Despite the steady drop in the number of new homes available for sale for more than a year, the months’ supply (inventory-sales ratio) for new homes remained as high as 10 months in June, as housing demand has pulled back along with the declining housing supply. 

Home builders saw some improvement in sales prospects over the next six months as they anticipated that a temporary $7,500 tax credit will give enough incentives for some potential first-time home buyers to get into the market. However, the overall confidence level of builders remained depressed at a record low in August, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

With no signs of a turnaround in the housing market in the near term, housing will likely remain a drag on economic growth through next year. One report last week indicated that the acceleration in economic growth in the second quarter, induced by the fiscal stimulus and trade, was not sustainable. The Conference Board’s Index of Leading Indicators—a gauge of future business activity three to six months ahead—fell sharply in July, reinforcing the view that the U.S. economy is poised for a slowdown in the second half of this year along with most European countries and Japan.

The 1.2 percent jump in the July Producer Price Index disappointed those looking for signs of an ease in inflation as domestic and global growth slows. In his speech at the annual Federal Reserve conference in Jackson Hole, Wyo., Fed Chairman Ben Bernanke said the rebound in dollar and declines in commodity prices should help moderate inflation but warned that if inflation failed to slow over the “medium term,” the Fed will be ready to act as necessary to keep inflation under control.

While further declines in crude oil and commodity prices should help moderate the overall PPI in the near term, the 0.7 percent jump in the core PPI raised the question of whether core prices will decelerate with the overall prices in the coming months. However, with incoming data showing more evidence of a slowdown in economic activity and renewed concerns regarding the mortgage market, raising the risk of spillover effect to the overall economy, the Fed will likely hold interest rates steady for the rest of the year.

In his Jackson Hole speech, Bernanke observed that financial turmoil has not yet subsided, and is contributing to slower growth and higher unemployment. The odds that the Fed will raise the target rate by 25 basis points by the end of the year were 25 percent on Friday, according to fed funds futures.

Long-term Treasury yields remained low last week as financials continued to weigh down stocks, increasing demand for Treasuries. The yield on the 10-year Treasury note stayed below 3.90 percent through Friday. Mortgage rates also declined last week but to a lesser extent than the drop in the benchmark 10-year yield. The spread between the yields on 10-year Treasury notes and conforming fixed-rate mortgages widened further to about 265 basis points this week, the widest spread since mid-March. 

Housing and Mortgage Indicators:
The National Association of Home Builders/Wells Fargo Housing Market Index held steady at 16 in August, matching the record low reached in July. (Readings below 50 indicates that more respondents view conditions as poor.) 

The survey asks builders for their sentiments on current sales, traffic of potential buyers, and projected sales over the next six months. While the overall index held steady, two out of three of the component indices rose during the month. The index gauging current sales conditions increased to 16 from a record low reading of 15 in July, while the index gauging sales expectations for the next six months increased slightly to 25 from 23. 

The NAHB attributed the increase in the latter to builders’ anticipation that a temporary $7,500 tax credit will give enough incentives for reluctant potential first-time homebuyers to get into the market. The index gauging traffic of prospective buyers remained unchanged at the record low of 12.

Regional performance varied. Two regions experienced increases: the Northeast saw a two-point increase to 16, and the Midwest posted a four-point decline to 14. The South’s index was unchanged at 20 while the West posted a three-point drop to 11. In addition to large inventory overhang and tighter lending standards, rising foreclosure rates, which led to deep discount prices in the existing home market, have hurt the new home market, especially in the West.

The Housing Market Index is considered one of the leading indicators of future home sales because it also captures sales expectations over the next six months. Given little improvement in the index, new home sales will likely remain sluggish in the coming months. 

Total housing starts fell 11.0 percent in July to a seasonally adjusted annualized rate of 965,000. Single-family starts dropped 2.9 percent, reaching the lowest level since January 1991. Multifamily starts were down 30.4 percent as they plummeted in the Northeast, reversing some of the prior month’s surge (which was the result of a rush to start building activity before local building code changes took effect in New York).

Total starts decreased 30.4 percent in the Northeast following a 103.2 percent jump in June. For the region, multifamily starts fell 44.1 percent, only partially offsetting the 229.8 percent surge in June. Starts dropped in the South and the West by 10.5 percent in each region and rose 10.0 percent in the Midwest.

Through the first seven months of this year, single-family starts were 40.2 percent lower than those in the first seven months of 2007. By contrast, year-to-date multifamily starts with 5 units and over were 19.4 percent higher than those last year. Year-to-date construction of structures with 2-4 units declined 41.4 percent. 

Total permits fell 17.7 percent in July, driven by a 63.4 percent drop in permits in the Northeast as multifamily permits sharply fell. Single-family permits—a leading indicator for single-family housing activity—dropped 5.2 percent, the biggest decline since January. This marked the 15th decline over the past 16 months. Single-family permits fell in every region but the Northeast.

Economic Indicators:
The Producer Price Index rose 1.2 percent, following a 1.8 percent increase in June and 1.4 percent rise in May. Large increases in energy prices, including electricity, heating oil and natural gas, led the overall increase. Over the past year, the PPI rose 9.8 percent, the largest gain since June 1981. 

Excluding food and energy items, the core PPI was up a strong 0.7 percent following a modest 0.2 percent increase in both June and May. Higher prices for cars and light trucks as well as for capital equipment led the increase in the core producer prices. From a year ago, the core PPI rose 3.6 percent, the largest gain since May 1991. 

The Conference Board Index of Leading Indicators fell 0.7 percent in July, following an unchanged reading in June. The drop puts the index at its lowest level since October 2004. A sharp decline in residential building permits, which was a payback for a change in building codes that lifted multifamily starts in June, led the decline in the index. Other negative contributors included declining stock prices, higher unemployment claims, and a drop in the money supply.

The Conference Board’s index of leading indicators is designed to forecast economic activity and turning points in the business cycle based on 10 economic components. Weakened readings in the index in the past several months point to "slow growth the rest of the year, and possibly an economy grinding to a halt," according to The Conference Board.

This Week:

• Monday—July existing home sales
• Tuesday—July new home sales; the Office of Federal Housing Enterprise Oversight House Price Index for the second quarter; Standard & Poor’s Home Price Index for the second quarter; The Conference Board’s Survey of Consumer Confidence for July; and the minutes from August Federal Open Market Committee meeting
• Wednesday—July durable goods orders
• Thursday—The preliminary estimate of gross domestic product for the second quarter
• Friday—July personal income and personal consumption expenditures and the final estimate of the University of Michigan’s Survey of Consumer Sentiment

(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 structural features of these re-securitizations, known as re-real estate mortgage investment conduits or “Re-REMICs,” greatly influences the degree of additional protection provided, according to the Fitch report, Re-REMICs: Why Structure Matters: A Closer Look at Sequential Pay and Pro Rata Pay Structures.

Fitch Director Wen Hsu said the analysis of new re-REMIC transactions that have come to market in recent months conclude that selection of a sequential versus pro-rata pay structure provides more protection against stress on the underlying mortgages, unless offset with additional credit enhancement.

“For protection equivalent to sequential structures, a pro-rata pay structure may need over two times more credit support from the subordinate bond, due to its sensitivity to the prepayment and loss timing assumptions used in modeling,” Hsu said. “In contrast, credit support for a sequential pay structure is driven by potential future losses and is not influenced by different prepayment or loss timing assumptions.”

Fitch said rated re-REMIC transactions will reflect the appropriate credit support for re-REMIC bonds according to the deal structures from both the underlying deals as well as for the re-REMICs.
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THOMAS MACMANUS: It is really a function of what happens in the rest of the economy. I think it’s too early to tell. What will really have the most impact on the commercial sector will be the overall economy—whether it’s job creation or job losses.

We want confidence to come back to the extent that we just have a normal flow of capital. Never mind the fundamental side. I would expect the mid-to-latter part of next year we will start to see a notable improvement in the flow of capital. That could mean that there has been an adjustment of risk-adjusted pricing, that buyers and sellers, lenders and investors have recognized where they want to be on the price point and now they are doing business at a different price point so there’s flow, but it’s done based on different fundamentals—an assessment of risk, vacancy and other data.

The best thing that can happen to us is in the confidence level where capital flow is decisive—even if the decision is in paying less based on cost of capital or not paying as much because of vacancy [movement]. At least that’s data which results in decisions. Right now, there is a lack of confidence and a lack of data points because of the insufficient transactions necessary to reflect the lines on these data points.

NEWSLINK: During the savings and loans crisis, the commercial real estate market’s fundamentals eventually led to poor fundamentals in residential real estate. Do you see it as reversed this time around—that residential is going to cause poor property fundamentals in commercial real estate?

MACMANUS: Real estate is local in many respects. As the economy goes, you will see appropriate adjustments in the commercial sector. That will be the lagging indicator or consequence from an economic downturn if and when that proves to be a sustained fact. Right now, we don’t know that.

NEWSLINK: Based on past cycles, how do you see the CMBS market moving out of this cycle, particularly if the economy and property fundamentals weaken?

MACMANUS: It is a little different cycle. There was an unusual liquidity crunch during the Russian ruble crisis back in 1998, and that was more of a capital markets event—not a fundamental real estate problem.

In the late 1980s and early 1990s, we went through that last real estate recession. That was very much a function of loose money and loose underwriting, excessive capital and excessive supply of real estate. There was a lot of spec lending and spec development going on. We do not have that level of speculative development except—granted—there was the hype in the condo for-sale market, but it was not necessarily elsewhere in the commercial sector.

This doesn’t look exactly like anything we have seen in the past, so it is difficult to project what the outcome is going to be. If there is, in fact, a sustained downturn—and I’m not saying there will be, but if there is—the challenge to the capital structures that have been put in place are going to be very interesting because the solutions to the workouts from 20 years ago were different. Those capital structures were not as complicated as the capital structures are today.

The good news is that complications might be great in good times, and people are comfortable with that. But, if you’re trying to reconstruct the capital structure through a workout, that could prove quite challenging.

NEWSLINK: When capital flows do return, how do you see the market? Would it be back to something more in line with 2002?

MACMANUS: I would see more simplicity, transparency in structures. Again, it could be creative, but they have to be sufficiently transparent even if they are creative structures. That will be the first step that we will see. You might even see CMBS come back and look a little bit more like a true investment-grade loan on real estate with not so much reliance on the mezzanine and b-note.

It might have a very high quality, low leveraged securitized loan, and the b-note, or b-piece, is taken by someone that truly owns the risk and may not be distributed as far through the capital sources distribution network as it has been lately.

(This interview will appear in its entirety this Thursday in MBA Commercial/Multifamily NewsLink.)
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Taking place Sept. 14-16 at the JW Marriott in downtown Washington, D.C., this is the conference to attend for those who want to stay abreast of compliance issues.

Topics to be addressed include: the Home Ownership Equity and Protection Act, the Real Estate Settlement Procedures Act, anti-predatory lending requirements, regulatory reform of the housing GSEs, the Home Mortgage Disclosure Act, the Fair Credit Reporting Act, the Fair and Accurate Credit Transactions Act, the Truth in Lending Act, an FHA update, litigation developments and much more.

This year's conference includes—at no extra charge—popular newcomer workshops that cover a variety of relevant topics. These structured mini-courses are designed for those who are new to the industry or those who just want to brush up on key regulatory requirements. These pre-conference workshops fill up fast, so sign up now.

For more information and to register for the conference, visit the conference web site at http://events.mortgagebankers.org/regcomp2008/default.html.
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CampusMBA FHA Central, the complete FHA training solution for the real estate finance industry, can help your business get up to speed on FHA loans and enable you to start capturing more of this growing market share.

FHA Central is convenient for you and your business. Popular one-day classroom-based courses take place throughout the year at different locations across the United States. LIVE Online Workshops and Guided Web-based Courses leverage the value of interactive instructor-led learning at the comfort of your desk (or even on the road). FHA Central also offers publications and print-based courses that can be studied and completed at your own pace.

Visit CampusMBA FHA Central to learn more: www.campusmba.org/AllLearningProducts/FHACentral.htm?WT.mc_id=FHANL090808.

For your staff: most FHA Central programs can be offered at your location or online for your employees at your convenience. Visit www.campusmba.org or call (800) 348-8653 for more information about bringing FHA Central to your staff.

DE (Direct Endorsement): Several FHA Central programs, including FHA Fundamentals Workshop, FHA Underwriting & Operations Workshop and the FHA Fundamentals Guided Web-based Course, provide complete information on all origination, processing and underwriting requirements unique to FHA loans. Lenders across the country use these courses as part of a certification program for their processors and underwriters who are looking to become DE (Direct Endorsement) underwriters.

Upcoming FHA Central Programs include:

Guided Web-based Courses
FHA Fundamentals Guided Web-based Course
October 1-November 19, Online
http://www.campusmba.org/products/default.aspx?product_code=DL2-009808-WC-W

VA Fundamentals Guided Web-based Course
September 10 – October 8, Online
http://www.campusmba.org/products/default.aspx?product_code=DL2-009905-WC-W

LIVE Online Workshops
FHA Bimonthly LIVE Online Conference
September 16, 2:00-3:30 p.m. ET, Online
http://www.campusmba.org/products/default.aspx?product_code=E2801716AE/REGIS

FHA Central Classroom-based Courses
FHA Fundamentals Workshop:
September 11, Philadelphia
http://www.campusmba.org/products/default.aspx?product_code=E2801618F/REGIS

and

October 9 in Washington, D.C.
http://www.campusmba.org/products/default.aspx?product_code=E2901618/REGIS

and

December 10 in Dallas, Texas
http://www.campusmba.org/products/default.aspx?product_code=E2901618A/REGIS

FHA Underwriting & Operations Workshop:
September 12 in Philadelphia
http://www.campusmba.org/products/default.aspx?product_code=E2801620F/REGIS

and

October 10 in Washington, D.C.
http://www.campusmba.org/products/default.aspx?product_code=E2901620/REGIS

and

December 11 in Dallas, Texas
http://www.campusmba.org/products/default.aspx?product_code=E2901620A/REGIS

Special Bundled Pricing: Attend both FHA Fundamentals and FHA Underwriting & Operations Workshops (classroom courses) in the same location and save on registration fees.
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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, featuring former White House advisor Karl Rove.

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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It appears HUD has altered the proposed rule and sent it to the White House for review, the expected next step in the process. We will continue to inform our public officials that we want a better RESPA process for our customers and that we will oppose any rule that further complicates the process.

MBA Comments on FACTA Risk-Based Pricing Rule
On August 18, MBA and the Consumer Mortgage Coalition jointly filed a comment letter on the Federal Reserve Board and the Federal Trade Commission's Fair Credit Reporting Act Risk-Based Pricing Regulations under the Fair and Accurate Credit Transactions Act. The letter can be viewed at http://www.mortgagebankers.org/files/AU/MBA-CMCRisk-BasedPricingComments8-18-08.pdf.

The proposed rule requires that entities extending credit provide a risk-based pricing notice that informs consumers when they receive credit based on "materially less favorable terms." Mortgage lenders providing loans for one to four unit residential properties are given the opportunity to claim an exemption that allows the lender to provide an enhanced version of the credit score disclosure they currently provide rather than the risk-based pricing notice.

The proposed rule also suggests model forms for credit score disclosure, including a graph or chart that illustrates the consumer's rating in comparison to other consumers. MBA's comments focus on the lender exemption and provide recommendations on rule implementation.

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

MBA Urges Treasury to Provide Guidance on HERA Tax Credit
On August 21, MBA, the National Association of Home Builders and the National Association of Realtors sent a letter to Assistant Secretary of Treasury Eric Solomon requesting publication of guidance concerning allocation rules for the $7,500, first-time homebuyer tax credit that was enacted as part of HERA.

MBA believes that timely release of this guidance will ensure that the tax credit program is an effective and robust stimulus to the nation's housing market. The letter can be viewed at http://www.mortgagebankers.org/files/AU/JointLetter_MBA_NAHB_NAR.pdf.

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

MBA Evaluating Draft State Licensing Bill
Last week, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators released a draft of a model state loan originator licensing bill.

The bill is designed to assist states with a provision of HERA that requires them to establish a loan originator licensing and registration system MBA is analyzing the bill and looks forward to working with CSBS/AARMR on the initiative.

For more information, please contact Chris Oswald at (202) 557-2866 (coswald@mortgagebankers.org).

MBA Submits Comments on ASF's Project RESTART
On August 22, MBA submitted comments on the American Securitization Forum's draft plan to develop mortgage securitization data and reporting standards that is part of a larger initiative called Project RESTART. The draft plan comes out of a request from the President's Working Group on Financial Markets to develop standardized templates for disclosures to securities investors.

MBA believes the concepts of ASF's draft plan are consistent with the PWG's recommendation, but some data elements might generate ambiguous data or be logistically difficult to implement. MBA also strongly urged ASF to ensure the feedback it received was representative of all industry segments. 

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

Fannie Mae to Stop Buying Subprime Loans in New York; MBA Urges Lawmakers to Reconsider Provisions of Recent Bill
On August 19, Fannie Mae announced it will no longer buy subprime mortgages secured by properties in New York State on or after September 1—the date New York's new mortgage lending legislation will go into effect. The announcement can e viewed at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0821.pdf.

The legislation creates a new category of subprime loans, defined as a loan whose annual percentage rate is equal to or greater than 175 basis points over the average Freddie Mac Primary Mortgage Market Survey rate for loans with comparable durations.

Prior to adoption, MBA lobbied against the bill's passage, successfully securing deletion of several perilous provisions. MBA also cautioned the New York legislature that the bill's enactment would have severe consequences to New York's secondary and capital markets. Fannie Mae's decision, as well as a similar announcement made last week by Freddie Mac, validates MBA's concerns.

MBA will continue to urge New York lawmakers to reconsider the language in the bill that permits borrowers of subprime loans to use a violation of the new law as a defense in a foreclosure action brought by a lender or assignee.

For more information, please contact Meghan Sullivan at (202) 557-2811 (msullivan@mortgagebankers.org).

MBA Provides Industry Perspective on GAO Efforts
The Government Accountability Office is conducting a study to examine the impact of recent market developments on the current financial regulatory system to develop a framework for evaluating potential comprehensive regulatory reform efforts. On August 19, GAO met with MBA and other industry trade groups to solicit input and insight on the GAO's efforts to date. 

MBA commented on functional supervision, prudent regulatory standards and expressed the importance of fostering innovation in financial products and services. GAO expects to issue its paper in early 2009.

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

SIFMA Clarifies Origination Date of Higher-Balance Loans for TBA-Eligible Securities
As reported last week, the Securities Industry and Financial Markets Association confirmed that high-value conforming mortgages may comprise up to 10 percent of to-be-announced eligible pools for mortgage backed securities. On August 20, SIFMA clarified their statement, announcing that it will support an October 1 start date for the origination of loans eligible for delivery into TBA pools in January 2009.

The announcement can be viewed at http://www.sifma.org/capital_markets/ihbl.shtml.

For more information, please contact Michael Carrier at (202) 557-2870 (mcarrier@mortgagebankers.org).
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Housing experts and public officials from California, Nevada, Arizona and Hawaii will discuss the future of affordable housing. HUD officials will moderate sessions and deliver keynote addresses. The summit will also focus on the impact of foreclosures on communities; the growing trend of building green and overcoming the public 'fear factor' to developing housing that is affordable for working families.

Congress remains in recess; the House and Senate return after Labor Day.

Speaking of Labor Day, MBA NewsLink will not publish on Monday, Sept. 1 in observance of the holiday. Offices of the Mortgage Bankers Association will also be closed on Sept. 1. MBA NewsLink will return on Tuesday, Sept. 2. Have a safe holiday.

Upcoming Reports/Events:

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. 8: CampusMBA Commercial/Multifamily Property Inspection Workshop
Sept. 8: CampusMBA Train the Trainer Workshop
Sept. 10: CampusMBA VA Fundamentals
Sept. 11-12: CampusMBA Human Capital Symposium, Washington, D.C.
Sept. 11-13: MBA Quality Assurance Conference, Carlsbad, Calif.
Sept. 11: CampusMBA FHA Underwriting Workshop
Sept. 12: CampusMBA FHA Underwriting & Operations Workshop
Sept. 14-16: MBA Regulatory Compliance Conference, Washington, D.C.
Sept. 15-18: 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: MBA/FHA Bimonthly LIVE Online Workshop
Sept. 16: Federal Open Market Committee
Sept. 21-23: MBA Document Management & Custody Conference, Charlotte, N.C.
Oct. 1: CampusMBA FHA Fundamentals Workshop
Oct. 2-3: MBA Reverse Mortgage Lending Fall Conference, Miami
Oct. 9: CampusMBA FHA Fundamentals Workshop
Oct. 10: CampusMBA FHA Fundamentals & Operations Workshop
Oct. 17-18: MBA State & Local Workshop, San Francisco
Oct. 18: CampusMBA Introduction to Real Estate Finance
Oct. 18: CampusMBA Commercial Loan Origination 301
Oct. 18: CampusMBA Executive Education Loss Mitigation Business Strategies
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
Nov. 6-7: MBA Residential Underwriting Conference, Tampa
Nov. 18: CampusMBA School of Mortgage Banking II
Dec. 4-5: MBA Commercial/Multifamily Capital Markets Winter Conference, Washington, D.C.
Dec. 5: CampusMBA Train the Trainer Workshop
Dec. 8: Office of Thrift Supervision National Housing Forum, Washington, D.C.
Dec. 10-12: MBA Accounting, Tax & Financial Analysis Conference, Las Vegas
Dec. 16: Federal Open Market Committee

2009
Jan. 13: CampusMBA School of Mortgage Banking I
Jan. 27-28: Federal Open Market Committee 
Feb. 8-11: MBA CREF/Multifamily Housing Convention & Expo, San Diego
Feb. 10: CampusMBA School of Mortgage Banking II
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. 16-18: MBA National Fraud Issues Conference, Las Vegas
Mar. 17: Federal Open Market Committee
April 19-22: MBA National Secondary Markets Conference, Chicago
Apr. 28-29: Federal Open Market Committee
May 12-15: MBA Commercial/Multifamily Servicing & Technology Conference, New Orleans
June 9: CampusMBA School of Mortgage Banking III
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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