The definition of identity theft is not universally agreed upon as 77 percent of consumers polled by Experian and Gallup think of credit card fraud as identity theft. Some analysts define the term as using personal information on a victim to steal his or her money. However, three-quarters of consumers define it as using a stolen credit card to purchase goods.

The poll found that more than one in six consumers, 16 percent, report their financial information stolen, such as bank or credit card numbers, and 12 percent reported their personal information stolen, such as their social security number, driver's license or birth certificate. Of these victims, nearly one in 10, nine percent, said an unauthorized bank account was set up in their name, and 15 percent reported that a new credit card was established in their name.

According to the Personal Credit Index, 62 percent of consumers reported unauthorized charged purchases against their credit cards, and 54 percent reported that thieves withdrew money or charged purchases against their bank accounts.

Not everyone who reports these thefts, however, has become a victim. Overall, about 13 percent of all consumers experience some monetary loss from having their financial or personal information stolen including two percent of consumers who have had a new credit card or bank account set up in their name, usually defined as identity theft. The other 11 percent can be classified as victims of financial fraud rather than identity theft, Personal Credit Index reported.

"There are numerous ways consumers can help prevent fraud and identity theft from happening to them, and we are glad to see that most consumers are taking some type of action and being proactive in the fight against these crimes," Ojada said.

Most consumers take some steps to avoid becoming victims, though they would do more if they knew what to do, the Index said. For example, 81 percent of consumers said they shred financial documents or credit card offers before throwing them in the trash. Shredding includes consumers who tear the documents into shreds rather than use a shredding machine. Meanwhile, 52 percent said they regularly check their credit reports, and 46 percent pay for anti-hacking software on their computers. Nearly one in five, 19 percent, purchase a credit-monitoring product, and 11 percent paid for identity theft insurance.

While 74 percent of consumers said they would do more to protect themselves, if they knew what to do, 33 percent take the viewpoint of no matter what they do, identity theft cannot be avoided.

Some consumers still do not believe they are likely to become a victim, a view expressed by more than four in 10 consumers, the Index said. Nearly one-third of consumers believe that no matter what they do, they cannot prevent thieves from stealing their personal or financial information. And, 10 percent of consumers said that their credit is so poor, it does not matter if they try to protect it.

The Personal Credit Index is now at 77, down 21 points from August and at the lowest level since its inception in March of this year. The drop shows greater consumer concerns about credit.

With gas prices reaching an all-time high and expected to continue their upward movement, consumers have become more cautious about their credit situation. "The decline was driven mostly by consumers' increased concern about making monthly payments, which is responsible for 10 points of the 21-point decline," said Dennis Jacobe , chief economist for The Gallup Organization. "Another major factor is their greater concern about being able to borrow money if needed, which is responsible for seven points of the decline."

Last month's increase in the Personal Credit Index was primarily the result of more positive consumer feelings about making their monthly payments, perhaps as a reflection of the fact that gas prices seemed to be leveling out and were even pulling back slightly from previous highs. The latest price increases have apparently eliminated those positive feelings, Experian said.
(Back To Top)

We appreciate your continued interest and support.  And, we look forward to another year of serving you, our valued member.  If you have any questions, please contact Leah Logan , Senior Director of Membership, at (202) 557-2752 or via email at llogan@mortgagebankers.org.
(Back To Top)

Radian said the forbearance guidelines will enable loan servicers to apply Fannie Mae and Freddie Mac special relief provisions to mortgage loans where Radian has insured the first-lien portion.

Radian said loan servicers and lenders will have the flexibility to offer a number of resolution scenarios to borrowers with these delegated loss mitigation and relief provisions. They include:

• Suspension of mortgage payments for up to six full payments;
• Repayment plans of up to 24 months;
• Loan modifications to assist borrowers who need to bring delinquent loans current;
• Suspension of already pending foreclosures for up to three months.

Radian will make these special guidelines available to servicers of private label mortgage-backed securities and non-conforming loans that Radian has insured.

*****

Ginnie Mae, announced it will take another significant step to increase the transparency of its securities by releasing more comprehensive disclosure information in December. Ginnie Mae will report the number and the unpaid principal balance of paid off in full loans by borrowers, repurchased by issuers due to delinquency, and liquidated from the pool due to foreclosure. Ginnie Mae will also disclose information regarding loans that are 30, 60, 90 or more days delinquent and include the number and unpaid principal balance of interest rate buydown loans backing its mortgage-backed securities.

Steve Ledbetter, director of securities, policy and research at Ginnie Mae, called the new information the most important enhancement to the disclosure initiative. Ginnie Mae began overhauling its disclosures in February 2004. Since that time, the agency said it made a number of improvements, including moving from a quarterly to a monthly release of disclosure information and reporting the loan-to-value ratio (LTV), purpose, property type, original loan amount, and the year of origination for loans backing its securities.
(Back To Top)

Meeting highlights include:

• Deal Making MarketPlace – Meet with the following Lenders all ready, willing and able to make deals:

Capital Source, CIBC World Markets, Column Financial, GMAC, Hypo Real Estate Corp., KeyBank Real Estate Capital, LaSalle Bank, LEM Mezzanine, Inc., MetLife, Mezz Cap, Perseus Realty Partners, Prudential Mortgage Capital Co., TerraCapital Partners LLC, Tremont Realty Capital, Wells Fargo.

• Guest Speakers – R. Glenn Hubbard, former Chairman of the White House Council of Economic Advisors; Jay Cross, president of the New York Jets.

• Panel Discussions:
Equity Options in a Low Cap Environment – Find out where and how today’s most active acquirers source equity for their businesses.

Fill ‘Er Up With 100 percent Financing – Mezzanine money and preferred equity capital are all now available. Talk to the players in this part of the capital structure and understand the costs, risks and guarantees that may or may not be required.

Permanent Financing Outlook – Fixed-rate loans come from a variety of lenders with a variety of structures. What can you expect in 2006? Will lenders continue to be aggressive?

For meeting details and registration information, visit www.icsc.org/2005CF or call (646) 728-3800.
(Back To Top)

Newman was the sole underwriter in the transaction.  The bonds were publicly sold as low floaters based on a letter of credit provided by Bank of America, Charlotte, N.C.  The borrower is Lytle Enterprises, and the bonds were issued by the Washington State Housing Finance Commission.

The bonds will finance construction on 143 units of assisted living and independent living senior housing at the retirement community.  It is one of 24 senior housing projects in Washington underwritten by Newman & Associates in the past two years.  The projects total more than 2,700 units of independent, assisted and skilled nursing facilities for more than $293 million in tax-exempt and taxable bonds.

Fairwinds-Redmond includes 97 one-bedroom units and 46 two-bedroom units.  The property will be managed and operated by Leisure Care and billed as a luxury community that offers many amenities.  Monthly rents include one meal daily, weekly housekeeping services, scheduled transportation, 24-hour staffing and scheduled activities. 

Residents have access to assisted living services, personal concierge services, two additional daily meals and valet parking for additional fees. The community also offers a gift shop.
(Back To Top)

Hear from a diverse group of leaders who understand the intricacies of the real estate finance industry.  These sessions focus on government housing programs, diversity, emerging markets, and key legislative and regulatory issues.
  
Monday, October 24, 2:00 p.m.-3:15 p.m.
What's Going on with the Government Housing Programs?
Hear from and ask questions of program leaders as they work to create more affordable housing opportunities for all Americans while protecting consumers from mortgage fraud and abuse.
 
Mortgage Fraud Against Lenders: The Growing Threat to Lenders and Homeowners
The real estate finance industry has proven to be a backbone of the U.S. economy and homeownership is one of the keys to wealth for American families. Yet the fraudulent acts of a few can threaten the stability of the system for all. Mortgage fraud against lenders can be financially devastating to lenders and to consumers-putting the American dream of homeownership at risk.  This roundtable discussion focuses on the status of mortgage fraud and where the industry and government need to go next in combating this threat.
 
3:30 p.m.-4:45 p.m.
Why Diversity Matters: Important Business Rules and Reasons
Educating managers and staff on working effectively in a diverse environment helps everyone prevent discrimination and promote inclusiveness. There is evidence that managing a diverse work force well can contribute to increased staff retention and productivity. Join us for this roundtable discussion as we examine the issues surrounding diversity and share ideas that work.
 
Tuesday, October 25, 2:45 p.m.-4:00 p.m.
Customer Retention in a Shrinking Marketplace
As the refinancing tide has ebbed lenders have begun the search for new ways to increase production volumes and retain customers. Some of today's successful lenders are focused on effectively reducing portfolio runoff while others are adding multiple channels to capture greater market share. If lenders wish to hold on to profits generated through a healthy portfolio, figuring out ways to retain those borrowers should be a core initiative.

Emerging Markets Lending: Best Practices and Challenges
As population demographics change, the understanding of emerging markets plays a more vital role in the mortgage industry. Join our panel to learn about developing and executing effective strategies. Better understand challenges and best practices for reaching this increasingly important segment of our population.

Legislative and Regulatory Update
This panel session addresses the latest developments facing the industry on Capitol Hill and in the Bush Administration such as oversight reform of the Government Sponsored Enterprises, revitalization of the Federal Housing Administration, greater consumer protections to combat predatory lending, simplifying the mortgage process through RESPA reform, and other pressing legislative and regulatory issues.
 
11:00 a.m.-12:15 p.m.
Differentiating your "On-Brand" Experience for Improved Margin and Market Share
The greatest profitability in any industry comes from differentiation of services from those of your competitors. A buyer advocacy marketing and fulfillment program can bring greater market share, better consumer branding and higher quality margins. Panelists discuss innovative solutions for balancing the need for safety and soundness of valuation systems and at the same time addressing the profit and expansion of the mortgage lending business.

Register Today to hear about the latest Business Strategies
Join the largest gathering of residential real estate finance professionals at MBA's 92nd Annual Convention & Expo 2005.  The convention offers you strategies so you can adapt and adjust your business to thrive in a constantly changing marketplace.  While providing opportunities to network with your peers, the convention also offers the opportunity to gather valuable information on innovative business practices, learn about winning products and services, get updates on the latest technology, and to meet and exchange ideas with industry leaders.

For more information, visit the Convention Web Site at http://events.mortgagebankers.org/92nd_Annual/default.html.
(Back To Top)

Most lenders have toll-free phone numbers for consumers to call. A list of top mortgage servicers that are servicing loans in the affected areas is attached and can be also found on MBA’s website at www.mortgagebankers.org and www.homeloanlearningcenter.com.

MBA is working with federal, state and local organizations to get this information out on Websites and distributed to shelters. MBA is also posting information on charity and other private sector Websites as it sends out public service announcements in newspapers across the country. "MBA can play a vital role on behalf of the mortgage banking industry in getting out valuable information to consumers affected by the hurricane on what they should do during this time of crisis," said Cheryl Crispen, MBA's senior vice president of communications.

MBA estimates that up to 360,000 loans could be directly or indirectly impacted and are valued at up to $48 billion.

Meanwhile, HUD established a single toll-free number, 1-888-297-8685, to assist Hurricane Katrina victims from 7 a.m. to 8 p.m. Central Time, seven days a week. The nationwide telephone number expanded services and hours and provided callers with an “actual person” on the line, according to HUD Secretary Alphonso Jackson. "With all that displaced families are going through starting to rebuild their lives, the last thing they need to encounter is an answering machine without answers. We have increased our staffing at the National Servicing Call Center in Oklahoma, and we currently have the capacity to handle 15,000 calls daily,” Jackson said.

Last week, Jackson instructed all FHA-approved lenders to provide foreclosure relief to FHA-insured families affected by Hurricane Katrina. The relief included a special 90-day moratorium on all foreclosures of FHA-insured properties in disaster areas declared by the President. The HUD Secretary encouraged lenders to undertake actions such as mortgage modification, refinancing, and waiver of late charges.

The agency deployed staff to Disaster Field Offices set up by FEMA after Bush declared the disaster areas. HUD said its initial focus is on the immediate housing needs of people with damaged or destroyed homes.

HUD also said it contacted “top mortgage lenders” about their inventory of repossessed homes, the homebuilding industry for help with building materials and supplying construction workers, its housing counseling network to assist displaced homeowners and the manufactured housing industry about available housing stock.

The agency will provide Public Housing Reserve for Disasters and Emergencies. HUD's funding is available for public housing authorities to help rehabilitate damaged properties.

Individuals or families whose residences were destroyed or damaged to such an extent that reconstruction or replacement is necessary are eligible for 100 percent financing through HUD's special mortgage insurance program under Section 203(h) of the National Housing Act to assist disaster victims.

Ginnie Mae will provide assistance to Mortgage-Backed Securities (MBS) issuers with significant concentrations of loans within the affected areas. The assistance includes help in making payments to MBS investors when homeowners are unable to make payments, and eliminating delinquent loans from delinquency statistics used in risk monitoring.

Specific guidance for FHA-approved lenders can also be found on HUD's websites, www.hud.gov and espanol.hud.gov. For more information about temporary housing, go to www.fema.gov or call 1-888-297-8685.

The Louisiana State Office of Financial Institutions also provided information for customers to contact on a local and nationwide basis.

Contacts for Customers :

• Office of Financial Institutions (banks, thrifts, and credit unions)
• Local Number  - (225)925-4660
• Toll Free Nationwide -1(866)783-5530
• Toll Free In-state -1(888)525-9414
• Website - www.ofi.louisiana.gov

The Office of Financial Institutions said it will help Katrina victims obtain information about their specific financial institution.

• Bank Website -  www.fdic.gov  Phone: 1(877)275-3342
The FDIC website has information regarding frequently asked questions and contact information for banks in New Orleans and surrounding areas.

• Credit Union Website - www.ncua.gov  Phone: 1(800)827-6282
 www.cuweb.org/cu_finder.htm

• Thrift Website –www.ots.treas.gov Phone:  1-(800)842-6929

• National Bank Website – www.occ.treas.gov Phone: 1(800)613-6743

• If customers do not have Internet access or need further assistance, they should call the Louisiana Office of Financial Institutions.
(Back To Top)