Commercial/Multifamily News |
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Top National News |
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Even in a Recession, Some Companies Are Hiring
Associated Press (03/10/09) Rugaber, Christopher S.
Despite the recession, mortgage servicers and other companies are hiring new employees. Mortgage Bankers Association executive Marina Walsh, who focuses on industry analysis, says servicers are "scrambling for workers" as refinancing demand surges in response to a downward trend in loan rates.
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Biggert Introduces Housing Bill
Naperville Sun (IL) (03/10/09)
The Fairness in Housing Recovery Act, sponsored by U.S. Rep. Judy Biggert, R-Ill., offers an option to the most recent housing bill winding through the House. The new proposal would help struggling borrowers to refinance into more affordable loans; but it would refuse aid to borrowers convicted of fraud, not living in the home, in the country illegally or who obtained mortgages by exaggerating income. The bill also provides temporary home buyer tax credits, calls for a doubled capital gains tax to ensure taxpayers are repaid when borrowers who received assistance sell their homes, offers more resources to law enforcement agencies to curtail mortgage fraud and broadens HUD-approved counseling services.
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Systemic Power May Cost Fed Freedom
American Banker (03/10/09) P. 1; Sloan, Steven
The Federal Reserve soon could gain more authority over "systemically important institutions," but observers worry that such power would simultaneously hinder the central bank's independence. According to Bert Ely, an independent consultant based in Alexandria, Va., "They'd have to coordinate more closely with the Treasury. They'd get dragged before Congress more often, and Congress would look in on their activities more." Some say the White House takeover of a plan to lend as much as $1 trillion against asset-backed securities already signals less independence for the Fed.
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Detox for Troubled Assets
Washington Post (03/10/09) P. D1; Appelbaum, Binyamin
FDIC head Sheila Bair believes buying distressed mortgage loans and other troubled assets will be instrumental to reviving the economy, according to her interview with the Washington Post. The plan might cost more than the $700 billion the Bush administration had already requested and banks would suffer huge losses; but the loans would be taken off their books, taxpayers could see a profit and government intervention in the banking industry would end, she reasons. The government is considering providing low-cost financing to help private investors buy the troubled assets.
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Senate OKs Home Buyers Bill
Standard-Examiner (UT) (03/10/09) Demoss, Jeff
A bill that would use funding from Utah's $10 million share of aid from the American Recovery and Reinvestment Act to give approximately 1,600 buyers of new homes up to $6,000 in down-payment grants has been approved by the Utah Senate. The program will be open to existing and first-time buyers earning up to $75,000 per year for individuals or $150,000 annually for couples. The idea is to reduce excess new-home inventory to stimulate the residential property market.
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Treasury Plans Small-Business Aid
Wall Street Journal (03/10/09) P. A3; Hitt, Greg; Paletta, Damian; Weisman, Jonathan
Treasury Secretary Timothy Geithner confirms that the White House is working on plans to boost liquidity for small businesses as part of a wide-sweeping effort to spur lending and slow the pace of unemployment. According to Geithner, the Obama administration hopes to launch a plan next week that will provide financing, liquidity and guarantees to open up small-business lending. The move comes amid lingering criticism that the president's proposed budget places undue stress on small-business owners, who could be subject to higher income taxes and a restored estate tax.
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Federal Home Loan Bank of Seattle Short of Capital
Seattle Times (03/10/09) Levy, Ari
Due to the declining value of mortgage-backed securities, the Federal Home Loan Bank of Seattle failed to meet a regulatory capital requirement at the end of February. As a result, it is not allowed to pay a dividend or buy back capital stock. Moody's Investors Service warns that as many as eight of the nation's 12 FHLBs may miss capital requirements after writing down holdings of nonagency mortgage securities.
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2008 Volume Is Down 39 Percent
National Mortgage News (03/09/09) Vol. 33, No. 23, P. 1; Muolo, Paul
Mortgage originations tumbled 45 percent to $273 billion during the fourth quarter--the worst level since the first quarter of 2000--and the volume declined 39 percent to $1.61 trillion for all of 2008. According to National Mortgage News and the Quarterly Data Report, Wells Fargo was the top lender during the quarter, followed by Bank of America, Chase, CitiMortgage and U.S. Bank Home. Volume increased 14 percent at BofA thanks to its acquisition of Countrywide Home Loans; but the only other top 10 lender to record higher production was U, w.S. Bank Homehich saw originations rise 6 percent.
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Residential Finance News |
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MBA Letter Urges HUD to Encourage Home for Homeowners' Participation
The Mortgage Bankers Association, in a letter yesterday to HUD, said an interim final rule that makes changes to the Hope for Homeowners Program would make the program more accessible to borrowers, but would also discourage lenders from participating because of an increase in upfront fees.
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HOPE NOW Web Site Features New Online Assistance
The HOPE NOW Alliance yesterday unveiled a redesigned and enhanced web site that provides a new way for homeowners with mortgage concerns to connect directly with their mortgage servicer and receive help faster.
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People in the News
Johnson Capital, Irvine, Calif., appointed Gary Braun as senior vice president in its Irvine office and Ronald Davis as vice president in the Dallas office.
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Commercial/Multifamily News |
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Insurance Policies Vary on Vacancy Provisions
With increasing vacancies, commercial mortgage servicers will need to check insurance policies or contact borrowers to determine variances on office and retail property coverages.
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Commercial Briefs
The National Multi Housing Council and Kroll Factual Data partnered to provide technical oversight and support to NMHC's Multifamily Information and Transactions Standards data standards initiative.
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DealMaker of the Day
Holliday Fenoglio Fowler LP, Houston, closed its first FHA 223(f) loan at $7.05 million for The 2020 Building, a 55-unit multifamily community in downtown Portland, Ore.
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MBA News |
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Participate in MBA/STRATMOR Peer Group Program
The MBA/STRATMOR Peer Group Program supplies mortgage companies with timely business intelligence. We provide a standard for comparing your current state of production and servicing businesses to your peers and to historical standards.
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Upcoming CampusMBA FHA Central Courses
CampusMBA FHA Central, the complete FHA training solution for the real estate finance industry, can help your business get up to speed on FHA loans and enable you to start capturing more of this growing market share.
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Time to Renew Membership in Mortgage Action Alliance
The Mortgage Action Alliance is the Mortgage Bankers Association's grassroots advocacy program. With more than 13,000 members, MAA gives MBA members a chance to be heard directly on Capitol Hill and in state capitals across the country on key issues facing the industry.
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QuoteLink
"Limited credit availability and higher down payments would be particularly damaging to those parts of the country that are suffering the biggest drops in home prices. The bottom line is that resurrecting bankruptcy cram-down during this current crisis is unproductive and runs counter to the efforts to restore confidence and liquidity to the global capital markets."
--MBA Chairman David Kittle, CMB, in an op-ed piece appearing in the Atlanta Journal-Constitution discussing bankruptcy legislation.
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