In addition, the stimulus tax payments helped propel consumer spending growth to the strongest pace in three quarters. The report, which also included an annual revision to GDP, showed that the economy contracted slightly in the final quarter of last year, with real GDP declining 0.2 percent instead of growing 0.6 percent reported earlier.

While the economy managed to expand in the first half of the year, the pace was not strong enough to create jobs for those who were seeking them, causing the unemployment rate to rise. Nonfarm payroll employment fell for a seventh consecutive month in July, declining by 51,000. While May and June payrolls were revised up by 26,000 jobs, making the declines in employment in those months less severe than originally reported, those jobs were in the government sector. The unemployment rate, which is calculated from a separate survey, rose from 5.5 percent in June to 5.7 percent in July, the highest level since March 2004.

Overall, the report continued to show an ongoing, modest decline in payroll employment. Since the beginning of the year, 463,000 jobs have been lost—an average of about 66,000 jobs per month. Job losses moderated in the second quarter, averaging 55,000 per month, compared with an average of 82,000 per month in the first quarter.

Other reports last week indicated continued subpar growth in the third quarter as the impact of the stimulus checks fades and global growth is poised to slow. Manufacturing activity declined slightly in July, with the Institute for Supply Management (ISM) manufacturing index edging down from 50.2 to 50.0—a level that indicates that manufacturing activity neither contracts nor expands. Like the economy as a whole, manufacturing continued to receive support from trade, which helped offset the impact of declining domestic demand. 

Finally, while crude oil prices declined sharply in July, consumers remained downbeat as their assessment of the labor markets continued to deteriorate, according to The Conference Board’s Consumer Confidence Survey. The consumer confidence index edged up in July following six consecutive monthly declines but the index continued to hover near the lowest reading in 16 years.

The pickup in the unemployment rate to a four-year high is supporting the view that the Federal Reserve will likely leave the federal funds rate unchanged at its meeting next Tuesday and perhaps for the coming months. The Fed's decision last week to extend into 2009 loans to investment banks and other liquidity measures also supports the view that the Fed may not raise interest rates until next year.

Long-term Treasury yields declined sharply on Thursday in response to the rise in weekly initial unemployment claims to the highest level in five years.  Yield declined further on Friday on news of an increase in the unemployment rate to a four-year high. The yield on the 10-year Treasury note stayed around 3.95 percent by mid-Friday afternoon, 18 basis points lower than the rate on the previous Friday.

This Week:

• Monday—June personal income and personal consumption expenditures and June factory orders
• Tuesday—The Institute for Supply Management (ISM) nonmanufacturing index for July and the Federal Open Market Committee meeting 
• Thursday—The National Association of Realtors’ Pending Home Sales Index for June
• Friday—The second quarter productivity and cost

(Orawin Velz is associate vice president of economic forecasting with the Mortgage Bankers Association. She can be reached at ovelz@mortgagebankers.org.)
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The report, 2008 Datacraft/Dimension Data Global Contact Center Benchmarking Report, said the trend of customers using self-service in contact centers shows little sign of abating. Ten years ago, human agents completed 90 percent of transactions, but today they handle only 50 percent of in-bound transactions.

“Contact centers are under pressure to deal with far higher volumes of calls and to execute queries faster and more effectively,” said Alex George, spokesperson at Data Dimension. “What’s more, increasing numbers of customers are demanding information immediately and it must be correct. Gone are the days when customers accepted slow responses from the contact center. Instead they’re opting to use self-service.”

The report said the global contact center industry is estimated to be worth $130 billion annually, but only 16 percent of organizations ranked creating direct customer relationships among their top three commercial drivers—a number that was 50 percent 10 years ago.

“Minimal progress has been made in adopting a more customer-oriented, CRM-based approach within the contact center environment over the last 10 years,” said Karina Majid, general manager for customer interactive solutions at Datacraft Asia. “When we compared this year’s findings with those from our inaugural 1997 report, the picture is not positive.”

The report said a key indicator of CRM is the establishment of a single view of the customer—a capability that 39 percent of organizations had 10 years ago, dropping to 34 percenttoday.

Furthermore, the report said customer metrics could help organizations, including factors of customer lifetime value and profitability. But less than 10 percent of centers have the capability to measure lifetime value and only 18 percent of centers use profitability as a metric.

“Findings indicate development of a more holistic and sophisticated approach to customer management is less of a priority than it was 10 years ago, and there is a back-to-basics trend with contact centers focusing more on basic performance efficiencies and cost reduction,” Majid said.

“When the basic service components are firmly in place, customer service experience improves and client retention accelerates,” George added.

Thirty-eight percent of contact center managers said they believe a contact center agent’s ability to resolve a query during the first call is an important factor in service improvement while 74 percent rated it in their top three. The time a customer waits before a call is answered was reported to have the second greatest impact—47 percent of managers ranked it in their top three. Communication and service skills were ranked third with 34 percent of managers including it among their top three improvement indicators.

“Contact centers still rely on standard efficiency metrics,” the report said. “Abandon rate is the most commonly used target with 90.1 percent of contact centers using it as a key metric, while only 63.4 percent use First Call Resolution as a performance target.”

“Findings indicate a discrepancy between what customers want and what contact centers focus their costs and energy on,” George said. “Taking into account that call resolution is the greatest indicator of customer service improvement, we were surprised to learn that not all contact centers have aligned themselves to its measurement and targeting.”

The report said self-service transactions, however, present and 85 percent cost savings of a human agent call. It said the average cost of a self-service transaction is $4 compared to $34 per human agent transaction.

George said contact centers still have to evolve to realize cost benefits of self-service. “The cost of getting it wrong is significantly higher than the cost of getting it right,” he said. “However, this requires a paradigm shift when making decisions to implement a self-service application. Customer expectations, increased complexity of inquiries, and highly dynamic environments are just some of the considerations that impact a successful self-service offering.”

George added that contact center managers would do well to increase usage and keep customers coming back for more while saving costs. “The contact center industry is fast approaching the time when it will no longer be able to manage the volumes of demand from customers,” he said. “To retain these customers and save costs, it’s vital that contact centers move the simpler, routine transactions to well-designed self-service channels.”
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David Aaronson of Live Oak Capital Ltd., a Houston-based Strategic Alliance Mortgage firm, arranged the $29 million permanent financing on behalf of RPD Catalyst.

RPD purchased Pavilions North Shopping Center in 2005 with a 48 percent occupancy rate at the time of purchase, later increasing the occupancy rate to 88 percent. The property has a net rentable area of 165,480 square feet.

Pavilions North Shopping Center includes Jo-Ann Fabric & Craft Store, Conn’s, Sam Ash and K&G Menswear. Nearby Central Park Mall is beginning redevelopment of more than $100 million, and nearby North Star Mall—owned by General Growth Properties Inc.—consists of 1.3 million square feet and five anchored department stores. North Star Mall recently completed a $30 million renovation.

Since closing on Exchange Plaza Retail Center in 2005, RPD implemented a minor capital improvement program and an aggressive leasing program to bring the total occupied area at the property from 54 percent to its current 94 percent occupancy rate. ApplianceSmart, National Career Education and Bally’s anchor the property with a net rentable area of 144,371 square feet.
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This first program, Wednesday, August 6 from noon-1:30 p.m. ET, focuses on the FHA aspects of the newly enacted Housing and Economic Recovery Act of 2008. The second program, which also takes place on August 6, runs from 2:00-3:30 p.m. ET, addresses new HOEPA rules which were adopted on July 14 by the Federal Reserve Board under the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA), amending Regulation Z. Both programs are presented through web and phone connections.

Please note: Separate registration is required to attend each event.

FHA Special LIVE Online Conference
Focusing on the Housing and Economic Recovery Act of 2008
August 6, noon-1:30 p.m. ET

Attend this 90-minute LIVE Online Conference and gain perspective from key staff at HUD on FHA aspects of H.R. 3221, the Housing and Economic Recovery Act of 2008. President Bush signed this major legislation into law on July 30.

The law includes several initiatives, which MBA has long advocated, such as regulatory oversight reform of government-sponsored enterprises (GSEs) and FHA modernization. Without a doubt, this comprehensive legislation has implications that will affect the real estate finance industry today and for years to come.

Join this LIVE Online Conference to explore the new law as it relates to FHA lending and how it will impact your business. This conference gives members and other industry professionals the opportunity to hear from and interact with these experts, including:

• Meg Burns, director of the Office of Single Family Program Development with HUD
• Ken Markison, associate vice president and regulatory counsel, Mortgage Bankers Association

These experts will cover the following relating to FHA and HERA:

• Implementation plans for FHA provisions
• New loan limits for forward and reverse mortgages
• New insurance requirements
• New HECM restrictions on counseling and selling financial products
• Risk based pricing
• Down payment assistance restrictions
• "Hope for Homeowners" program

This LIVE Online Conference is an excellent opportunity to ask questions of experts on how this new legislation will impact FHA lending.

Register at http://www.campusmba.org/products/default.aspx?product_code=E2801716AD/REGIS&wt.mc_id=CMBAFHAHousingNL.

Cost: If you are interested in participating in either LIVE Online Conference, you must register. The fee is $49.99 per person/per workshop for MBA members and $99.99 per person/per workshop for nonmembers. Click http://www.campusmba.org/products/default.aspx?product_code=E2801716AD/REGIS&wt.mc_id=CMBAFHAHousingNL to register onlne or call (800) 348-8653.

MBA's FHA Special LIVE Online Conference is part of a regularly scheduled series with senior FHA staff. The next regular installation of this online conference will tentatively take place on Wednesday, September 16 from 2:00-3:30 p.m. ET.

MBA's HOEPA Rules Update LIVE Online Conference
Wednesday, Aug. 6
2:00-3:30 p.m. ET

Attend this 90-minute LIVE Online Conference on the new HOEPA rules. On July 14 the Federal Reserve Board adopted final rules under TILA and HOEPA, amending Regulation Z.

Under HOEPA, the Board has authority to prohibit acts or practices in connection with mortgage lending that the Board finds unfair, deceptive or designed to evade HOEPA, and with respect to mortgage refinancings, associated with abusive lending practices or otherwise not in the best interest of the borrower. The new rules are scheduled to take effect on Oct. 1, 2009. To read more about these new rules, visit http://www.mortgagebankers.org/files/Advocacy/2008/HOEPARuleSummaryJuly18.pdf.

Join MBA, an expert from the Federal Reserve and inside and outside counsel from the industry to learn more about these new rules and how they will impact your business. This conference gives our members and other industry professionals the opportunity to hear from and interact with these experts, including:

• Kathleen Ryan, counsel with the Division of Consumer and Community Affairs at the Federal Reserve
• Ken Markison, associate vice president and regulatory counsel with MBA
• Stephen Morrison, CMB, vice president of government & industry relations with Wells Fargo Home Mortgage
• Laurence Platt, partner with K&L Gates

Don't miss this LIVE Online Conference to explore the new rules, their background, provisions, potential liabilities and implementation periods. The LIVE Online Conference is an excellent opportunity to ask questions of experts on these new rules.

Cost: If you are interested in participating in either LIVE Online Conference, you must register. The fee is $49.99 per person/per workshop for MBA members and $99.99 per person/per workshop for nonmembers. Call (800) 348-8653 or register online at http://www.campusmba.org/products/default.aspx?product_code=E2801716AC/REGIS&wt.mc_id=CMBAHOEPANL.

About LIVE Online Conferences
The LIVE Online Conference interactive format, powered by CampusMBA, the education division of MBA, enables participants to easily view presentations, download articles and analyses and interact with experts through their desktop or laptop computers. Participants receive one half point toward a Certified Mortgage Banker (CMB) designation. To participate in this convenient and inexpensive format you simply need a computer with an Internet connection and a phone.

Limited Space: Due to limited number of seats on our online conference system, we are only able to present the full interactive program to the first 125 registrants that connect on the day of the program. However, if you dial in after those allotted seats are full, you will still be able to participate in the audio portion of the program. All visual conference materials that will be used during the presentation will be available to all registrants following the program. Please call (800) 348-8653 with questions.
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Candidates are preparing to complete the process and earn this designation in time for the anticipated graduation at MBA’s 95th Annual Convention & Expo, Oct. 19-22 in San Francisco (http://events.mortgagebankers.org/95th_annual/default.html). To prepare for the final stages of earning this designation, which includes intense written and oral exams, CampusMBA encourages candidates to enroll in an online CMB Prep Course.

CMB Candidates who have taken one of these online prep courses, which take place over a six-week period and are part instructor-led and part self-paced, have a higher success rate of graduation than those who do not take one of these courses. This summer, CampusMBA is offering two opportunities to complete this course and get on track to earn the CMB Designation. Each course is led by CMB Designees.

The prep course takes place Aug. 11 through Sept. 26 and is open for registration at http://www.campusmba.org/products/default.aspx?product_code=DL2-002010-WC-W. Both of these courses are Residential CMB Prep Courses. Prep courses for those seeking the Commercial CMB will be offered this fall. 

If you are not enrolled in the CMB program and would like to learn more about it as well as learn how close you may already be to earning this distinction, please call Alicia Willey at (202) 557-2766 or visit www.campusmba.org/cmb.

Learn about or enroll in the CMB program: http://www.campusmba.org/IndustryDesignations/CertifiedMortgageBanker?wt.mc_id=CMBProgNL.

Register for the June CMB Prep Course (enrolled CMB Candidates Only):  http://www.campusmba.org/products/default.aspx?product_code=DL2-002009-WC-W&wt.mc_id=CMBPrepNL.
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The Convention will deliver a program geared to near-term challenges facing the industry, as well as explore potential opportunities that exist currently and in the future. As always, the emphasis to provide solid, take-home value for participants will be at the forefront of our planning and execution of the convention.

In addition to popular workshop tracks covering management, business strategies and technology, participants can attend presentations covering legislative and regulatory issues and general industry trends, as well as an economic overview. The MBA Annual Convention is a unique venue that allows key industry leaders to articulate their thoughts and views about the current state of the industry and what the future might hold.

With 2008 being a critical political year and the convention being held just prior to the election of a new president, the Oct. 21 General Session will be both timely and provocative, with a discussion between former White House advisor Karl Rove and former senator and presidential candidate John Edwards.

Despite the challenging times facing the industry, it is important to take a break to be entertained and inspired. Jay Leno, the popular host of the Tonight Show with Jay Leno, will bring his wit and perspective as the headliner during Club MBA along with Beatles tribute band, the “Fab Four.” Chris Gardner will deliver his story of inspiration and perseverance at the Chairman's Luncheon. Gardner's life has been chronicled in his book The Pursuit of Happyness and in the movie of the same name starring Will Smith. And football legend Steve Young keynotes the annual Sports Luncheon.

An important part of every convention is the exhibit hall, where you can learn about products and services to help you conduct business as efficiently and effectively as possible. The exhibit hall is a part of the convention experience that allows you to closely interact with industry peers and make new industry contacts. This year's exhibit hall will once again offer a wide variety of firms who service numerous industry segments.

You can save on your registration fee through Sept. 19. The personalized registration form has been pre-populated with previous registration information to make your registration experience as easy as possible. Simply fill out additional details, such as registration fee type and payment information and return the form with payment to MBA.

You can also save time by registering through our online store. Once you log in, your registration details are captured and all you have to do is submit payment and checkout.

We strive to offer you a timely and informative program that provides tangible and practical benefits, and we hope you will be with us in San Francisco.

For more information about the MBA Annual Convention & Expo, visit the conference web site, http://events.mortgagebankers.org/95th_annual/default.html. For more information about the Convention’s Ticketed events, visit http://events.mortgagebankers.org/95th_annual/ticketed_events/.
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We have already produced a comprehensive section by section summary of the bill. We are also putting together a web site detailing the effective dates and other milestones. MBA is also planning a set of educational events around the country and in Washington that will help educate our members about what comes next. Finally, we are already actively communicating with Capitol Hill, HUD and regulators about how we think the bill should be implemented.

Passing the bill into law was only the first of many steps to make this bill's ideas a reality.

Housing Bill Signed into Law
At 7:02 a.m. on July 30, President Bush signed the omnibus housing package into law, enacting the legislation as Public Law No. 110-289. While there was no signing ceremony to commemorate the enactment of the most significant piece of housing legislation in decades, MBA believes this legislation will contribute to the nation's housing recovery and serve as the foundation for responsible solutions in the future. 

MBA has lobbied tirelessly for most of the provisions in the bill, some of them for a decade or more. Specifically, MBA has focused its advocacy efforts on passage on FHA modernization and government-sponsored enterprise regulatory oversight. We expect to publish a calendar of the implementation and regulation dates this week.

To learn more about the FHA provisions, sign up for the CampusMBA call on Wednesday, August 6. To register, visit http://www.campusmba.org/products/default.aspx?product_code=E2801716AD/REGIS.

For more information, please contact Francis Creighton at (202) 557-2736 (fcreighton@mortgagebankers.org) or Ken Markison at (202) 557-2930 (kmarkison@mortgagebankers.org). 

HOPE NOW Releases June Numbers
On July 30, the HOPE NOW Alliance announced that its members provided loan workouts to 181,000 homeowners in June, the highest monthly amount since the program's inception. The press release can be found at http://www.hopenow.com/upload/press_release/files/June%202008%20Data%20Release.pdf.

In the second quarter, mortgage servicers completed more than 522,000 workouts, up 8 percent since the first quarter. Since July 2007, the industry has helped almost 1.9 million homeowners avoid foreclosure through workouts and loan modifications. In June, 105,000 of prime and subprime loan workouts were repayment plans, while the remaining 76,000 were loan modifications. 

Additionally, HOPE NOW held a congressional briefing on August 1, A Briefing on Foreclosure Prevention Efforts. The hearing heard discussions regarding the aforementioned data, mortgage servicing guidelines, counseling by NeighborWorks and outreach events. MBA is a founding member of the HOPE NOW Alliance. 

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

MBA Heads Joint Trade Effort to Alter RESPA Reform Implementation
On July 31, MBA, leading an industry coalition, sent letters to both HUD Secretary Steven Preston and Office of Management and Budget Director Jim Nussle expressing serious concern over HUD's proposed Real Estate Settlement Procedures Act (RESPA) rule.

The letter says that the groups oppose the rule's finalization in anywhere near its current form. The letter also says that HUD should coordinate its efforts with the Federal Reserve Board to reform its Truth in Lending Act disclosures, focus on developing legislative reform of disclosures as it is required to do under the Housing and Economic Recovery Act of 2008 or, if it insists on moving forward with its rule, the rule should be scaled back to simplifying RESPA disclosures only.  The letter emphasizes that the current RESPA proposal goes beyond HUD's authority, will have unintended consequences and will be costly for the industry and consumers who will bear its new costs.  

For more information, please contact Ken Markison at (202) 557-2930 (kmarkison@mortgagebankers.org).

FASB Delays Implementation of Changes to FAS 140
On July 30, the Financial Accounting Standards Board announced its decision to delay the proposed implementation date of a forthcoming proposal that would bring sweeping changes to securitization accounting until after Nov. 15, 2009. The decision can be found at http://www.fasb.org/news/SDR_07-30-08.pdf.

The amendments to FAS 140 call for banks and finance companies that currently do not consolidate the issuing entities used in securitizations, commonly referred to as qualified special purpose entities (QSPE), to consolidate some or all of those entities. The affected transactions may include mortgage, credit card, student and retail auto loans. This action is likely to swell balance sheets, increasing a bank's capital requirements, and could possibly result in increased incidences of inadequately capitalized institutions. MBA appreciates FASB's decision to delay the proposed implementation date; however, we continue to have serious concerns over these accounting amendments and the adverse implications for the capital markets.

For more information, please contact Jim Gross at (202) 557-2860 (jgross@mortgagebankers.org).

Supervisory Guidance on Pillar 2 of the Basel II Framework Released
On July 31, the Office of the Comptroller, Federal Reserve Board, Office of Thrift Supervision and Federal Deposit Insurance Corp. jointly released guidance on the supervisory review process of capital adequacy (Pillar 2 of 3) related to the implementation of the Basel II Advanced Capital Framework. The guidance can be found at http://edocket.access.gpo.gov/2008/pdf/E8-17555.pdf.

The supervisory guidance provides further clarification to longstanding approaches utilized by the aforementioned agencies necessary for the implementation of the advanced framework set to take effect September 2.

For more information, please contact Jim Gross at (202) 557-2860 (jgross@mortgagebankers.org).

Freddie Mac Doubles Incentives for Servicers Who Provide Workouts
On July 31, Freddie Mac announced that it will provide double the amount it pays for each workout that allows a troubled borrower to stay in their home. The announcement can be found at http://www.freddiemac.com/news/archives/servicing/2008/20080731_servicers.html.

Out of an effort to reinforce the importance of utilizing workouts, Freddie Mac will reimburse servicers the cost of door-to-door outreach programs, provide servicers more time to negotiate workouts in states with fast foreclosure processes and make administrative changes to facilitate a streamlined workout process.

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

House Subcommittee Holds Hearing on Credit Scoring
On July 29, the House Financial Services Subcommittee on Oversight and Investigations held a hearing, What Borrowers Need to Know About Credit Scoring Models and Credit Scores. The hearing addressed how credit scores relate to the extension of credit lines for credit cards and mortgages, as well as ways consumers can access their credit reports.

Incidentally, MBA is in the process of developing comments for the Federal Reserve and the Federal Trade Commission concerning their proposed rule on Fair Credit Reporting risk-based pricing disclosures due Aug. 18.

For more information, please contact Pace Bradshaw at (202) 557-2886 (pbradshaw@mortgagebankers.org) or Ken Markison at (202) 557-2930 (kmarkison@mortgagebankers.org).

Covered Bonds: Recent Developments
On July 28, the Treasury Department issued guidance and best practices in the hopes of spurring development of a covered bond market in the U.S. Covered bonds are a useful resource for increasing the flow of funds for housing finance. The guidance can be found at http://www.treas.gov/press/releases/reports/USCoveredBondBestPractices.pdf.

The guidance augments a recent FDIC policy statement clarifying how covered bonds will be treated in a bank failure. Bank of America, Citigroup, JP Morgan Chase and Wells Fargo expressed an interest in pursuing covered bond transactions. Treasury Secretary Henry Paulson Jr. made positive references to covered bond transactions again in remarks on July 31, before the Exchequer Club in Washington, D.C. His remarks can be found at http://www.treasury.gov/press/releases/hp1107.htm.

In related news, on July 30, Rep. Scott Garrett, R-N.J., introduced H.R. 6659, the Equal Treatment for Covered Bonds Act. The act would treat covered bonds on a par with other qualified financial products under the Federal Deposit Insurance Act and also grant joint rulemaking authority to the FRB, FDIC, OTS, OCC and the Secretary of the Treasury to make any new regulations on covered bonds. As a result, covered bond investors will gain certainty regarding the legal status of their investments.

For more information, please contact Michael Carrier at (202) 557-2870 (mcarrier@mortgagebankers.org).

Joint Forum Releases Credit Risk Transfer Paper
On July 31, the Joint Forum—established in 1996 to flesh out issues common to the banking, securities and insurance sectors—released Credit Risk Transfer: Developments from 2005 to 2007. The paper can be found at http://www.occ.treas.gov/ftp/release/2008-93.htm.

The paper details two financial instruments that have been utilized to transfer credit risk: asset-backed securities collateralized debt obligations and collateralized loan obligations. The paper comes out of a request from the Financial Stability Forum to update an existing paper to reflect recent innovations and continued growth in the credit risk transfer markets. The paper makes several new recommendations for all market players, and will survey all participants in 2009 to assess the extent to which they have heeded the suggestions.

For more information, please contact Michael Carrier at (202) 557-2870 (mcarrier@mortgagebankers.org).
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All eyes are on the Federal Open Market Committee this week, although most analysts expect it to leave key interest rates unchanged. The FOMC meets on Tuesday, Aug. 5. For more analysis, see Orawin Velz's commentary above.

On Wednesday, Aug. 6, the Mortgage Bankers Association's Commercial Technology Initiatives Committee will host a free one-hour Webinar beginning at 2:00 p.m. ET. The webinar will provide a case study on the steps two commercial firms recently took to implement a MISMO standard. For more information, visit  http://connect.mbatechservices.com/commtechmismo. The dial-in number for the call is (269) 320-8300, access code 1040009#.

Upcoming Reports/Events:

Aug. 4: Personal Income, Bureau of Economic Analysis 
Aug. 5: Federal Open Market Committee 
Aug. 5: ISM Services, Institute for Supply Management 
Aug. 6: MBA Weekly Applications Survey
Aug. 6: MBA Commercial Technology Initiatives Committee Webinar.
Aug. 7: Personal Income for Metropolitan Areas, 2007, Bureau of Economic Analysis 
Aug. 7: Housing Forecast/Pending Home Sales Index, National Association of Realtors 
Aug. 7: Consumer Credit, Federal Reserve 
Aug. 8: Productivity and Costs, Bureau of Labor Statistics
Aug. 8: Wholesale Trade, Bureau of the Census
Aug. 11-15: CampusMBA School of Mortgage Banking Course III, Washington, D.C.
Aug. 11: CampusMBA Measuring Risk in the Mortgage Supply Chain, Washington, D.C.
Aug. 12-13: CampusMBA Hedging with Derviatives I & II, Washington, D.C.
Aug. 12: Trade Balance, Bureau of Economic Analysis
Aug. 12: Treasury monthly statement 
Aug. 13: MBA Weekly Applications Survey
Aug. 13: Imports/Exports, Bureau of Labor Statistics
Aug. 13: Advance Retail Sales, Bureau of the Census
Aug. 13: Business Inventories, Bureau of the Census 
Aug. 13: N.J. Employment and Unemployment 
Aug. 14: CampusMBA Loan Securitization Techniques & Stragegies, Washington, D.C.
Aug. 15: CampusMBA Credit Enhancement Strategies, Washington, D.C.
Aug. 14: Consumer Price Index, Bureau of Labor Statistics 
Aug. 14: Real Earnings, Bureau of Labor Statistics 
Aug. 14: Metro Home Prices/State Existing Home Sales, National Association of Realtors
Aug. 14: Cleveland Fed Median CPI 
Aug. 14: N.Y. Employment and Unemployment 
Aug. 15: Empire State Manufacturing Survey
Aug. 15: Industrial Production and Capacity Utilization, Federal Reserve
Aug. 15: Regional and State Employment and Unemployment, Bureau of Labor Statistics
Aug. 15: Retail E-Commerce Sales, Bureau of the Census
Aug. 19-20: CampusMBA School of Executive Education, Future of Structured Transactions, Washington, D.C.
Aug. 19: New Residential Construction, Bureau of the Census/HUD
Aug. 19: Producer Price Index, Bureau of Labor Statistics 
Aug. 20: MBA Weekly Applications Survey
Aug. 20: Composite Indexes, The Conference Board 
Aug. 20: Philadelphia Fed Survey 
Aug. 25: Chicago Fed National Activity Index
Aug. 25: Existing Home Sales, National Association of Realtors
Aug. 25: Dallas Fed Manufacturing Survey 
Aug. 26: Advance Durable Goods, Bureau of the Census
Aug. 26: Revised Building Permits, Bureau of the Census
Aug. 26: S&P/Case-Shiller Home Price Indices
Aug. 26: Consumer Confidence, The Conference Board 
Aug. 26: OFHEO Quarterly House Price Index
Aug. 26: New Residential Sales, Bureau of the Census/HUD
Aug. 26: State and Local Building Permits, Bureau of the Census
Aug. 26: Richmond Fed Survey 
Aug. 27: MBA Weekly Applications Survey
Aug. 27: Metropolitan Area Employment and Unemployment, Bureau of Labor Statistics
Aug. 27: Chicago Fed Midwest Manufacturing Index 
Aug. 28: Gross Domestic Product, Bureau of Economic Analysis
Aug. 28: Corporate Profits, Bureau of Economic Analysis
Aug. 28: Help Wanted Index, The Conference Board
Aug. 28: Kansas City Fed Manufacturing Survey
Aug. 29: Personal Income, Bureau of Economic Analysis
Aug. 29: Chicago Purchasing Managers Index
Sept. 11-12: CampusMBA Human Resources Symposium, Washington, D.C.
Sept. 14-16: MBA Regulatory Compliance Conference, Washington, D.C.
Sept. 15-19: MISMO Trimester Workgroup Meetings, Scottsdale, Ariz.
Sept. 15-18: CampusMBA School of Mortgage Banking I, Washington, D.C.
Sept. 15-18: CampusMBA School of Mortgage Banking II, Washington, D.C.
Sept. 16: Federal Open Market Committee
Sept. 21-23: MBA Document Custody Conference, Charlotte, N.C.
Oct. 17-18: MBA State & Local Workshop, San Francisco
Oct. 19-22: MBA 95th Annual Convention & Expo, San Francisco
Oct. 28-29: Federal Open Market Committee
Nov. 5-7: RESPRO Fall Seminar, New Orleans
Dec. 16: Federal Open Market Committee

2009
Jan. 27-28: Federal Open Market Committee 
Feb. 8-11: MBA CREF/Multifamily Housing Convention & Expo, San Diego
Feb. 17-20: MBA National Mortgage Servicing Conference & Expo, Tampa, Fla.
Mar. 15-18: MBA National Technology In Mortgage Banking Conference & Expo, Las Vegas
Mar. 17: Federal Open Market Committee
Apr. 28-29: Federal Open Market Committee
June 23-25: Federal Open Market Committee
Aug. 11: Federal Open Market Committee
Sept. 22: Federal Open Market Committee
Nov. 3-4: Federal Open Market Committee
Dec. 15: Federal Open Market Committee
Jan. 26-27, 2010: Federal Open Market Committee

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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