million of bonds tied to new U.S. home loans with no government backing. The transaction was the fifth such offering from Redwood in 2012 and the eighth since the market restarted two years ago. Issuance of non-agency mortgage bonds peaked at $1.2 trillion in both 2005 and 2006 prior to collapsing amid plummeting home values and skyrocketing foreclosures.
(More)

Subprime Lender Springleaf Plans $787 Million Mortgage-Bond Sale
San Francisco Chronicle (10/17/12) Shenn, Jody
Springleaf Finance Corp. has announced plans to sell $787 million of home-loan securities. The subprime lender has been raising cash to repay maturing debt by pooling older mortgages into bonds. It may sell the bonds as early as this week, including $538.5 million of debt with AAA ratings.

(More)


Residential Finance News
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New Residential Construction Hits 4-Year High
The Census Bureau and HUD yesterday said new residential construction in September reached its highest level in four years, building on momentum that began this summer.
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People in the News
Residential Finance Corp., Columbus, Ohio, hired Mark Fowler as chief revenue officer and vice president of production.
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Commercial/Multifamily News
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Barometer Shows Strong Year-Over-Year Improvements
Eighty-five percent of key indicators in the Urban Land Institute's Real Estate Barometer report improved compared to a year ago.
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Dealmaker of the Day
Archstone, Englewood, Colo., acquired the Bay Club Apartments and Marina in Marina Del Ray, Calif., from Decron Properties Corp., Los Angeles, for $43.9 million.
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MBA News
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MBA Commercial Real Estate Finance/Multifamily Housinng Convention & Expo Feb. 3-6
The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2013 takes place February 3-6 at the Manchester Grand Hyatt in San Diego.
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Now Online: CampusMBA School of Mortgage Servicing Dec. 4-12
CampusMBA, the education arm of the Mortgage Bankers Association, introduces its new, instructor-guided online offering of the popular School of Mortgage Servicing.
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MBA Drills Down HMDA Data to Local Level
A Mortgage Bankers Association analysis of 2011 residential loan origination data recently released as part of the Home Mortgage Disclosure Act reveals that the Chicago-Joliet-Naperville metro market tops the list with 189,518 loans originated, totaling $4.4 billion in originations.
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Quote

"Permits are a leading indicator of future construction activity, and the level of permits suggests further growth ahead, particularly in multifamily starts. The September level of single-family and multifamily permits is higher than that of the previous five Septembers."
--Michael Fratantoni, vice president of research and economics with the Mortgage Bankers Association.

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