Commercial/Multifamily News |
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Article Abstracts |
Top National News |
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Foreclosure Wave Threatens Stability of Housing Market
Washington Post (03/12/10) P. A1; Merle, Renae
Most of today's delinquent mortgage borrowers are coping with a job loss or other economic hardship and cannot make even modified payments, feeding concern that another 5 million to 7 million properties will enter foreclosure over the next few years and slow housing market recovery. State and local governments are moving to delay the foreclosure process, with Mortgage Bankers Association chief economist Jay Brinkmann noting that sheriffs in some areas have refused to file foreclosure notices. Experts say the impact of the "shadow market" could be mitigated if enough buyers purchase homes, mortgage relief programs help more borrowers or more short sales are allowed.
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FHA: No Need for Down-Payment Hikes
American Banker (03/12/10) P. 12; Dieterich, Chris
At a March 11 subcommittee hearing in the House, FHA Commissioner David Stevens pushed back against calls for his agency to boost down-payment requirements and instead tried to rally support for a plan to raise FHA upfront premiums next month. He also asked Congress to allow the FHA to hold all lenders accountable for nonperforming loans. Stevens said the agency currently can only make lenders indemnify it for losses on loans when the loan was insured through a process that accounts for just 29 percent of participating lenders.
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Mortgage Bonds Make a Comeback
New York Times (03/12/10) P. B2; Currie, Antony; Swann, Christopher
The U.S. market for private-label mortgage bonds may be primed for a return after laying dormant for the past couple of years, with a few firms working on deals that could hit the market by mid year. Buyers considering investing in new jumbo mortgage-backed securities likely will push for assurances that the loans have proper documentation and proof of income. They also will want borrowers to have contributed as much as 40 percent out of pocket and will expect that the average loan balance is no more than about 60 percent of property value.
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Mortgage Rates Steady
Lakeland Ledger (FL) (03/12/10)
Freddie Mac reports that mortgage rates remained under the 5 percent mark for the second consecutive week, with the average interest on a 30-year fixed loan coming in at 4.95 percent from 4.97 percent a week earlier. Meanwhile, interest on 15-year fixed loans averaged 4.32 percent versus 4.33 percent the previous week. Rates on five-year, adjustable-rate mortgages settled at 4.05 percent, a decline from 4.11 percent last week.
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Obama Plans to Tap Yellen for Fed
Wall Street Journal (03/12/10) P. A2; Paletta, Damian; Reddy, Sudeep; Hilsenrath, Jon
President Barack Obama is expected to nominate Janet Yellen, president of the Federal Reserve Bank of San Francisco, to replace Donald Kohn as vice chairman of the Federal Reserve Board. She has been a strong advocate of keeping interest rates near zero during the economic downturn. In addition to Yellen, the White House has selected two other nominees for the Fed's Board of Governors; and their confirmation could shape a cautious approach to raising rates.
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Residential Finance News |
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Dodd, Corker at 'Impasse' on Reform; Bill to Go Forward
A bipartisan effort to rework financial services reform legislation hit a snag yesterday, with Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Sen. Bob Corker, R-Tenn., saying they had reached an "impasse" on several key issues.
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Record Snowfalls Deal Blow to Economy
Results from the Ceridian-UCLA Pulse of Commerce Index by UCLA Anderson School of Management showed the U.S. economy essentially flat over the first two months of the year, with a February decline offsetting the modest gains previously reported for January.
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Commercial/Multifamily News |
Seaport Industrial Space Lingers on Global Trade
Colliers International, Boston, said the global recession "vastly reconfigured" shipping and occupancy patterns in the U.S. between 2001 and 2009, but positive trends appear headed for shore.
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Commercial Briefs
Apartment vacancy rates in the United States will decline 60 basis points, from 7.4 percent in 2009 to 6.8 percent this year, said CBRE Econometric Advisors, Boston.
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DealMaker of the Day
Berkadia Commercial Mortgage, Horsham, Pa., originated nearly $89 million financing for retail, office and mixed-use properties in New Jersey, Virginia and Pennsylvania.
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"There's no sugarcoating the unsafe position in which FHA finds itself today. We simply must take the strong and necessary steps to protect its vital programs, the MMI Fund and, ultimately, the taxpayers who stand behind it."
--MBA President and CEO John Courson, in testimony yesterday before a House subcommittee.
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