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Mortgage Bankers Sells Headquarters
Reuters (02/08/10) Shankar, Archana
The CoStar Group will pay $41.3 million to acquire the home base of the Mortgage Bankers Association, a national group serving more than 280,000 workers in the real estate finance field. According to reports from the Wall Street Journal, MBA paid $79 million for the 10-story building in 2007.
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HAMP Permanent Modifications Picking Up: BarCap
Housing Wire (02/08/10)
Barclays Capital reports that efforts to re-work loans increased during the past two months as servicers converted more trials into permanent modifications under the Home Affordable Modification Program. The latest HAMP progress report from the Treasury Department shows that servicers provided more than 66,000 permanent modifications through December. Participating servicers currently receive upwards of $35 billion in total capped incentives, but the program could eventually top $50 billion.
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Builders Start to Look Up
Wall Street Journal (02/08/10) Vigna, Paul; Shipman, John
Such federal supports as the first-time home buyer tax credit and longer tax-loss carry-backs have enabled many U.S. home builders to rebuild themselves. A number are much leaner than a year ago, which analysts say should allow them to turn a respectable profit once the economy rebounds. The biggest signs of improvement include fewer write-downs, fewer canceled orders for new homes and gains in new-home orders.
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Fed Support for Mortgage Rates to End?
Inman News (02/08/10)
Federal Reserve Bank of New York President William Dudley says the central bank will scale back its purchases of mortgage-backed securities late next month; and while interest rates likely will climb when the program ceases, the extent of the rise remains to be seen. Dudley says the Fed will act if rates spike too much. Still, analysts worry that the end of the MBS purchase program and expiration of the home-buyer tax credit, along with higher premiums and tighter underwriting of FHA mortgages, will work together to stifle home sales and price stabilization in the coming months.
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'Foreclosure Consultants' Targeted
Arizona Daily Star (02/08/10) Fischer, Howard
Arizona legislators are acting to curb foreclosure rates and crack down on scammers billing themselves "foreclosure consultants." A proposed law in the House requires that they provide contracts in advance of signing and give homeowners the option to cancel within three days; and it also bars them from being paid fees -- typically $3,000 or $4,000 -- upfront. Fraud or deceit against a homeowner would be a Class 1 misdemeanor, punishable by up to six months in jail and a maximum fine of $2,500. Additionally, the measure would allow homeowners to sue to recover any cash they lost in fees as well as legal fees.
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