Commercial/Multifamily News |
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Article Abstracts |
Top National News |
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U.S. Will Extend Lending Program
Washington Post (08/18/09) P. A9; Shin, Annys; Cho, David>
The Federal Reserve and the Treasury Department have agreed to extend the Term Asset-Backed Loan Facility, which frees up loans to build apartment communities, office complexes and other income-generating properties. The move comes even though the program has yet to make significant progress in resuscitating the ailing commercial property market due to its relatively small size. White House officials have no plans to pad the program with more federal resources, even as rising vacancies and declining rents leave building owners vulnerable to default. Some observers fret that a new wave of defaults is on the horizon, with $814 billion in commercial real estate loans on pace to mature between now and 2011.
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Home-Related Loans Grew at Top Banks
American Banker (08/18/09) P. 16; Hopkins, Cheyenne
Big banks increased lending for mortgages and home equity lines in June, reports the Treasury Department, which is tracking banks' use of Troubled Asset Relief Program funds. Originations for all loans rose 13 percent to $312 billion for the top 22 banks, mostly due to new-home buys and seasonal renewals in commercial and industrial and commercial property loans. Demand for new commercial real estate loans remain far below normal volume, however.
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Lending to Be Tight in 2010, Poll Says
Boston Globe (08/18/09)
Most banks are starting to relax their mortgage underwriting, according to the Federal Reserve. Only about 20 percent of U.S. banks reported tougher lending standards on prime home loans in the second quarter, compared to about 50 percent in the previous three months and a peak of about 75 percent a year ago. The Fed survey also reveals that 45 percent of banks have tightened criteria for nontraditional mortgages, such as adjustable-rate loans with multiple payment options, compared to 65 percent in the previous survey and 85 percent a year ago.
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Home Builders' Index at Highest Point in a Year
Pittsburgh Post-Gazette (08/18/09)
The National Association of Home Builders' housing market index climbed one point this month to 18, its best reading since June 2008. The gauge for expected sales over the next six months rose four points to 30, offering proof that builders believe the worst may be over for the housing sector. The August reading for current sales conditions held steady at 16, while traffic by prospective buyers saw a three-point increase to 16. The NAHB survey polled 474 residential developers around the country for its results.
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Unemployment Spike Compounds Foreclosure Crisis
Washington Post (08/18/09) P. A1; Merle, Renae
Rising unemployment is supplanting risky lending as the primary cause of home repossessions, with the Mortgage Bankers Association reporting that the largest share of foreclosures in the first quarter moved from subprime to prime loans. The shift is complicating efforts to ease the crisis, as the government has found it much easier to aid borrowers who fell behind due to interest-rate resets. "It's a much harder nut to crack, unemployment," remarks the Cato Institute's Mark Calabria. "It's much easier to bash lenders than to create jobs." House Financial Services Committee Chairman Barney Frank, D-Mass., hopes to use $2 billion in government stimulus money to provide emergency loans to borrowers "who weren't in trouble and wouldn't be in trouble if they hadn't lost their jobs."
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Residential Finance News |
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Q&A With Patrick Carey of Titanium Solutions
In an interview with MBA NewsLink, Patrick Carey, CEO of Titanium Solutions, Salt Lake City, Utah, discussed the current state of loss mitigation, as well as the Obama Administration's Homeowners Affordability and Stability Plan.
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Residential Briefs
Mortgage technology company FNC Inc., Oxford, Miss., signed a three-year contract with Elavon, a wholly owned subsidiary of US Bancorp and a global credit card processor.
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Commercial/Multifamily News |
Fed, Treasury Extend TALF Program
The Federal Reserve Board and Treasury Department yesterday extended the Term Asset-Backed Securities Loan Facility for newly issued commercial mortgage-backed securities through June 30, 2010 and legacy CMBS through March 31.
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DealMaker of the Day
Prudential Mortgage Capital Co., Newark, N.J., financed $139 million in its general account for a portfolio of four grocery-anchored retail properties in Virginia.
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QuoteLink
"Many independent mortgage companies and bank subsidiaries made radical changes in their product offerings in order to remain alive in 2008."
--MBA Associate Vice President of Industry Analysis Marina Walsh.
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