Declining crude oil prices helped improve the trade deficit in September by cutting imports sharply as exports were also declining. A separate report showed that October import prices posted the third consecutive drop and the largest month-to-month decline on record. Another report showed that retail sales dropped by 2.8 percent in October—the largest monthly decline since January 1987—partly because of the biggest drop in sales at gasoline stations since record keeping began in 1992. 

Lower gasoline prices are also driving down inflation expectations, according to the University of Michigan’s Survey of Consumer Sentiment. The overall consumer sentiment index was little changed in early November, after plummeting in September and October. Incoming data on inflation, including this week’s releases on producer and consumer price indices should also show favorable inflation trends.

Other economic news, however, suggested a gloomy outlook for the near term. Although the trade deficit improved in September, trade—a key support for economic growth in the third quarter—will probably no longer be a boost for the U.S. economy in the current quarter as overseas economies have slipped into recession. The European Union statistics agency reported last Friday that economic growth in Eurozone—the 15 nations that use the euro as their currencies—shrank by 0.2 percent in the third quarter, following the same decline in the second quarter.

While the drop in gasoline prices contributed to a decline in October retail sales, consumers also cut spending on other merchandise, with most major categories posting declines for the month. From a year ago, retail sales (not adjusted for inflation) fell by 4.1 percent—a record drop since record keeping began in 1967. Retail sales account for about 40 percent of consumption expenditures with spending on services accounting for the rest. 

The huge drop in retail sales in October following three consecutive monthly declines suggested that inflation-adjusted consumer spending will likely post another sizable decline in the fourth quarter, following a 3.1 percent drop (annualized rate) in the third quarter, the biggest since 1980.

Finally, last week’s report on initial unemployment claims suggested that November will turn out to be another dismal month for employment. At 516,000 for the week ending November 8—an increase of 32,000—initial claims were at the highest weekly reading since the end of September 2001.

Following a surge on Thursday, stock markets declined on Friday in response to a very weak retail sales report. The declining stock markets made Treasuries a safer haven, increasing their demand. The yield on the 10-year Treasury note stayed around 3.74 percent mid-Friday afternoon, nine basis points lower than the rate on the previous Friday.

Economic Indicators:
The trade deficit narrowed to $56.5 billion in September from $59.1 billion in August as a resulting of weakening exports and imports. Exports of goods and services decreased by 6.0 percent while imports of goods and services decreased by 5.6 percent. This marks the second consecutive month that both exports and imports dropped. The decline in exports included the impact of the Boeing strike. Net imports of petroleum in September fell by 9.8 percent, reflecting a 10.9 percent drop in crude oil prices.

Adjusted for inflation, the real trade deficit widened to $42.1 billion in September from $39.1 billion in August. Real goods exports fell the most since the inception of the series in 1994, with the Boeing strike accounting for about one-third of the drop. Real goods imports posted the largest drop since March 2008.

Retail sales dropped by 2.8 percent in October. Retail sales excluding sales at auto and parts dealers dropped by 2.2 percent. Gasoline station sales fell by 12.7 percent, reflecting declining gas prices.

The decline was broad-based. Drug stores and restaurants were the only major segments to post gains. Sales dropped by 2.5 percent at furniture stores, by 0.4 percent at building material and garden supplies stores, by 1.4 percent at clothing stores, by 2.3 percent at electronic stores, by 1.6 percent at sporting goods, hobby and book stores, by 0.4 percent at general merchandise stores and by 1.8 percent at mail order and Internet retailers.

Import prices fell by 4.7 percent in October, the third consecutive decline and the largest month-to-month drop since the inception of the series in December 1988. Over the past year, import prices were up by 6.7 percent, decelerating from a 13.6 percent gain in September.

Petroleum import prices fell by 16.7 percent, the biggest drop in more than five years. Price declines were not limited to just energy: excluding petroleum, import prices fell by 0.9 percent, the second consecutive drop.

The preliminary estimate of the University of Michigan’s Consumer Sentiment Index was essentially unchanged in November according to preliminary data, standing at 57.9 compared with 57.6 in October. The current conditions component rose by 3.0 points while the expectations component fell by 1.3 points. Inflationary expectations fell because of tumbling gasoline prices. The one-year expected inflation rate fell to 2.9 percent from 3.9 percent in October and from above 5.0 percent in May through July. Five-year expectation inflation rate held steady at 2.9 percent, down from a recent high of 3.4 percent.

This Week:

• Monday—October industrial production
• Tuesday—October producer price index and the National Association of Home Builders/Wells Fargo Housing Market Index
• Wednesday—October consumer price index and October housing starts
• Thursday—The Conference Board Index of Leading Indicators for October

(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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Alistair Newton, research vice president at Gartner, said institutions that choose to remain on middle ground—growing incrementally—risk wasting their IT budget, yielding little gain.

“Far from being fast followers, companies in between the two options will be ditherers or laggards who waste their IT budget on incremental modernization, which will have little or no consequence for their business,” Newton said.

“Many midsize and large mortgage companies have hunkered down into the survival mode over the last year waiting for things to shake out in the credit markets,” said Richard Johnston, president of Acris Solutions, Laguna Hills, Calif. “With further freeze-up in the credit markets during October, they are even more challenged to manage cash flow and are consequently delaying planned first and second quarter 2009 technology projects to the third and fourth quarter 2009 or into early 2010.”

Newton said institutions that choose to put IT on hold make a conscious decision to prepare for survival, make only necessary changes. Taking a short- to medium-term approach, they keep systems running at minimal cost while saving for future IT projects, he said.

“Financial institutions should invest in technology because consumers are demanding faster services and in today’s market,” said Richard Anderson, managing partner at Rodney Anderson Lending Services, Plano, Texas. “With sellers being more motivated than ever, time is of the essence.”

Gartner defined institutions that innovate as those that are “at the leading edge of technology and embrace the big bang approach. They develop accurate cost-benefit models that link IT changes to business metrics so they can quantify benefits and justify radical transformations they encourage.”

The company said types of innovation include payment technologies, re-engaging customers through branches rather than telephone and internet banking channels alone, intersecting technology with personalization and using social networks to leverage customers.

“Financial services companies need to continually assess the external market, especially in today’s current turbulent market,” Newton said. He noted many opportunities exist for non-banks to enter the financial services market in uncertainty, with potential to drive customers away from banks.

Johnston said technology vendors also see challenges because mortgage lenders that face new regulations require enhancements to their systems to address the changes, many of which necessitate re-programming to even remain compliant.

“This forces technology vendors into a tough position as they try to deliver on these mandates with a shrinking workforce and budget,” Johnston said. “Whether this is short-sighted, with regards to delaying much needed technology upgrades or not is yet to be seen.”

Johnston said the increased shift toward FHA loan products is a good example of what a wait-and-see approach could result in. “The vast majority of the sign-ups and certifications took many months, with a large number still in progress, to accomplish,” he said. “Added to this is the loan process is virtually devoid of current technology processes and consequently every loan is taking one to three weeks longer to fund.”

Tim Anderson, president of SigniaDocs, Houston, said risk-averse institutions should see the downturn as an opportunity to increase their market share, differentiating themselves, while a majority will make efforts to reduce costs.

Jon Pedley, vice president of product marketing at Financial Crossing, Palo Alto, Calif., said institutions need to focus with great discipline on costs and optimize their use of assets, while keeping up high service levels and maintaining their brand.

“A firm that cuts cost only by cutting staff and reducing service levels will not survive,” Pedley said. “Innovation is to decide what your core competencies are, what you want your brand to be known for and to focus investment.”

Pedley said institutions should consider downsizing, spinning off or even outsourcing non-core businesses or activities. “Keep rigorous control over those outsourced activities that could still impact your service,” he said.
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"Real estate is now experiencing a seismic liquidity shock. Even though loan delinquencies in the sector are very low, the ongoing lack of credit and drop in asset values has paralyzed the market," said Jeffrey DeBoer, president and CEO of The Real Estate Roundtable. "It is now clear that unless bold policy actions are taken to specifically assist commercial real estate markets, this problem will intensify to mammoth proportions."

Nearly 40 percent of respondents expect real estate market conditions to worsen in 2009, up from 24 percent in the previous quarter. Nearly 70 percent of respondents said commercial real estate values would be lower next year while 27 percent believe values would go "much lower.”

"Weakness in the overall economy is affecting commercial real estate with declines in property values and rising vacancies," said Patrick Kelleher, senior vice president and CFO at Genworth Financial Inc., Richmond, Va., during its third quarter earnings call. "However, given the lower loan-to-value of our portfolio, which is around 55 percent  and is very diverse in nature, [our] portfolio should continue to outperform benchmarks."

With 84 percent of respondents saying credit availability is "much worse" than it was one year ago, 51 percent characterized equity financing as "somewhat worse" than 12 months ago and 23 percent said equity financing conditions are "much worse."

Nearly one-quarter of respondents expect conditions in the capital markets to worsen next year while others forecast improvement, the survey said.

Michael Fraizer, chairman, president and CEO of Genworth, said a leader in this environment wants to prepare for the worst and be surprised by an upside.

"I mean that the financial market sort of ground to a halt in the credit market, you've seen it ripple through every type of investment, you have seen it ripple through the equity market and if you have seen a positive economic forecast around the world, I'd like to see it. Because, they have only compounded and gotten worse," Frazier said.
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A portion of the proceeds will help complete rehabilitation of all unit interiors at the 68-building Loma Palisades Apartments, built in 1959.

Tom Szydlowski, head of production at Wells Fargo Multifamily Capital, said the transaction benefited from the Freddie Mac fixed-rate mortgage product and its early rate-lock option.

"The deal was rate-locked and funded in 45 days in an extremely volatile rate environment," Szydlowski said.

Wells Fargo HSBC Trade Bank NA closed a $5 million term loan for Andrew & Williamson Sales, a San Diego-based company that grows and ships fresh fruits and vegetables. The borrowers will use the funds—supported by a guaranty from the Overseas Private Investment Corp.'s Enterprise Development Network—to build infrastructure in Mexico.

“The Trade Bank understands the financial needs of middle-market companies doing business in foreign countries,” said Sanjiv Sanghvi, president and CEO of the Trade Bank.

Andrew & Williamson works with growers from Mexico to provide a consistent supply of quality produce to customers in the United States during times when U.S. supply does not meet demand.

The company said obtaining financing with assistance of OPIC was key to setting up operations in Mexico as it builds a packing facility and infrastructure necessary for employee housing, a medical facility, daycare, a school and store. The funds allow laborers working in the greenhouses to relocate along with their families, the company said.
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The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, a component of the Housing and Economic Recovery Act of 2008, establishes nationally applicable minimum requirements for state laws governing loan originator licensing and a national registry of originators. Under the law, states must either enact laws meeting these minimums during the next year (or two if the legislature meets biennially) or a new licensing law meeting these requirements developed by HUD will apply.

Join experts from the Conference of State Bank Supervisors; the American Association of Residential Mortgage Regulators; the New Jersey and Pennsylvania Mortgage Bankers Associations, Buckley Kolar LLP; and MBA on November 17 to discuss the Nationwide Mortgage Licensing System, review the S.A.F.E. Act, the CSBS and AARMR draft model state law, status of the effort and other current issues.

Expert speakers for this call include:

• David Bleicken, deputy secretary of non-depository institutions and consumer services with the Pennsylvania Department of Banking, representing AARMR
• Chuck Cross, vice president for mortgage regulatory policy with CSBS
• Joseph Kolar, partner with Buckley Kolar
• E. Robert Levy, executive director and general counsel with the Mortgage Bankers Association of New Jersey and Pennsylvania
• Tim Doyle, vice president of industry and agency relations with CSBS
• Ken Markison, associate vice president and regulatory counsel with MBA
• Chris Oswald, director of state legislative affairs with MBA
• Meghan Sullivan, director of state government affairs with MBA

This LIVE Online Conference is an excellent opportunity to ask questions of experts on these new requirements and learn what may be expected as implementation of this ground breaking national licensing and registration system goes forward. Don't miss this opportunity to learn first-hand what you need to know today about these important issues for your company or association.

To register online, visit http://www.campusmba.org/products/default.aspx?product_code=E2901716D/REGIS. The fee is $175 per site for MBA members and $225 per site for nonmembers. You can also register by phone by calling (800) 348-8653.

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 sites 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 registered sites following the program. Please call (800) 348-8653 with questions.

To learn more about LIVE Online Conference Policies, visit http://www.campusmba.org/AboutCampusMBA/CampusMBAPolicies.

Designation Credit:
Participants receive one half point toward the Certified Mortgage Banker (CMB) designation. Learn how all participants at your site can earn CMB Points from this conference at (202) 557-2873.
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The report analyzes data from the MBA 2007 Commercial Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act. This report is the most comprehensive view available of the multifamily lending market and includes:

• A detailed summary of the $148 billion multifamily market,

• Profiles of distinct market segments, including the very small loan (loans of $1 million or less) segment,

• A listing of 2,739 lenders who made multifamily loans in 2007, including their lending volume, number of loans made and average loan size, and

• A listing of metropolitan areas and the volume of very small loans made in each in 2007.

To purchase the report, which is available in electronic format only, please visit the following Web link: http://store.mortgagebankers.org/ProductDetail.aspx?product_code=EC6-300015-RP-P.
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Significant developments within FHA reform continue to be a primary focus within our economy and on Capitol Hill. Learn how these and other occurrences affect the mortgage industry moving forward. Join experts from MBA and senior staff from HUD for updates on the latest FHA developments and how they affect your business. This LIVE Online Conference is an excellent opportunity to ask questions on how FHA will position itself under the new administration of President-Elect Barack Obama.

Topics and speakers for this program will be announced soon. Space is limited on this popular LIVE Online Conference, so be sure to register now to ensure your participation.

Cost: If you are interested in participating in this LIVE Online Conference, you must register. The fee is $175 per site for MBA members and $225 per site for nonmembers.

To register, visit http://www.campusmba.org/products/default.aspx?product_code=E2901716B/REGIS. You can also register by phone at (800) 348-8653.

About LIVE Online Conferences
Save money and time with MBA's LIVE Online Conferences, powered by CampusMBA, the education division of MBA. This interactive format enables participants to easily view presentations, download articles and analyses and interact with experts through their desktop or laptop computers. All that is needed to participate in this convenient and inexpensive format is a computer with an Internet connection and a phone. This saves both travel expenses and time away from the workplace.

Site Registrations: All LIVE Online Conference registrations are considered "site" registrations. Each site registration can have one or many participants. A site registration is equal to one connection. This means if you have multiple participants at one site, they must all be on the same phone line and internet connection. Additional phone lines or internet connections will require additional registrations. The person who registers for the program must participate on the site.

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 sites 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 registered sites following the program.

To learn more about LIVE Online Conference Policies, visit http://www.campusmba.org/AboutCampusMBA/CampusMBAPolicies

Designation Credit: Participants receive one half point toward the Certified Mortgage Banker (CMB) designation. Learn how all participants at your site can earn CMB Points from this conference at (202) 557-2873.

To learn more about CampusMBA and its programs, visit www.campusmba.org.
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On Nov. 11, Treasury Secretary Henry Paulson Jr. announced that Troubled Asset Relief Program funds would not be used to purchase illiquid assets on bank balance sheets as originally planned, but rather, the remaining funds would be spent stabilizing the financial system, supporting markets for securitizing credit and reducing incidences of foreclosures.

On Nov. 14, the Federal Deposit Insurance Corp. began promoting a program to encourage systematic loan modifications that would offer servicers financial incentives for each completed loan modification. On Nov. 12, HUD came out with finalized Real Estate Settlement Procedures Act rules. While MBA supports enhanced consumer protections, we were disappointed that the rule was not coordinated with the Federal Reserve's efforts to improve regulations under the Truth in Lending Act.

This week, Congress returns for the lame duck session, where we expect to see a push for a $25 billion bill to rescue the auto industry. We have concerns that bankruptcy reform could be joined to that effort. MBA Chairman David Kittle, CMB, will testify on Wednesday at a Senate Judiciary Committee hearing on bankruptcy. MBA continues to oppose proposals to allow bankruptcy judges to cram down residential mortgage debt.

MBA Interim Summary of Final RESPA Rules
On Nov. 12, HUD released an extensive Real Estate Settlement Procedures Act final rule (http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm) that includes: (1) a new a standard three-page Good Faith Estimate form; (2) a new HUD-1 and HUD-1A; (3) imposes tolerances to limit increases in settlement charges; (4) permits "average cost pricing;" (5) redefines "required use;" and (6) makes several other changes including technical revisions. 

The new forms are not required until Jan. 1, 2010 but other provisions of the rule such as "average cost pricing" become effective at the rule's effective date, anticipated to be Jan. 16, 2009. For more detailed information based on MBA's rule so far, please find MBA's interim summary of the rule, the GFE (http://www.hud.gov/offices/hsg/sfh/res/gfestimate.pdf) and HUD-1 (http://www.hud.gov/offices/hsg/sfh/res/hud1.pdf) forms.

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

HOPE NOW Announces Streamlined Modification Program; Writes to Congress
On Nov. 11, HOPE NOW (MBA is a founding member) joined Fannie Mae, Freddie Mac and the Federal Housing Finance Agency in announcing the Streamlined Modification Program that will help the most at-risk borrowers stay in their homes. 

The SMP program will give at-risk borrowers more affordable monthly mortgage payments in an efficient manner. The program applies to borrowers who are 90 days or more delinquent on their loan, not in bankruptcy and living in their home, which must be a single-family unit. Their loan must be owned by Fannie Mae, Freddie Mac or one of the participating portfolio lenders and their current loan-to-value ratio must be 90 percent or higher. In working with the borrower, the servicer will get the borrower a more affordable payment through extending the term of the loan, lowering the interest rate and/or forbearing principal. 

On Nov. 13, HOPE NOW wrote to leaders of both the House Financial Services Committee (http://www.mortgagebankers.org/files/AU/HOPENOWLettertoHouse11-12-08.pdf) and the Senate Banking Committee (http://www.mortgagebankers.org/files/AU/HOPENOWLettertoSenate11-12-08.pdf) informing them on these significant efforts. The letters point out that while the SMP program is not the only solution to the foreclosure endemic, the program can be utilized by borrowers whose loans are owned by Fannie Mae and Freddie Mac, which represents a significant segment of the market.

For more information, please contact Josh Denney at (202) 557-2816 (jdenney@mortgagebankers.org).

MBA Urges Passage of Second Economic Stimulus Act
On Nov. 13, MBA sent a letter (http://www.mortgagebankers.org/files/AU/SecondStimulusLoanLimitLetterFINAL11-13-08.pdf) to leaders of both the House and Senate urging passage of a strong economic stimulus bill. 

MBA appreciates continuing bipartisan efforts to stabilize the economy and resolve the ongoing financial crisis. MBA believes that a strong stimulus package that addresses mortgage loan limits will help restore much needed liquidity to the real estate finance system. MBA also asks that Congress eliminate the forthcoming decreased limit for high-cost areas and urges consideration of tax incentives that would encourage new home ownership or rental housing opportunities.

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

MBA Submits Comment Letter to SEC on Fair Value Study
On Nov. 13, MBA submitted comments (http://www.mortgagebankers.org/files/AU/MBACommentLetter,11-13-2008,SECStudyofMarktoMarketAccounting.pdf) to the Securities and Exchange Commission on the proposed scope of the SEC's study on "mark-to-market" accounting chartered under the Emergency Economic Stabilization Act of 2008. 

MBA believes that fair value accounting has had a pro-cyclical impact in the current economic and credit market environment. MBA identifies fair value issues that the SEC should focus on and points out certain areas that the SEC should study in evaluating the process used by the Financial Accounting Standards Board in developing new accounting standards. 

MBA cites the growing conflict between liquidation values that investor groups prefer and values that reflect the way business is managed—a longer term view of managing duration risks and credit risks to optimize long-term cash flows. MBA also calls on the SEC and accounting standard setters to look beyond the initial 90-day study mandated by EESA to initiate a broader strategic evaluation of where the FASB fair value initiative should go in the future.

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

MBA Maintains EESA, HERA, Conservatorship Resource Centers
Find comprehensive resources on the Emergency Economic Stabilization Act, the Housing and Economic Recovery Act and the government-sponsored enterprise conservatorship at the Financial Markets Stability Resource Center (http://www.mortgagebankers.org/IndustryResources/
ResourceCenters/FinancialMarketsStability.htm), HERA Resource Center (http://www.mortgagebankers.org/IndustryResources/ResourceCenters/
2008HousingandEconomicRecoveryAct.htm) and GSE Resource Center (http://www.mortgagebankers.org/IndustryResources/ResourceCenters/GSE.htm).

Treasury Secretary Abandons Initial TARP Program
On Nov. 12, Treasury Secretary Henry Paulson Jr. announced (http://www.treas.gov/press/releases/hp1265.htm) plans to suspend the program authorized by EESA that would enable Treasury to purchase troubled assets directly from financial institutions. Paulson said implementation of the plan would not be the most effective use of resources. 

At present, the Treasury has committed $250 billion of the $700 billion allotted in EESA to purchase preferred stock in various banking institutions. Paulson said the remaining funds should be used to address three priorities that include: reinforcing the stability of the financial systems; supporting the markets for securitizing credit outside the banking system; and reducing the rate of foreclosures.

In addition to actions already being taken by the administration, Paulson discussed further strategies to build capital in financial institutions, support consumer access to credit outside the banking system and mitigate mortgage foreclosures.

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

Federal Banking Agencies Encourage Lending to Creditworthy Borrowers
On Nov. 13, the Federal Deposit Insurance Corp., the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision issued interagency guidance (http://www.fdic.gov/news/news/press/2008/pr08117.html) to promote prudent lending practices by financial institutions. 

The guidance was issued as a complement to several agency programs initiated to promote financial stability and mitigate the negative pro-cyclical effects of the U.S. economy. The statement promotes several principles that all financial institutions are expected to adhere to, including: providing credit in a safe and sound manner; increasing foreclosure prevention and loss mitigation efforts by adopting "systematic, proactive and streamlined mortgage loan modifications protocols;" maintaining strong capital positions by taking risks into account; and evaluating management compensation policies to deter "perverse" incentives.

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

FDIC Releases Loan Modification Plan to Stem Foreclosures
On Nov. 14, the Federal Deposit Insurance Corp. released (http://www.fdic.gov/consumers/loans/loanmod/index.html) a plan that would promote adoption of a systematic loan modification program modeled after the program at IndyMac Federal Bank. 

The plan would offer $1,000 to servicers for each completed loan modification and servicers would share 50 percent of the losses should a loan re-default. The plan would be available to approximately 4.4 million non-GSE loans and could result in an estimated 2.2 million loan modifications.

For more information, please contact Vicki Vidal at (202) 557-2861 (vvidal@mortgagebankers.org).
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House and Senate committees plan a full week of activities, of which the Mortgage Bankers Association will play a key role.

MBA Chairman David Kittle, CMB, will testify this Wednesday before the Senate Judiciary Committee on the potential impact of a controversial proposal to allow bankruptcy judges to modify, or “cram down,” the terms of a primary mortgage.The hearing on Helping Families Save Their Homes: The Role of Bankruptcy Law on Wednesday, Nov. 19 at 10:00 a.m. ET in room 216 of the Hart Senate Office Building.

Committee Chairman Richard Durbin, D-Ill., has been a strong proponent of cram downs, which would allow bankruptcy judges to modify the terms of an existing first mortgage—a provision strongly opposed by MBA and other industry trade groups.

Also scheduled to testify: Sheriff Thomas Dart of Cook County, Ill.; Michael Calhoun, president of the Center for Responsible Lending; Adam Levitin, professor at Georgetown University Law Center; and Christopher Mayer, senior vice dean and professor of real estate of the Graduate School of Business at Columbia University.
 
MBA NewsLink will provide coverage.

The Troubled Asset Relief Program, known as TARP, gets a triple-dose of hearings on Capitol Hill this week.

The House Financial Services Committee will hold an oversight hearing on TARP on Tuesday, Nov. 18 at 10:00 a.m. ET in 2128 Rayburn. Scheduled to testify: Treasury Secretary Henry Paulson Jr.; Federal Reserve Chairman Ben Bernanke; Federal Deposit Insurance Corp. Chairman Sheila Bair; banking industry executives; and academics.

The next day, Wednesday, Nov. 19, the House Financial Services Committee holds a hearing to see how TARP could be extended to the auto industry—a controversial approach that has divided Congress on partisan lines. The hearing begins at 10:00 a.m. ET in 2128 Rayburn.

The Senate Finance Committee holds a hearing on the nomination of Neil Barofsky as TARP's special inspector general. The hearing takes place Monday, Nov. 17 at 2:00 p.m. ET in room 215 of the Dirksen Senate Office Building.
 
The Senate Budget Committee holds a hearing on The Economic Outlook and Options for Stimulus on Wednesday, Nov. 19. The hearing begins at 10:00 a.m. ET in 608 Dirksen.

House and Senate hearings can be accessed live over the Internet at www.house.gov; www.senate.gov; and www.capitolhearings.org.

MBA’s Ensuring Market Liquidity: a Summit on the Future of the Secondary Markets and GSEs, takes place on Wednesday, Nov. 19 in Washington, D.C.

HUD Secretary Steve Preston delivers a keynote address at the National Press Club in Washington, D.C. on Wednesday, Nov. 19. Preston will provide an update on steps being taken to help homeowners and discuss the path forward for the housing market.

MBA holds two LIVE Online Conferences this week. The first discusses the S.A.F.E. Act; it takes place today, Monday, Nov. 17 from 1:00-2:30 p.m. ET. The second, a semi-regular update featuring MBA and FHA staff, takes place on from 2:00-3:30 p.m. ET.

CampusMBA's popular School of Mortgage Banking courses I-II takes place this week at MBA headquarters in Washington, D.C. 

Upcoming Reports/Events:

Nov. 17: MBA LIVE Online Conference on S.A.F.E. Act
Nov. 17: Empire State Manufacturing Survey
Nov. 17: Industrial Production and Capacity Utilization, Federal Reserve
Nov. 18: CampusMBA School of Mortgage Banking I, Washington, D.C.
Nov. 18: CampusMBA School of Mortgage Banking II, Washington, D.C.
Nov. 18: Producer Price Index, Bureau of Labor Statistics
Nov. 18: Metro Home Prices/State Existing Home Sales, National Association of Realtors
Nov. 19: MBA Weekly Application Survey
Nov. 19: MBA Secondary Market/GSE Summit, Washington, D.C.
Nov. 19: Real Earnings, Bureau of Labor Statistics
Nov. 19: New Residential Construction, Bureau of the Census/HUD 
Nov. 19: Consumer Price Index, Bureau of Labor Statistics
Nov. 19: Retail eCommerce Sales, Bureau of the Census
Nov. 19: Cleveland Fed Median CPI 
Nov. 20: CampusMBA/HUD LIVE Online Conference
Nov. 20: Philadelphia Fed Survey
Nov. 20: Composite Indexes, The Conference Board
Nov. 24: Existing Home Sales, National Association of Realtors
Nov. 24: Chicago Fed National Activity Index
Nov. 25: Gross Domestic Product, Bureau of Economic Analysis
Nov. 25: Corporate Profits, Bureau of Economic Analysis
Nov. 25: S&P/Case-Shiller Home Price Indices 
Nov. 25: Richmond Fed Survey 
Nov. 25: FHFA Quarterly House Price Index
Nov. 25: Consumer Confidence, The Conference Board
Nov. 25: Dallas Fed Manufacturing Survey
Nov. 26: MBA Weekly Application Survey
Nov. 26: Advance Durable Goods, Bureau of the Census
Nov. 26: Personal Income, Bureau of Economic Analysis
Nov. 26: Revised Building Permits, Bureau of the Census
Nov. 26: New Residential Sales, Bureau of the Census/HUD
Nov. 26: State and Local Building Permits, Bureau of the Census
Nov. 26: Help Wanted Index, The Conference Board
Nov. 26: Chicago Fed Midwest Manufacturing Index
Nov. 27-28: Thanksgiving holidays (MBA offices closed)
Nov. 28: Chicago Purchasing Managers Index
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. 10: CampusMBA Loss Mitigation Workshop, Dallas
Dec. 12: CampusMBA Understanding Reverse Mortgages Worskshop, Dallas
Dec. 16: Federal Open Market Committee
Dec. 25: Christmas holiday (MBA offices closed)
Dec. 26: MBA offices closed.

2009
Jan 1: New Years Day (MBA offices closed)
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. 16: CampusMBA Loss Mitigation Workshop, Tampa, Fla.
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
Mar. 24-26: CampusMBA School of Mortgage Servicing, Westlake, Texas
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
May 14: CampusMBA Loss Mitigation Workshop, Chicago
June 9: CampusMBA School of Mortgage Banking III
June 23-25: Federal Open Market Committee
Aug. 10: CampusMBA Loss Mitigation Workshop, Washington, D.C.
Aug. 11: Federal Open Market Committee
Aug. 18-20: CampusMBA School of Mortgage Servicing, Jacksonville, Fla.
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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