Commercial/Multifamily News |
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Plan to Obviate Appraisal Code
American Banker (03/16/10) P. 11; Collins, Brian
Marc Savitt of the National Association of Independent Housing Professionals has proposed a recovery fund for Fannie Mae and Freddie Mac that would cover losses tied to appraisal fraud. Originators and appraisers would pay $10 at the closing table toward the fund, which Savitt says could eliminate the Home Valuation Code of Conduct. Meanwhile, the National Association of Mortgage Brokers is working on a "blind ordering" system allowing brokers to electronically order an valuation without direct contact with the appraiser, in order to preserve appraiser independence.
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Home Builders Index Back to January Level
Pittsburgh Post-Gazette (03/16/10)
Home builders' outlook for sales over the next six months has worsened in March. The National Association of Home Builders reports that its housing market index fell to 15 from 17 in February. Readings below 50 mean industry participants have a pessimistic view of the market; sentiment of market conditions has not been optimistic since April 2006.
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US Property 'Undervalued'
The Move Channel (03/16/10) Deshayes, Catherine
According to a new report from research consultancy firm Capital Economics, almost a fifth of U.S. residential property is undervalued compared to global markets. States where properties are most overvalued include Delaware, Montana and Oregon. Paul Dales, the firm's U.S. economist, says prices on a national level rose an average 3 percent to 6 percent last year. That trend will likely end, he adds, with prices declining at least 5 percent unless the government renews the home buyer tax credit.
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Fed Weighs How and When to Signal Higher Rates
Associated Press (03/16/10) Aversa, Jeannine
Federal Reserve policymakers are debating how and when to convey to the public that record-low interest rates will not continue indefinitely. Higher rates will be necessary once economic recovery is more deeply rooted in order to avert inflation. The central bank will want to signal a shift in advance and in clear terms in order to ease borrowers and investors into the new era. That change in language is possible at the March 16 meeting of Fed officials but may not come until the next session in late April.
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MBA Challenges Treasury With New Option
National Mortgage News (03/15/10) Vol. 34, No. 24, P. 17; Dymi, Amilda
Treasury is open to further discussion on the Mortgage Bankers Association's proposal to offer an extended forbearance period to unemployed borrowers, reports Josh Denney, a senior public policy official at the group. MBA believes its voluntary plan would help jobless borrowers not eligible for the Home Affordable Modification Program. It wants to reduce qualified borrowers' monthly payments by 31 percent for up to nine months; while the Treasury provides loans at an interest rate to servicers, which can then handle principal and interest payments as well as taxes and insurance.
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Commercial/Multifamily News |
Fitch: Delinquency Numbers Heading Higher for CMBS, CREL CDOs
Specially serviced commercial mortgage-backed securities loans in the United States increased to $74 billion by the end of last year, up from a $4.4 billion low at the end of 2007, said Fitch Ratings, New York.
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Commercial Briefs
Banks can expect $300 billion in potential losses on distressed real estate loans, said California Real Estate Receiverships, Newport Beach, Calif.
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DealMaker of the Day
Arbor Commercial Funding LLC, Uniondale, N.Y., funded more than $63.57 million for projects in New York City, South Carolina, Georgia, Maryland, California, Philadelphia, Massachusetts and Kansas.
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QuoteLink
"Requiring originators--especially small, locally based lenders--to retain a certain percentage of the loan on their books threatens the very business model that offers consumers choice and competition, and thus more affordable loans."
--MBA Chairman Rob Story Jr., CMB, on financial services reform legiislation introduced yesterday by Sen. Christopher Dodd, D-Conn.
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