Last week’s housing data

Total existing home sales performed much better than housing starts and new home sales last year and have continued to do better this year. Sales increased 3.9 percent in February, following a 2.7 percent increase in January. Year-to-date sales were just 3.5 percent below those last year. Inventory edged up while the median price declined from a year ago for the seventh consecutive month.

It is unlikely that housing activity has bottomed, however. Leading indicators of home building activity suggest that starts should trend down in the coming months. Permits fell again in February and home builders’ optimism declined in March, reversing one-third of the cumulative gain between September and February. In addition, after three consecutive months of increases, the Purchase Index from the Mortgage Bankers Association Survey of Mortgage Applications dropped sharply in February, suggesting that home sales should decline over the next few months. The index has rebounded so far in March but only modestly.

The big event of the week was the removal of the tightening bias in the statement following the Federal Open Market Committee (FOMC) two-day meeting that concluded on Wednesday. The FOMC dropped a reference to “additional firming” in interest rates and replaced it with the words “future policy adjustments.” It appears that the Fed currently views rate increases and rate cuts as equally likely.

Long-term yields declined steadily through Wednesday in response to a surprise drop in the tightening bias. Yields later reversed following stronger-than-expected existing home sales. The yield on the 10-year Treasuries hovered around 4.61 percent by mid-Friday afternoon, six basis points higher than the rate on the previous Friday. 

(Orawin Velz is director of economic forecasting in the Mortgage Bankers Association’s economics and research department. She can be reached at ovelz@mortgagebankers.org.)
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“We want to expand our team of volunteers to help more communities have access to all that financial professionals can offer,” said John Nelson, co-director of WSWW. “The more volunteers we have, the more we can reach out to offer our services, including financial technical assistance and access to capital markets.”

Financing community-based development projects is traditionally provided by institutions including community development financial institutions, community development corporations, revolving loan funds and community development credit unions. However, the need for increase capital goes beyond what is available through traditional philanthropic, government and concessionary rate sources. 

WSWW’s mission is to create accessibility to capital for community projects and also help these organizations through training programs and development programs to ensure profitability and long-term sustainability.

WSWW was founded in 1998 and has a 35-member national advisory board. To date, the organization has secured nearly $1 billion of new capital for minority- and women-owned business loans, affordable and workforce housing, health and community facility financing and other community development projects. 

The organization has also developed financing tools to help the field that are shared through programs at the School of Community Economic Development at Southern Hampshire University. A special outreach training program is offered in collaboration with the Federal Reserve Bank. WSWW also has partnerships with national foundations including Ford, Heron, Kellogg, Rockefeller and Fannie Mae Foundations. 

Volunteers draw from investment bankers who have expertise in corporate finance, asset-backed finance, public and municipal finance and real estate finance. They work with WSWW and are assigned to projects to provide expertise through conference calls and exchanging information online. In some instances, volunteers travel to sites to work with public officials and CBDO executives. Current volunteers are working on efforts in New Orleans and on Native American capital programs.

“The ability to access capital markets through leveraging of existing assets will greatly add new sources of capital for CBDOs—greatly expanding capacity to help low income individuals and families improve economic sufficiency,” Nelson said. “Promoting community economic development is important to us and programs such as the Templeton League certainly address some of the needs organizations may have.”
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At a commercial real estate function nearly two years ago, Laquidara, a small-balance commercial/multifamily lender, saw a CMB pin on the lapel of Richard Jarocki, CMB, managing director in capital markets at Prudential Mortgage Capital Co., Newark, N.J.

Laquidara asked about the pin, and Jurocki explained that it stood for "Certified Mortgage Banker," the designation given by the Mortgage Bankers Association's CampusMBA for industry players who excel in their field.

After his conversation with Jarocki, Laquidara spoke with CampusMBA about the program and decided to take the challenge. Laquidara said it was the the high distinction of the program that motivated him on his 18-month journey that covered the full gamut of the industry and led to his Commercial CMB.

"I thought I could fit the challenge," Laquidara said. "The course was challenging with a capital 'C.' It was very challenging--more than I expected--but rewarding. It is clearly challenging, moreso in the past year or two, which it should be."

Laquidara said the "excellent name recognition in the industry and respect" of the Commercial CMB had an immediate impact on his business. He pointed out that a CMB provides access to the marketplace and people who recognize the CMB designation also understand a CMB graduate's talents and industry knowledge.

"Certainly, it enhances credibility in negotiations," Laquidara said.

At Suburban Bank, with a commercial mortgage portfolio of loans ranging between $2 million to $8 million, Laquidara focuses on mixed-use properties, retail/condominium components in large buildings and small shopping strip centers.

"Retail rents are still up, office rents are as high as they've been and there is very little vacancy left in the city. The dynamics are very strong," Laquidara said.

With a positive outlook for the future, Laquidara's advice for industry players interested in earning a Commercial CMB designation: "Study hard, take the test and stay involved."
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Capmark Finance provided $70.4 million in floating-rate mortgage financing for the acquisition of The Shops at Georgetown Park, a four-story, urban mall in the Georgetown area of Washington, and Canal House, a 34,400 square-foot office building adjacent to the mall. 

Georgetown Park Partners LLC, a joint venture sponsored by Washington D.C.-based Western Development Co., acquired the property for $84 million. A client managed by Capmark Investments LP supplemented the debt capital by contributing equity to the deal.

“We have plans to expand the mall with an upscale retail tenant. Having an equity capital partner will help us realize the full potential of The Shops at Georgetown Park,” Herb Miller of Western Development said.

Western Development developed Market Square and Potomac Mills as well as other major retail projects across the country.

The Shops at Georgetown is the anchor of Georgetown’s retail district. Major tenants of the 244,070 square-foot mall include Ann Taylor, J. Crew, Sharper Image, Talbot’s and Victoria’s Secrett. Canal House is 100 percent leased to Hellmuth, Obata, & Kassabaum, Inc., a design and project delivery firm.

“The redevelopment plan for the mall required flexible financing with no prepayment penalty,” said Richard Bopp, senior vice president in the Capmark Finance Washington D.C. office.

Bopp and Fabrice Vasques, vice president, in the Washington, D.C. office, originated the transaction.

Capmark Finance also provided $32.5 million in interim, floating-rate financing for the acquisition and implementation of a capital improvement program for One Washington Mall in Boston.  

The borrower, Saracen AEW Acquisitions I LLC—a joint venture between Boston-based AEW Capital Management and Saracen Properties LLC—acquired the property on behalf of AEW Partner V L.P., the fifth in AEW’s series of real estate opportunity funds.

One Washington Mall is a 16-story, 156,000 square-foot office building adjacent to Boston City Hall in Boston’s financial district. The property will be renovated and repositioned as first-class office space. 

Meanwhile, Capmark Finance provided more than $30.2 million in construction and permanent financing to HHHunt Corp. of Blacksburg, Va., for the expansion of two luxury apartment complexes in North Carolina. The Raleigh, N.C., office of Capmark Finance originated both transactions with the FHA Sec. 221(d)(4) program, featuring 40-year, fixed-rate financing.

Austin Woods in Charlotte will add 204 units to the 288-unit first phase completed in 2004. Aberly Green II, in Mooresville, N.C., will add 130 units to a recently completed 190-unit first phase. HHHunt Corp. has more than 7,000 units under management.
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Attend the conference and hear perspectives from industry leaders on changes and trends affecting the real estate finance industry, and learn how other lenders are strategizing to compete in a complex market.

Keynote speakers include Angelo Mozilo, CMB, CEO of Countrywide Financial Corp., Calabasas, Calif., who highlight’s the conference’s Opening General Session. Also speaking at the Opening General Session is Ace Greenberg, chairman of the executive committee at Bear, Stearns & Co. Inc., New York. MBA Chief Economist Doug Duncan keynotes the Second General Session.

Join your peers to exchange ideas and strategies on such topics as:

• Mortgage securitization structuring alternatives

• Housing market overview and mortgage performance

• Impact of regulators, such as the SEC and FFIEC, on mortgage products and securitization

• Mortgage pipeline risk management

• Private-label and whole-loan business and legal developments

• New developments in MBS and investor strategies of Fannie Mae and Freddie Mac

• Secondary market servicing

Who Should Attend
This conference is designed for industry leaders and decisionmakers from residential and capital markets, including CEOs and senior level executives, mortgage investors, investment bankers, rating agency professionals, risk managers and mortgage lenders.

To register online, go to http://store.mortgagebankers.org/ProductDetail.aspx?product_code=M2702048/REGIS or call 1-800-793-6222 Monday-Friday, 9:00 a.m.-5:00 p.m. ET. Early registration deadline is April 20. Once you have registered, you may make your hotel reservation using MBA’s Online Housing System, http://events.mortgagebankers.org/secondary2007/travel/housing.aspx?c=housinglogin.

The conference takes place at the New York Marriott Marquis, 1535 Broadway. MBA discount rates start at $239/night for a single room. For more information, visit http://marriott.com/hotels/travel/nycmq-new-york-marriott-marquis-times-square/. MBA has also secured accommodations at the Sheraton New York Hotel and Towers, 811 7th Avenue. MBA discount rates start at $299/night single and double. For more information, visit http://www.starwoodhotels.com/sheraton/property/overview/index.html?propertyID=421. The hotel cut-off date is April 25.

Exhibit and Sponsorship Opportunities
MBA's National Secondary Market Conference & Expo 2007 provides the perfect opportunity to access the real estate finance industry's secondary market decision makers. To sign up for exhibitor space, contact Kim Newell at (202) 557-2791 (knewell@mortgagebankers.org) or Patty Miller at (202) 557-2792 (pmiller@mortgagebankers.org). For sponsorship opportunities, contact Mark Brady at (202) 557-2790 (mbrady@mortgagebankers.org).
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To help member companies with this challenge, the Mortgage Bankers Association and the STRATMOR Group conduct a peer group benchmarking program that offers participating companies an opportunity to share best practices and gain insight into how other companies are planning in this new environment.

Consisting of detailed surveys and roundtable meetings, including a separate subprime survey, data collected and analyzed are comprehensive, timely and accurate. Participating companies reap unparalleled value from dialogue at the meetings, which are an integral part of the program.

If you would like to participate in MBA’s upcoming Spring 2007 Peer Group Survey and Roundtables (data as of December 31), please contact either Marina Walsh of MBA at 202/557-2817 or mwalsh@mortgagebankers.org or Jim Cameron of STRATMOR Group at 770/632-4445 or jim.cameron@stratmorgroup.com. To learn more about the program, visit www.mbastratmor.com.
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Don't miss the following MISMO® activities and events:

Visit the MISMO® booth, #528, in the exhibit hall to learn more about how MISMO's freely available standards can help your business. While you are there, pick up a copy of the MISMO Spring 2007 Release CD, which includes residential and commercial data standards, information security best practices and white papers and eMortgage specifications.

You can also pick up a copy of the eMortgage Starter Kit and fill out a brief survey indicating your efforts relating to eMortgage adoption.

Visit the MISMO booth today, March 26, speak with MBA staff experts:

• R.J. Schlecht, director of industry technology, security and compliance (information security and SISAC), 10:30 a.m.-noon;

• Harry Gardner, vice president of eMortgages with MISMO, 4:30-5:30 p.m.;

• Gabe Minton, executive vice president of MISMO, 4:30-5:30 p.m.;

• Mark Ladd, technology coordinator with the Property Records Industry Association, 12:30-1:30 p.m.;

• Mark Monacelli, president of PRIA, 1:00-2:00 p.m.

Don't miss the following sessions and meetings related to MISMO. To learn more about each of these events, go to http://events.mortgagebankers.org/tech2007/sessions/default.aspx:

• MISMO Update: 10:30 a.m.-noon, Rooms 18-19, 1st Floor

• Improving Data Quality, 1:30-2:45 p.m., Rooms 22-23, 1st Floor

• eMortgage Update, 1:30-2:45 p.m., Rooms 18-19, 1st Floor

Also, visit the Mortgage Bankers Association booth, #522; the CampusMBA booth, #523; and the Mortgage Banking Magazine booth, #526. Exhibit hall hours today are from 10:00 a.m.-5:00 p.m.
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Senate Banking Committee Examines Mortgage Market
The Senate Banking Committee held a hearing March 22 to examine recent developments in the nonprime mortgage market. During the hearing, senators focused much of their criticism at the federal financial regulators. 

Chairman Christopher Dodd, D-Conn., expressed his concerns, asking why the Federal Reserve has not used its authority under the Home Ownership and Equity Protection Act (HOEPA) and the Federal Trade Commission Act to prevent, what he believes, are unfair and deceptive practices by mortgage lenders. He said the Fed should have moved faster to require lenders to underwrite mortgages at the fully indexed rate. 

Dodd pointed to 17 straight interest rate hikes by the Fed as adding to current difficulties in the hybrid ARM market. Some Republican members of the Committee indicated they wanted to let the market work, but Dodd indicated that he plans to move forward with legislation and will bring in regulators, investors and other stakeholders to discuss ways of providing homeowners with relief.

For more information, please contact Erick Gustafson at (202) 557-2913 (egustafson@mortgagebankers.org).

MBA to Testify at House Hearing on Subprime Market
On Tuesday, March 27, MBA Chairman John Robbins, CMB, will testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. Chair Carolyn Maloney, D-N.Y., called the hearing to examine proposed guidance on subprime hybrid mortgages and review current market conditions, predatory lending and how financial institutions are affected by recent developments.

For more information, please contact Erick Gustafson at (202) 557-2913 (egustafson@mortgagebankers.org).

MBA Supports Senator Clinton's FHA Modernization Bill
On March 20, Sen. Hillary Clinton, D-N.Y., introduced the "21st Century Housing Act," a bill that aims to modernize the Federal Housing Administration (FHA) and allow more homebuyers to take advantage of the FHA mortgage insurance program. 

In a letter to Clinton, MBA Chairman John Robbins, CMB, supported the legislation, saying that it will make the changes necessary to ensure that the FHA continues working towards its goal of providing affordable housing and financing. The bill would allow FHA to make investments in both personnel and information technology infrastructure to help meet the market demand for affordable mortgage products and work more efficiently with mortgage lenders and borrowers. The bill also increases FHA loan limits for housing in high-cost areas. Finally, the bill would allow the FHA to develop alternative mortgage products such as reduced down payments and longer-term mortgages to further aid low- and moderate-income families in purchasing homes.

For more information, please contact Renee Rappaport at (202) 557-2758 (rrappaport@mortgagebankers.org) or Corey Carlisle at (202) 557-2860 (ccarlisle@mortgagebankers.org). 

Domestic Policy Subcommittee Holds Hearing on Predatory Lending
On March 21, the House Financial Services Oversight and Government Reform Domestic Policy Subcommittee held a hearing to examine predatory and payday lending, as well as an increase in the number of foreclosures affecting inner-city America. Witnesses disagreed on the causes and solutions to the growing number of foreclosures in the subprime market. Subcommittee Chairman Dennis Kucinich, D-Ohio, indicated that this would be the first in a series of hearings to examine the issue.

For more information, please contact Francis Creighton at (202) 557-2736 (fcreighton@mortgagebankers.org).

House Passes Katrina Housing Legislation
On March 21, the House passed H.R. 1227, the Gulf Coast Housing Recovery Act of 2007. The bill would provide comprehensive housing relief for those impacted in the Gulf region. It would allow for increased flexibility for allocated funds, provide new oversight of existing programs, preserve public housing and assist evacuees with rental housing. 

The bill addresses Federal Housing Administration conveyance issues on damaged properties and requires the Government Accountability Office (GAO) to study ways to improve distribution of federal funds to assist states with disaster recovery, two issues of importance to MBA. The bill will now be sent to the Senate for consideration. 

For more information, please contact Francis Creighton at (202) 557-2736 (fcreighton@mortgagebankers.org).

House Ways and Means Committee Approves Tax Incentives in Gulf
On March 21, the House Ways and Means Committee approved the Katrina Housing Tax Relief Act of 2007. The bipartisan bill, which was passed the Committee by voice vote, would provide additional tax incentives for housing construction and repairs in the "Gulf Opportunity" Zones. It makes significant changes to eligibility requirements for low-income housing tax credits and tax-exempt mortgage revenue bonds. 

The $221 million cost (FY 2007-2017) is offset by a proposal modifying collection procedures for employment tax liabilities and is similar to a provision in the Senate-passed minimum wage/small business tax bill. An amendment was included requiring the Government Accountability Office (GAO) to issue a report examining how tax incentives are being utilized. The bill will now be sent to the full House for consideration.

For more information, please contact Vicki Vidal at (202) 557-2861 (vvidal@mortgagebankers.org).

MBA Comments on Basel IA and Basel II Proposals
MBA submitted a comment letter on two proposals that would change regulatory capital standards for regulated institutions in this country. The proposed Basel II standards would replace the existing Basel I capital standards for large qualifying banks, and the proposed Basel IA standards would be available to all other banks. 

In previous comment letters, MBA has consistently advocated that final Basel IA and Basel II standards should not impose overly conservative capital requirements on banks' interests in residential and commercial real estate. Because MBA members will be addressing the most recent proposals with great specificity in separate comment letters, MBA's message focuses on high-level principles involving the implementation of regulations that do not create competitive disparities between banks.
 
For further information, contact George Green (commercial) at (202) 557-2840 (ggreen@mortgagebankers.org) or Alison Utermohlen (residential) at (202) 557-2864 (autermohlen@mortgagebankers.org).

Joint Committee on Taxation Tax Gap Proposals
MBA submitted a statement to the House Ways and Means Subcommittee on Oversight in connection with its review of Internal Revenue Service (IRS) operations and the tax gap. The statement reiterates MBA's concerns and objections to two proposals that were included in a Joint Committee on Taxation letter to Sen. Charles Grassley, R-Iowa, last August. The proposals would require lenders to report to the IRS regarding payments of real estate taxes out of borrower escrow accounts and additional information relating to mortgage interest reporting.

For more information, please contact Alison Utermohlen at (202) 557-2864 (autermohlen@mortgagebankers.org).

MBA Cosponsors Alternative Credit Symposium
On March 22, MBA and seven other trade associations sponsored a symposium at the Brookings Institution to discuss ways to further homeownership opportunities for borrowers with little or no credit history. Participants in the event included representatives from the mortgage industry, credit rating agencies, secondary market players, mortgage insurance agencies and credit reporting agencies. MBA staff participated in sessions on mortgage market trends and the ability of technology to expand credit opportunities.

For more information, please contact Corey Carlisle at (202) 557-2860 (ccarlisle@mortgagebankers.org).

Illinois Governor Files New Predatory Lending Database Rules
Illinois Gov. Rod Blagojevich (D) filed new rules to the Illinois Predatory Lending Database on March 21. He also directed the Department of Financial and Professional Regulation to designate the pilot area to include all of Cook County. 

In January, Blagojevich temporarily halted implementation of the original program, which would have only applied to certain Cook County neighborhoods, after community organizations and civic leaders raised serious concerns. Under the new proposal, first-time home buyers and owners opting to refinance their primary residence will be recommended for counseling if the loan they are consider contains certain provisions. 

Once the rule is filed with the Secretary of State, there will be a 45-day First Notice period, during which industry groups, advocates and other stakeholders may file comments or request a public hearing. MBA will work with the Illinois MBA in responding to the proposed rules.

For more information, please contact Paul Richman at (202) 557-2899 (prichman@mortgagebankers.org).
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At 2:00 p.m. ET on March 27, the subcommittee on Housing and Community Opportunity will hold a hearing on “Perspectives on Natural Disaster Insurance,” in 2128 Rayburn.

On Wednesday, March 28, the full committee will meet to mark up several bills, including H.R. 1427, the Federal Housing Finance Reform Act of 2007 (also known as the “GSE bill"). Other bills scheduled for markup include H.R. 1515, which would amend the Housing and Community Development Act of 1974; and the Native American Home Ownership Opportunity Act of 2007, as well as bills on executive compensation and preservation approval. The votes will take place in 2128 Rayburn.

Federal Reserve Chairman Ben Bernanke testifies on Wednesday, March 28 before the Joint Economic Committee, proving an economic outlook. On Friday, March 30, he speaks at the Federal Reserve System Community Affairs conference in Washington.

The American Enterprise Institute, a conservative think tank, hosts a forum on subprime lending on Thursday, March 29 in Washington, D.C. For more information, go to www.aei.org.

All House and Senate hearings are available over the Internet. To access appropriate committee Web sites, visit www.house.gov and www.senate.gov.

Upcoming Reports/Events:

March 25-28: MBA National Technology in Mortgage Banking Conference & Expo, Tampa
March 26: Revised Building Permits, Bureau of the Census
March 26: State/Local Building Permits, Bureau of the Census
March 26: New Residential Sales, Bureau of the Census/HUD
March 26: Chicago Fed National Activity Index
March 27: State Quarterly Personal Income (4th Quarter), Bureau of Economic Analysis
March 27: State Annual Personal Income, 2006, Bureau of Economic Analysis
March 27: Consumer Confidence, The Conference Board
March 27: Richmond Fed Survey
March 28: MBA Weekly Applications Survey
March 28: Advance Durable Goods, Bureau of the Census
March 29: Gross Domestic Product, Bureau of Economic Analysis
March 29: Corporate Profits, Bureau of Economic Analysis
March 29: Help Wanted Index, The Conference Board
March 29: Kansas City Fed Manufacturing Survey
March 29: New York Employment/Unemployment
March 30: Personal Income, Bureau of Economic Analysis
March 30: Chicago Purchasing Managers Index
March 30: Construction, Bureau of the Census
March 30: Regional/State Employment/Unemployment, Bureau of Labor Statistics
April 2: ISM Index, Institute for Supply Management
April 4: MBA Weekly Application Survey
April 4: ISM Services, Institute for Supply Management
April 4: Metropolitan Area Employment/Unemployment, Bureau of Labor Statistics
April 4: Manufacturer Shipments, Inventories and Orders, Bureau of the Census
April 5: Chicago Fed Midwest Manufacturing Index
April 6: Employment Situation, Bureau of Labor Statistics
April 6: Joint Economic Committee Monthly Statement
April 6: Wholesale Trade, Bureau of the Census
April 6: Consumer Credit, Federal Reserve
April 11: MBA Weekly Application Survey
April 11: Treasury Department Monthly Statement
April 12-13: CampusMBA Commercial Loan Origination 101, Washington, D.C.
April 12: Imports/Exports, Bureau of Labor Statistics
April 13: Trade Balance, Bureau of Economic Analysis
April 13: Producer Price Index, Bureau of Labor Statistics
April 15-20: CampusMBA School of Mortgage Banking I, Herndon, Va.
April 16: Empire State Manufacturing Survey
April 16: Advance Retail Sales, Bureau of the Census
April 16: Business Inventories, Bureau of the Census
April 16: Housing Market Index, National Association of Home Builders
April 17: CampusMBA Customer Retention Strategies Live Online Workshop
April 17: New Residential Construction, Bureau of the Census
April 17: Consumer Price Index, Bureau of Economic Analysis
April 17: Real Earnings, Bureau of Labor Statistics
April 17: Industrial Production/Capacity Utilization, Federal Reserve
April 17: Cleveland Fed Median CPI
April 18: MBA Weekly Application Survey
April 18-May 11: CampusMBA VA Fundamentals Instructor-Led Web-Based Course
April 18: New Jersey Employment/Unemployment
April 19: Composite Indexes, The Conference Board
April 19: Philadelphia Fed Survey
April 19: New York Employment/Unemployment
April 20: Regional/State Employment/Unemployment, Bureau of Labor Statistics
April 23: Chicago Fed National Activity Index
April 24: Advance Gross Domestic Product by Industry, Bureau of Economic Analysis 
April 24: Consumer Confidence, The Conference Board
April 24: Existing Home Sales, National Association of Realtors
April 24: Richmond Fed Survey
April 25: MBA Weekly Application Survey
April 25-26: MBA National Policy Conference, Washington, D.C.
April 25: Revised Building Permits, Bureau of the Census
April 25: Advance Durable Goods, Bureau of the Census
April 25: State and Local Building Permits, Bureau of the Census
April 25: New Residential Sales, Bureau of the Census/HUD
April 25: Beige Book, Federal Reserve
April 26: Help Wanted Index, The Conference Board
April 26: Kansas City Fed Manufacturing Survey
April 26: Chicago Fed Midwest Manufacturing Survey
April 27: Gross Domestic Product, Bureau of Economic Analysis
April 27: Employment Cost Index, Federal Reserve
April 27: Housing Vacancies and Homeownership (1st Quarter), Bureau of the Census
April 30: Personal Income, Bureau of Economic Analysis
April 30: Chicago Purchasing Managers Index
April 30: Construction, Bureau of the Census
May 6-9: MBA Legal Issues/Regulatory Compliance Conference, New Orleans
May 6-11: CampusMBA School of Mortgage Banking I, Tampa
May 6:11: CampusMBA School of Mortgage Banking II, Tampa
May 9: Federal Open Market Committee
May 15-18: MBA Commercial Asset Administration & Technology Conference, San Antonio
May 15-17: CampusMBA Quality Assurance Principles, San Diego
May 16-17: CampusMBA Commercial Loan Origination 201, San Diego May 20-23: MBA National Secondary Market Conference & Expo, New York
May 28: Memorial Day holiday
May 30-31: MBA Government Housing Finance Conference, Washington, D.C.
June 3-6: Presidents Conference, Colorado Springs, Colo.
June 3-8: CampusMBA School of Mortgage Banking I, Indianapolis
June 4-July 16: CampusMBA CMB Online Prep Instructor-Led Web-Based Course
June 5-7: CampusMBA Underwriting University, Indianapolis
June 12-13: CampusMBA The Complete Mortgage Banker, Washington, D.C.
June 21: CampusMBA Information Assurance, 5 Steps to Security, Washington, D.C.
June 27-28: Federal Open Market Committee
July 4: Independence Day holiday
July 8-13: CampusMBA School of Mortgage Banking I, Philadelphia
July 8-13: CampusMBA School of Mortgage Banking II, Philadelphia•  
Aug. 7: Federal Open Market Committee
Sept. 3: Labor Day holiday
Sept. 9-11: MBA Document Custody Conference, San Antonio, Texas
Sept. 18: Federal Open Market Committee
Sept. 23-25: MBA Regulatory Compliance Conference, Washington, D.C.
Oct. 1-2: MBA Quality Assurance Conference, Washington, D.C.
Oct. 14-17: MBA 94th Annual Convention & Expo, Boston
Oct. 30-31: Federal Open Market Committee
Nov. 12: Veterans Day holiday (observed)
Nov. 22-23: Thanksgiving holiday
Dec. 11: Federal Open Market Committee
Dec. 25: Christmas holiday

2008
January 29-30: Federal Open Market Committee
Feb. 3-6: MBA Commercial Real Estate Finance/Multifamily Housing Convention & Expo (CREF), Orlando, Fla.
Feb. 26-28: MBA National Mortgage Servicing Conference & Expo, New Orleans

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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