During the past two weeks, the Treasury market has priced in the interest rate hike, causing long-term yields to rise. The yield on 10-year Treasuries steadily rose over the past week to 4.25 percent by mid Friday afternoon—12 basis points higher than the yield on the previous Friday and the biggest weekly increase since the week ended July 1st.

This week’s focus will be tomorrow’s FOMC meeting, with the market expectations of the 11th increase in the fed funds rate to 3.75 percent. The FOMC action has never surprised the financial markets in any of the 10 previous meetings in this tightening cycle. Of interest to the housing sector is August housing starts (Tuesday), which are expected to be little changed from the annualized pace of the past three months of around 2.04 million units.

(Orawin Velz is director of economic forecasting in the Mortgage Bankers Association’s economics and research department. She provides commentary and analysis on key monthly economic indicators. She can be reached at ovelz@mortgagebankers.org.)
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After a successful career as a financial consultant, Miller assembled a group of partners and founded his own firm, which is one of the fastest growing mortgage companies in Colorado. He is a creator of innovative solutions in the mortgage industry, and his experience includes developing strategies, policies and procedures, marketing, recruiting, development, organizational structure, leadership development, employee training, investor relations and product development.

Dan Thoms, vice president of education and business development for MBA, said Miller’s “visionary style” has the ability to inspire the people in the organization to achieve past their own expectations.

"Throughout all three School of Mortgage Banking courses, Jonathan clearly distinguished himself through his exceptional performance and participation," Thoms said. "On behalf of CampusMBA, I am privileged to honor him with this prestigious award, and believe he exhibits the qualities that Willis Bryant envisioned for mortgage banking professionals."

The Willis Bryant Award recognizes outstanding academic achievement in the three courses of CampusMBA's School of Mortgage Banking and is awarded to the top student graduate at each offering of SOMB Course III. To qualify, a student must achieve a grade of "excellent" on all SOMB exams and demonstrate exceptional leadership qualities in both the classroom and when interacting with other students.

The award was established in the name of Willis R. Bryant, following his death in 1965. Bryant, a mortgage banking pioneer of the 1950s, was a former lecturer at the SOMB who authored Mortgage Lending Fundamentals and Practices, a former SOMB textbook.

Since 1948, the SOMB has become the cornerstone of education in the mortgage banking industry. The Accredited Mortgage Professional (AMP) designation, introduced in July 2004, is awarded to SOMB graduates upon successful completion of SOMB Courses I, II and III.

Runners-up for the award were: Rajan Kumaralingam, vice president-mortgage analytics with Wells Fargo Home Mortgage in Frederick, Md.; and Ann Magelinski of GM Capital Management LLC in Lake Worth, Fla.

For more information on CampusMBA, winner of the 2004 Best Virtual Corporate University/Best Use of Technology CUBIC Award, or to enroll in the School of Mortgage Banking, visit School of Mortgage Banking at www.campusmba.org.

For more information about the Accredited Mortgage Professional, visit Professional Designations at www.campusmba.org.

For inquiries, email campusmbaeducation@mortgagebankers.org or call (800) 348-8653.
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• Access Mortgage and Financial Corp., Grand Rapids, Mich.
• Acoustic Home Loans LLC, Orange, Calif.
• Advantix Lending Inc., Aliso Viejo, Calif.
• Advocate Mortgage Capital Inc., Lanham, Md.
• Americor Lending Group Inc., Irvine, Calif.
• AssuraFirst Financial Co., Southfield, Mich.
• Assurance Partners Bank, Carmel, Ind.
• Banner Bank, Bellingham, Wash.
• Bridgeport Lending LLC, Oklahoma City, Okla.
• Centrue Bank, Kankakee, Ill.
• Commercial Mortgage Resources, Grand Rapids, Mich.
• Dynamax Mortgage Inc., Irvine, Calif.
• Elite Mortgage Services LLC, Lanham, Md.
• Equity Consultants LLC, Richfield, Ohio
• Equity Plus Inc., San Diego
• Federal Trust Mortgage Co., Sanford, Fla.
• First Republic Mortgage Corp., Indianapolis
• Greenwood Capital LLC, Englewood, Colo.
• Gulf Coast Bank & Trust Co., Metairie, La.
• La Hipotecaria, Quito, Ecuador
• Mason-McDuffie Mortgage Corp., San Ramon, Calif.
• Midwest Mortgage Investments Ltd., Toledo, Ohio
• Mortgage Corp. of America Inc. dba Zone Funding, Simi Valley, Calif.
• Mortgage Source LLC, Great Neck, N.Y.
• Newmeyer Mortgage Services Inc., Miami
• Paradigm Quest Inc., Toronto, Ontario
• Patriot Mortgage Co. Inc., Winter Park, Fla.
• Quality Home Loans, Oxnard, Calif.
• UMG Mortgage LLC, Herndon, Va.
• Vision Bank, Panama City, Fla.
• WonderAgents Inc., San Jose, Calif.
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Hotel occupancy in the four major Hawaiian hotel markets of Oahu, Hilo, Maui and Kauai increased by 4.5 percent in the first six months of this year against the first six months of 2004. During the same period, average daily room rates (ADR) increased by 6.8 percent, according to data from Smith Travel Research. Meanwhile, STR said occupancy increased by 2.8 percent and ADR rose by 4.8 percent throughout the U.S. lodging market as a whole.

Ernst & Young forecasts the hotel market in Hawaii to continue its pattern of growth into 2006, based on first half numbers. "This is a tremendously robust hotel market. Hawaii is enjoying its strongest economy since the early 1990s, and is seeing significant increases in vacation travel to the islands," said Michael Fishbin , national director of the hospitality services group of Ernst & Young. "With a projected increase in air travel to the islands next year and a rapidly expanding cruise industry, we see no signs of diminishing performance in the local hospitality market.”

Ernst & Young based its forecast on more strong performances in the local economy in Hawaii and a projected increase of more than 10 percent in tourist visits this summer over last. U.S. and foreign visitors continue to heavily favor Hawaii as foreign visitors increase because of continuing weakness of the U.S. dollar.

The surging residential market also supports growth in Hawaii’s hotel market, Ernst & Young said. Median home prices in Honolulu rose about 26 percent in the first three months of 2005, mirroring an overall national trend. Homeownership spurred strong residential construction and the conversion of a significant number of hotel rooms to for-sale condominiums or timeshares, the report said. The trend is particularly significant on Oahu, where, this year to date, developers plan more than 1,500 rooms are for conversion to residential, resulting in a probable net loss of supply in 2006.

The rebound in business travel continued into the first half of 2005, as urban and airport hotels, which primarily cater to business travelers, led Revenue Per Available Room (RevPAR) growth over 2004 levels with 10.4 percent and 10.9 percent, respectively.

The Travel Industry Association of America (TIA) expects business and convention travel to continue to outpace leisure travel in growth with an increase of nearly 3.6 percent this summer. TIA predicted that leisure travel would increase this summer by roughly 2.8 percent to 328 million person trips, as about 75 percent of U.S. adults planned to take at least one leisure trip in the  summer. That number represents an increase of five percentage points over the same period last year.

Jones Lang LaSalle Hotels said U.S. hotel sales reached $12.9 billion in 2004, nearly doubling the $6.7 billion sold in 2003. Hotel transaction activity for the U.S. lodging market reached $8.4 billion in the first half of 2005 and Jones Lang LaSalle expects a 16 percent increase to about $15 billion in 2005.

STR, however, noted that midscale properties without food and beverage outlets experienced the largest growth in RevPAR by roughly 11.6 percent in the first half of 2005, as compared to 2004 figures for the same period. Most estimates anticipate luxury hotels to lead the sector in RevPAR growth. The luxury segment did experience strong RevPAR growth through June, 10.8 percent, and led the industry in ADR growth based primarily on increasing disposable incomes of the aging baby boomer generation and reduced restrictions placed on corporate travelers.
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• ADC Legal Systems Inc., Orlando, Fla.
• Argent Mortgage, Irvine, Calif.
• California Environmental Redevelopment Fund, Sacramento, Calif.
• Careerbuilder.com, Chicago
• Congressional Hispanic Caucus Institute Inc., Washington, D.C.
• Cors Inc., Itasca, Ill.
• Crowe Chizek LLP, Columbus, Ohio
• Dresdner Kleinwort Wasserstein, New York
• EFI Global, San Antonio, Texas
• Fein Such Law Group, Parsippany, N.J.
• GMAC Bank, Horsham, Pa.
• Harry and David, Medford, Ore.
• HCL Technologies Limited, Chennai, India
• Idaho First Bank, McCall, Idaho
• IGate Global Solutions Limited, Fremont, Calif.
• InfoUSA, Omaha, Neb.
• Instranet Inc., Chicago
• Liberty Title & Escrow Co., East Greenwich, R.I.
• Marshall & Swift, Los Angeles
• MoneyGram International, Denver
• Montblanc, New Providence, N.J.
• National Mortgage Association, Moscow, Russia
• National Settlement Services, Englewood, Colo.
• NDCdata, San Diego
• Pelino & Lentz, P.C., Philadelphia
• Pro Docs Inc., Clearwater, Fla.
• ProTiviti, Vienna, Va.
• RDA Mortgage Lending, Upper Marlboro, Md.
• Samsung Life Insurance, Jung-Gu, Seoul, Korea
• Scott Law Firm PA, Columbia, S.C.
• SunGard Workflow Solutions, Birmingham, Ala.
• Telephony@Work Inc., La Jolla, Calif.
• Titleserv Inc., Woodbury, N.Y.
• Workway, Burbank, Calif.
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The property, located in the center of downtown Chicago, includes 62,000 square feet of function space including fourteen meeting rooms, and Aria Restaurant. Fairmont Hotels & Resorts operates the AAA four-diamond hotel, developed by The Swig Co. in 1985. It consists of 62,000 square feet in function space and includes fourteen meeting rooms.

Farella Braun and Martel, San Francisco, completed the deal, a “culmination of well over a year’s work” by The Swig Co. and attorneys at the firm, said Greg Shean, partner at the law firm of Farella Braun and Martel. “To complete such a complicated and multi-layered transaction like this one required tremendous coordination and teamwork,” Shean said. Shean led the team of Frank Farella, Matt Lewis, Brian Donnelly and Said Kordestani, associate Benjamin Evans, and paralegal Mary Olson on the transaction.

“This sale marks our third successful major capital market transaction in the last three months and continues the strategic development of our national real estate investment portfolio,” said Jeanne Myerson, president and CEO of The Swig Co.

Following the sale of the Chicago Fairmont, the company’s investment portfolio will still include more than 800 hotel rooms, 650,000 square feet of industrial space, four major commercial development parcels and over eight million square feet of office space in four major markets.

The Swig Co. focuses on acquisitions and operations of office buildings in urban coastal markets, including New York, Washington, DC, San Francisco and Los Angeles.

In a joint venture with GMAC Institutional Advisors, Horsham, Pa., last July, The Swig Co. purchased Kaiser Center, a 900,000 square foot office complex next to Lake Merritt in downtown Oakland. Terms of the deal were not disclosed but GMAC Commercial Mortgage provided $147 million in fixed-rate financing for the acquisition. “The deal is based on rents at or below market, and offers some redevelopment potential, along with a new development option on a portion of the site,” Myerson said. 

The property consists of three structures, including: the Kaiser Center I office building, a landmark high-rise tower containing 784,689 square feet; Kaiser Center II, a mixed-use, 128,730 square foot retail/office building; and a five-story, 1,339-stall parking garage designed to service the two office assets.

The company also completed the refinancing of a 100 percent leased, 500,000 square foot office complex in suburban Dallas the same month.
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Regulatory risks for the mortgage company are a significant and growing. In recognition of their increasingly important role, CampusMBA, the education arm of the Mortgage Bankers Association,  has developed the Advanced Regulatory Compliance Institute (http://www.campusmba.org/index.cfm?STRING=content.cfm?section=488) to foster the senior compliance officer's development. This two-day program, which takes place September 20-21 in Atlanta, is designed for the seasoned compliance professional.

The program will address important topics in compliance management and compliance performance and will allow peers to share information on what works. The program inlcudes a one-hour session that will cover other timely and relevant topics in compliance. The program will consist of four main topics, covered in three-hour sessions, designed to delve deeper into the important issues of the compliance professional.

The four main topics include:

• Fair Lending Performance: In September, the new and expanded HMDA data will be released. In this section, instructors will look at key issues surrounding the fair lending topic including HMDA data analysis, fair lending testing, and hot topics in fair lending.  

• Regulation Z 401: Like the name implies, this section will take a look at the more difficult questions in Regulation Z. Case studies and peer information sharing will facilitate the learning.  

• AML For Mortgage: Anti-money laundering is clearly a focus of regulators, the congress, and the media. Ensuring your program is on the leading edge of AML for monitoring and reporting is critical.  In this section, instructors will explore how Anti-money laundering applies to all aspects of mortgage banking.  

• Idea Exchange, Best Practices in Compliance Management: This facilitated session will seek to pull best practices from the compliance professionals present in the areas of compliance training, compliance monitoring, and compliance procedures.

Matt Schriner is the lead instructor for the program. Schriner is the managing director of risk management with Alex Sheshunoff Management Services L.P. He has 15 years experience in assessing and managing financial institutions’ risks as a banker, a regulator, and as a consultant. Compliance experts employed by the industry's leading mortgage lenders will also be present to assist in instruction.

Attendees of this event will learn new best practices for strong compliance performance, the most common violations cited by regulators, and the top 10 issues for class action litigation. In addition, attendees will leave with the knowledge needed to build their own quality compliance program.

This program is designed for compliance officers and managers, quality control specialists, consultants, internal auditors, attorneys, operations managers and regulators. Attendees must have five years experience as a compliance professional, or have previously attended CampusMBA's Regulatory Compliance Institute.

Attendees of this event will earn four points toward CampusMBA's Certified Mortgage Banker (http://www.campusmba.org/index.cfm?STRING=cmb_content.cfm&promo_code=IC00007) and Certified Mortgage Technologist (http://www.campusmba.org/index.cfm?STRING=content.cfm?section=142) designations.

Registration for MBA Members is $995, $1,800 for Nonmembers. The registration fee includes all training materials, seminar tuition, refreshment breaks, and lunch on Days 1 and 2. The course number is E2501845. To register, go to http://store.mortgagebankers.org/ProductDetail.aspx?product_code=E2501845%2fREGIS; go to the registration form at http://www.campusmba.org/pdf/regform_classroom_2003.pdf; or call (800) 348-8653. For more information, email CampusMBA at campusmbaeducation@mortgagebankers.org.
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The Workshop features valuable sessions, such as "Innovative Membership Strategies," "Legislative and Regulatory Highlights" and "Non-Dues Revenue Solutions." All aim to provide new ways to remedy old challenges. New to the program is a session, "Building for the Future," which addresses changing industry demographics and the need to stay relevant through diversification of members and employees. Also, MBA's public affairs staff presents "Managing Media Relations," using Home Mortgage Disclosure Act (HMDA) data and resulting reports as a test case. 

On October 21, working group breakouts are followed by an integrated recap session. On October 22, executives and managers have the opportunity to interact with their peers and hear from Doug Duncan, MBA's chief economist, who offers an economic forecast and a discussion on trends and their impact on the industry.

Renew acquaintances or make new contacts at the Welcoming Reception, and enjoy the Chairman-Elect Luncheon featuring Regina Lowrie, CMB, the first woman to chair MBA.

Click here to register online. If you have any questions contact Lisa Hazell at lhazell@mortgagebankers.org or (202) 557-2761.
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"Mortgage banking is a major part of the finance and business environment in this country, and something that has long demanded increased attention in undergraduate curriculum," said Dan Thoms, vice president of education and business development at MBA. "The University of Kentucky is an ideal partner for this program, and CampusMBA is excited about working with them to increase the educational choices for UK students."

The program consists of three modules, each focused on a different segment of the mortgage industry and each comprised of three, web-based courses. The modules and courses are:

• Introduction to Mortgage Brokerage and Mortgage Banking. Classes include Mortgage Banking Primer, Origination Basics and Closing Principles and Procedures.            

• Mortgage Servicing. Classes include Basics of Mortgage Servicing, Escrow Essentials and Insurance Servicing.
           
• Ethics in Mortgage Underwriting. Classes include Fair Lending Essentials, Ethics in Mortgage Lending and Fraud Detection and Deterrence.

All courses have been reviewed by the American Council of Education (ACE) College Credit Recommendation Service (CREDIT) and have each been recommended for one semester hour of credit.

"This is an exciting opportunity for students to learn about an emerging business that has pertinent ramifications for the economy," says Brent Ambrose, Kentucky Real Estate Professor, Professor of Finance and Director of the Center for Real Estate Studies at the Gatton College of Business and Economics at the University of Kentucky. "These courses will provide students with the skills and knowledge necessary to be successful in the real estate finance industry."

Students must register for the courses through the University of Kentucky. For more information, please contact  Ambrose at the University of Kentucky, at  (859) 257-7726.
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As currently written, the affordable housing fund provision in H.R. 1461 would require Fannie Mae and Freddie Mac to set aside a percentage of their after-tax income for an affordable housing fund.  The changes would require a portion of the fund to go to projects in areas affected by Hurricane Katrina.
 
Although Oxley and Baker indicated they hoped to see the bill go to the House floor as early as this week, the changes to the affordable housing fund were not enough to reach a compromise with a number of members of Congress who have indicated that they would vote against a bill that includes such a fund.  The Senate GSE oversight reform bill , which passed the Banking Committee in July, does not include language creating an affordable housing fund.
 
In other GSE reform news, in a letter  to Sen. Robert Bennett, R-Utah, that became public this week, Federal Reserve Chairman Alan Greenspan reiterated his support for reducing the size of the GSEs' portfolios.
 
For more information, please contact Erick Gustafson at (202) 557-2916 (egustafson@mortgagebankers.org).
 
Congress Passes Katrina Tax Relief Bills
The Senate and the House each approved Katrina-related tax relief bills.  While they are subject to change as they are being reconciled, our initial read is that they provide, among other things, the following.
 
• Debt forgiveness is normally taxable income to the borrower.  The bills would not treat as taxable income personal (non-business) debt forgiven to individuals, due to Katrina.  For mortgage debt to qualify, the damaged property must be in the disaster area.  Relief would only be available if the forgiveness occurs before the end of 2006.

• Insurance proceeds received for damaged property is normally not taxable income as long as the recipient uses the proceeds to replace the damaged property within two years.  The period would be extended to five years for properties that Katrina damaged, as long as the replacement property is in the disaster area.

• Mortgage revenue bond financing will be available without the normal requirement that the occupants be first-time home buyers, for homes in the disaster area, for bonds issued through 2007.

• Employers can claim a work opportunity tax credit for two years for hiring individuals from the disaster area for work in the disaster area.  The credit is 40% of the first $6,000 of annual wages. 

• Casualty losses from Katrina are fully deductible for individuals, without regard to the normal restriction to 10 percent of adjusted gross income.
 
On a related note, MBA staff continues to examine the effect of the hurricane on comercial mortgage-backed securities pools that are comprised of properties in the disaster area.  It is possible that commercial properties with securitized mortgage debt could face additional hurdles to reconstruction and renovation because of existing rules that govern Real Estate Mortgage Investment Conduits.  MBA supports legislation that has been introduced in both the House and Senate (H.R. 1010 and S. 580 ) would correct this potential problem.  Should these potential hurdles develop into genuine problems, MBA will advocate that this legislation be attached to a future tax bill to provide relief to the victims of Hurricane Katrina.
 
For more information, please contact Chris Harrington at (202) 557-2863 (charrington@mortgagebankers.org).
 
Amendment to Appropriations Bill Providing Emergency Housing Assistance
An amendment by Sen. Paul Sarbanes, D-Md., to the Commerce, Justice and Science FY06 appropriations bill passed this week, would appropriate $3.5 billion for emergency assistance housing vouchers and for assistance to current Section 8 housing voucher recipients displaced by Hurricane Katrina.  The amendment would fund vouchers for 360,000 displaced households at an estimated cost of $10,000 per voucher.  The bill will now go to a conference with the House. 
 
For more information, please contact Renee Rappaport at (202) 557-2758 (rrappaport@mortgagebankers.org).
 
Congress Passes Legislation Increasing Flood Insurance Borrowing Authority
Both the House and Senate recently passed H.R. 3669 , the "National Flood Insurance Program Enhanced Borrowing Authority Act of 2005."  The bill amends the National Flood Insurance Act to increase to $3.5 billion from $1.5 billion the amount that the director of the Federal Emergency Management Agency may borrow from the Treasury to carry out the flood insurance program. H.R. 3669 will now go to President Bush for his signature.
 
For more information, please contact Renee Rappaport at (202) 557-2758 (rrappaport@mortgagebankers.org).
 
MBA Working to Maintain Effective Date of Bankruptcy Legislation
MBA is working with the Bankruptcy Coalition in opposition to any potential proposed changes in the provisions or effective date of the Bankruptcy Reform Act as a result of Hurricane Katrina.  House Judiciary Committee Chairman James Sensenbrenner Jr., R-Wis., has indicated his strong opposition to any delay or change of provisions. 

MBA has furnished the Committee detailed information of the steps the Association has taken with regard to assistance to victims of the hurricane.  These include detailed information to borrowers with respect to grace periods, forbearance and other available assistance, as well as lists of mortgage companies in the hurricane affected areas.
 
For more information, please contact Burton Wood at (202) 557-2806 (bwood@mortgagebankers.org).
 
President Bush Proposes "Urban Homesteading" Initiative
In his address to the nation Thursday on relief efforts for victims of Hurricane Katrina, President Bush proposed a new "urban homesteading" initiative to assist lower-income evacuees. Although details of the program are far from final, according to the President's speech, the government will identify property owned by the Federal government and provide building sites to low-income citizens free of charge via a lottery.

In exchange, they would pledge to build on the lot with either a mortgage or help from a charitable organization such as Habitat for Humanity.
 
For more information, please contact Erick Gustafson at (202) 557-2913 (egustafson@mortgagebankers.org).
 
Mark Your Calendars - MBA Residential Member-Only Forum
Sunday, October 23 at 4:00 p.m. EDT (Walt Disney World Dolphin, Americas Seminar Room, Ballroom Level)
 
As a residential member of MBA, do you have a business issue you want to talk about with your Association's leaders? MBA is hosting a Residential Member-Only Forum to give you a chance to get your priorities, your issues and your opinions heard by those steering MBA's residential policy during 2006. The Residential Member-Only Forum is an unscripted conversation about your needs.
 
Residential lenders face more daunting challenges each year, and MBA strives to serve as a vital instrument of assistance and representation for you. But, we can always do better, and your leaders want to hear from you.
 
Please make your calendar and encourage your colleagues to participate in this exciting conversation.
 
MORPAC Events at MBA's 92nd Annual Convention and Expo
The annual MORPAC Golf Tournament at the Mortgage Bankers Association's Annual Convention & Expo (Oct. 22-26) kicks-off with a shotgun start at 8:00 a.m. EDT on Saturday, October 22, at the Grand Cypress Golf Course in Orlando. The tournament is sponsored by Ameriquest.

The Grand Cypress Golf Club is a premier Orlando golf resort, as designed by Jack Nicklaus. The resort (www.grandcypress.com) offers players at all skill levels a grand playing experience. 

Please note that this event is not a scramble. You will be grouped according to handicap. We hope you join MORPAC for this great event. 

Please register for this event by October 14.  To register, complete the attached form (please include your handicap) and fax back to MBA at (202)721-0251, attention: Mary Goldsmith, or call (202)557-2876 for further information.

www.mortgagebankers.org/documents/newslink/MORPACGolfRegistrationForm.pdf.
 
MORPAC Luncheon Honoring Chairman-Elect Regina Lowrie, CMB
In addition to the golf tournament on October 22, MORPAC will also host a Luncheon honoring incoming MBA Chairman Regina Lowrie, CMB on Tuesday, October 25 at 12:30 p.m.  In appreciation of Lowrie's dedication and future leadership as the first woman to chair MBA, we hope that women members of MBA will join us in honoring her at this special MORPAC luncheon at the Walt Disney World Dolphin Hotel . 
 
Please register  for this event by October 14. for more information, contact Mary Goldsmith at (202)721-0251 .
 
MORPAC Annual Convention & Expo Reception
Finally, on Sunday, October 23, MORPAC will host its annual reception from 5:00-6:00 p.m. During the reception, representatives from the small, medium and large member companies that ran the most successful MORPAC company campaigns as of October 1 will be presented with a football signed by former NFL player Steve Young. The reception will take place at the Walt Disney World Dolphin Hotel in the Australia 3 room on the lobby level.
 
(This is not a solicitation to contribute; all MORPAC contributions are voluntary. For more information, go to www.morpac.org.) or contact Julie Eddy at (202) 557-2808 (jeddy@mortgagebankers.org).
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The hearing begins at 10:00 a.m. EDT in room 538 of the Dirksen Senate Office Building.

The Senate Banking Committee also holds a hearing on Wednesday, September 20 to consider the nominations of Emil Henry Jr., to be assistant secretary for financial institutions with the Department of the Treasury; Scottie Theresa Neese to be director of the United States Mint; and Patrick O’Brien to be assistant secretary for terrorist financing at Treasury. That hearing begins at 10:00 a.m. EDT in 538 Dirksen.

Activity with the House Financial Services Committee is significant for what is not happening—as in, consideration of a bill that would reform the regulatory structure of Fannie Mae and Freddie Mac. A vote on H.R. 1461 has been postponed for now.

The Financial Services’ subcommittee on Financial Institutions and Consumer Credit will hold a hearing on H.R. 3505, the "Financial Services Regulatory Relief Act of 2005." That hearing takes place on Thursday, September 22, at 10:00 a.m. EDT in room 2128 of the Rayburn House Office Building.

Senate hearings can be accessed live over the Internet at www.capitolhearings.org; House Financial Services Committee hearings can be viewed live over the Internet at http://financialservices.house.gov/.

Upcoming Report/Events:

Sept. 18-23:  Campus MBA School of Mortgage Banking Course II, San Diego
Sept. 19-20: MBA Quality Assurance Conference, Chicago
Sept. 19: NAHB/Wells Fargo Housing Market Index, National Association of Home Builders
Sept. 20: New Residential Construction, Commerce Department
Sept. 20-21:  CampusMBA: Handling Fraud Files, San Diego 
Sept. 20-21: CampusMBA: Advanced Regulatory Compliance, Atlanta
Sept. 20: Federal Open Market Committee
Sept. 21: MBA Weekly Application Survey
Sept. 21: MBA MAP Issues Roundtable, Washington, D.C.
Sept. 22: Composite Indexes, The Conference Board
Sept. 26: Existing Home Sales, National Association of Realtors
Sept. 27: Revised Building Permits, Commerce Department
Sept. 27 : New Residential Sales, Commerce Department/HUD
Sept. 27: Consumer Confidence, The Conference Board
Sept. 28 : MBA Weekly Application Survey
Sept. 28: Advance Durable Goods, Commerce Deparment
Sept. 29: Gross Domestic Product, Bureau of Economic Analysis
Oct. 6-7:  CampusMBA: The Next Step in Combating Mortgage Fraud, San Antonio, Texas
Oct. 6-7:  CampusMBA: Best Practices – Loan Administration Workshop, San Antonio, Texas
Oct. 21-22: MBA State & Local Workshop, Orlando
Oct. 23-26: MBA Annual Convention & Expo, orlando
Nov. 1: Federal Open Market Committee
Nov. 1-2:  CampusMBA: Real Estate Appraisal for Mortgage Lenders Workshop, Chicago
Nov. 3-4: CampusMBA SPeRS and MISMO Workshop, Washington, D.C.
Nov. 6-11: CampusMBA School of Mortgage Banking Course I, Tampa, Fla.
Nov. 7-9: MBA Accounting, Tax & Financial Analysis Conference, Boca Raton, Fla.
Nov. 8-9:  CampusMBA: The Executive Institute: Market Analysis Workshop, Washington, DC
Nov. 8-11: CampusMBA Regulatory Compliance Institute, Denver
Nov. 10-11: MBA Residential Underwriting Conference, Coronado, Calif.
Nov. 24: Thanksgiving Holiday
Nov. 30 MBA Legal Issues in Mortgage Technology Conference, San Diego
Dec. 4-9:  CampusMBA School of Mortgage Banking Course II, Las Vegas
Dec. 7-9: CampusMBA eMortgage Workshop, Las Vegas
Dec. 7-9:  CampusMBA Underwriting University, Miami
Dec. 13: Federal Open Market Committee
Dec. 25: Christmas Holiday (official)
Dec. 26: Christmas Holiday (observed)

2006
Jan. 1: New Years Holiday (official)
Jan. 2: New Years Holiday (observed)
Jan. 8-13: CampusMBA School of Mortgage Banking I, Dallas
Jan. 22-27: CampusMBA School of Mortgage Banking III, San Francisco
Jan. 29-Feb. 3: CampusMBA School of Mortgage Banking II, Phoenix
Jan. 31 : Federal Open Market Committee
Feb: 5-8: MBA Commercial Real Estate Finance/Multifamily Housing Convention & Expo, Orlando
Feb. 7-8: CampusMBA Executive Institute--Valuation Issues Workshop, Miami
Feb: 14-17: Servicing Management Workshop, Phoenix
Feb: 14-17: MBA National Mortgage Servicing Conference & Expo, Phoenix
March 21-22: MBA National Policy Conference, Washington, D.C.
March 29-April 1:  MBA National Technology in Mortgage Banking Conference, San Diego
April 30-May 5: CampusMBA School of Mortgage Banking Course II, Long Beach, Calif.
May 7-10:  MBA National Secondary Market Conference, Chicago
May 16-19:  MBA Commercial Asset Administration Conference, New Orleans
June 11-14: MBA Presidents Conference, Half Moon Bay, Calif.
June 20-21: CampusMBA Executive Institute--Mortgage Business Professional Issues, TBD
Sept. 17-19: MBA Document Custody Conference, Seattle
Sept. 26-27: MBA Quality Assurance Conference, Coronado, Calif.

Information about MBA Events can be found at the MBA Web site, www.mortgagebankers.org; and at the CampusMBA Web site, www.campusmba.org.
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