| Spotlight |
|
Q&A With Janet Ford of The Work Number
|
In a recent interview with MBA NewsLink, Janet Ford, senior vice president at The Work Number, St. Louis, discussed the importance of mortgage lenders and servicers using real-time employment and income verification data and The Work Number's role in that endeavor.
Full Story
|
|
Commercial/Multifamily News |
|
|
|
Article Abstracts |
Top National News |
|
Fed Set to Trim Major Lifeline
Wall Street Journal (08/13/09) P. A2; Reddy, Sudeep
The Federal Reserve has announced that a program to buy $300 billion in U.S. Treasuries will end in October, although officials say the economy will continue to show signs of weakness due to job losses, stagnant income growth, falling home prices and tighter credit. With that in mind, central bank policyholders plan to hold short-term interest rates near zero during the coming months.
(More)
|
Home Sales Rate Is Down Year Over Year
Los Angeles Times (08/13/09) Hong, Peter Y.
Home resales for the second quarter trailed the 2008 pace -- considered the market's worst performance in almost a decade -- even though residential prices continue to slide in 129 of 150 U.S. metropolitan areas. According to the National Association of Realtors, sales of previously owned houses settled at 4.76 million, off 2.9 percent from 4.9 million during last year's second quarter. Even so, NAR chief economist Lawrence Yun welcomed the data as "a hopeful sign for the economy" because sales were up compared to the first three months of the year.
(More)
|
Recession and Debt Hurt Commercial Real Estate
Miami Herald (08/13/09) Veiga, Alex
Commercial real estate is in a bleak period due to weakness in the economy, plunging property values and high unemployment that has forced companies to cut back on space -- a trend that has sapped revenue for many building owners. With landlords defaulting on loans at a high rate, banks have been saddled with office complexes and other commercial properties that they have foreclosed but cannot sell, causing some to close their doors. There is approximately $3.5 trillion worth of commercial property loans either held by banks, tied up in commercial mortgage-backed securities or held by other institutions. More than $2 trillion in commercial mortgages is set to come due between now and 2013, and many building owners will likely be unable to refinance due to today's tighter underwriting standards.
(More)
|
Federal Home Loan Banks Post Jump in Net
Wall Street Journal (08/13/09) P. A6; Hagerty, James R.
The 12 Federal Home Loan Banks cranked out 56 percent more income in the 2009 second quarter than during the same three months of last year. Combined net income hit $1.12 billion, aided by big gains on derivative contracts and hedging activities. However, the results were held back by losses on private-label mortgage securities, which have drained some of the banks' capital in the past year. The Seattle FHLB reportedly is undercapitalized; it and several others were forced to slash or pull dividends and restrict share buybacks in an effort to build up capital.
(More)
|
Sales Contracts Up at Toll Brothers
New York Times (08/13/09) P. B10
Toll Brothers has reported that new-home contracts increased 3 percent in its fiscal second quarter from the same period a year ago and 44 percent from this year's fiscal first quarter. The numbers marked the luxury builder's first quarterly gain in signed contracts for new homes in four years. Toll said it sold a total of 792 homes during the three-month period ended July 31, generating quarterly revenue of $461.3 million. Just 9 percent of buyers backed out -- the lowest cancellation rate in three years.
(More)
|
|
Commercial/Multifamily News |
|
MBA News |
CampusMBA Catastrophic Insurance Issues LIVE Online Workshop Sept. 23
CampusMBA, the education division of the Mortgage Bankers Association, and Insurance Advisors LLC, Stamford, Conn., present the sixth in the popular Commercial Insurance LIVE Online Workshop series on Wednesday, Sept. 23.
Full Story
|
FHA Hosts Free Conference Call on FHA-HAMP Today
The Federal Housing Administration will host a free Industry Conference Call on Thursday, Aug. 13 to discuss its new Home Affordable Mortgage Program, known as FHA-HAMP.
Full Story
|
Beach Boys, Robert Ballard Highlight MBA Annual Convention & Expo
The Beach Boys and famed explorer Robert Ballard join the keynote lineup for the Mortgage Bankers Association's 96th Annual Convention & Expo, which takes place Oct. 11-14 in San Diego.
Full Story
|
|
|
|
|
|
|
StatLink
|
|
|
QuoteLink
"Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability."
--From yesterday's Federal Open Market Committee statement.
|
|
|
|
|
|
|
|