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MBA Advocacy Update
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With another report showing a worsening employment situation, Congress spent the week on an economic stimulus package of unprecedented size and scope.
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Commercial/Multifamily News |
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Real-Estate Sector Cheers Tax Credit
Wall Street Journal (02/09/09) P. A4; Timiraos, Nick
The real estate industry hopes a tax credit proposed by the Senate in its version of the stimulus bill would bolster the housing market by encouraging fence-sitters to make a home purchase. The Senate is calling for a tax credit equivalent to 10 percent of the purchase price up to $15,000, versus House legislation that repeals the repayment obligation on the $7,500 tax credit available to certain first-time buyers.
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Loan Mods on Rise at Fannie, Freddie
American Banker (02/09/09)
A new report from the Federal Housing Finance Agency reflects a 50 percent jump in loan modifications by Fannie Mae and Freddie Mac in October and November from the previous two months, indicating that the companies had more time to handle problem loans with foreclosure moratoriums in effect. The report also shows a decline in mortgages 60 days or more past due to 5.25 percent in November from October, a drop of 119 basis points.
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Bank Bailout Plan Revamped
Wall Street Journal (02/09/09) P. A1; Solomon, Deborah; Paletta, Damian
A partnership between the U.S. government and the private sector to buy banks' troubled assets is said to be a cornerstone of Treasury Secretary Timothy Geithner's overhaul of the U.S. economic recovery plan. While the "aggregator bank" would receive funds from the $700 billion financial-sector stimulus fund, it is uncertain how the government would entice investors to take part in such a private bank considering that they already can purchase such assets on the open market. The Geithner initiative also includes initiatives to help struggling homeowners, expansion of a Federal Reserve program aimed at kick-starting consumer lending, cash injections into the bank system and the mechanism to allow banks to get rid of bad assets.
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Fed States Terms for TALF Loans
Investor's Business Daily (02/09/09) P. A2
The Federal Reserve plans to issue a start date for its term asset-backed securities loan facility in the near future. The central bank hopes TALF will boost credit flow to consumer and small businesses by lending upwards of $200 billion to qualified holders of some AAA-rated ABS.
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State Lawmaker Tries to Stall Foreclosures
Charleston Post and Courier (02/09/09) Stech, Katy
A bill crafted to postpone the foreclosure process when subprime mortgages are involved has not been well-received by state lawmakers in South Carolina. The proposal seeks to grant a one-year reprieve on a foreclosure case when a broker or loan officer fails to include an affidavit that says they did not steer the borrower into "an unconscionable mortgage." Rep. Bakari Sellers, D-Denmark, introduced the measure two months ago.
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Sub-Prime Mortgage Study: Crisis Has Cost Minorities Up to $213 Billion
Eurweb (02/09/09)>
The subprime crisis caused a $213 billion loss of wealth for minorities over the eight years of the Bush administration, according to United for a Fair Economy. A new study from the social advocacy group finds millions of African Americans and Hispanics lost their homes because of predatory loans and adds that the crisis has resulted in the biggest financial loss for blacks in U.S. history. About 40 percent of blacks who received subprime financing could have qualified for more affordable mainstream loans, data from the Home Mortgage Disclosure Act indicates.
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Residential Finance News |
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Job Losses This Recession Pass 3.6 Million
Payroll employment fell 598,000 in January, following a 577,000 drop in December (initially reported as a 524,000 decline).
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Q/A With Missy Zakett of Western Union Payment Services
Missy Zakett, vice president of sales with Western Union Payment Services, Englewood, Colo., discussed payment solutions and technology alternatives for the mortgage industry, as well as results of WUPS' recent Money Mindset Index survey of consumer payment behavior.
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The Week Ahead
The Mortgage Bankers Association's Commercial Real Estate Finance/Multifamily Housing Convention & Expo is underway, running through Wednesdsay, Feb. 11 in San Diego. MBA NewsLink and MBA Commercial/Multifamily NewsLink will provide on-site coverage.
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Commercial/Multifamily News |
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Corporate Debt 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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DealMaker of the Day
Commercial Defeasance LLC, Charlotte, N.C., assisted The Groves Realty Group LTD in a $6.3 million defeasance transaction that allowed the company to sell The Groves, a 441-unit manufactured housing property in Orlando, Fla., for $15.5 million.
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QuoteLink
"Mortgage payments are probably the slowest adopters of electronic solutions. When we looked at this a few years ago, that percentage was above 50 percent on average, so you are starting to see it decline from mortgage consumers who want to use snail-mail. It's still higher than other type of bills but it is declining."
--Missy Zackett, vice president of sales with Western Union Payment Services, Englewood, Colo.
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