MortgageWire Stories from 2000
January
Senator Eyes HUD Program Transfer
January 3, 2000
The chairman of the Senate Banking Committee's housing subcommittee, Sen. Wayne Allard, R, Colo., wants to transfer HUD's affordable housing programs to state and local governments, according to subcommittee staff director John Carson. (Read More)
MBS Prices Drop
January 3, 2000
Benchmark mortgage-backed security prices initially fell close to half a point during the first trading day of 2000 as the Treasury long bond's yield rose to a height not seen in more than two years, Bridge Telerate reported. (Read More)
Freddie Discount Speeds Hold Steady
January 3, 2000
Prepayment rates on Freddie Mac mortgage-backed securities held firm in the discount sector in the period from mid-November to mid-December, while most premium speeds declined, according to the Bear Stearns Prepayment Commentary. (Read More)
COFI Jumps
January 3, 2000
The Eleventh Federal Home Loan District Cost of Funds Index showed its largest increase in November since it began rising in June. (Read More)
New MI Drops
January 3, 2000
November was the worst month of 1999 (December data are not yet available) for private mortgage insurance firms in terms of primary new insurance written. (Read More)
CMBS Index Rises
January 3, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC rose 0.24% to 118.8 for the week ended Dec. 31, but CMBS outperformed comparable Treasury securities for the fifth consecutive week. (Read More)
Prestwick Brokering Fannie Portfolio
January 3, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $100-125 million Fannie Mae quarterly flow servicing portfolio. (Read More)
Hotel Firm Retains Sonnenblick-Goldman
January 3, 2000
Strategic Hotel Capital Inc., Chicago, a global hotel investment company, has announced that Sonnenblick-Goldman Co., New York, has been exclusively retained to sell the Westward Look Resort in Tucson, Ariz. and the Embassy Suites in Philadelphia. (Read More)
HUD Presses Fannie for AU Info
January 4, 2000
The Department of Housing and Urban Development is pressing Fannie Mae to provide proprietary information about its automated underwriting system, but the government-sponsored enterprise is insisting that HUD set up a system to protect this information from competitors. (Read More)
Banks Keeping Servicing Off the Books?
January 4, 2000
A study by two economists has found that many banks have opted not to include mortgage servicing rights on their balance sheets for accounting purposes, despite accounting rules that require them to do so. (Read More)
Greenspan Reappointed
January 4, 2000
President Clinton has announced that he will nominate Alan Greenspan for another four-year term as chairman of the Federal Reserve Board. (Read More)
Main Street Buys Granite Mortgage
January 4, 2000
Main Street Bank, Reading, Pa., has acquired Granite Mortgage Co., Springfield, Va., a mortgage broker that originates residential mortgages in the Washington, D.C. metropolitan area. (Read More)
Title Searches Plunge
January 4, 2000
The AFS Title Search Index fell to a holiday-adjusted 92.1 for the week ended Dec. 31, a 20.1% increase from a holiday-adjusted 115.2 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
MAC Going Out of Business
January 4, 2000
Mortgage Acceptance Corp., Oceanside, Calif., also known as MAC Loans Inc., has filed a Chapter 7 petition with the U.S. Bankruptcy Court for the Southern District of California in San Diego. (Read More)
Shakeup at PMCC
January 4, 2000
PMCC Financial Corp., Roslyn Heights, N.Y., has appointed an interim management team to run the mortgage banking firm while Ron Friedman, the former chairman, president, and chief executive, deals with a criminal complaint filed by the Department of Housing and Urban Development. (Read More)
Norwest Names I-net Director
January 4, 2000
Norwest Mortgage Inc., Des Moines, Iowa, the nation's second largest residential lender, has named Lynn Kaelber its Internet director. (Read More)
OFHEO Announces Appointments
January 4, 2000
Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, has announced the promotions of H. James Schwing to chief of staff and Jill M. Weide to executive assistant. (Read More)
Golf Entertainment Sells Portfolio
January 4, 2000
Golf Entertainment Inc., Alpharetta, Ga., has sold its LEC Leasing Portfolio to Somerset Capital Ltd. in a transaction valued at $16 million, including repayment of all senior bank debt, the assumption of all nonrecourse leases, and payment of substantially all recourse leases by Somerset Capital. (Read More)
REIT Raises $10.8MM in Joint Venture
January 4, 2000
Lexington Corporate Properties Trust, New York, has raised $10.8 million from a private investor by selling a 60% joint venture interest in an office complex net-leased to Blue Cross/Blue Shield of South Carolina. (Read More)
U.S. Appeals Credit Watch Decision
January 5, 2000
The U.S. government has decided to appeal a ruling that struck down the Department of Housing and Urban Development's authority to terminate Federal Housing Administration lenders under a "Credit Watch" program. (Read More)
HUD Queries GSEs on MI
January 5, 2000
The Department of Housing and Urban Development has initiated a review of several new programs Fannie Mae and Freddie Mac have started in the past 12 months, including a mortgage insurance option that allows borrowers to get reduced MI coverage if they pay a fee or accept a slightly higher interest rate. (Read More)
Mortgage Stocks Dive
January 5, 2000
Mortgage stocks were hammered in trading during the first two days of 2000, following the lead of the major stock indexes. (Read More)
Thornburg to Buy Arizona Thrift
January 5, 2000
Thornburg Mortgage Inc., Santa Fe, N.M., has agreed to buy FASLA Holding Co., whose principal subsidiary is First Arizona Savings, Phoenix. (Read More)
Amresco, ICH End Merger Pact
January 5, 2000
Amresco Capital Trust, Dallas, and Impac Commercial Holdings Inc., New York, have announced the termination of the merger agreement between the two companies. (Read More)
Wissinger Named Norwest Prez
January 5, 2000
Norwest Mortgage has promoted Pete Wissinger to be president and chief operating officer. (Read More)
Applications Fall
January 5, 2000
Mortgage applications fell 6.0% for the holiday week ended Dec. 31 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
S&P Expects CMBS Issuance of $50B+
January 5, 2000
After a stronger-than-expected 1999, Standard & Poor's expects commercial mortgage-backed security issuance to be "in the mid-$50 billion range" this year, about the same as last year. (Read More)
MF Sector Tops 3Q Price Hikes
January 5, 2000
The multifamily apartment sector registered the largest price and rent increases for the second consecutive quarter in the third quarter of 1999, according to the CB Richard Ellis National Real Estate Index. (Read More)
Hanover Cap Expands Consulting Services
January 5, 2000
Hanover Capital Partners Ltd. has expanded its product line to include a full range of due diligence consulting services to mortgage portfolio and servicing companies, according to its parent, New York-based Hanover Capital Mortgage Holdings Inc. (Read More)
ABFS Closes $220MM Deal
January 5, 2000
American Business Financial Services Inc., Bala Cynwyd, Pa., has closed a $220 million fixed-rate mortgage loan securitization via three subsidiaries. (Read More)
PMI Unveils Affordable Housing Program
January 5, 2000
PMI Mortgage Insurance Co., San Francisco, has announced a $2.5 million affordable housing initiative aimed at expanding homeownership among Native Americans and immigrants. (Read More)
30-Year Rate Hits 21-Month High
January 6, 2000
The average 30-year fixed mortgage rate rose to 8.15% for the week ending Jan. 7 from 8.06% the previous week, the highest level since the week ended April 18, 1997, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
GreenPoint Taps New CEOs
January 6, 2000
GreenPoint Financial Corp., New York, has announced the appointment of Peter T. Paul as president and chief executive officer of GreenPoint Credit and of S. A. Ibrahim as president and CEO of GreenPoint Mortgage. (Read More)
Experian Mulls Policy on Non-Reporting
January 6, 2000
Two credit reporting agencies have already taken steps to penalize customers who do not report credit information on their borrowers, and the third agency -- Experian -- says it plans to announce its policy soon. (Read More)
Fannie Unveils 'Universal Debt Facility'
January 6, 2000
Fannie Mae has unveiled a comprehensive debt offering document, the Universal Debt Facility, that consolidates all of its outstanding debt offering documents and dealer agreements. (Read More)
Fannie Announces Benchmark Issues
January 6, 2000
Fannie Mae has announced the forthcoming issuance of $4 billion of two-year Benchmark Notes and $4 billion of 10-year Benchmark Notes. (Read More)
Institute Names Research Chief
January 6, 2000
The Research Institute for Housing America, Washington, D.C., has announced the appointment of Anthony Pennington-Cross as research director. (Read More)
AIMCO Cites '99 Transaction Totals
January 6, 2000
Apartment Investment and Management Co., Denver, completed $1.9 billion in acquisitions, dispositions, and mortgaged financing transactions in 1999, of which $883 million were completed in the fourth quarter. (Read More)
FBI Probing Subprime Lender
January 7, 2000
The Federal Bureau of Investigation is investigating subprime lender National Finance Corp., Clifton Park, N.Y. (Read More)
New Home Sales Fall 7%
January 7, 2000
New single-family home sales in November fell to 865,000, 7% below the October rate of 931,000, according to the U.S. Department of Commerce. (Read More)
Mortgage Jobs Level Off
January 7, 2000
Mortgage industry employment in December remained at 355,700 for the third consecutive month (revised), according to preliminary estimates released Friday by the Bureau of Labor Statistics. (Read More)
Colonial's Wynn Retires
January 7, 2000
Ronnie Wynn, the long-time president of Colonial Mortgage Corp., Montgomery, Ala., has retired, MortgageWire has learned. (Read More)
Lioninc Consolidates Work Force
January 7, 2000
Lioninc.com, Seattle, a provider of online business-to-business products for the mortgage industry, has announced a work force consolidation and management reshuffling. (Read More)
Redwood Unit to Cease Production
January 7, 2000
Redwood Trust Inc., Mill Valley, Calif., has announced that Redwood Residential Funding Inc. will cease mortgage production operations and "significantly reduce" its staff. (Read More)
Fannie/Ginnie Speeds Flat
January 7, 2000
Prepayment rates on Fannie Mae and Ginnie Mae mortgage-backed securities were little changed in December, according to the Bear Stearns Prepayment Commentary. (Read More)
REIT Modifies CalPERS Joint Venture
January 7, 2000
Burnham Pacific Properties Inc., San Diego, has announced certain modifications to its joint venture with the California Public Employees' Retirement System. (Read More)
Springfield, Ill. Tops Affordability Index
January 7, 2000
Springfield, Ill., ranked as the nation's most affordable housing market in the third quarter of 1999, according to the National Association of Home Builders. (Read More)
RE Firm Creates Hospitality Unit
January 7, 2000
Kennedy-Wilson Inc., a diversified international real estate services firm, has created a hospitality division that is targeting strategic acquisition and development opportunities as well as management assignments in select U.S. markets. (Read More)
Feedback
January 7, 2000
Our survey question on whether the federal government should pre-empt state regulation of predatory lending produced a close vote in favor of federal pre-emption. (Read More)
Treasury Warns of Pressure on Examiners
January 10, 2000
The newly enacted financial services modernization bill will put more pressure on the examination process and it will make loan classifications and management downgrades very contentious, according to a top Treasury Department official. (Read More)
Affinity Slashes Work Force
January 10, 2000
Affinity Technology Group Inc., Columbia, S.C., has announced a 47% reduction in its work force and the appointment of chief financial officer Joseph A. Boyle as its new president and chief executive officer. (Read More)
Stocks Steady After Surge
January 10, 2000
Mortgage lenders' stocks were trading normally Monday morning, with some up slightly and others down just a bit as both the Dow Jones industrial average and the Nasdaq composite index rose. (Read More)
FHLB Auctions Go Online
January 10, 2000
The Federal Home Loan Banks are moving their discount note auctions to the Internet starting Tuesday. (Read More)
Investors to Buy Stake in Openclose.com
January 10, 2000
Mortgage.com has announced that it plans to sell a 49% interest in Openclose.com Inc. to three investment firms for $30 million. (Read More)
Nomura MBS Downgraded
January 10, 2000
Three classes of Nomura Asset Securities Corp.'s residential mortgage pass-through certificates, Series 1994-2 have been downgraded by Standard & Poor's, and the ratings on the deal's other classes have been affirmed. (Read More)
CenterPoint Issues $150MM of Notes
January 10, 2000
CenterPoint Properties Trust, Oak Brook, Ill., has issued $150 million of senior unsecured notes bearing an annual interest rate of 7.90%. (Read More)
Retention Firm to Use GHR Software
January 10, 2000
Customers Forever, Milwaukee, which provides Internet-based refinancing services to help lenders improve portfolio retention, will use the PremierWare loan origination software provided by GHR Systems, Wayne, Pa. (Read More)
Pan Pacific Buys Shop Center
January 10, 2000
Pan Pacific Retail Properties Inc., Vista, Calif., has acquired Cable Park Shopping Center, a 160,800-square-foot supermarket and drug-anchored neighborhood shopping center in Sacramento, Calif., for $12.2 million. (Read More)
Wellsford Announces Stock Repo
January 10, 2000
Wellsford Real Properties Inc., New York, has announced that it repurchased approximately 1.45 million shares of its common stock through Dec. 31 as part of a repurchase program of up to 2.0 million shares. (Read More)
FTC Okays Title Firm Merger
January 11, 2000
The Federal Trade Commission has apparently approved the merger of two of the nation's largest title insurance companies, Fidelity National Financial Inc., Irvine, Calif., and Chicago Title Corp., Chicago. (Read More)
FundsXpress Buys Private Lender
January 11, 2000
FundsXpress Financial Network Inc., Austin, Texas, has acquired the Memphis-based Integrated Business Systems, a privately owned mortgage lending company. (Read More)
KeyCorp Buys National Realty Funding
January 11, 2000
KeyCorp, Cleveland, a financial services company, has acquired National Realty Funding LC, Kansas City, Mo. to help expand its conduit financing capabilities in the commercial real estate market. (Read More)
E-Trade Acquisition Approved
January 11, 2000
The Office of Thrift Supervision has approved E-Trade's acquisition of Telebank, Arlington, Va., even though a Japanese Internet investor, Softbank, owns nearly 25% of E-Trade. (Read More)
Ultraprise Obtains New Funding
January 11, 2000
Ultraprise Corp., Dulles, Va., has announced that it has secured $20 million in its third round of funding, led by investments from Citigroup, First Union, and GE Capital. (Read More)
Conti HEL Classes Downgraded
January 11, 2000
Three classes of ContiMortgage home equity loan pass-through certificates have been downgraded by Fitch IBCA, and all will remain on RatingAlert-Negative. (Read More)
CMSA Picks Trepp to Develop Database
January 11, 2000
The Commercial Mortgage Securities Association, New York, has announced the selection of Trepp LLC to develop its Commercial Mortgage-Backed Securities Collateral Performance Database. (Read More)
Camden Execs Buy Stock
January 11, 2000
Camden Property Trust, Houston, has announced that six senior executives have purchased 666,034 shares of Camden's common shares of beneficial interest for $17.5 million. (Read More)
Fund Invests in 'Live-Work' REIT
January 11, 2000
The Realty Enterprise Fund LLC, Oakland, Calif., has invested $1 million in Madison Park Real Estate Investment Trust, which specializes in "live-work" properties. (Read More)
ALTA Elects New Board Member
January 11, 2000
Frank P. Willey, president of Fidelity National Financial Inc., Santa Barbara, Calif., has been elected to the board of governors of the American Land Title Association. (Read More)
LandAmerica Names Senior EVP
January 11, 2000
Theodore L. Chandler Jr. has been named senior executive vice president of LandAmerica Financial Group Inc., Richmond, Va., effective Feb. 1. (Read More)
Expanding AppOnline Moves HQ
January 11, 2000
Internet mortgage banker AppOnline.com Inc. has relocated the headquarters of its online business in New York to midtown Manhattan from Wall Street as part of the company's expansion. (Read More)
Prism Review Finds No Wrongdoing
January 12, 2000
Prism Financial Corp., Chicago, has announced that an independent review prompted by the apparent suicide last month of the company's former chairman and chief executive officer has found "no evidence of any fraud or corporate improprieties" at Prism. (Read More)
GAO Report Backs OMHAR
January 12, 2000
The Office of Multifamily Housing Assistance Restructuring has given state and local housing finance agencies a fair shake in contract negotiations, according to a General Accounting Office draft report obtained by MortgageWire. (Read More)
Applications Jump
January 12, 2000
Mortgage applications jumped 39.9% for the week ended Jan 7 from the previous, holiday-shortened week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Title Searches Up
January 12, 2000
The AFS Title Search Index rose to 97.7 for the week ended Jan. 7, a 6.1% increase from a holiday-adjusted 92.1 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Homestore Eyes Public Offering
January 12, 2000
Homestore.com Inc., Thousand Oaks, Calif., is proposing a public offering of 8.3 million shares of common stock, of which more than half (4.25 million shares) would be offered by stockholders. (Read More)
FDIC Names Resolutions Chief
January 12, 2000
The Federal Deposit Insurance Corp. has promoted Mitchell L. Glassman to be director of resolutions and receiverships. (Read More)
Fannie Prices Benchmark Notes
January 12, 2000
Fannie Mae has priced $4 billion of 6.625% two-year Benchmark Notes and $6.0 billion of 7.25% 10-year Benchmark Notes. (Read More)
Ellie Mae to Ink New Deal
January 12, 2000
IMX Exchange, San Ramon, Calif., plans to announce a marketing agreement offering discounted websites to its members if they purchase their sites from Ellie Mae. (Read More)
E-Loan Selected by H&R Block
January 12, 2000
Online lender E-Loan Inc., Dublin, Calif., has been named the exclusive provider of mortgage services for the Mortgage Center on H&R Block's new website. (Read More)
EquityCity.com Makes Debut
January 12, 2000
EquityCity.com, a matchmaking website where real estate developers and investors can transact deals, has made its online debut. (Read More)
Olympus, Walden Amend Pact
January 12, 2000
Olympus Real Estate Corp., New York, and Walden Residential Properties Inc., Dallas, have approved an amended merger agreement and Walden has entered into a memorandum of understanding with plaintiffs' counsel to settle certain stockholder litigation relative to the merger. (Read More)
Build-and-Buy Mortgage Goes National
January 13, 2000
A Fannie Mae product that enables borrowers to finance both the construction and purchase of a home with one mortgage is now available nationwide, the government-sponsored enterprise has announced. (Read More)
Primis Buys Home Inspection Firm
January 13, 2000
Property information company Primis Inc., Atlanta, has acquired Inspectech, a San Ramon, Calif.-based home inspection company. (Read More)
Leach to Push 'Netting' Bill
January 13, 2000
House Banking Committee Chairman Jim Leach, R, Iowa, plans to move legislation aimed at protecting the capital markets from freezing up if a large bank, hedge fund, or securities firm fails. (Read More)
FHA Appraisal Rule to Kick In
January 13, 2000
Starting Feb. 1, only appraisers who have passed a mandatory examination will be able to conduct Federal Housing Administration single-family appraisals. (Read More)
Golden State Outlook 'Negative'
January 13, 2000
A negative ratings outlook has been assigned to Golden State Bancorp and its affiliates, including California Federal Bank, by Duff & Phelps Credit Rating Co., Chicago. (Read More)
Fannie Cites 13th Straight Record Year
January 13, 2000
Fannie Mae has reported its 13th consecutive year of record earnings, with net income of $3.91 billion ($3.72 per share) for 1999, up from $3.42 billion ($3.23 per share) in 1998. (Read More)
Prestwick Brokering FHA/Ginnie Portfolio
January 13, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $10 million FHA/Ginnie Mae multifamily servicing portfolio. (Read More)
Have REITs Turned the Corner?
January 13, 2000
The positive returns for real estate investment trust share prices since mid-December has been encouraging, but it is unclear whether REIT share prices have really turned the corner, according to Michael R. Grupe, vice president and director of research for the National Association of Real Estate Investment Trusts. (Read More)
Mortgage Bankers Form Co-op
January 14, 2000
A group of 18 small and mid-sized residential mortgage bankers have organized the industry's first cooperative marketing alliance. (Read More)
Fannie Promises 'Open Book' on DU
January 14, 2000
Fannie Mae has decided to take an "open book" approach to automated underwriting and disclose the inner workings of its Desktop Underwriter. (Read More)
MBA Forms Ginnie Task Force
January 14, 2000
The Mortgage Bankers Association of America has formed a special task force to examine two Department of Housing and Urban Development proposals that would expand Ginnie Mae's mission. (Read More)
Westmark Execs Take Pay Cut
January 14, 2000
Senior management at Westmark Group Holdings Inc., Boca Raton, Fla., will be taking a 10% across-the-board reduction in compensation, effective immediately. (Read More)
30-Year Rate Highest Since '97
January 14, 2000
The average 30-year fixed mortgage rate rose to 8.18% for the week ending Jan. 14 from 8.15% the previous week, the highest level since April 1997, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Credit Agencies OK Settlement
January 14, 2000
The three national credit reporting agencies have agreed to pay $2.5 million in fines to the Federal Trade Commission to settle allegations that they blocked consumers from correcting errors on credit reports. (Read More)
REIT to Buy Temp Housing Firm
January 14, 2000
Equity Residential Properties Trust, Chicago, has entered into a definitive agreement to acquire Globe Business Resources Inc., Cincinnati, for approximately $65 million in cash. (Read More)
Amresco May Divest MIC Stock
January 14, 2000
Mortgage Investors Corp., St. Petersburg, Fla., and its Dallas-based parent, Amresco Inc., have announced that Amresco has been granted an option to require MIC's original stockholders to buy 100% of MIC's stock. (Read More)
Bear Stearns, Bloomberg Join Forces
January 14, 2000
Bear Stearns has entered into an exclusive joint venture with Bloomberg in which the former will offer its new non-agency prepayment model over the latter's system, the investment bank reported at its Mortgage and Asset-Backed Securities Conference. (Read More)
BofA Unveils Small Commercial Program
January 14, 2000
Bank of America NA, Charlotte, N.C., has introduced the Small Loan Commercial Lending Program for owners of various kinds of commercial properties who are seeking permanent-loan mortgages of $250,000 to $2 million. (Read More)
Spring Funding to Issue Yen HIL Bonds
January 14, 2000
Spring Funding Ltd. is slated to issue a series of Japanese yen bonds backed by originator QUOQ Inc.'s home improvement loans on Jan. 31. (Read More)
Prestwick Brokering Virginia Portfolio
January 14, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering an $11 million Freddie Mac Virginia servicing portfolio. (Read More)
AMLI Buys Houston Apartments
January 14, 2000
AMLI Residential Properties Trust, Chicago, has purchased the Jefferson Midtown (now AMLI Midtown), a 419-unit luxury apartment community in Houston, for an undisclosed price. (Read More)
Feedback
January 14, 2000
If most respondents to our latest survey question are right, the mortgage market may be in for a rough year. (Read More)
HUD Still Wants Info on DU
January 18, 2000
Fannie Mae's announcement that it will publicly disclose the criteria that its automated underwriting system -- Desktop Underwriter -- uses to approve or reject loans does not go far enough, according to the Department of Housing and Urban Development. (Read More)
Online Lender to Buy Chicago Firm
January 18, 2000
American Home Mortgage Holdings Inc., a New York-based online mortgage banker, has agreed to acquire First Home Mortgage Corp., Chicago. (Read More)
Freddie to Extend Online AU to Retailers
January 18, 2000
Freddie Mac has announced that it will make Loan Prospector on the Internet available to lenders for their retail operations later this year. (Read More)
Freddie Launches Homebuilding Pilot
January 18, 2000
Freddie Mac is launching a $100 million pilot program to stimulate homebuilding in five U.S. cities. (Read More)
Bankruptcy Rate Falls
January 18, 2000
The number of Americans filing for bankruptcy in 1999 declined 8.9%, continuing a downward trend that began in the second quarter of 1998, according to data released Tuesday by the Consumer Federation of America. (Read More)
Title Searches Rise
January 18, 2000
The AFS Title Search Index rose to 108.8 for the week ended Jan. 14, an 11.4% increase from 97.7 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
CMBS Outperform Treasuries Again
January 18, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC fell 0.09% to 118.0 for the week ended Jan 14, but CMBS outperformed comparable Treasury securities for the seventh consecutive week. (Read More)
NAHB: Americans Favor Accommodating Growth
January 18, 2000
While Americans are concerned about growth and traffic congestion, they prefer accommodating growth by expanding and improving infrastructure rather than limiting it by regulation, according to the National Association of Home Builders. (Read More)
Freddie Reports Record '99
January 18, 2000
Freddie Mac has reported record net income of $2.22 billion ($2.96 per share), up 31% from $1.70 billion ($2.31 per share) for 1998. Fourth-quarter net income totaled $594 million ($0.79 per share), compared with $468 million ($0.62 per share) a year earlier. (Read More)
Golden State Reports '99 Earnings
January 18, 2000
Golden State Bancorp Inc., San Francisco, the parent of California Federal Bank, has reported net earnings of $323.2 million ($2.31 per share) for 1999, compared with $247.8 million ($3.04 per share) a year earlier. (Read More)
Altiva Reports 1Q Loss
January 18, 2000
Altiva Financial Corp., Atlanta, has reported a net loss of $2.5 million ($0.82 per share) for its fiscal first quarter, ended Nov. 30, compared with a net loss of $2.5 million ($0.82 per share) a year earlier. (Read More)
Finance Cos. Adopt Reporting Standard
January 19, 2000
The problem of certain lenders not reporting their borrowers' payment histories has prompted the American Financial Services Association to adopt a voluntary reporting standard. (Read More)
Disclosure of DU Codes Worries Raines
January 19, 2000
Fannie Mae chairman Franklin Raines has warned that additional public disclosures about the inner workings of its automated underwriting system, Desktop Underwriter, would not only give away trade secrets, but invite mortgage fraud. (Read More)
Housing Starts Rise 8%
January 19, 2000
Single-family housing starts rose 8% in December to a seasonally adjusted rate of 1.40 million, according to preliminary estimates by the U.S. Department of Commerce. (Read More)
Holding Company Buys Online Lender
January 19, 2000
Whitehall Enterprises Inc., a Miami-based holding company, has acquired the Alternative Lending Group, a Phoenix-based online mortgage banker, for $8 million. (Read More)
CFI Buys Surfside Software
January 19, 2000
CFI Mortgage Inc., North Palm Beach, Fla., has acquired a controlling interest in Surfside Software Systems, a division of the privately held Inventek Inc., Clearwater, Fla. (Read More)
Western Financial Sells Servicing
January 19, 2000
Westcorp, the parent of Western Financial Bank and WFS Financial, has completed the sale of its mortgage servicing assets and will exit the mortgage business, the Irvine, Calif.-based company has announced. (Read More)
Title Companies Form Alliance
January 19, 2000
Three title insurance companies have announced a strategic alliance to increase their geographic service capabilities and their service and support levels. (Read More)
FHA DU Revision Coming
January 19, 2000
Lenders running Federal Housing Administration applications through Fannie Mae's Desktop Underwriter will soon get a message that the borrower could also qualify for a conventional loan. (Read More)
LION Cuts Deal With Affinity
January 19, 2000
LION Inc., Renton, Wash., and Affinity Corp., West Hills, Calif., are attempting to create a universal national standard for broker approval by wholesale lenders. (Read More)
Applications Jump Again
January 19, 2000
Mortgage applications jumped 18.8% for the week ended Jan 14 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Housing Index Dips
January 19, 2000
The National Association of Home Builders' Housing Market Index, which surveys hundreds of builders to measure the strength of the single-family housing market, fell to 71 in January from 72 in December. (Read More)
ACB Urges Privacy Disclosure
January 19, 2000
To comply with new consumer privacy law, banks must take a proactive approach to disclosing their privacy policies, according to America's Community Bankers. (Read More)
Norwest Touts 9th Straight Record Year
January 19, 2000
Norwest Mortgage Inc., Des Moines, Iowa, has reported record earnings of $277.0 million in 1999, up nearly 27% from the $217.4 million in 1998. (Read More)
IndyMac Reports Record Earnings
January 19, 2000
IndyMac Mortgage Holdings Inc., Pasadena, Calif., has reported record net income of $115.9 million ($1.48 per share) for 1999, compared with $33.8 million ($0.48 per share) a year ago. (Read More)
Fannie Announces Dividend Hike
January 19, 2000
Fannie Mae has announced a common stock dividend of $0.28 per share for the fourth quarter, up from $0.27 per share the previous four quarters. (Read More)
Capstead Cites Tender Offer Results
January 19, 2000
Capstead Mortgage Corp., Dallas, has announced that it expects to purchase approximately 11,137,000 shares of its common stock from stockholders at a tender price of $4.55 per share under a fixed-price tender offer that expired Jan. 14. (Read More)
Mortgage Access Changes Name
January 19, 2000
Mortgage Access Corp., Morris Plains, N.J., a full-service mortgage lender affiliated with Weichert, Realtors, has changed its name to Weichert Financial Services. (Read More)
EMB to Sell Mortgage, RE Assets
January 20, 2000
EMB Corp., Costa Mesa, Calif., has agreed to sell its mortgage and real estate subsidiaries and certain other assets to e-Net Financial Corp., Irvine, Calif., for undisclosed amounts of cash and e-Net common stock. (Read More)
Falcon: RBC Comment Period Long Enough
January 20, 2000
The director of the Office of Federal Housing Enterprise Oversight believes Fannie Mae and Freddie Mac are close to replicating the oversight agency's risk-based capital model, and he says he thinks another extension of the comment period is unnecessary. (Read More)
Fixed Rates Rise Again
January 20, 2000
The average 30-year fixed mortgage rate rose to 8.26% for the week ending Jan. 21 from 8.18% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Associates MH Classes on Review
January 20, 2000
Three classes of subordinate certificates of Associates Manufactured Housing Contract Pass-Through Certificates, Series 1997-1 and 1997-2 are being reviewed for possible downgrade by Moody's Investors Service. (Read More)
CRSI Brokering $879MM in Servicing
January 20, 2000
A New England bank is selling servicing rights on an $879 million residential mortgage portfolio through Cohane Rafferty Securities Inc., White Plains, N.Y. (Read More)
Fannie Foundation Names Veeps
January 20, 2000
Andrew Plepler has been named senior vice president of housing and community initiatives of the Fannie Mae Foundation, and Glen Howard has been named senior vice president and general counsel. (Read More)
Golden West Cites Record EPS
January 20, 2000
Golden West Financial Corp., Oakland, Calif., has reported net earnings of $480.0 million ($2.87 per share, a record) for 1999, compared with $434.6 million ($2.51 per share) in 1998. (Read More)
Dime's Earnings Up in '99
January 20, 2000
Dime Bancorp, New York, has reported net income of $239.8 million ($2.13 per share) for 1999, compared with $237.1 million ($2.06 per share) in 1998. (Read More)
New RE Firm Announces Acquisitions
January 20, 2000
Colonnade Properties LLC, a newly formed New York City-based real estate investment, management, and development firm, has acquired Northco Management Services, Minneapolis, and the operations of The Taylor Simpson Group, New York. (Read More)
FHA Concerned About Net Branching
January 21, 2000
The Federal Housing Administration has spotted some net branching arrangements that violate its mortgage insurance requirements and the agency is working on a mortgagee letter to clarify what practices are prohibited. (Read More)
Appeals Court Rules for MPF
January 21, 2000
A U.S. appeals court in New Orleans has ruled that the Federal Housing Finance Board properly exercised its authority in approving a pilot program that allows the Federal Home Loan Bank of Chicago to purchase loans from its member institutions. (Read More)
Wendover to Focus on Servicing Reverses
January 21, 2000
Wendover Financial Services Corp., Greensboro, N.C., has announced that it will move its reverse mortgage wholesale lending business to Senior Homeowners Financial Services, Ft. Lauderdale, Fla. and shift its emphasis to servicing reverse mortgages. (Read More)
iOwn Inks Pact With OnMoney
January 21, 2000
San Francisco-based iOwn Inc. has formed a multiyear partnership under which it will provide homebuying and financial services to OnMoney, an interactive personal finance manager based in White Plains, N.Y. (Read More)
Prime Retail's Stock Downgraded
January 21, 2000
Moody's Investors Service has downgraded the preferred stock ratings of Prime Retail Inc. to "caa" from "b2", with a negative outlook, following Prime Retail's announcement that it would not declare the regular quarterly dividends on its preferred stock. (Read More)
Ex-MGIC Chief Named to IMX Board
January 21, 2000
William H. Lacy, former chairman of the Milwaukee-based Mortgage Guaranty Insurance Corp., has joined the board of directors of IMX Exchange, San Ramon, Calif. (Read More)
AIMCO Reports AFFO Increase
January 21, 2000
Apartment Investment and Management Co., Denver, has reported adjusted funds from operations of $292.6 million ($3.72 per share) for 1999, up from $177.7 million ($3.12 per share) a year ago. (Read More)
MGIC Launches eMagic.com
January 24, 2000
Mortgage Guaranty Insurance Corp., Milwaukee, has formed a subsidiary aimed at providing customized online access to mortgage origination products and services. (Read More)
Community Banks Holding More Loans
January 24, 2000
Community banks are now just as likely to hold their loans as sell them into the secondary market, according to the latest figures from America's Community Bankers. (Read More)
Banking Panel Sets Keystone Hearing
January 24, 2000
The House Banking Committee has scheduled a hearing for Feb. 8 on the failures of the First National Bank of Keystone (W. Va.) and Best Bank, Boulder, Colo. (Read More)
Solimar Sold to Basis 100
January 24, 2000
Solimar.Net has announced that Toronto-based Basis 100 Inc. has agreed to purchase the California-based company. (Read More)
Downey Sells Unit to CalFed Sub
January 24, 2000
Downey Savings and Loan Association FA, Newport Beach, Calif., has sold its indirect automobile finance subsidiary to a subsidiary of California Federal Bank, San Francisco. (Read More)
CUMAnet Names New Prez
January 24, 2000
Ira Oskowsky has been named president of the Credit Union Mortgage Alliance Network, West Paterson, N.J., which provides residential mortgage and home equity loan products and services to credit unions nationwide. (Read More)
Criimi Mae Hearing Set
January 24, 2000
A hearing on proposed disclosure statements filed in the bankruptcy case of Criimi Mae Inc. and two affiliates has been set for April 25-26 by the U.S. Bankruptcy Court in Greenbelt, Md. (Read More)
E-Loan, eVentures Launch UK Site
January 24, 2000
Internet lender E-Loan Inc. Dublin, Calif., and a joint venture partner have launched a multilender consumer mortgage website in the United Kingdom. (Read More)
RMIC Pilots Reservation Training
January 24, 2000
Republic Mortgage Insurance Co., Winston-Salem, N.C., has launched a homeownership-related training curriculum at the Citizens Potawatomi Nation in Shawnee, Okla. (Read More)
Bank United's Earnings Rise
January 24, 2000
Bank United Corp., Houston, has reported net income of $31.8 million ($0.87 per share) for the fiscal first quarter ended Dec. 31, up 16% from $27.4 million ($0.83 per share) a year ago. (Read More)
Chase Mortgage Begins Rollout
January 24, 2000
Chase Manhattan Mortgage, Edison, N.J., has begun the nationwide rollout of the Loansoft Works sales automation system to its loan originators. (Read More)
LoanCity Adds FHA, VA Loans
January 24, 2000
LoanCity.com, San Jose, Calif., has announced the addition of Federal Housing Administration and Department of Veterans Affairs loans to its suite of products. (Read More)
Cybertek Now Called Mynd
January 24, 2000
Both Policy Management Systems Corp., Columbia, S.C., and its mortgage subsidiary, Cybertek, will now operate under the name Mynd, PMSC has announced. (Read More)
Stocks Steady After Dow Plunge
January 25, 2000
Mortgage lenders' stocks traded normally Tuesday morning one day after most slipped as the Dow Jones industrial average and the Nasdaq composite index suffered substantial losses attributed to fears of higher interest rates. (Read More)
Small Banks Urged to Go Online
January 25, 2000
Small community-based banks still have "a huge opportunity" to cash in on the rush to online mortgage lending, according to a respected industry analyst. (Read More)
Title Searches Up
January 25, 2000
The AFS Title Search Index rose to 110.9 for the week ended Jan. 21, a 2.0% increase from 108.8 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Saxon MBS Classes Downgraded
January 25, 2000
Two classes of Saxon Mortgage Securities Corp. pass-through certificates have been downgraded by Fitch IBCA Inc. (Read More)
Union Planters Names New CEO
January 25, 2000
Douglas R. Miller has been appointed president and chief executive officer of Union Planters Mortgage, the secondary market mortgage operation of Union Planters Corp., Memphis. (Read More)
Heller Sees Strong CRE Market
January 25, 2000
The commercial real estate market will be strong this year and the equilibrium of supply and demand will continue nationally, according to Heller Financial Inc., Chicago. (Read More)
REIT Plans Chicago Office Tower
January 25, 2000
Prime Group Realty Trust, Chicago, has announced plans to start construction on Dearborn Center, a 37-story Class A office tower in downtown Chicago. (Read More)
RFS Boosts Credit Line
January 25, 2000
RFS Hotel Investors Inc. has increased its bank credit line from $100 million to $130 million, the Memphis-based real estate investment trust has announced. (Read More)
Advanta Reports Mortgage Results
January 25, 2000
Advanta Corp., Spring House, Pa., has reported pro forma net operating income of $9.0 million in the fourth quarter for the company's Advanta Mortgage unit. (Read More)
OFHEO Expanding Oversight
January 26, 2000
The Office of Federal Housing Enterprise Oversight is widening its supervision of Fannie Mae and Freddie Mac to include the influence the giant secondary market institutions exert over the entire mortgage business. (Read More)
OFHEO Wants Out of Appropriation Process
January 26, 2000
Mr. Falcon also told the conference that he wants his agency to be removed from the congressional appropriation process. (Read More)
FHLBanks Eye New Mortgage Program
January 26, 2000
Three Federal Home Loan Banks are working on a new mortgage purchase program that would give lenders another secondary market option. (Read More)
Resales Down 1.4%
January 26, 2000
Sales of existing homes declined slightly in December but still cleared the five-million-unit resale rate, according to the National Association of Realtors. (Read More)
Transnational Buys Piece of HMUSA
January 26, 2000
Transnational Financial Network, San Francisco, has purchased a 30% interest in Washington Mortgage Services Inc., a privately held Seattle-based mortgage banking company doing business as Home Mortgage USA. (Read More)
RE Firm Forms Global Tech Unit
January 26, 2000
Kennedy-Wilson Inc. has formed Kennedy-Wilson Global Technology Corp., which will manage the company's venture capital investments and seek to develop additional business-to-business investments in the U.S. and Asia. (Read More)
Prime Delinquencies Hit 10-Year Low
January 26, 2000
The number of "prime" credit quality home loans that are more than 90 days late declined to the lowest level since September 1990 in the third quarter of last year, according to the Mortgage Information Corp., San Francisco. (Read More)
U.K. to Regulate Home Loans
January 26, 2000
The United Kingdom has officially begun regulating home mortgages, according to reports from Bridge/Telerate. (Read More)
Cityscape Class Downgraded
January 26, 2000
Class B of Cityscape Home Loan Owner Trust, Series 1997-1 has been downgraded from CCC to CC by Standard & Poor's, which affirmed the ratings on the other classes in the deal. (Read More)
Bear Stearns MBS Downgraded
January 26, 2000
One class of Bear Stearns mortgage pass-through certificates has been downgraded by Fitch IBCA Inc. and two classes have been placed on RatingAlert-Negative. (Read More)
Countrywide Unveils E-Mail Notification
January 26, 2000
Countrywide Home Loans Inc., Calabasas, Calif., has introduced free e-mail notification of all account activity for customers who make loan payments electronically. (Read More)
IMX Gets Loan Trading Patent
January 26, 2000
IMX Exchange, San Ramon, Calif., has been issued a patent for its loan information and real-time trading system, the company has announced. (Read More)
PMI's Volume Up
January 26, 2000
PMI Mortgage Insurance Co., San Francisco, wrote $31.1 billion of new insurance in 1999 on a combined basis, compared with $30.3 billion in 1998, according to the company's parent, The PMI Group Inc. (Read More)
Charter One Reports Higher Earnings
January 26, 2000
Charter One Financial, Cleveland, the holding company for Charter One Bank FSB, has reported net income of $334.0 million ($1.52 per share) for 1999, up from $244.1 million ($1.11 per share) for 1998. (Read More)
Feds Eyeing Recourse Rule
January 27, 2000
Federal banking and thrift regulators are viewing drafts of a proposed rule that will revamp the capital treatment of recourse arrangements on asset sales and direct credit substitutes. (Read More)
Options Trader Censured
January 27, 2000
A New York Stock Exchange hearing panel has found that a former mortgage options trader at Credit Suisse First Boston tried to conceal approximately $7 million in losses. (Read More)
FHA Updates Loss Mitigation Rules
January 27, 2000
The Federal Housing Administration has issued a 42-page rewrite and clarification of its loss mitigation requirements and procedures. (Read More)
Applications Slide
January 27, 2000
Mortgage applications fell 5.8% for the week ended Jan 21 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Foreclosure Website Launched
January 27, 2000
An online marketplace that offers homebuyers and real estate investors access to listings of foreclosed and repossessed properties across the country has been launched by e4close.com Inc., Charlotte, N.C. (Read More)
Klamath to Buy RE Loans
January 27, 2000
Klamath First Bancorp Inc., a thrift holding company based in Klamath Falls, Ore., has announced that it will purchase residential and commercial mortgage loans in an effort to boost its income. (Read More)
Fixed Rates Flat
January 27, 2000
The average 30-year fixed mortgage rate dipped slightly to 8.25% for the week ending Jan. 28 from 8.26% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Captec Forms Another Joint Venture
January 27, 2000
Captec Net Lease Realty Inc., Ann Arbor, Mich., has announced the formation of a second joint venture aimed at capitalizing on the trend toward entertainment-themed retail venues. (Read More)
SSB Hires Ex-Union Planters CEO
January 27, 2000
Salomon Smith Barney, New York, has hired former Union Planters Mortgage Co. president and chief executive officer Joel Katz as a director in the Wall Street firm's mortgage finance group. (Read More)
Lender's Vision Seen as Key to Success
January 27, 2000
It is a lender's vision as much as anything that will determine whether "today's success is tomorrow's run-of-the-mill activity," a mortgage executive told the 2000 Mortgage Technology Conference Thursday in Miami Beach, Fla. (Read More)
UFI Brokering $155MM Portfolio
January 27, 2000
United Financial Inc., Denver, is brokering a $155 million Freddie Mac/Fannie Mae private servicing portfolio. (Read More)
Fitch Site Adds MBS Regional Factors
January 27, 2000
Regional economic factors used to adjust frequency-of-foreclosure criteria for residential mortgage-backed securities have been added to Fitch IBCA Inc.'s website. (Read More)
Associates Touts Record '99
January 27, 2000
Associates First Capital Corp., Irving, Texas, has reported record earnings of $1.49 billion ($2.04 per share) for 1999, up 22% from $1.22 billion ($1.75 per share) a year ago. (Read More)
REIT Completes Private Placement
January 27, 2000
Urstadt Biddle Properties Inc., Greenwich, Conn., has completed a private placement of approximately $1.2 million of additional common and Class A common shares. (Read More)
Consolidate GSE Regulation?
January 28, 2000
Rep. Richard Baker, R, La., is preparing a bill that would consolidate the supervision and regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System into one agency. (Read More)
FDIC Wants Capital Surcharge
January 28, 2000
A Federal Deposit Insurance Corp. draft proposal to double the capital requirements on subprime lenders also includes a capital surcharge for loans with high interest rates. (Read More)
More Fair Lending Funds Proposed
January 28, 2000
President Clinton's 2001 budget will seek increased funding for enforcement of fair lending laws and other civil rights statutes. (Read More)
MBS Prices Sink
January 28, 2000
Inflationary concerns caused mortgage-backed security prices to fall more than half a point Friday morning as fourth-quarter statistics on employment costs, economic growth, and prices came in higher than expected. (Read More)
MBA, Mayors Join Forces
January 28, 2000
A partnership to spur investment in America's urban and rural communities has been announced by the Mortgage Bankers Association of America and the U.S. Conference of Mayors at the USCM's Winter Conference in Washington, D.C. (Read More)
Ellie Mae, LoanTrader Forge Alliance
January 28, 2000
Ellie Mae, Dublin, Calif., and LoanTrader.com, Irvine, Calif., have announced a partnership that "streamlines the loan application process by providing a direct channel for brokers and lenders to instantly communicate with each other." (Read More)
Web Opportunities Still Abound, Analyst Says
January 28, 2000
Despite the drop in the stock prices of Internet lenders, there is still opportunity online for mortgage lenders, according to Jim Marks, electronic commerce analyst for Credit Suisse First Boston. (Read More)
GMAC Prices High-LTV Deal
January 28, 2000
General Motors Acceptance Corp.-Residential Funding Corp. has taken its first high loan-to-value mortgage securitization of the year to market. (Read More)
Aussie Deal to Include 38% IO Loans
January 28, 2000
ABN-Amro subsidiary Australian Mortgage Securities Ltd. has made plans to securitize a relatively high percentage of interest-only loans when it issues its next 289.5 million Australian dollar (about US$189.5 million) mortgage-backed securities deal. (Read More)
WaMu Makes $600,000 Grant
January 28, 2000
Washington Mutual Inc., Seattle, has awarded a $600,000 grant to seven programs of the Local Initiatives Support Corp. aimed at revitalizing inner-city neighborhoods. (Read More)
Leasing Surges in Chicago
January 28, 2000
Leasing activity in Chicago's office market reached some of the highest levels the city has seen in 10 years in the fourth quarter of 1999, according to the Studley Report & Spacedata. (Read More)
Capstead Reports '99 Profits
January 28, 2000
Capstead Mortgage Corp., Dallas, has reported net income of $57.9 million ($0.60 per share) for 1999, compared with a net loss $234.8 million ($4.22 per share) for 1998. (Read More)
E-Loan Revenues Triple in '99
January 28, 2000
E-Loan Inc., Dublin, Calif., has reported that revenues more than tripled in 1999 from $6.8 million in 1998 to $22.1 million. (Read More)
Feedback
January 28, 2000
The Grapevine, our information-swapping forum, keeps growing in popularity. It has been drawing hundreds of postings every week, and recently recorded more than 90 in a single day. (Read More)
IRS Gives Servicers a Break
January 31, 2000
The Internal Revenue Service has issued a final rule that give buyers of mortgage servicing rights more favorable tax treatment. (Read More)
LaSalle Curbs Warehouse Lending
January 31, 2000
LaSalle Bank, Chicago, has informed its clients that it is exiting the middle-market warehouse lending business because of a slowdown in conventional as well as subprime and high-LTV lending. (Read More)
e-Net Buys REIT
January 31, 2000
Technology-based mortgage company e-Net Financial Corp., Irvine, Calif., has acquired Titus Real Estate Corp., the management company for Titus Capital Corp., a California equity real estate investment trust. (Read More)
1st Union, ValuAmerica Join Forces
January 31, 2000
First Union, Charlotte, N.C., and ValuAmerica, Pittsburgh, have formed a vendor management company as a joint venture to provide managed real estate settlement services for First Union customers. (Read More)
Stocks Up a Bit After Slide
January 31, 2000
Most major mortgage lenders' stocks were up Monday morning, the first day of trading after the group slid on Friday as the Dow Jones industrial average fell 289.15 points on news of strong economic growth in the fourth quarter that sparked fears of inflation and rising interest rates. (Read More)
NAMB Unveils Online Consumer Info Center
January 31, 2000
The National Association of Mortgage Brokers has established a consumer information center powered by LION Inc.'s Mortgage101.com. (Read More)
CWMBS Classes Downgraded
January 31, 2000
Four classes of CWMBS (IndyMac) Inc. mortgage-pass through certificates have been downgraded by Fitch IBCA Inc. (Read More)
Title Company Elects Chairman, Co-CEOs
January 31, 2000
Malcolm S. Morris has been elected chairman of the board and named co-chief executive officer of Stewart Information Services Corp., Houston, and Stewart Morris Jr. has been named president and co-chief executive officer. (Read More)
Auctions Spur FHLBank Dealer Expansion
January 31, 2000
The Federal Home Loan Bank System has expanded its Discount Note Selling Group in the wake of recently launched Internet auctions of FHLBank discount notes. (Read More)
CMBS Index Rises
January 31, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC rose 0.43% to 118.1 for the week ended Jan. 28, with 31 basis points of excess return. (Read More)
FHA Requiring More Appraisal Data
January 31, 2000
The Federal Housing Administration is requiring lenders to input additional appraisal data when they submit a loan application electronically. (Read More)
Ginnie Reports $2B+ in REMICs
January 31, 2000
Ginnie Mae has reported a combined total of more than $2 billion in real estate mortgage investment conduit securitizations in the days just ahead of Tuesday's rate-setting Federal Reserve meeting, including a $1 billion deal it announced on Friday. (Read More)
Belgian MBS Deals Planned
January 31, 2000
A number of Belgian residential mortgage originators that have securitized previously are planning to launch repeat deals this year, Moody's Investors Service has reported. (Read More)
February
Georgia Reaffirms Order Against Associates
February 1, 2000
Georgia insurance commissioner John Oxendine has reissued an order that bans the insurance subsidiary of Associates First Capital Corp., Dallas, from selling credit life on mortgage loans with terms exceeding 10 years. (Read More)
Toronto Dominion Now #2 in Canada
February 1, 2000
Toronto Dominion Bank has become Canada's second largest mortgage company after completing its acquisition of CT Financial Services, Toronto, just one day after Canadian Finance Minister Paul Martin approved the deal. (Read More)
HomeGold, HomeSense Eye Merger
February 1, 2000
Subprime mortgage lender HomeGold Financial Inc., Greenville, S.C., has signed a letter of intent to merge with HomeSense Financial Corp., a privately owned mortgage company in Columbia, S.C. that specializes in debt consolidation loans. (Read More)
Life Sells Servicing, MBS Portfolio
February 1, 2000
Life Financial Corp., Riverside, Calif., has sold its remaining residual mortgage-backed securities and related mortgage servicing rights for $19.3 million in "cash and other consideration." (Read More)
IMX to Receive New Funding
February 1, 2000
IMX Exchange, San Ramon, Calif., is close to announcing a new round of venture funding of $15.5 million to $20 million, a source has told MortgageWire. (Read More)
Lazio Eyes 203(k) Reforms
February 1, 2000
Rep. Rick Lazio, R. N.Y., is considering changes to the Federal Housing Administration 203(k) home improvement loan program that could tighten contracting requirements. (Read More)
Countrywide Forms Int'l Consulting Firm
February 1, 2000
Countrywide Credit Industries Inc., Calabasas, Calif., has created an international consulting firm that will provide mortgage industry expertise to a global client base. (Read More)
New MI Sets Record in '99
February 1, 2000
Private mortgage insurance companies set a record last year for net primary new insurance written, according to data compiled by the Mortgage Insurance Cos. of America. (Read More)
Condo/Co-op Resales Hit Record High
February 1, 2000
Existing condominium and cooperative sales totaled a record 677,000 units in 1999, according to the National Association of Realtors. (Read More)
COFI Rises Again
February 1, 2000
The Eleventh District Cost of Funds Index continues to rise, with an 8-basis-point increase in December that boosted it to 4.852% from 4.773% the previous month. (Read More)
SG Cowen Out of U.S. MBS Biz
February 1, 2000
SG Cowen, New York, the United States broker-dealer subsidiary of French banking giant Societe Generale Group, Paris, has dropped out of the U.S. mortgage-backed securities business, according to Bridge Telerate. (Read More)
REIT Reports Higher '99 FFO
February 1, 2000
United Dominion Realty Trust Inc., Richmond, Va., has reported funds from operations of $176.4 million ($1.42 per share) for 1999, an increase of 5.8% per share from FFO in 1998. (Read More)
New Homes Sales Set Record
February 2, 2000
Sales of new single-family homes hit a record of 904,000 units in 1999, topping the previous sales record in 1998 by 2%. (Read More)
HUD Getting AU Info
February 2, 2000
Under pressure, Fannie Mae has submitted proprietary information about its automated underwriting system -- Desktop Underwriter -- to the Department of Housing and Urban Development, and Freddie Mac is expected to make its submission soon. (Read More)
Gramm Plans Aggressive HUD Oversight
February 2, 2000
Senate Banking Committee Chairman Phil Gramm, R, Texas, wants the housing subcommittee to conduct aggressive oversight of the Department of Housing and Urban Development this year, including the way HUD oversees and regulates Fannie Mae and Freddie Mac. (Read More)
Clinton Taps 2 for FDIC
February 2, 2000
President Clinton has nominated Federal Deposit Insurance Corp. Chairman Donna Tanoue to a full four-year term and Arizona banking superintendent Richard C. Houseworth, a Republican, to be a member of the FDIC board. (Read More)
ARC, Contour Form Alliance
February 2, 2000
ARC Systems Inc. and Contour Software Inc. have announced a technical alliance under which the companies will integrate ARC Systems' automated underwriting technology via the desktops of brokers that use Contour. (Read More)
Applications Surge
February 2, 2000
Mortgage applications rose 17.5% for the week ended Jan 28 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Title Searches Jump
February 2, 2000
The AFS Title Search Index rose to 128.6 for the week ended Jan. 28, a 15.9% increase from 110.9 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
NAMB EVP Resigns
February 2, 2000
Brian Kinsella has resigned as executive vice president of the National Association of Mortgage Brokers to take another position with the NAMB's management firm, Association Management Group. (Read More)
Meditrust Plan Sparks Downgrade
February 2, 2000
Standard & Poor's and Moody's Investors Service have taken unfavorable rating actions in the wake of Meditrust's recent announcement of a reorganization plan to focus on its lodging business and dispose of its health care assets. (Read More)
Saxon MBS Downgraded
February 2, 2000
Three classes of Saxon Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Standard & Poor's. (Read More)
Affordability Index Rises
February 2, 2000
The typical American family's ability to purchase a median-priced existing home increased in the fourth quarter, but remains below the level recorded a year ago, according to the National Association of Realtors. (Read More)
NY Realtors Report Record Sales
February 2, 2000
Realtors in New York state established a new annual statewide sales record for single-family houses for the second consecutive year in 1999, according to the New York State Association of Realtors Inc. (Read More)
Florida Realtors Set Sales Record
February 2, 2000
Meanwhile, the home sales record established in Florida in 1998 was also broken last year, according to the Florida Association of Realtors. (Read More)
New Century Profits Up in '99, Down in 4Q
February 2, 2000
New Century Financial Corp., Irvine, Calif., has reported net earnings of $39.5 million ($2.11 per share) for 1999, up from $31.1 million ($2.03 per share) in 1998. (Read More)
Israeli Builder Plans Project Investment
February 2, 2000
Israeli home builder Engel General Developers Ltd., Haifa, has agreed to invest in half of a development project involving 370 residential property units in Ariel. (Read More)
Auction Curb May Cut Mortgage Rates
February 3, 2000
The U.S. Treasury's plan to reduce its debt auctions caused a bond rally Wednesday that gave the 30-year Treasury one of its biggest one-day increases ever. (Read More)
Regs Would Curb Info Sharing
February 3, 2000
Under proposed new privacy regulations, it appears that banks and their affiliates could not share customer information about mortgage applicants unless the customer is given the choice to "opt out" of any sharing arrangement. (Read More)
PNB Buys Dallas Lender
February 3, 2000
PNB Financial, Lubbock, Texas, has acquired Dallas-based residential mortgage lender Prime Lending Inc. (Read More)
e-Net Plans to Buy Loan Net
February 3, 2000
E-Net Financial Corp., Irvine, Calif., has signed a letter of intent to acquire Loan Net, a new Kentucky-based mortgage company. (Read More)
Fannie Offers Debt Exchange
February 3, 2000
Fannie Mae is offering to exchange 22 outstanding issues of Medium-Term Notes and Global Debt Facility Securities for a new 30-year Benchmark Bond. The outstanding issues have an aggregate principal balance of approximately $4.25 billion. (Read More)
Rates Hold Steady
February 3, 2000
The average 30-year fixed mortgage rate was unchanged at 8.25% for the week ending Feb. 4, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Pru Prices $957MM CMBS Deal
February 3, 2000
Prudential Mortgage Capital Co. LLC, Newark, N.J., has priced a $957 million securitization of commercial mortgage loans in conjunction with Heller Financial Inc. and GMAC Residential Funding Corp. (Read More)
First Alliance Names Prez
February 3, 2000
Francisco Nebot has been appointed president of First Alliance Corp., Irvine, Calif. (Read More)
LoanTrader Raises $17.6MM
February 3, 2000
LoanTrader Inc., Irvine, Calif., has raised $17.6 million in its first round of venture funding. Leading the round of investors was Capital Z Partners, but other investors include LendingTree, The Goldman Sachs Group, and a number of "angel" investors. (Read More)
American Commercial Funds Franchise Buy
February 3, 2000
American Commercial Capital LLC, Carlsbad, Calif., has provided more than $35 million of senior financing to Interfoods of America Inc. in connection with the acquisition of 37 Popeyes Chicken & Biscuits restaurants. (Read More)
Mortgage Jobs Drop
February 4, 2000
Declining loan volumes are finally having an impact on mortgage employment. (Read More)
FDIC Flags High-Flyers
February 4, 2000
The Federal Deposit Insurance Corp. has unveiled its new screening techniques to identify highly rated, but high-flying, banks and thrifts that could get into trouble if the economy softens. (Read More)
Long Bond Reverses Course
February 4, 2000
The 30-year Treasury bond reversed its course and fell more than a point in price Friday morning, pushing its yield and interest rate expectations back upward in reaction to stronger-than-expected nonfarm payroll data, Bridge Telerate reported. (Read More)
GMAC Drops Reverses
February 4, 2000
A second major reverse mortgage lender has opted to stop originating these loans. GMAC Mortgage Corp., Horsham, Pa., follows Wendover Financial Services, Greensboro, N.C., by several weeks in electing to get out of production. (Read More)
BNC Agrees to Management Buyout
February 4, 2000
BNC Mortgage Inc., Irvine, Calif., has entered into a definitive merger agreement providing for a management buyout of the company. (Read More)
Bank of Montreal Buys Florida Bank
February 4, 2000
Canada's Bank of Montreal, Toronto, is acquiring Village Banc of Naples, Fla. through its Chicago-based subsidiary, Harris Bank. (Read More)
Freddie Encouraging Aid to Late Borrowers
February 4, 2000
Freddie Mac has revised its servicer performance profiles to help lenders "manage portfolios containing mortgages with a wider range of risk characteristics," the company said. (Read More)
Photonics to Buy CRE Listings Firm
February 4, 2000
Photonics Corp., Sunnyvale, Calif., has signed a letter of intent to acquire RealEstate4Sale.com Inc., a Dallas-based private Internet company. (Read More)
Venango Rev Bonds on CreditWatch
February 4, 2000
Two series of Venango Housing Corp., Pa.'s mortgage revenue bonds have been placed on CreditWatch negative by Standard & Poor's. (Read More)
Criimi Mae, Morgan Stanley Reach Accord
February 4, 2000
Criimi Mae Inc., Rockville, Md. and Morgan Stanley & Co. International Ltd. have agreed to a final settlement of an adversary proceeding brought by Criimi Mae in the bankruptcy proceeding of Criimi Mae and its affiliates. (Read More)
NovaStar Reports '99 Loss
February 4, 2000
NovaStar Financial Inc., Westwood, Kan., has reported a net loss of $7.1 million ($1.08 per share) in 1999, compared with a loss of $21.8 million ($2.71 per share) in 1998. (Read More)
Feedback
February 4, 2000
The interest rate predictions of our survey respondents have changed in recent weeks. (Read More)
Clinton Seeks FHA Loan Limit Hike
February 7, 2000
President Clinton's budget proposal calls for an increase in the Federal Housing Administration loan limit and for an expansion of the FHA adjustable-rate mortgage program. (Read More)
Budget Would Boost OFHEO Funding
February 7, 2000
The Office of Federal Housing Enterprise Oversight would get a 33% funding increase if the president's budget proposal is approved by Congress. (Read More)
Freddie Unveils 2 Pilots
February 7, 2000
Promising that it will not "rest on its laurels," Freddie Mac announced two new pilot programs at a press briefing Monday at the MBA's Commercial Real Estate Finance/Multifamily Housing convention in Orlando, Fla. (Read More)
FM Watch 'Gaining Credence' With Feds
February 7, 2000
The leader of the movement to contain Fannie Mae and Freddie Mac says his group is "gaining credence" with federal regulators in Washington. (Read More)
Lazio Eyes 203(k) Reform Bill
February 7, 2000
Rep. Rick Lazio, R, N.Y., plans to introduce a 203(k) reform bill that will permanently eliminate the investor programs and clamp down on abuses by nonprofit developers. (Read More)
IRS Issues FASIT Guidance
February 7, 2000
The Internal Revenue Service has issued a long-awaited proposed rule on financial asset securitization investment trusts. (Read More)
America's Senior to Merge With Pinnacle
February 7, 2000
America's Senior Financial Services, Miami Lakes, Fla., has entered into a merger agreement with Pinnacle Financial Corp. (Read More)
Pyramid Creates CRE Secondary Unit
February 7, 2000
Pyramid Realty Group, Coral Gables, Fla., is launching a secondary marketing group to serve sellers of commercial loans. (Read More)
CMBS Index Underperforms Treasuries
February 7, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC rose 0.10% to 118.2 for the week ended Feb. 4, but CMBS underperformed comparable Treasury securities for the first time in 10 weeks, the company said. (Read More)
BofA MH Classes Downgraded
February 7, 2000
Two classes of BankAmerica Manufactured Housing Contract Trust pass-through certificates have been downgraded by Fitch IBCA Inc. (Read More)
Fitch Eyes Associates MH Classes
February 7, 2000
The B-2 classes of Associates Manufactured Housing, Series 1997-1 and 1997-2 have been placed on RatingAlert-Negative by Fitch IBCA Inc. (Read More)
Firm Offers 4 Servicing Portfolios
February 7, 2000
Hamilton Carter Smith, Beverly Hills, Calif., is offering four servicing portfolios to the market. (Read More)
1st Chesapeake Names New Mortgage Chief
February 7, 2000
First Chesapeake Financial Corp., Philadelphia, has closed two unprofitable branches in Florida and named Bill Everslage president and chief operating officer of mortgage operations. (Read More)
Prestwick Brokering Michigan Portfolio
February 7, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $10 million Fannie Mae A/A Michigan servicing portfolio. (Read More)
FDIC Will Get Creamed on Keystone Asset
February 8, 2000
The Federal Deposit Insurance Corp. told Congress Tuesday that it may recover just 3% of a $380 million residual from the now-defunct First National Bank of Keystone, W.Va. (Read More)
Fannie Earmarks $4B for MF Affordable Housing
February 8, 2000
Fannie Mae will make $4 billion in multifamily affordable housing finance available this year, a company official told a Tuesday press briefing at the Mortgage Bankers Association of America's Commercial Real Estate Finance/Multifamily Housing Convention in Orlando, Fla. (Read More)
GMAC Tops Commercial Servicer Ranking
February 8, 2000
GMAC Commercial Mortgage Corp., Horsham, Pa., was the nation's top commercial/multifamily servicer at the end of 1999 with a portfolio of $78.2 billion, according to the Mortgage Bankers Association of America. (Read More)
Level the B&C Playing Field, FDIC Says
February 8, 2000
Subprime lending has moved into the banking industry because of low capital requirements, FDIC Chairman Donna Tanoue told the House Banking Committee Tuesday. (Read More)
Fannie/Ginnie Speeds Plunge
February 8, 2000
Prepayment rates for Fannie Mae and Ginnie Mae mortgage-backed securities plunged 25%-35% in January and should offer "a wake-up call" to certain mortgage investors, according to the Bear Stearns Prepayment Commentary. (Read More)
First Am Revamps RE Info Segment
February 8, 2000
First American Financial Corp., Santa Ana, Calif., has announced the restructuring of its real estate information and services segment to maximize economies of scale. (Read More)
Keystone MBS Classes Downgraded
February 8, 2000
The B classes of Keystone's 1997-P3 and 1997-P4 mortgage-backed security deals have been downgraded from Baa3 to Ba2 by Moody's Investors Service. (Read More)
Title Searches Up
February 8, 2000
The AFS Title Search Index rose to 129.4 for the week ended Feb. 4, a 0.9% increase from 128.6 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
SunTrust Unveils 'Maximizer'
February 8, 2000
SunTrust Mortgage Inc., Richmond, Va., has introduced a program that allows borrowers to obtain fixed-rate mortgage loans equal to 103% of the value of their property (up to $325,000) with no downpayment. (Read More)
Fannie Exceeds Lending Goals
February 8, 2000
About 46% of the units financed by Fannie Mae last year were occupied by low- and moderate-income households and nearly 27% were located in underserved areas, according to the government-sponsored enterprise. (Read More)
Kaufman & Broad Prices French Sub's IPO
February 8, 2000
United States homebuilder Kaufman and Broad Home Corp., Los Angeles, has priced the initial public offering for its French subsidiary at 23 euros (approximately $22.74) per share. (Read More)
Merrill Settles Suit Linked to Orange County
February 9, 2000
Merrill Lynch & Co. Inc. has reported that it has reached a $32.5 million settlement with 14 local California government entities, ending a lawsuit connected to Orange County's 1994 bankruptcy and a portion of its more than $1 billion loss from high-risk, mortgage-related bond deals. (Read More)
Baker Warns FHLBanks
February 9, 2000
Rep. Richard Baker, R, La., has warned Federal Home Loan Bank executives and shareholders to use their new powers responsibly, especially when it comes to using advances for small business, agricultural, and community development lending. (Read More)
Fed: Mortgage Demand Weakening
February 9, 2000
Demand for home mortgage loans has deteriorated at a rate not seen since 1995, according to a January survey by the Federal Reserve Board. (Read More)
Applications Rise
February 9, 2000
Mortgage applications rose 12.1% for the week ended Feb. 4 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
NationsLink CMBS Class Downgraded
February 9, 2000
The rating of Class C of NationsLink Funding Corp.'s Commercial Mortgage Pass-Through Certificates, Series 1999-LTL-1 has been downgraded from A2 to A3 by Moody's Investors Service. (Read More)
REIT Act Seen as Boon
February 9, 2000
The REIT Modernization Act has been cited by two rating agencies as a positive credit factor for the REIT sector, according to the National Association of Real Estate Investment Trusts. (Read More)
PMI Makes Affordable Housing Grant
February 9, 2000
PMI Mortgage Insurance Co., San Francisco, has awarded a $10,000 grant to the Orange County Affordable Home Ownership Alliance. (Read More)
Ocwen Reports '99, 4Q Profits
February 9, 2000
Ocwen Financial Corp., West Palm Beach, Fla., has reported net income of $19.8 million ($0.31 per share) for 1999, compared with a net loss of $1.2 million ($0.02 per share) for 1998. (Read More)
Criimi Mae Notes Stock Conversions
February 9, 2000
Criimi Mae, Rockville, Md., has announced that 263,788 additional shares of Series F Dividend Preferred Stock were converted during the second and final conversion period for the stock, resulting in the issuance of approximately 2.4 million shares of common stock. (Read More)
NC Licensing Bill Termed 'Disaster'
February 10, 2000
A proposed mortgage broker licensing bill in North Carolina would be "a real disaster for this industry," a lobbyist for the North Carolina Association of Mortgage Brokers said Thursday at the group's annual conference in Myrtle Beach, S.C. (Read More)
Rates Rise; ARMs, 15-Years Hit 5-Year Highs
February 10, 2000
The average 30-year fixed mortgage rate rose to 8.36% for the week ending Feb. 11 from 8.25% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Treasury Comments Boost MBS
February 10, 2000
Treasury bond prices slumped, giving a slight boost to the mortgage-backed securities market Wednesday afternoon in the wake of Treasury Secretary Lawrence Summers's comments about the availability of U.S. government debt. (Read More)
Freddie Launches CreditWorks Pilot
February 10, 2000
Freddie Mac has introduced the CreditWorks mortgage, a $100 million pilot program designed to make it easier for families with impaired credit or heavy debt loads to obtain a market-rate mortgage. (Read More)
Stocks Steady After Plunge
February 10, 2000
Major mortgage lenders' stocks traded with some stability Thursday morning -- with most down slightly, but none more than 50 cents shortly before noon -- one day after the group was hammered as the Dow Jones industrial average dropped 258.44 points. (Read More)
FEMA Proposes Flood Map Fee
February 10, 2000
Map reading companies would be charged a $12 fee for every flood insurance determination under a budget proposal to help fund the Federal Emergency Management Agency's flood map modernization program. (Read More)
Recourse Rules Back on Table
February 10, 2000
The federal banking agencies are proposing once again to lower capital requirements on highly rated asset-backed securities, which should make these private-label securities more attractive investments for banks. (Read More)
HUD Affordable Housing Rules Imminent
February 10, 2000
The Department of Housing and Urban Development has sent a proposal that would increase the affordable housing goals for Fannie Mae and Freddie Mac to Congress, which means it should be published soon for public comment. (Read More)
LendingTree Close to IPO
February 10, 2000
LendingTree is currently out on its road show, an opportunity to tout the company to potential investors in the company's stock, MortgageWire has learned. (Read More)
GHR Acquires Entresoft
February 10, 2000
GHR Systems Inc. has completed the acquisition of the mortgage division of Entresoft.com, a Jacksonville, Fla.-based Internet technology development company. (Read More)
Fannie Prices Bond Linked to Debt Exchange
February 10, 2000
Fannie Mae has priced a 7.125% 30-year Benchmark Bond in conjunction with its third Benchmark debt exchange. (Read More)
S&P: MI Firms May Decline
February 10, 2000
The mortgage insurance industry is healthy, but will not be able to sustain the results of the past 10 years, according to Standard & Poor's. (Read More)
Prestwick Brokering Fannie Portfolio
February 10, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $39 million Fannie Mae A/A and Fannie Mae MBS Express Southeastern servicing portfolio. (Read More)
203(k) Reform Bill Unveiled
February 11, 2000
House Banking subcommittee chairman Rick Lazio, R, N.Y., has introduced a bill to reform the Federal Housing Administration home improvement loan program. (Read More)
Equity Office, Cornerstone to Merge
February 11, 2000
Equity Office Properties Trust, Chicago, and Cornerstone Properties Inc., New York, have announced a definitive tax-free merger agreement under which Cornerstone will merge into Equity Office. (Read More)
LendingTree to Price IPO Feb. 15
February 11, 2000
LendingTree, the Charlotte, N.C.-based online multilender that announced its intention to go public in December, will price its deal Feb. 15 after the market closes, MortgageWire has learned. (Read More)
Greenwich Cap Adds Conduit Option
February 11, 2000
Greenwich Capital Markets Inc.'s commercial assets group has introduced a floating-rate option to its conduit loan program. (Read More)
AppOnline Launches Resource Center
February 11, 2000
AppOnline.com Inc., a New York-based Internet mortgage banker, has launched a Resource Center that offers homebuyers credit reporting, relocation, and bill payment services. (Read More)
Prestwick Offering Southeastern Portfolio
February 11, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering an $11 million, Southeastern, private A/A servicing portfolio. (Read More)
Correction
February 11, 2000
Moody's Investors Service has issued a correction to a recent news release on a NationsLink Funding Corp. commercial mortgage-backed securities deal. (Read More)
Feedback
February 11, 2000
What is the future of B&C lending? Check out The Grapevine for a recent exchange on the subject. (Read More)
Freddie Gets MF Relief
February 14, 2000
Freddie Mac's purchases of multifamily loans will count more toward meeting its affordable housing goals than Fannie Mae's, MortgageWire has learned. (Read More)
Block Combines Mortgage Subs
February 14, 2000
H&R Block Inc., Kansas City, Mo., has consolidated the retail mortgage operations of subsidiaries Option One Mortgage Corp. and Assurance Mortgage Corp. of America to form H&R Block Mortgage Corp. (Read More)
Scot Bank Wins NatWest Bid
February 14, 2000
Royal Bank of Scotland, Greenock, U.K., is the winning bidder for NatWest Group, Birmingham, U.K.? (Read More)
BofA Securities Forms CMBS Group
February 14, 2000
Banc of America Securities LLC, Charlotte, N.C. has formed a commercial mortgage-backed security Capital Markets Group as part of the company's Real Estate Group to securitize large single-asset and single-borrower real estate debt transactions. (Read More)
LaFalce Introduces Reverse Bill
February 14, 2000
Elderly homeowners would be given an incentive to use federally insured reverse mortgages to help pay for long-term care under a bill introduced by Rep. John LaFalce, D, N.Y. (Read More)
GE Cap MBS Classes Downgraded
February 14, 2000
Two classes of GE Capital Mortgage Services Inc.'s multiclass pass-through certificates, Series 1996-HE4 have been downgraded by Fitch IBCA Inc. (Read More)
REIT Shuffles Execs
February 14, 2000
Robert E. Fenza will become chief operating officer of Liberty Property Trust, Malvern, Pa., on April 1 and Willard G. Rouse III, Liberty's chairman and chief executive officer, will assume the additional title of president. (Read More)
Phoenix Cap Names EVP
February 14, 2000
Michael P. Lau has been named executive vice president of Phoenix Capital Inc. (Read More)
Prestwick Brokering Ginnie Portfolio
February 14, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $10 million FHA Ginnie Mae multifamily servicing portfolio. (Read More)
NYC Co-op Originations Surge
February 14, 2000
Cooperative housing originations shot up over 40% in the New York metropolitan area in 1999, Fannie Mae told a forum on the co-op market Monday. (Read More)
Florida 4Q Home Sales Up
February 14, 2000
Home sales in Florida totaled 36,829 in the fourth quarter of 1999, up 2% from the same quarter of 1998, according to the Florida Association of Realtors. (Read More)
Correction
February 14, 2000
Peter Bell, executive director for the National Renovation Lenders Association, recently said House Banking subcommittee chairman Rick Lazio's bill to reform the Federal Housing Administration home improvement loan program offers "common-sense solutions to shortcomings in what's a well-intended but ailing HUD program." Mr. Bell did not characterize the HUD program as "failing." (Read More)
Conti Cites Loss, Plans Ch. 11 Filing
February 15, 2000
ContiFinancial Corp., New York, has reported a net loss of $114.6 million ($2.46 per share) for the fiscal third quarter ended Dec. 31, and says it "anticipates that it will be necessary" to restructure its debt under Chapter 11 of the bankruptcy code. (Read More)
House Panel OKs Homeownership Bill
February 15, 2000
A House Banking subcommittee unanimously approved a homeownership bill (H.R. 1776) Tuesday that would shore up the Federal Housing Administration 203(k) home improvement loan program and provide incentives for elderly homeowners to use FHA reverse mortgages to help pay for long-term care insurance. (Read More)
Title Searches Rise
February 15, 2000
The AFS Title Search Index rose to 137.2 for the week ended Feb. 11, a 6.0% increase from 129.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
JDN Realty's Ratings Under Review
February 15, 2000
Duff & Phelps Credit Rating Co., Chicago, has placed its ratings on JDN Realty Corp. on Rating Watch -- Down. (Read More)
CMBS Index Outperforms Treasuries
February 15, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC fell 0.39% to 117.8, with 23 basis points of excess return, outperforming comparable Treasury securities for the week ended Feb. 11, the company said. (Read More)
Prestwick Brokering Flow Servicing
February 15, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering $240 million to $480 million in Freddie Mac/Fannie Mae/Ginnie Mae flow loan servicing. (Read More)
MeriStar Buys Milwaukee Hotel
February 15, 2000
MeriStar Investment Partners, a Washington-based $400 million investment partnership, has completed the acquisition of the 221-room Wyndham Milwaukee Center in Wisconsin. (Read More)
GMAC Unit Gets Favorable Servicer Ranking
February 15, 2000
Standard & Poor's, New York and its Tokyo office have assigned GMAC Commercial Mortgage Corp.'s Japanese servicing affiliate an above-average ranking as a commercial loan servicer in the country. (Read More)
BofA Opens Office on Chicago's South Side
February 15, 2000
Bank of America Mortgage, Charlotte, N.C., has opened its first community lending office on the South Side of Chicago. (Read More)
Housing Starts Down 2%
February 16, 2000
Single-family housing starts fell by only 2.1% in January from a very high level in December, but homebuilders expect the recent rise in interest rates to really take hold in the coming months. (Read More)
Housing Index Falls
February 16, 2000
The NAHB Housing Market Index fell to 68 in January from 71 in December, according to the National Association of Home Builders. (Read More)
Premium Hike on FHLB Advances?
February 16, 2000
The Treasury Department is calling for higher deposit insurance premiums on banks and thrifts with secured borrowings from Federal Loan Home Banks. (Read More)
LendingTree Prices IPO
February 16, 2000
LendingTree, an online multilender based in Charlotte, N.C., has announced that its initial public offering of 3.65 million shares of common stock was priced at $12 per share. (Read More)
Applications Down
February 16, 2000
Mortgage applications fell 8.6% for the week ended Feb. 11 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Cityscape MBS Class Downgraded
February 16, 2000
Class B of Cityscape Home Loan Owner Trust 1997-1 has been downgraded from BBB-plus to DD and removed from Rating Watch-Uncertain by Duff & Phelps Credit Rating Co., Chicago. (Read More)
Fitch Eyes RMF CMBS Classes
February 16, 2000
Two classes of RMF's commercial mortgage pass-through certificates, Series 1995-1 have been placed on RatingAlert negative by Fitch IBCA Inc. The ratings on the deal's other classes were affirmed. (Read More)
S&P Reviewing JDN Realty's Ratings
February 16, 2000
Standard & Poor's has placed its ratings on JDN Realty Corp. on CreditWatch with negative implications. (Read More)
Midland Sells Last MIF Property
February 16, 2000
Midland Loan Services Inc., Kansas City, Mo., a wholly owned subsidiary of PNC Bank NA, has sold the last commercial property from its Eastrich Multiple Investor Fund. (Read More)
Predatory Lending Bill in the Works
February 17, 2000
Rep. John LaFalce, D-N.Y., is preparing legislation to combat predatory lending practices in the subprime home equity and home improvement loan market. (Read More)
Lennar to Buy U.S. Home
February 17, 2000
Lennar Corp., Miami, has agreed to buy U.S. Home Corp., Houston, in a transaction that would create the nation's largest homebuilder. (Read More)
NAMIC Gets Thrift Charter
February 17, 2000
The National Association of Mutual Insurance Cos. has received regulatory approval to open a federally chartered thrift and eventually market mortgage products nationwide. (Read More)
Rates Up Again
February 17, 2000
The average 30-year fixed mortgage rate rose to 8.38% for the week ending Feb. 18 from 8.36% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Hybrid ARMs Added to Bill
February 17, 2000
When the House Banking Committee takes up a homeownership bill (H.R. 1776) in March, it will include new authority for the Federal Housing Administration to insure hybrid adjustable-rate mortgages. (Read More)
Fannie Touts Workouts vs. REO
February 17, 2000
Fannie Mae and its servicing partners helped nearly 15,000 people remain in their homes last year through repayment plans or loan modifications, according to the government-sponsored enterprise. (Read More)
Fannie Unveils ASIA Website
February 17, 2000
Fannie Mae has introduced the Asset Servicing and Investor Accounting website, which gives servicers access to up-to-date investor reporting information. (Read More)
ReBLS Launches B2B Site
February 17, 2000
Real Estate Brokers Lending Service, Salt Lake City, has launched OnePipeline.com, a business-to-business website that enables all real estate professionals to provide online loan origination and mortgage processing. (Read More)
New Program Aids 1st-Time Homebuyers
February 17, 2000
Northwest Savings Bank, Warren, Pa., has begun offering a new mortgage program designed to help first-time homebuyers with low to moderate incomes. (Read More)
MGIC Beefs Up Stat Team
February 17, 2000
Martin Appel, a mathematician specializing in statistical modeling, has been named to the Mortgage Performance Modeling Team of Mortgage Guaranty Insurance Corp.'s capital markets group. (Read More)
REIT Sells Atlanta Apartments
February 17, 2000
Post Properties Inc., Atlanta, has sold Post River, a 213-unit apartment community in Atlanta, for $31.5 million. (Read More)
FDIC: Don't Aid Predatory Lenders
February 18, 2000
The chairman of the Federal Deposit Insurance Corp. wants to make sure that insured institutions do not aid and abet predatory lenders. (Read More)
Freddie Enhances Servicer Software
February 18, 2000
Freddie Mac has released an enhanced version of its predictive models for helping servicers manage collection and loss mitigation efforts that includes models to analyze delinquent subprime loans and government-guaranteed loans. (Read More)
B&C Servicing Costs High
February 18, 2000
While lenders are using technology to make loan servicing more efficient, leaders in the business of servicing subprime-credit-quality loans say loan administration in their sector of the business remains much more labor intensive than in the "A" sector. (Read More)
Agencies Issue Recourse Rule
February 18, 2000
The federal banking agencies have formally issued a joint proposal on recourse and direct credit substitutes. (Read More)
UCFC Files Revamp Plan
February 18, 2000
United Companies Financial Corp., Baton Rouge, La., and certain subsidiaries have filed a reorganization plan in connection with their pending Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware. (Read More)
RFC Issues $957MM CMBS Deal
February 18, 2000
RFC Commercial, Minneapolis, has issued a $957 million commercial mortgage-backed security deal in conjunction with Prudential Mortgage Capital Co. and Heller Financial Inc. (Read More)
NAR Sees 'Soft Landing' for Housing
February 18, 2000
Existing home sales will fall 5.8% to 4.9 million units this year and mortgage interest rates will average 8.2%, the National Association of Realtors has forecast. (Read More)
TBMA Promotes Counsel
February 18, 2000
The Bond Market Association has promoted deputy general counsel George Miller to senior vice president from vice president. (Read More)
MART Buys Shop Center
February 18, 2000
Mid-Atlantic Realty Trust, a real estate investment trust based in Lutherville, Md., has bought Stonehedge Square Shopping Center in Carlisle, Pa. for $8.225 million. (Read More)
Feedback
February 18, 2000
For those of you who haven't visited The Grapevine recently, it now sports a new look and a new posting policy. (Read More)
Freddie Makes Subprime Moves
February 22, 2000
Although Freddie Mac has only 70 high-cost mortgage loans in its portfolio, the secondary market agency is telling consumer and industry groups that it will no longer purchase high-fee/high-interest-rate loans that are subject to the Home Owners and Equity Protection Act. (Read More)
Many Stocks Hit 52-Week Lows
February 22, 2000
Major mortgage lenders' stocks were trading mixed Tuesday morning on the first trading day after many fell to 52-week lows as the Dow Jones industrial average plummeted nearly 300 points on Friday. (Read More)
BNC Gets Competing Bid
February 22, 2000
A competing bid has been made for BNC Mortgage Inc., Irvine, Calif. (Read More)
MPEL Plans Merger With SearchHispanic
February 22, 2000
MPEL Holdings Corp., Melville, N.Y., has signed a letter of intent to merge with or acquire SearchHispanic.com in order to help create a National Hispanic-American Mortgage Platform. (Read More)
77% of 4Q Refis Tapped Equity
February 22, 2000
More than three-quarters of the homeowners who refinanced their homes in the fourth quarter tapped into their equity by getting a mortgage at least 5% larger than the original loan, according to Freddie Mac's quarterly refinance review. (Read More)
CMBS Index Rises
February 22, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC rose 0.22% to 118.0, with negative-15 basis points of excess return, underperforming comparable Treasury securities for the week ended Feb. 18, the company said. (Read More)
CWMBS Class on RatingAlert
February 22, 2000
Class B5 of CWMBS (Countrywide) Inc.'s mortgage pass-through certificates, Series 1996-1 has been placed on RatingAlert negative by Fitch IBCA Inc. (Read More)
Principal Cap Unveils New CMBS Products
February 22, 2000
In a move to further diversify its commercial mortgage-backed security offerings, Principal Capital Management, Des Moines, Iowa, has introduced products for developers of manufactured home communities and self-storage facilities in major U.S. metropolitan areas. (Read More)
Legg Mason Tapped by Padres
February 22, 2000
Legg Mason Wood Walker Inc., Baltimore, has been selected by the San Diego Padres as the team's financial advisor and exclusive placement agent in connection with San Diego's billion-dollar ballpark and redevelopment project. (Read More)
HomeBanc Completes LoanSoft Rollout
February 22, 2000
HomeBanc Mortgage Corp., Atlanta, has completed the rollout of LoanSoft's Works 4.0 sales force automation system to all its retail loan officers, LoanSoft has announced. (Read More)
Fannie Names New COO, Vice Chair
February 23, 2000
Daniel H. Mudd, formerly the president and chief executive officer of GE Capital, Japan, has been named vice chairman and chief operating officer of Fannie Mae. (Read More)
Title Searches Drop
February 23, 2000
The AFS Title Search Index fell to 125.4 for the week ended Feb. 18, an 8.6% decrease from 137.2 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Applications Off
February 23, 2000
Mortgage applications fell 1.3% for the week ended Feb. 18 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Lifeco Commercial Commitments Fall
February 23, 2000
Life companies made just $3.7 billion in commercial mortgage commitments during the fourth quarter of 1999, the lowest quarterly total since the first quarter of 1997, according to a report from the American Council of Life Insurers. (Read More)
FHLB Membership Rules Eased
February 23, 2000
Following congressional mandates, the Federal Housing Finance Board has relaxed the requirements on small banks (with less than $500 million in assets) to become members of a Federal Home Loan Bank. (Read More)
Firm Offers California Portfolio
February 23, 2000
Hamilton, Carter, Smith & Co. Inc., Beverly Hills, Calif., is brokering a $113 million California Freddie Mac/Fannie Mae servicing portfolio. (Read More)
MIAC Brokering FHA Portfolio
February 23, 2000
The Mortgage Industry Advisory Corp., New York, is brokering a $49 million FHA multifamily servicing portfolio. (Read More)
RE Banker Enters $47MM Pact
February 23, 2000
Silicon Valley-based Inprise/Borland has entered into an agreement to sell its Scotts Valley facility to ScalanKemperBard Cos., Portland, Ore., for $47 million. (Read More)
Alltel Sets Year-End Processing Record
February 23, 2000
Alltel Residential Lending Solutions, Jacksonville, Fla., completed year-end 1999 processing on 16.1 million mortgage loans in a record 32 hours between 5 p.m. Dec. 31, 1999 and 1 a.m. on Jan. 2, 2000, the company said. (Read More)
realink.com Names New Veep
February 23, 2000
Brandon Barnett has been appointed vice president of operations at realink.com Appraisal Network, Phoenix, an electronic commerce company specializing in the mortgage banking industry. (Read More)
Home Sales Fall in Southern California
February 23, 2000
Home sales declined in Southern California in January, according to Acxiom Corp.'s DataQuick Products Division, La Jolla, Calif. (Read More)
FTC Issues Privacy Rules
February 24, 2000
The Federal Trade Commission issued proposed privacy regulations Thursday that would apply directly to independent mortgage bankers and mortgage brokers. (Read More)
FHA Suspension Power Beefed Up
February 24, 2000
The Department of Housing and Urban Development can suspend Federal Housing Administration multifamily lenders without notice starting March 24. (Read More)
Fannie Questions GSE Bill Provision
February 24, 2000
Fannie Mae chairman Franklin D. Raines has raised objections to a legislative proposal that would create a regulatory agency with a five-member board of directors to supervise Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. (Read More)
OTS Mulls Predatory Lending Rule
February 24, 2000
The Office of Thrift Supervision plans to publish an Advance Notice of Proposed Rulemaking regarding predatory lending practices by the end of March, OTS Director Ellen Seidman told attendees at the Neighborhood Reinvestment Corp.'s predatory lending forum in Atlanta. (Read More)
Online RE Group Formed
February 24, 2000
A coalition of online real estate and mortgage industry companies has announced the formation of the Online Real Estate Association. (Read More)
StarNet to Buy Dominion Mortgage
February 24, 2000
StarNet Mortgage Inc., Dallas, has signed a letter of intent to acquire the assets of Dominion Mortgage Corp., Virginia Beach, Va. (Read More)
Rates Ease
February 24, 2000
The average 30-year fixed mortgage rate fell to 8.31% for the week ending Feb. 25 from 8.38% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Moody's Sees Signs of Overbuilding
February 24, 2000
Moody's Investors Service sees signs of overbuilding in the commercial real estate business and warns that this trend could put downward pressure on rents and affect the cash flows into commercial mortgage-backed security deals. (Read More)
HCS Brokering Ginnie Portfolio
February 24, 2000
Hamilton, Carter, Smith & Co. Inc., Beverly Hills, Calif., is brokering a $64 million Missouri Ginnie Mae servicing portfolio. (Read More)
Sun Life Files for IPO
February 24, 2000
Sun Life Financial Services of Canada Inc., a Toronto-based international financial services firm and commercial mortgage lender, has filed a preliminary prospectus with the U.S. and Canadian securities commissions for an initial public offering of approximately 143.5 million common shares. (Read More)
GMACC Arranges $120MM Financing
February 24, 2000
GMAC Commercial Mortgage Corp., Horsham, Pa., has arranged $120 million in interim and acquisition financing for a Newark, N.J. office complex. (Read More)
Prism Reports 4Q Loss
February 24, 2000
Prism Financial Corp., Chicago, has reported a net loss of $5.14 million ($0.35 per share) for the fourth quarter, compared with net income of $4.11 million ($0.37 per share) a year earlier. (Read More)
Bay Area Home Prices Surge
February 24, 2000
Home sales in the San Francisco Bay area increased slightly in January as prices experienced their greatest increase in 10 years, according to Acxiom Corp.'s DataQuick Products Division, La Jolla, Calif. (Read More)
Alliance Offers 'Nuts & Bolts'
February 24, 2000
Alliance Funding, Orangeburg, N.Y., is offering brokers and lenders in the subprime mortgage industry pre-designed marketing materials to aid in their promotional efforts. (Read More)
Baker Ready to Unveil GSE Bill
February 25, 2000
On Tuesday, Rep. Richard Baker, R-La., is expected to introduce his government-sponsored enterprise bill, which would consolidate the supervision and regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System under one independent agency. (Read More)
Home Sales Plunge
February 25, 2000
Sales of existing single-family homes fell 10.7% in January from a very high level in December, but the National Association of Realtors is still predicting a strong year for housing sales. (Read More)
Virginia Bank to Close Mortgage Unit
February 25, 2000
James River Bankshares, Suffolk, Va., will close the Richmond, Va.-based Mortgage Co. of James River Inc. in approximately 60 days, the company has announced. (Read More)
Wisconsin Bank Opens Mortgage Sub
February 25, 2000
St. Francis Bank FSB, Brookfield, Wis., has announced the opening of St. Francis Mortgage Corp., a wholesale mortgage subsidiary in Oakbrook Terrace, Ill. (Read More)
Provident Invests in Bestrate.com
February 25, 2000
Provident Funding, Phoenix, has made an investment in Bestrate.com, also known as Myers Internet Services, San Jose, Calif. (Read More)
30-Year FRMs More Popular in 4Q
February 25, 2000
Borrowers showed a growing preference for refinancing into 30-year fixed-rate mortgages in the fourth quarter, according to Freddie Mac's quarterly refinancing study. (Read More)
Olympus Buys Hotel Chain
February 25, 2000
Olympus Hospitality Group, Scottsdale, Ariz., has acquired the assets of Chalet Susse International, a chain of 34 economy hotels in New England and the mid-Atlantic region. (Read More)
Cendant, gfn.com Join Forces
February 25, 2000
The Gay Financial Network (gfn.com) and Cendant Mortgage have announced plans to create a co-branded website featuring InstaMortgage.com, Cendant's online mortgage brand. (Read More)
Criimi Mae Exchanges Stock
February 25, 2000
Criimi Mae, Rockville, Md., and the holder of its Series C cumulative convertible preferred stock have agreed to exchange 103,000 outstanding shares of the stock for an equal number of shares of a new series (Series E) of preferred stock. (Read More)
Feedback
February 25, 2000
Need a good laugh? Check out The Grapevine for a recent discussion thread on opportunities in emu farming. (Read More)
Mortgage Stocks Gain After Defying Dow
February 28, 2000
Leading mortgage lenders' stock prices gained ground Monday morning after managing to have a normal trading day Friday despite the Dow Jones industrial average's 230.51-point plunge. (Read More)
Aames Sells Advance Receivables
February 28, 2000
Aames Financial Corp., Los Angeles, has announced the sale of certain servicing advance receivables for approximately $15 million. (Read More)
CMBS Index Rises
February 28, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC rose 1.04% to 119.3, with 10 basis points of excess return, for the week ended Feb. 25, outperforming comparable Treasury securities, the company said. (Read More)
New Prez Named at Openclose.com
February 28, 2000
Barbara L. Rambo has been named president of Openclose.com, the member-based Internet mortgage service for brokers and lenders operated by Mortgage.com, Sunrise, Fla. (Read More)
PREIT, Partner Buy Shop Center
February 28, 2000
Pennsylvania Real Estate Investment Trust, Philadelphia, has purchased Willow Grove Park, a 981,000-square-foot regional shopping center in Willow Grove, Pa., through a partnership with the Pennsylvania State Employee Retirement System. (Read More)
Paragon Issues Floating-Rate Deal
February 28, 2000
Paragon Mortgages (No. 2) plc has issued 185 million British pounds (approximately $300 million) worth of rated floating-rate notes backed by residential mortgages. (Read More)
Japanese RE Firm Downgraded
February 28, 2000
Major Japanese real estate firm Mitsui Fudosan Co. Ltd., Tokyo, has suffered a series of ratings downgrades from Moody's Investors Service due to continuing asset quality troubles, including losses on its real estate finance assets and its housing construction subsidiary. (Read More)
UK Lender to Launch Net Bank
February 28, 2000
United Kingdom mortgage lender and banking giant Abbey National plc expects to launch a new Internet bank called "cahoot" this spring. (Read More)
Trans Union Buys Stake in Costa Rican Firm
February 28, 2000
Credit reporting giant Trans Union LLC, Chicago, has reported that it has purchased a minority interest in Credi Comer, San Jose, Costa Rica, a company that operates that country's largest credit information database. (Read More)
Fitch Gets Top Poll Ranking
February 28, 2000
Fitch IBCA Inc. has been named "Best Rating Agency for Securitisation" by Structured Finance International, a division of Euroweek. (Read More)
Virginia Authority Using ARC's AU
February 28, 2000
The Virginia Housing Development Authority is using the automated credit evaluation and pricing technology of ARC Systems, Austin, Texas, to underwrite two high loan-to-value loan programs, ARC has announced. (Read More)
Florida Home Sales Rise
February 28, 2000
Florida home sales increased in January by 1% compared with sales in the same month of 1999, according to the Florida Association of Realtors. (Read More)
Resales Fall in New York
February 28, 2000
Sales of existing single-family homes in New York state totaled 5,143 in January, up 1.8% from January 1999 but down 25.3% from the previous month, according to the New York Association of Realtors. (Read More)
Freddie Working on 'Step-Down' Mortgage
February 29, 2000
Freddie Mac is coming out with its own interest-rate-reduction mortgage for credit-impaired borrowers this spring. (Read More)
Freddie Teams Up With Credit Unions
February 29, 2000
Freddie Mac and CUNA Mutual Mortgage Corp. have formed an alliance to provide credit unions with online access to Loan Prospector, Freddie Mac's automated underwriting system. (Read More)
FM Watch Unveils 'Truth Watch'
February 29, 2000
FM Watch will launch an advertising blitz Wednesday to introduce its "Truth Watch" Web page that is supposed to provide critical analysis of Fannie Mae and Freddie Mac speeches and advertising. (Read More)
1st Tennessee Revises Earnings Downward
February 29, 2000
First Tennessee National Corp., Memphis, has announced a $12.3 million downward revision in its previously reported pre-tax earnings for 1999. (Read More)
e-Net to Buy Web Notary Service
February 29, 2000
Business incubator e-Net Financial.Com Corp., Irvine, Calif., has signed a letter of intent to purchase ExpiDoc.Com Inc., Tustin, Calif., a nationwide notary service that specializes in serving mortgage brokers. (Read More)
HUD Slow in Issuing Vouchers
February 29, 2000
The Department of Housing and Urban Development has been very slow in getting housing vouchers out on the street to help low-income families, and congressional appropriators may resist the president's budget request for 120,000 new rental assistance vouchers. (Read More)
Conti Subprime MBS Classes Downgraded
February 29, 2000
Three subordinate classes of ContiMortgage's 1997-2 and 1997-3 subprime mortgage deals have been downgraded by Moody's Investors Service, and one class of the 1997-3 deal has been upgraded. (Read More)
Title Searches Rise
February 29, 2000
The AFS Title Search Index rose to a holiday-adjusted 132.3 for the week ended Feb. 25, a 5.5% increase from 125.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Conforming Loan Portfolio for Sale
February 29, 2000
Phoenix Capital, Denver, is brokering the sale of servicing rights on a $221 million bulk portfolio of Fannie Mae and Freddie Mac loans, mostly backed by homes in Michigan. (Read More)
Europa One Issues Novel CMBS Deal
February 29, 2000
Europa One plc has issued Europe's first multi-jurisdictional commercial mortgage-backed securitization, according to Standard & Poor's. (Read More)
New Canadian Trust Security Issued
February 29, 2000
Canadian mortgage lending giant Toronto-Dominion Bank has issued the first rated version of a new type of capital trust security, Standard & Poor's has reported. (Read More)
Finova Provides Bridge Financings
February 29, 2000
Finova Realty Capital, Irvine, Calif., has provided $83 million in bridge financing secured by a regional multifamily housing portfolio and an office complex in Brooklyn, N.Y. (Read More)
Mortgage.com Reports $46.9MM Loss
February 29, 2000
Mortgage.com, Sunrise, Fla., has reported a net loss of $46.9 million ($2.19 per share) for 1999, compared with a net loss of $6.1 million ($1.02 per share) for 1998. (Read More)
NY Life Hires MBS Custodian
February 29, 2000
New York Life Insurance Co. has hired the Bank of New York to provide custody services for its mortgage-backed security portfolio. (Read More)
Swedish Mortgage Giant Announces Buyback
February 29, 2000
Swedish mortgage banking giant Svenska Handelsbanken has reported that it will buy back 50 million shares of stock worth a maximum of 4 billion Swedish krona (about $459 million). (Read More)
March
HUD to Give Away Foreclosed Homes
March 1, 2000
The Department of Housing and Urban Development has announced a "Good Neighbor Policy" initiative to sell foreclosed single-family properties to local governments for $1. (Read More)
Baker Introduces GSE Bill
March 1, 2000
A bill introduced by Rep. Richard Baker, R-La., on Tuesday could make it harder for Fannie Mae and Freddie Mac to introduce new products and engage in new activities. (Read More)
Sovereign Gets OK for Fleet Deal
March 1, 2000
Sovereign Bank, Wyomissing, Pa., has received regulatory approval from the Office of Thrift Supervision to acquire 289 branches from FleetBoston, Corp., Boston. (Read More)
StarNet to Buy Wall Street Mortgage
March 1, 2000
StarNet Financial Inc., Dallas, has executed a letter of intent to acquire the strategic assets of Wall Street Mortgage Corp., Dallas. (Read More)
Providian to De-emphasize Mortgage Biz
March 1, 2000
Providian Financial Corp., San Francisco, has announced a "strategic realignment" under which it will shift resources away from home loans to place greater emphasis on its credit card and electronic commerce businesses. (Read More)
E-Loan Europe Buys 2 Lenders
March 1, 2000
E-Loan Inc., Dublin, Calif., has reported that its E-Loan Europe joint venture has acquired German bank Media Kreditbank and French online lending company Aaccredit. (Read More)
Mortgage.com Allies With Tech Firm
March 1, 2000
Mortgage.com, Sunrise, Fla., has announced an alliance with eOriginal Inc., a technology company with a patented process for the electronic creation of negotiable instruments. (Read More)
Unadjusted Apps Fall
March 1, 2000
Mortgage applications fell 3.1% for the week ended Feb. 25 from the previous week, although they were up on a seasonally adjusted basis, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Phoenix Brokering $1.4B Portfolio
March 1, 2000
Phoenix Capital, Denver, is brokering the sale of servicing rights on a $1.4 billion bulk portfolio of Fannie Mae and Freddie Mac loans that is offered in two parts. (Read More)
DLJ CMBS Classes Downgraded
March 1, 2000
Two classes of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, Series 1997-CF1 have been downgraded and removed from CreditWatch with negative implications by Standard & Poor's. (Read More)
COFI Continues Climb
March 1, 2000
The Eleventh Federal Home Loan Bank District Cost of Funds Index continued its climb in January, increasing 5 basis points, according to the Federal Home Loan Bank of San Francisco. (Read More)
Olympus Names New Prez at Walden
March 1, 2000
John B. Bartling has been named president and chief executive officer of Walden Residential Properties Inc., Dallas, a multifamily real estate investment trust. (Read More)
Agency MBS Issuance Off in '99
March 1, 2000
Agency mortgage-backed security issuance declined in 1999, but agency issuance of unsecured debt increased during the year, according to statistics from The Bond Market Association, New York. (Read More)
California Resales Fall, Prices Rise
March 1, 2000
Sales of existing homes in California posted an 11.2% decrease in Januarywhile the state's median home price increased 15.7%, compared with the sales and median price figures in the same month last year, according to the California Association of Realtors and Transamerica Intellitech. (Read More)
Specs Issued for GSE Note Contracts
March 1, 2000
The Chicago Board of Trade has issued tentative specifications for four new contracts based on Fannie Mae's and Freddie Mac's respective Benchmark Note and Reference Note debt products. (Read More)
New Home Sales Down
March 2, 2000
Sales of newly constructed single-family homes fell by 4.2% in January as higher mortgage interest rates slowed a very hot market. (Read More)
Trans Union Ordered to Halt Data Sales
March 2, 2000
The Federal Trade Commission has ordered Trans Union Corp., Chicago, to stop selling consumer reports in the form of target marketing lists on the grounds that it violates the consumer protection provisions of the Fair Credit Reporting Act. (Read More)
GSEs Lag Industry in Loans to Blacks
March 2, 2000
The Department of Housing and Urban Development has documented that Fannie Mae and Freddie Mac badly lag the private sector when it comes to purchases of loans made to black Americans. (Read More)
AppOnline Buys Maryland Mortgage Banker
March 2, 2000
AppOnline.com Inc., Melville, N.Y., has acquired Cornerstone First Financial Inc., Crompton, Md. (Read More)
New MI Plunges
March 2, 2000
The mortgage insurance industry suffered its worst month in a long time as primary new insurance written fell 32% and applications fell 18% in January from December's levels. (Read More)
Freddie Speeds Decline
March 2, 2000
Prepayment rates for Freddie Mac mortgage-backed securities again experienced nearly across-the-board declines in the latest reporting period, according to the Bear Stearns Prepayment Commentary. (Read More)
Freddie's CFO Resigns
March 2, 2000
John P. Gibbons, executive vice president and chief financial officer at Freddie Mac, has resigned, effective March 31. (Read More)
Fannie Names SF Veep
March 2, 2000
Howard Nelson has been appointed vice president of single-family business at Fannie Mae. (Read More)
Rates Dip Again
March 2, 2000
The average 30-year fixed mortgage rate fell to 8.27% for the week ending March 3 from 8.31% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Firms to Launch 'MBS Autobahn'
March 2, 2000
Investment banking giant Deutsche Banc Alex. Brown and secondary mortgage market trading platform Pedestal Inc. have formed a strategic alliance to provide a to-be-announced mortgage-backed security trading system on the Internet, the companies have announced. (Read More)
Empire MBS Class Downgraded
March 2, 2000
Class B of Empire Funding Home Loan Owner Trust Series 1997-1 has been downgraded from BBB-minus to BB by Standard & Poor's. (Read More)
New Site Trades Bonds
March 2, 2000
Cambridge Group Investments Ltd. has announced the launch of a comprehensive website for connecting professional investors to a wide selection of fixed-income securities. (Read More)
Trust Deed Offerings Now Online
March 2, 2000
The Trust Deed Exchange is now providing a nationwide online listing of trust deeds, mortgages, and financial notes that financial institutions are offering for sale. (Read More)
Lender Re-enters Securitization Market
March 2, 2000
Home equity lender Accredited Home Lenders Inc. has re-entered the securitization market after an absence of almost four years, Moody's Investors Service has reported. (Read More)
GMAC-RFC to Securitize MERS Loans
March 2, 2000
GMAC-Residential Funding Corp., Bloomington, Minn., has included loans registered on MERS in "shelves" used for loan securitization. (Read More)
UFI Brokering New York Portfolio
March 2, 2000
United Financial Inc., Denver, is brokering a $328 million New York Fannie Mae servicing portfolio. (Read More)
BNC Says Earnings Will Fall Short
March 2, 2000
BNC Mortgage Inc., Irvine, Calif., has announced that earnings for the current quarter are likely to fall below analysts' expectations. (Read More)
REIT to Buy 3 Hotels
March 2, 2000
Hersha Hospitality Trust, a self-advised Maryland real estate investment trust, has entered into agreements for the purchase of three hotel properties with a combined value of approximately $11.5 million. (Read More)
Mortgage Jobs Down Only 700
March 3, 2000
Despite declining loan volumes, the mortgage industry is still reluctant to lay off workers, according to an employment report by the U.S. Bureau of Labor Statistics. (Read More)
Fannie to Boost Subprime Activities
March 3, 2000
Fannie Mae is going to increase its subprime lending activities to improve its record of lending to African-Americans and to meet the new affordable housing goals issued by the Department of Housing and Urban Development. (Read More)
HUD Releases AH Goals
March 3, 2000
Meanwhile, the Department of Housing and Urban Development has released new affordable housing goals for Fannie Mae and Freddie Mac. (Read More)
Production Rate Dips Below $700B
March 3, 2000
The Mortgage Bankers Association of America is sticking to its original projection of $950 billion in loan originations this year despite the fact that, at the current pace of production, total volume might not reach $700 billion. (Read More)
Altiva Recapitalizes
March 3, 2000
Altiva Financial Corp., Atlanta, has announced the completion of a successful recapitalization with the receipt of the $4 million balance of a $7 million refinancing. (Read More)
Top Online Marketer Leaves Mortgage.com
March 3, 2000
Gene Devine, a senior vice president with Mortgage.com, Sunrise, Fla., has announced that he will leave the company to join Avenell Financial Group, a Charlotte, N.C. venture capital and consulting company, as a managing director. (Read More)
2 Amresco MBS Classes Downgraded
March 3, 2000
Class B-2F of Amresco Residential Securities Corp. Mortgage Loan Trust Series 1997-3 and Class B-1F of Series 1998-1 have been downgraded by Standard and Poor's. (Read More)
LTC CMBS Classes on CreditWatch
March 3, 2000
The ratings on classes E and F of LTC Commercial Mortgage pass-through certificates Series 1996-1 have been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
Criimi Mae CMBS Sale Ends Suit
March 3, 2000
Criimi Mae, Rockville, Md., has sold eight classes of subordinated commercial mortgage-backed securities from Morgan Stanley Capital I Inc. Series 1998-WF2 for approximately $45.9 million. (Read More)
Fidelity Halts FAMCO Program
March 3, 2000
Fidelity Federal Bank FSB, Los Angeles, is terminating its real estate secured credit card program with First Alliance Mortgage Co., Irvine, Calif. The thrift, a subsidiary of Bank Plus Corp., is demanding that FAMCO purchase at par all outstanding accounts and receivables generated under the program. (Read More)
UFI Brokering Ginnie Portfolio
March 3, 2000
United Financial Inc., Denver, is brokering a $489 million Ginnie Mae servicing portfolio containing 7,133 loans with an average loan balance of $68,671. (Read More)
MeriStar Closes on $100MM Financing
March 3, 2000
MeriStar Hotels & Resorts, Washington, has closed on a $100 million debt facility. (Read More)
Feedback
March 3, 2000
The final tally from our survey question on interest rates showed a swing back toward expectations of more than a 50-basis-point boost this year. (Read More)
North Fork Makes Hostile Bid for Dime
March 6, 2000
North Fork Bancorp. Inc., Melville, N.Y., has made a hostile offer to acquire Dime Bancorp Inc., New York, for $17 per share. (Read More)
Apgar Touts FHA Fund Performance
March 6, 2000
A fiscal year 1999 actuarial review released by Federal Housing Administration Commissioner William Apgar on Monday shows that the FHA fund's capital ratio jumped to 3.66%, up from 2.71% in fiscal 1998. (Read More)
GSEs Nationalizing Mortgage Market?
March 6, 2000
The projected growth rates of Fannie Mae and Freddie Mac are leading to the potential nationalization of the residential mortgage market, according to a pamphlet written by American Enterprise Institute fellow Peter J. Wallison and financial consultant Bert Ely. (Read More)
Bank to Sell Servicing, Origination Ops
March 6, 2000
City National Bank of West Virginia, Charleston, has agreed to sell its mortgage servicing and origination operations to an affiliate of Pacific Financial Group Inc., Dallas. (Read More)
Fidelity to Buy Default Management Assets
March 6, 2000
Fidelity National Financial Inc., Irvine, Calif., has signed a definitive agreement to acquire the operating assets of the Minnesota-based Northwest Mortgage Services Inc., a nationwide default management services company. (Read More)
Fannie Looks Beyond Credit Scoring
March 6, 2000
Fannie Mae has "spent millions of dollars" on an automated underwriting system that will no longer depend on FICO scores, according to Fannie Mae chairman Franklin D. Raines. (Read More)
FAMCO Responds to Fidelity Fed
March 6, 2000
First Alliance Mortgage Co., Irvine, Calif., has responded to allegations made by Fidelity Federal Bank FSB, Los Angeles, regarding the real-estate-secured credit card program the two companies operated. (Read More)
Bankruptcies Fell in '99
March 6, 2000
Bankruptcy filings dropped 8.5% in 1999, the first year in the last four to show a decline. (Read More)
Bankrupt Mortgage Bond Index Up
March 6, 2000
Corporate bonds that have been issued by bankrupt construction, building, and real estate companies turned in a strong performance in 1999, according to Moody's Investors Service's Bankrupt Bond Index. (Read More)
CMBS Index Dips
March 6, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC fell 0.07% to 119.2, with 4 basis points of excess return, for the week ended March 3, outperforming comparable Treasury securities, the company said. (Read More)
LoopNet Adds Online Options
March 6, 2000
LoopNet Inc., an online commercial real estate marketplace, has added new lenders, increasing loan options available through its Internet-based loan origination system, LoopLender. (Read More)
Freddie Raises Dividend
March 6, 2000
Freddie Mac's board of directors has raised its quarterly dividend from $0.15 per share to $0.17 per share on the corporation's voting common stock. (Read More)
Insignia to Buy Dutch RE Firm
March 6, 2000
International real estate and financial services provider Insignia Financial Group, New York, has agreed to acquire Dutch real estate services company Colliers BDR, Amsterdam, for an undisclosed price, Insignia has reported. (Read More)
EU Targets Belgian Mortgage Tax Rules
March 6, 2000
The European Union Commission, Brussels, has reported that it may pursue legal action against Belgium if the host country doesn't respond in two months to the EU's concerns about its residential mortgage tax rules. (Read More)
Dime Rejects North Fork Takeover Bid
March 7, 2000
The board of directors of Dime Bancorp Inc., New York, has unanimously rejected a hostile takeover bid by North Fork Bancorporation Inc., Melville, N.Y. (Read More)
HUD Clamps Down on Nonprofits
March 7, 2000
The Department of Housing and Urban Development will not allow nonprofit groups to tap the Federal Housing Administration's 203(k) home improvement loan program if they have 10 or more incomplete projects, according to Mortgagee Letter 00-8. (Read More)
Gramm Wants Further GSE Privatization
March 7, 2000
Senate Banking Committee Chairman Phil Gramm, R-Texas, said Tuesday that he would like the next administration -- which he hopes will be a Bush administration -- to look at further privatization of Fannie Mae and Freddie Mac. (Read More)
Fitch IBCA, Duff & Phelps to Merge
March 7, 2000
Fitch IBCA Inc., New York, and Duff & Phelps Credit Rating Co., Chicago, have announced a definitive merger agreement under which a Fitch IBCA subsidiary will acquire Duff & Phelps for $100 per share. (Read More)
Title Searches Dip
March 7, 2000
The AFS Title Search Index fell to 131.5 for the week ended March 3, a 0.6% decrease from a holiday-adjusted 132.3 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
DLJ Hires Mortgage Execs
March 7, 2000
Donaldson, Lufkin & Jenrette Inc. has hired six senior executives in its mortgage trading and mortgage capital areas. (Read More)
Alltel to Launch Euro IT Venture
March 7, 2000
Mortgage technology provider Alltel, Little Rock, Ark., has reported that it will form a new company to provide mortgage administration and information technology in Europe and the United Kingdom through a U.K.-based joint venture. (Read More)
Spieker Buys 2 Office Properties
March 7, 2000
Spieker Properties Inc., Menlo Park, Calif., has acquired two West Coast office properties for $74.5 million. (Read More)
Homestore.com, Newspaper Join Forces
March 7, 2000
Homestore.com Inc., Thousand Oaks, Calif., has formed a partnership with the Atlanta Journal-Constitution to create a co-branded website for homeowners and apartment dwellers. (Read More)
Mortgage Stocks Mixed After Dive
March 8, 2000
Mortgage stocks traded mixed Wednesday morning the day after the group was hammered as the Dow Jones industrial average plummeted 374.47 points, its worst single-day performance since August 1998. (Read More)
HUD Cites $15B FHA Fund Surplus
March 8, 2000
The Department of Housing and Urban Development claims it has a $15 billion capital surplus in the FHA single-family insurance fund that could be used to expand homeownership and rental assistance programs. (Read More)
Fannie/Ginnie Speeds Rebound
March 8, 2000
Prepayment rates for Fannie Mae and Ginnie Mae mortgage-backed securities rose for most coupons in the February reporting period, confirming that agency MBS speeds have passed their seasonal lows, according to the Bear Stearns Prepayment Commentary. (Read More)
Applications Up
March 8, 2000
Mortgage applications rose 18.2% for the week ended March 3 from the previous, holiday-shortened week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Home Prices Rose 6.4% in 4Q
March 8, 2000
Home prices increased at an annualized rate of 6.4% nationwide in the fourth quarter, and rose 6.6% for the year, according to Freddie Mac's Conventional Mortgage Home Price Index. (Read More)
SSB Names 2 to Run ABS Desk
March 8, 2000
Salomon Smith Barney, New York, has appointed James DeMare and Jamie Viceconte to run its asset-backed securities trading desk in a move that signals a change in the way ABS are viewed by the firm. (Read More)
GMACC Forms New Unit
March 8, 2000
GMAC Commercial Mortgage Corp., Horsham, Pa., has formed an institutional investor business unit to meet the needs of life company and institutional investors. (Read More)
Duff Eyes Care Homes Notes
March 8, 2000
The London office of the Chicago-based Duff & Phelps Credit Rating Co. has placed the secured notes of Care Homes No 1 Ltd. on Rating Watch--Down, citing a number of factors that are hurting cash flows from the underlying nursing home properties. (Read More)
FNF Launches Office Supply Site
March 8, 2000
Look out Staples and Office Max! Fidelity National Financial Inc., Irvine, Calif., has launched ECPurchasing.com to provide office products and services to its title agents and other real-estate-related businesses. (Read More)
Lazio Questions FHA Surplus
March 9, 2000
Housing subcommittee chairman Rick Lazio, R-N.Y., is warning that the $5 billion Federal Housing Administration capital surplus may not be real, and he is asking for an independent assessment of HUD's numbers. (Read More)
Fed: Housing Market Still Strong
March 9, 2000
Most Federal Reserve district banks continue to report strong housing sales and construction activity, although overall demand for residential mortgages has slowed. (Read More)
North Lily to Buy LoanMining.com
March 9, 2000
In a shift to online mortgage finance, North Lily Mining Co., Denver, has executed an agreement to acquire the privately held subprime lender LoanMining.com for 5.65 million shares of North Lily's common stock. (Read More)
Trio Form CRE Company
March 9, 2000
Three commercial real estate professionals -- Bret Bunnett, Johnny Johnson, and Chris Taylor -- have formed a Dallas-based company, Capstar Commercial Real Estate Services. (Read More)
Prison Realty's Ratings Lowered
March 9, 2000
The corporate credit and bank loan ratings of Prison Realty Trust Inc., a real estate investment trust, have been lowered from BB to B by Standard & Poor's. (Read More)
REITs Amend Merger Pact
March 9, 2000
Asset Investors Corp and Commercial Assets Inc., both based in Denver, have announced an amendment to their merger agreement. (Read More)
REIT Earnings Up in 4Q
March 9, 2000
Earnings for publicly traded real estate companies rose an average of 12.3% per share in the fourth quarter compared with earnings a year earlier, according to the National Association of Real Estate Investment Trusts. (Read More)
GHR Taps 3 New Execs
March 9, 2000
GHR Systems, Wayne, Pa., has announced the hiring of three new key executives. (Read More)
Fannie Picks AllRegs for MF Guides
March 9, 2000
AllRegs, a publisher of searchable guidelines for residential mortgage lenders based in Eagan, Minn., has been chosen by Fannie Mae to be the exclusive provider of its multifamily guides. (Read More)
Freddie Okays OnePipeline.com
March 9, 2000
OnePipeline.com, Salt Lake City, has received approval from Freddie Mac to sell the loan products and services of the government-sponsored enterprise. (Read More)
Royal Bank to Buy Prism
March 10, 2000
Prism Financial Corp., Chicago, has agreed to be acquired by Royal Bank of Canada, Toronto, in a deal valued at US$115 million. (Read More)
FHA Raises Reverse Fee Caps
March 10, 2000
The Department of Housing and Urban Development has relaxed its fee restrictions on reverse mortgages and has announced that it will insure reverse mortgages in Texas for the first time. (Read More)
Dime, Hudson Postpone Merger Vote
March 10, 2000
Dime Bancorp, New York, and Hudson United Bancorp, Mahwah, N.J., have postponed the stockholders' meetings where their merger would have been voted on. (Read More)
IMX Going Public
March 10, 2000
IMX Exchange Inc., San Ramon, Calif., has become the latest mortgage dot-com to announce an initial public offering. (Read More)
Baker to Push GSE Bill
March 10, 2000
Rep. Richard Baker, R-La., laid out an ambitious legislative schedule for his government-sponsored enterprise bill at a March 9 news conference. (Read More)
OFHEO Opens RBC Reply Period
March 10, 2000
The comment period on risk-based capital rules for Fannie Mae and Freddie Mac ended March 10 after 11 months and two extensions, but a reply period has been set. (Read More)
Fixed Rates Fall Further
March 10, 2000
The average 30-year fixed mortgage rate fell to 8.23% for the week ending March 10 from 8.27% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Home Sales Should Fall, But Stay Strong
March 10, 2000
The sales of new and existing homes will fall to 5.615 million this year from last year's record 6.095 million, making 2000 the third-best sales year on record, according to projections by a Bank One economist. (Read More)
Fidelity Buys Northwest Assets for $5.65MM
March 10, 2000
Fidelity National Financial Inc., Irvine, Calif., has completed the recently announced acquisition of the operating assets of Northwest Mortgage Services Inc. for $5.65 million. (Read More)
Firm to Buy Four Queens
March 10, 2000
PDS Financial Corp., Las Vegas, has signed a nonbinding letter of intent with Elsinore Corp. to acquire the capital stock of Four Queens Inc., a Nevada corporation doing business as the Four Queens Hotel & Casino. (Read More)
MART Buys Baltimore-Area Shop Center
March 10, 2000
Mid-Atlantic Realty Trust, Lutherville, Md., has purchased Fullerton Plaza Shopping Center in Baltimore County, Md., for approximately $8.2 million, using MART's line of credit. (Read More)
Prestwick Brokering New Jersey Portfolio
March 10, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $9 million Fannie Mae New Jersey servicing portfolio. (Read More)
Housing Affordability Falls in California
March 10, 2000
The California Association of Realtors' Annual Housing Affordability Index fell to its lowest level since 1992 last year as housing affordability in the state dropped from 40% in 1998 to 37% in 1999. (Read More)
Feedback
March 10, 2000
A recent Grapevine posting provides information about bank fraud allegations against a multi-state mortgage broker in Milwaukee. (Read More)
GSEs Seek Major Changes to Cap Rule
March 13, 2000
Fannie Mae and Freddie Mac have submitted massive comment letters to the Office of Federal Housing Enterprise Oversight that recommend extensive changes to a proposal that would establish risk-based capital standards and a state-of-the-art stress test for the two government-sponsored enterprises. (Read More)
Dime Sues North Fork, FleetBoston
March 13, 2000
Dime Bancorp, New York, has sued North Fork Bancorp. Inc., Melville, N.Y., and FleetBoston Financial Corp., Boston, in a New York state court alleging that the two have conspired to violate antitrust laws. (Read More)
HUD Announces Discounts for Teachers
March 13, 2000
The Department of Housing and Urban Development is launching a "Teacher Next Door" program that will allow public school teachers to buy foreclosed Federal Housing Administration homes at a 50% discount. (Read More)
Federated Gets Thrift Charter
March 13, 2000
Federated Department Stores, Mason, Ohio, has received regulatory approval to convert a credit card bank into a federally chartered thrift. (Read More)
ITLA to Buy CMO Trust
March 13, 2000
ITLA Capital Corp., La Jolla, Calif., and certain affiliates have signed a definitive agreement with Imperial Credit Industries Inc. to acquire 100% of the equity and certain collateralized mortgage obligations of the ICCMAC Multifamily and Commercial Trust 1999-1. (Read More)
UFI Brokering $542MM Portfolio
March 13, 2000
United Financial Inc., Denver, is brokering a $542 million national Freddie Mac/Fannie Mae/Ginnie Mae servicing portfolio. (Read More)
MortgageIT Inks Pacts With RE Firms
March 13, 2000
MortgageIT.com, New York, has signed three-year agreements with William B. May and The Halstead Property Co. to be the exclusive provider of home and mortgage information on those real estate companies' websites. (Read More)
Chase H&Q Leases Frisco Tower
March 13, 2000
Investment bank Chase H&Q has leased an entire office tower -- 665,000 square feet -- in San Francisco's South of Market area for its new West Coast headquarters. (Read More)
Colony Cap Invests in $500MM CBO
March 13, 2000
Colony Capital Inc., a Los Angeles-based real estate investment firm, has announced an investment in a newly issued $500 million collateralized bond obligation. (Read More)
MuniMae Completes Bond Financing
March 13, 2000
Municipal Mortgage and Equity LLC, Baltimore, has acquired $9.85 million of tax-exempt mortgage revenue bonds secured by planned student housing at Florida A&M University in Tallahassee. (Read More)
DOJ Targeting Regulated B&C Lenders
March 14, 2000
Armed with additional resources, the Department of Justice and its civil rights attorneys are looking at regulated lenders who avoid lending in minority neighborhoods or who provide subprime mortgages in underserved areas. (Read More)
Eldorado Agrees to Sell Wholesale Unit
March 14, 2000
Eldorado Bancshares Inc., Laguna Hills, Calif., has agreed in principle to the acquisition of its wholesale mortgage operation, Commerce Security Mortgage, by the wholesale lending division of American Sterling Bank. (Read More)
Title Searches Slip
March 14, 2000
The AFS Title Search Index fell to 129.4 for the week ended March 10, a 1.6% decrease from 131.5 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Pricewaterhouse Forms RE Bank Group
March 14, 2000
PricewaterhouseCoopers Securities has formed a real estate investment banking group that will be led by Andy Bene, former head of the capital markets and investment banking business at Landauer Associates. (Read More)
Keystone MBS Classes Downgraded
March 14, 2000
Two classes of First National Bank of Keystone Home Improvement Loan Trust mortgage-backed securities have been downgraded by Fitch IBCA Inc. (Read More)
NAR Sees 6.7% Resale Drop
March 14, 2000
Sales of existing homes will fall about 6.7% this year and 30-year mortgage rates will average 8.5%, according to the latest forecast from the National Association of Realtors. (Read More)
OFHEO: Home Prices Rose 6.4%
March 14, 2000
Average U.S. home prices increased 6.4% from the fourth quarter of 1998 to the fourth quarter of 1999, according to a recent quarterly report by the Office of Federal Housing Enterprise Oversight. (Read More)
Delta's Profits Down in '99
March 14, 2000
Delta Financial Corp., Woodbury, N.Y., has reported net income of $4.7 million ($0.30 per share) for 1999, down from $11.3 million ($0.74 per share) in 1998. (Read More)
New Plan's Ratings Under Review
March 14, 2000
The credit ratings of New Plan Excel Realty Trust Inc. have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Moody's Eyes Canadian RE Firm's Ratings
March 14, 2000
Canadian real estate operating company TrizecHahn Corp., Toronto, may see its ratings downgraded by Moody's Investors Service. (Read More)
S&P: Residential MBS Ratings 'Stable'
March 14, 2000
Standard & Poor's says relatively few of the residential mortgage-backed security transactions it has rated over the past 22 years have required upgrades or downgrades. (Read More)
Fannie Makes $2T AH Commitment
March 15, 2000
Fannie Mae announced Wednesday that it will buy $2 trillion in affordable housing mortgages over the next decade to increase homeownership opportunities for 18 million American families. (Read More)
House Panel OKs Homeownership Bill
March 15, 2000
The House Banking Committee has approved a homeownership bill by voice vote that includes new authority for the Federal Housing Administration to insure hybrid adjustable-rate mortgages and makes permanent a simplified FHA downpayment calculation. (Read More)
No RESPA-TILA Reform Seen in 2000
March 15, 2000
Christopher "Kit" Sumner, president of the Mortgage Bankers Association of America, says he does not believe reform of the Real Estate Settlement Procedures Act and the Truth-in-Lending Act is likely this year. (Read More)
HomeSide Chief Sees 'Convergence'
March 15, 2000
The chairman and chief executive officer of HomeSide Lending has told the Regional Conference of Mortgage Bankers Associations that he foresees a "continued convergence" in the way the mortgage business is done around the world. (Read More)
AppOnline Buys Mortgage Banker
March 15, 2000
AppOnline.com Inc., Melville, N.Y., has acquired Western National Funding, a mortgage banking firm based in Orange, Calif. (Read More)
Applications Down
March 15, 2000
Mortgage applications fell 1.1% for the week ended March 10 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
ApartmentComps Launches MF Website
March 15, 2000
ApartmentComps LLC, Seattle, has launched a website that offers brokers and investors information on multifamily properties. (Read More)
GE Cap Mortgage Insurance Adopts RealTrans
March 15, 2000
GE Capital Mortgage Insurance, Raleigh, N.C., has adopted Ocwen's RealTrans service to enable its lender business partners to cut loan processing time and reduce origination costs. (Read More)
GMAC-RFC Closes $426MM HLTV Deal
March 15, 2000
GMAC-Residential Funding Corp., Minneapolis, has announced the closing of a $426 million securitization of mortgage loans with high loan-to-value ratios. (Read More)
Prestwick Brokering Fannie Flow Portfolio
March 15, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $100-300 million Fannie Mae flow loan servicing portfolio. (Read More)
Late Payments on HELs Remain Low
March 15, 2000
Delinquencies on home equity loans and lines of credit held steady in the fourth quarter, according to an American Bankers Association's quarterly survey. (Read More)
Retirement Housing Prices Hit Record
March 15, 2000
The average sales price for retirement housing facilities increased by 3% last year -- a record high, according to a report by Irving Levin Associates Inc., New Canaan, Conn., a research and information firm that tracks mergers and acquisitions in the health care market. (Read More)
CAR: Nearly Half of Homebuyers Made 2nd Offer
March 15, 2000
Nearly half of all buyers made an offer to purchase at least one other home before finally closing escrow on a house in the fourth quarter, according to a California Association of Realtors survey. (Read More)
Will New Microsoft Sub 'Revolutionize' Industry?
March 16, 2000
In a development that could signal a sea change in the way the mortgage industry uses Internet technology, Microsoft Corp. has announced the formation of HomeAdvisor Technologies Inc. (Read More)
Mortgage Stocks Soar With Dow
March 16, 2000
Mortgage lenders' stocks continued to gain ground Thursday morning as the Dow Jones industrial average soared more than 350 points by noon, the day after the mortgage stocks skyrocketed as the Dow gained 320.17 points. (Read More)
Housing Starts Down 3.8%
March 16, 2000
Single-family housing starts fell by 3.8% in February and homebuilders expect to see further declines in the months ahead. (Read More)
HUD Clarifies Title One Issues
March 16, 2000
The Department of Housing and Urban Development has issued a list of what home improvement projects qualify for financing under the Federal Housing Administration Title One program. (Read More)
Chicago Targets Predatory Lenders
March 16, 2000
Chicago Mayor Richard Daley has launched a local initiative to make predatory lending illegal for lenders that have business relationships with the city. The move comes on the heels of the death of House Bill 3007, a bill aimed at outlawing predatory lending in Illinois. (Read More)
Price Not Top Factor in Online Lending
March 16, 2000
While price is a major factor in consumers' choice of online mortgage companies, there are other more important drivers of the decision, according to a senior vice president of LendingTree. (Read More)
Lioninc to Offer Custom Net Offices
March 16, 2000
Lioninc.com, Renton, Wash., has unveiled an Application Service Provider program aimed at expanding the company's online mortgage products and services. (Read More)
Norwest Unveils 'No $ Down Plus'
March 16, 2000
Norwest Mortgage, Des Moines, Iowa, has introduced a loan program that allows qualified buyers to finance up to 100% of the purchase price of a home with no money down. (Read More)
RE/Locate Launches CRE Portal
March 16, 2000
Commercial real estate information provider RE/Locate has launched an Internet portal offering "comprehensive" information on office and industrial buildings. (Read More)
C-BASS Completes REMIC
March 16, 2000
C-BASS, New York, has completed a real estate mortgage investment conduit deal backed by approximately $187 million of residential mortgages. (Read More)
Cornerstone Sells 16 MF Communities
March 16, 2000
Cornerstone Realty Income Trust, Richmond, Va., has closed the sale of 16 communities containing 3,609 apartment homes for $136.5 million. (Read More)
Mortgage Stock Surge Subsides
March 17, 2000
Trading was mixed for mortgage industry stocks Friday morning, one day after the stocks skyrocketed and the Dow gained 499.19 points, its largest single-day point gain in history. (Read More)
e-Net to Buy First Americans Mortgage
March 17, 2000
Business incubator e-Net Financial.Com Corp., Irvine, Calif., has entered into a letter of intent to purchase First Americans Mortgage Corp., Overland Park, Kan. (Read More)
VA Wants to Rebid Servicing Contract
March 17, 2000
The Department of Veterans Affairs plans to rebid a servicing contract on $1.8 billion of VA-guaranteed loans later this summer. (Read More)
Bank 1-4s Up 6.3% in 4Q
March 17, 2000
Commercial banks increased their holdings of one- to four-family mortgages by $49.9 billion in the fourth quarter to $839.1 billion, and 1-4s now make up 14.6% of total bank assets, according to the Federal Deposit Insurance Corp. (Read More)
Fixed Rates Creep Up
March 17, 2000
The average 30-year fixed mortgage rate inched up to 8.24% for the week ending March 17 from 8.23% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
REIT Creates Web Service Company
March 17, 2000
BRE Properties, San Francisco, has created a company, VelocityHSI, to fill the need for apartment managements to provide Internet-related services to their tenants. (Read More)
Delta Prices HEL Deal
March 17, 2000
Delta Funding Corp., Woodbury, N.Y., has priced $250 million of securities backed by closed-end home equity loans. (Read More)
Crown Am Cuts Corporate Staff
March 17, 2000
Crown American Realty Trust, Johnstown, Pa., has announced a reduction in its corporate staff in connection with a broader cost-cutting effort at its corporate office. (Read More)
1st Chesapeake Names CEO
March 17, 2000
Carl Battie has been named president and chief executive officer of First Chesapeake Financial Corp., Philadelphia. (Read More)
BNC Snags $150MM Warehouse Line
March 17, 2000
BNC Mortgage Inc., Irvine, Calif., has obtained a $150 million warehouse loan and security agreement with PaineWebber Real Estate Securities Inc. (Read More)
Feedback
March 17, 2000
A recent TV news story on predatory lending drew considerable comment on The Grapevine this week. (Read More)
ACORN Protests SSB's Ties
March 20, 2000
The Association of Community Organizations for Reform Now is staging a rally at the office of Salomon Smith Barney in protest of the investment banking firm's support for subprime lenders ACORN has termed predatory. (Read More)
Bingham to Merge With Franklin Bank
March 20, 2000
Bingham Financial Services Corp., a commercial mortgage and manufactured housing mortgage loan originator and servicer based in Birmingham, Mich., has agreed to merge with Franklin Bank NA, Southfield, Mich. (Read More)
Starwood Buys ACRE
March 20, 2000
Starwood Financial Inc., New York, has acquired American Corporate Real Estate LLC and its privately held affiliate, American Corporate Real Estate Inc. (Read More)
Amresco Closes Lend Lease Deal
March 20, 2000
Amresco Inc., Dallas, has closed the sale of its commercial mortgage banking and real estate structured finance businesses to Lend Lease (US) Services Inc., New York. (Read More)
AppOnline Buys Website Developer
March 20, 2000
Internet mortgage company AppOnline.com Inc., Melville, N.Y., has acquired Cyber Media Group Inc., a developer of financial websites. (Read More)
IMX Raises $15.7MM
March 20, 2000
IMX Exchange, San Ramon, Calif., has obtained an additional $15.7 million in its latest round of funding, bringing its total financing to approximately $55 million. (Read More)
UFI to Expand Risk-Control Services
March 20, 2000
Matrix Bancorp, the parent of United Financial Inc., Denver, has announced that UFI will expand its risk management services with the hiring of David J. Disser as a vice president. (Read More)
NHEMA Adopts Best-Practice Guidelines
March 20, 2000
Members of the National Home Equity Mortgage Association have adopted fair lending and consumer best-practices guidelines at their annual conference in Orlando, Fla. (Read More)
NAMB Hires New EVP
March 20, 2000
Michael J. Nizankiewicz will be joining the National Association of Mortgage Brokers as its new executive vice president. (Read More)
REIT Buys Philly Portfolio
March 20, 2000
Home Properties, Rochester, N.Y., has acquired a portfolio of six communities, the Gateside Portfolio, in the suburbs of Philadelphia for $135.9 million. (Read More)
Prepay Lockouts May Curb Upgrades
March 20, 2000
The growing use of prepayment lockout provisions is likely to result in fewer rating upgrades for commercial mortgage-backed securities, according to Fitch IBCA Inc. (Read More)
AllRegs Gets Nod From Freddie
March 20, 2000
Freddie Mac has granted AllRegs, Eagan, Minn., an exclusive license to produce and distribute the electronic version of its Single-Family Seller/Servicer Guide. (Read More)
OTS Eyes Predatory Lending Loopholes
March 21, 2000
The Office of Thrift Supervision is considering changes to the way it administers a 1982 federal law that some state-licensed lenders may be using to get around predatory lending laws. (Read More)
ACORN Wants U.S. Probe of Ameriquest
March 21, 2000
Meanwhile, ACORN representatives plan to press Department of Justice attorneys at a meeting on Wednesday to reopen an investigation of Ameriquest Mortgage Co., a mostly retail subprime lender based in California. (Read More)
Title Searches Fall
March 21, 2000
The AFS Title Search Index fell to 123.9 for the week ended March 17, a 4.2% decrease from 129.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
CHEC Completes $310MM REMIC
March 21, 2000
Centex Home Equity Corp., Dallas, has completed the securitization of $310 million of subprime home equity loans through Centex Home Equity Loan Trust 2000-A. (Read More)
WSFS Sells $125MM in MBS
March 21, 2000
WSFS Financial Corp., Wilmington, Del., has sold approximately $125 million in mortgage-backed securities in connection with a de-leveraging strategy to replace lower-yielding investments. (Read More)
Nutmeg Federal Buys $52MM in Servicing
March 21, 2000
Nutmeg Federal Savings & Loan Association, Danbury, Conn., has been selected as the successful bidder for a $52 million mortgage servicing portfolio owned by First Eastern Mortgage Corp., Andover, Mass. (Read More)
Housing Hot in Every Region
March 21, 2000
For the first time in 30 years, the housing market is hot in every region of the country, according to U.S. Housing Markets, a publication of The Meyers Group, Canton, Mich. (Read More)
OnLoan.com Gets Freddie's OK
March 21, 2000
Online lender OnLoan.com, Ft. Lauderdale, Fla., has been approved by Freddie Mac as a seller/servicer. (Read More)
Redbricks.com Hires EVP
March 21, 2000
Redbricks.com, an online commercial mortgage originator based in Bethesda, Md., has hired Diane Olmstead as executive vice president of institutional ventures. (Read More)
MeriStar to Manage DC-Area Hotel
March 21, 2000
MeriStar Hotels & Resorts, Washington, D.C., has signed an agreement to manage the 415-room Sheraton National Hotel in the Crystal City/Pentagon City area of Arlington, Va. (Read More)
Treasury Wants to Limit Bank GSE Debt
March 22, 2000
Commercial banks should be limited in the amount of debt they can hold from government-sponsored enterprises, the Treasury Department said Wednesday. (Read More)
Fed Eyes Abusive Lending
March 22, 2000
The Federal Reserve Board has become concerned about abusive lending practices, Fed Chairman Alan Greenspan told a conference of community activists Wednesday morning. (Read More)
MBA Launches Tech Venture
March 22, 2000
The Mortgage Bankers Association of America has announced the formation of a wholly owned subsidiary, Lender Technologies Corp. (Read More)
Mortgage Stocks Stable After Gains
March 22, 2000
Mortgage industry stocks were trading normally around noon Wednesday one day after the group gained as the Dow Jones industrial average rose over 200 points and the Federal Reserve raised the federal funds rate and the discount rate by 25 basis points. (Read More)
Household to Buy $2.15B Portfolio
March 22, 2000
Household International Inc., Prospect Heights, Ill., has signed a definitive agreement to purchase a $2.15 billion real estate loan portfolio from Banc One Financial Services, Chicago. (Read More)
Applications Flat
March 22, 2000
Mortgage applications were unchanged for the week ended March 17 from the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
SPSAC MBS Class Downgraded
March 22, 2000
The rating on Southern Pacific Secured Assets Corp., Series 1997-2, Class B-1F has been lowered from BBB to CCC by Standard & Poor's. (Read More)
MBA Names New General Counsel
March 22, 2000
Howard B. Glaser has been named general counsel and senior staff vice president of the Mortgage Bankers Association of America. (Read More)
Dana, Weingarten Join Forces
March 22, 2000
Dana Commercial Credit Corp., Toledo, Ohio, and Weingarten Realty Investors, Houston, have formed a joint venture to acquire up to $200 million of real estate assets using limited leverage. (Read More)
OnLoan.com Snags $100MM Facility
March 22, 2000
OnLoan.com, an online mortgage lender based in Fort Lauderdale, Fla., has received a $100 million warehouse credit facility from Greenwich (Conn.) Capital Financial Products. (Read More)
Cornerstone Buys 168-Unit Complex
March 22, 2000
Cornerstone Realty Income Trust, Richmond, Va., has purchased The Enclave at the Meadows Apartments in Asheville, N.C. for $8.8 million. (Read More)
LSI Hires COO
March 22, 2000
David B. Curren has been appointed chief operating officer of Lender's Service Inc., a Pittsburgh-based provider of information management services. (Read More)
OnePipeline Retains RESPA Expert
March 22, 2000
OnePipeline.com has engaged Grant Mitchell and his law firm, Reed Smith Shaw & McClay, to provide compliance advice. (Read More)
Fannie Unveils Online DU
March 23, 2000
Fannie Mae, in what it bills as a bid to increase choice and convenience for lenders, is making its Desktop Underwriter system available on the Internet. (Read More)
Treasury Comments Irk Fannie
March 23, 2000
Fannie Mae officials are fuming over a Treasury Department official's comments that triggered a selloff of Fannie Mae and Freddie Mac agency bonds. (Read More)
Finance Board Issues Collateral Rules
March 23, 2000
The Federal Housing Finance Board has approved proposed regulations that would allow small banks and thrifts (with less than $500 million in assets) to use small business loans up to $1 million and agricultural loans of up to $500,000 as eligible collateral for Federal Home Loan Bank advances. (Read More)
HUD Issues Final MF Restructuring Rules
March 23, 2000
The Department of Housing and Urban Development has issued a final rule that will that govern the restructuring of an estimated 3,000 HUD-insured multifamily properties that receive excessive Section 8 rent subsidies. (Read More)
Industry Vet Forms Commercial Mortgage Firm
March 23, 2000
Read P. Dunn, the founder of Franklin Bank, has formed a commercial mortgage company affiliated with Great Lakes Real Estate, Flint, Mich. (Read More)
Ameriquest, ACORN to Meet
March 23, 2000
Ameriquest Mortgage Co. and the Association of Community Organizations for Reform Now have finally agreed to sit down and resolve their differences. (Read More)
30-Year Rate Dips
March 23, 2000
The average 30-year fixed mortgage rate dipped to 8.23% for the week ending March 24 from 8.24% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fleet Arranges $175MM Financing
March 23, 2000
FleetBoston Robertson Stephens, Boston, has arranged a $175 million mezzanine facility for Olympus Real Estate Corp. in connection with the latter's acquisition of Walden Residential Properties Inc. (Read More)
Grubb & Ellis Brokers Office Sale
March 23, 2000
Grubb & Ellis Co., Northbrook, Ill., has sold a 280,000-square-foot multitenant office complex in Westchester, N.Y. on behalf of Nestle USA Inc. for $47.5 million. (Read More)
Loansoft Names New COO
March 23, 2000
C. C. Miller has been named chief operating officer of Loansoft Inc., Berkeley, Calif., replacing the company's co-owner John Caner Jr. (Read More)
Home Sales Up in Southern Cal
March 23, 2000
Reversing a January dip, the number of homes sold in Southern California in February resumed the upward trend of recent years, and prices continued to rise at a sustainable rate, according to DataQuick Products, La Jolla, Calif. (Read More)
1st Alliance Files for Bankruptcy
March 24, 2000
First Alliance Corp., Irvine, Calif., has filed for bankruptcy protection, citing adverse publicity from reports in the New York Times and on ABC's 20/20. (Read More)
Avondale Funding.com Closes
March 24, 2000
Avondale Funding.com, Woodridge, Ill., a high-LTV lender, has shut its doors and fired most of its staff. (Read More)
Haven on the Auction Block?
March 24, 2000
Haven Bancorp Inc., a thrift holding company based in Westbury, N.Y., has hired Lehman Brothers to advise it on "strategic alternatives for the company." (Read More)
Freddie Adopts XML Standard
March 24, 2000
Freddie Mac has announced that it will adopt the data standard just approved by the Mortgage Industry Standards Maintenance Organization. (Read More)
Lehman Managing Director Leaves
March 24, 2000
Lehman Brothers managing director Saman Adamiyatt has left the company, MortgageWire has learned. (Read More)
Brokers Push Federal Pre-emption
March 24, 2000
Without consulting other industry groups, the National Association of Mortgage Brokers has urged Rep. Bob Ney, R-Ohio, to introduce a bill that would tighten the high-cost mortgage law (Home Owners and Equity Protection Act), but also provide a federal preemption so national lenders would not be restricted by state predatory lending laws. (Read More)
IndyMac MBS Classes Downgraded
March 24, 2000
Four classes of CWMBS (IndyMac) Inc. mortgage pass-through certificates have been downgraded by Fitch IBCA Inc. and four others have been placed on RatingAlert Negative. (Read More)
RE Firm Closes Fund to Invest in MF Housing
March 24, 2000
Columbia Housing, Portland, Ore., a PNC real estate finance company, has closed a $51 million institutional equity fund to invest in the development and ownership of affordable multifamily housing nationwide. (Read More)
Freddie Prices $5B of Ref Notes
March 24, 2000
Freddie Mac has priced $5 billion of 7%, 10-year Reference Notes due March 15, 2010. (Read More)
Housing Affordability Drops in California
March 24, 2000
The California Housing Affordability Index recorded a nine-point decline in January, its sharpest 12-month drop since July 1989, according to the California Association of Realtors. (Read More)
Bay Area Home Sales Up
March 24, 2000
San Francisco Bay Area home sales continued to rise in February, as prices increased at their fastest rate since 1989, according to DataQuick Products, La Jolla, Calif. (Read More)
Countrywide FY Earnings Up, 4Q Down
March 24, 2000
Countrywide Credit Industries Inc., Calabasas, Calif., has reported record unaudited earnings of $410.2 million ($3.52 per share) for fiscal year 2000 (ended Feb. 29), up 6% from $385.4 million ($3.29 per share) a year earlier. (Read More)
Feedback
March 24, 2000
Should subprime loans be relabeled in view of the "negative baggage" the term now carries? (Read More)
5 FHA Lenders Terminated
March 27, 2000
The Department of Housing and Urban Development has terminated five lenders from making Federal Housing Administration single-family loans in the second round of the Credit Watch program. (Read More)
Block Won't Sell Option One
March 27, 2000
H&R Block Inc., Kansas City, Mo., has decided not to sell Option One Mortgage Corp., Irvine, Calif. (Read More)
Resales Up 6.7%
March 27, 2000
Sales of existing single-family homes rose 6.7% in February to a seasonally adjusted annual rate of 4.75 million units from 4.45 million in January, according to the National Association of Realtors. (Read More)
Disposable Income Key in HLTV Defaults
March 27, 2000
A PaineWebber study has found that a borrower's disposable income is nearly as important as credit scores in predicting the risk of default on loans with high loan-to-value ratios. (Read More)
1st Alliance ABS Deals Affirmed
March 27, 2000
Moody's Investor Services has decided that the bankruptcy filing of First Alliance Mortgage Co., Irvine, Calif., will not have any impact on the company's 24 asset-backed securities transactions. (Read More)
UCFC MH Classes Downgraded
March 27, 2000
Five subordinate classes of UCFC Funding Corp. manufactured housing contract pass-through certificates have been downgraded by Moody's Investors Service. (Read More)
Fitch Downgrades SPFC MBS Class
March 27, 2000
Class B-1F of Southern Pacific Funding Corp.'s mortgage loan trust Series 1997-2 has been downgraded from BBB to BB and placed on RatingAlert Negative by Fitch IBCA Inc. (Read More)
UFI Brokering Iowa Portfolio
March 27, 2000
United Financial Inc., Denver, is brokering a $145 million Fannie Mae servicing portfolio of Iowa loans. (Read More)
MeriStar to Buy BridgeStreet
March 27, 2000
MeriStar Hotels & Resorts, Washington, has agreed to acquire all the outstanding shares of BridgeStreet Accommodations Inc., a provider of flexible accommodation services. (Read More)
Deutsche Bank Hires Research Chief
March 27, 2000
Karen Weaver has been named managing director and head of securitization research in the Global Markets unit of Deutsche Bank AG. (Read More)
BofA Sub Names CMBS Exec
March 27, 2000
Rochelle Dobbs has been named managing director of CMBS Capital Markets at Banc of America Securities LLC, Charlotte, N.C. (Read More)
HUD Seeks Title 1 Revamp
March 28, 2000
The Department of Housing and Urban Development is proposing a major revamping of the Federal Housing Administration Title One home improvement loan program that could clear the way for Congress to increase the Title One loan limit from $25,000 to $32,500. (Read More)
Freddie Raps B&C Credit Insurance
March 28, 2000
To combat predatory lending, Freddie Mac has decided that it will no longer purchase subprime mortgages with single-premium credit insurance policies. (Read More)
Title Searches Rise
March 28, 2000
The AFS Title Search Index rose to 126.3 for the week ended March 24, a 2.0% increase from 123.9 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
'Turbo' Structure Hikes B&C MBS Ratings
March 28, 2000
The riskiest portions of subprime residential mortgage-backed securities, which typically are rated below investment grade, can receive investment- grade status with a new cash flow structure, according to Moody's Investors Service. (Read More)
GS Mortgage CMBS Class on RatingAlert
March 28, 2000
GS Mortgage Securities Corp. II's commercial mortgage pass-through certificates, Series 1998-GL II, Class G has been placed on RatingAlert Negative by Fitch IBCA Inc. (Read More)
Life Reports '99 Loss
March 28, 2000
Life Financial Corp., Riverside, Calif., has reported a net loss of $17.8 million ($2.70 per share) for 1999, compared with net income of $1.1 million ($0.16 per share) in 1998. (Read More)
REIT Cites Cost-Cutting Plans
March 28, 2000
Associated Estates Realty Corp., Richmond Heights, Ohio, has announced a plan to cut general and administrative costs by $3 million (on an annualized basis) by the end of the year. (Read More)
RE Firm Seeks to Buy All Homestead Stock
March 28, 2000
Security Capital Group Inc., Chicago, has proposed to acquire all the outstanding shares of Homestead Village Inc. common stock it does not already own for $3.40 per share. (Read More)
Bank Snags 1st Indian Title Policy
March 28, 2000
Canyon National Bank, Palm Springs, Calif., has obtained the first-ever Native American title policy on land held in trust for an Indian tribe. (Read More)
Congressman Seeks Probe of GSE Debt
March 29, 2000
Rep. Peter Hoekstra, R-Mich., wants to use a budget committee task force he chairs to examine the "disturbing" increase in government-sponsored enterprise debt issued by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. (Read More)
New Home Sales Down
March 29, 2000
Sales of new single-family homes fell to a seasonally adjusted rate of 919,000 in February, according to estimates released Wednesday by the Commerce Department. (Read More)
Tech Firm to Buy 4 Production Offices
March 29, 2000
VLDC Technologies Inc., Severna Park, Md., has agreed to buy four retail mortgage origination production offices from Capitol Mortgage Bankers Inc., which operates in Maryland and Virginia. (Read More)
HELLO to Merge Into NHEMA
March 29, 2000
The Home Equity Lender Leadership Association, known by the acronym HELLO, will merge into the National Home Equity Mortgage Association. (Read More)
Applications Rise
March 29, 2000
Mortgage applications rose 6.8% in the week ended March 24 from the level of the previous week, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
ITLA Completes CMO Trust Acquisition
March 29, 2000
ITLA Capital Corp., La Jolla, Calif., and certain affiliates have completed the acquisition of 100% of the equity and certain collateralized mortgage obligations of the ICCMAC Multifamily and Commercial Trust 1999-1 from Imperial Credit Industries Inc. (Read More)
Mortgage.com Lands $40MM Pledge
March 29, 2000
Mortgage.com Inc., Sunrise, Fla., has obtained a commitment for up to $40 million in new capital from an unnamed institutional investor. (Read More)
Fannie Announces Benchmark Issues
March 29, 2000
Fannie Mae has announced the forthcoming issuance of a two-year Benchmark Note and the reopening of a 10-year Benchmark Note. (Read More)
REIT Buys Detroit Apartments
March 29, 2000
Home Properties, New York, has acquired two apartment communities, Deerfield Woods and Macomb Manor, in the suburbs of Detroit for $14.4 million. (Read More)
First NLC Hires Veep
March 29, 2000
Bob Luckiewicz has joined First NLC, a subprime lender that recently purchased certain assets from National Lending Center Inc., Deerfield Beach, Fla., as vice president and Midwest regional sales manager. (Read More)
AMAC Reports '99 Profits
March 29, 2000
American Mortgage Acceptance Corp., New York, has reported net income of $6.26 million ($1.63 per share) for 1999, up from $3.40 million ($0.88 per share) in 1998. (Read More)
Amresco Announces Executive Shuffle
March 30, 2000
Amresco Inc., Dallas, has announced the resignation of Robert L. Adair as president and chief operating officer and the election of Richard L. Cravey as chairman of the board. (Read More)
Amresco REIT to Liquidate
March 30, 2000
Meanwhile, Amresco Capital Trust's board of trust managers has approved a plan under which all the company's assets will be liquidated and the company will be dissolved in accordance with the Texas REIT Act. (Read More)
Conti Lenders Sign Forbearance Pact
March 30, 2000
Lenders holding approximately 90% of the debt under ContiFinancial Corp.'s bank credit facilities have agreed to refrain from taking any enforcement actions upon certain defaults until June 10, the company has announced. (Read More)
Delinquencies Drop
March 30, 2000
Residential mortgage delinquencies fell 17 basis points during thefourth quarter to 3.93%, but the inventory loans in foreclosure remained largely unchanged, according to a quarterly survey by the Mortgage Bankers Association of America. (Read More)
New MI Up in February
March 30, 2000
Mortgage insurers received a small dose of good news in February. According to statistics compiled by the Mortgage Insurance Cos. of America, new primary insurance written increased 3.6% in February, while applications increased by just under 28%. (Read More)
Conti HEL Class Downgraded
March 30, 2000
Class B-1F of ContiMortgage Home Equity Loan Trust's home equity loan pass-through certificates Series 1997-3, fixed-rate loan group, has been downgraded from BB to B by Standard & Poor's. (Read More)
Associates MH Classes Off Negative Alert
March 30, 2000
The B-2 classes of Associates Manufactured Housing, Series 1997-1 and 1997-2 have been removed from RatingAlert Negative by Fitch IBCA Inc. (Read More)
Pedestal Names TBA-MBS Chief
March 30, 2000
Dennis Rhee has been appointed managing director in charge of the to-be-announced mortgage-backed securities trading platform of Pedestal Inc., an online secondary mortgage marketplace. (Read More)
Florida Home Sales Rise
March 30, 2000
Florida home sales totaled 10,724 in February, up 11% from a year earlier, and the median sales price was $107,300, up 5% from February 1998,according to the Florida Association of Realtors in Orlando. (Read More)
New York Resales Fall
March 30, 2000
The sale of existing single-family homes in New York State fell to 4,777 in February, down 7.2% from January and down 11.1% from a year earlier, according the New York State Association of Realtors. (Read More)
Wilshire Reports 4Q Loss
March 30, 2000
Wilshire Financial Services Group Inc., Portland, Ore., has reported a net loss of $6.2 million ($0.31 per share) for the fourth quarter, the second full quarter of operation since the company emerged from Chapter 11 bankruptcy protection. (Read More)
Conseco Plans Sale of Green Tree
March 31, 2000
Conseco Inc., Carmel, Ind., is planning to sell its consumer finance subsidiary, which was formerly known as Green Tree Financial Corp., St. Paul, Minn., Conseco has announced. (Read More)
HUD Creates Predatory Lending Task Force
March 31, 2000
The Department of Housing and Urban Development is setting up a task force on predatory lending and property flipping that will focus first on problems in Baltimore. (Read More)
Delta Settles With Feds
March 31, 2000
Delta Funding Corp. has reached a settlement with the Department of Justice, the Department of Housing and Urban Development, and the Federal Trade Commission over allegations that the New York subprime lender violated fair lending and consumer protection laws in making loans to minorities. (Read More)
Westmark to Restate Earnings, May Go on Block
March 31, 2000
Westmark Group Holdings Inc., Boca Raton, Fla., has announced that it expects a net loss of $5 million for 1999, partly due to accounting discrepancies, and may consider selling the company as a result of the restatement. (Read More)
More B&C Disclosures for Depositories
March 31, 2000
Banks that are involved in subprime investing will make greater disclosures about their on-balance-sheet holdings under changes being planned by federal bank and thrift regulators. (Read More)
BofA's Ringwald Heads Ellie Mae
March 31, 2000
Arthur Ringwald, the former chief of BankAmerica Mortgage -- the nation's third-largest mortgage banking company -- has joined Ellie Mae Inc., Dublin, Calif., as its president and chief executive. (Read More)
Fixed Rates Unchanged
March 31, 2000
The average 30-year fixed mortgage rate was unchanged at 8.23% for the week ending March 31, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Forward Bulk Deal for Sale
March 31, 2000
Phoenix Capital Inc., Denver, is brokering a Fannie Mae/Ginnie Mae nationally dispersed forward bulk servicing offering in the amount of $450-950 million per quarter. (Read More)
OnLoan Gets 2nd Round of Funding
March 31, 2000
TD iCapital, a New York-based venture capital fund, has provided a second round of funding to enable OnLoan.com, Fort Lauderdale, Fla., to launch business-to-business and direct-through-affiliate platforms. (Read More)
REIT Buys El Paso Retail Center
March 31, 2000
One Liberty Properties Inc., through a wholly owned subsidiary, has acquired an approximately 110,200-square-foot multitenant retail center in El Paso, Texas, for about $14 million. (Read More)
California Home Prices Dip
March 31, 2000
Median prices for existing single-family detached homes in California fell 1% in February from the previous month, but were 17.1% higher than the level recorded in February 1999, according to the California Association of Realtors and Transamerica Intellitech, Sacramento, Calif. (Read More)
Feedback
March 31, 2000
And now for something completely different. "Work hard, enjoy life, play through the 'garbage' people and companies in the biz, and havefun." (Read More)
April
FHA Seeks Correspondent Net Worth Hike
April 3, 2000
A proposal to revamp the Federal Housing Administration Title I home improvement loan program also includes an unexpected increase in the net worth requirements for single-family correspondent lenders. (Read More)
Homeownership Bill Ready for Vote
April 3, 2000
A homeownership bill (H.R. 1776) sponsored by Rep. Rick Lazio, R-N.Y., is scheduled to go to the floor of the House for a vote on Thursday. (Read More)
PMI Invests in Special Servicer
April 3, 2000
The PMI Group Inc., San Francisco, has announced an equity investment of approximately $17 million in Fairbanks Capital Holding Corp., the parent company of Fairbanks Capital Corp., a special servicer of residential mortgages based in Salt Lake City. (Read More)
Criimi Mae Files 2nd Amended Revamp Plan
April 3, 2000
Criimi Mae Inc., Rockville, Md., and two affiliates have filed their second amended joint plan of reorganization and proposed amended disclosure statement with the U.S. Bankruptcy Court in Greenbelt, Md. (Read More)
Tech Firm Unveils MBS Database
April 3, 2000
Capital Management Sciences, Los Angeles, has added an online mortgage-backed security database to its fixed-income system, BondEdge. (Read More)
Amresco Reports $161MM 4Q Loss
April 3, 2000
Amresco Inc., Dallas, has reported a net loss of $161.2 million ($3.35 per share) for the fourth quarter, compared with a net loss of $103.6 million ($2.27 per share) a year earlier. (Read More)
Countrywide Co-Founder Retires
April 3, 2000
David S. Loeb, a co-founder of Countrywide Credit Industries Inc., Calabasas, Calif., has retired as president and director of the company. (Read More)
Horizon to Sell 7 Shop Centers
April 3, 2000
Horizon Group Properties Inc., Chicago, has signed a contract with Triple Net LLC for the sale of seven of Horizon's shopping centers for $93.5 million in cash. (Read More)
Stocks Key in Bay Area Homebuying
April 3, 2000
The stock market played a "dramatic role" in the buying and selling of homes in the San Francisco Bay Area during the fourth quarter of 1999, according to a housing survey by the California Association of Realtors. (Read More)
Mortgage Stocks Weathering Market's Wild Ride
April 4, 2000
Mortgage-related stocks were holding up fairly well in early afternoon trading Tuesday as the Nasdaq was experiencing crash-like symptoms. (Read More)
IG: FHA 'Lax' on Lender Reviews
April 4, 2000
The Federal Housing Administration's post-endorsement reviews are not picking up substantial underwriting deficiencies and fraud, according to a report by the inspector general of the Department of Housing and Urban Development. (Read More)
OTS to Review Mortgage Regs
April 4, 2000
The Office of Thrift Supervision will begin a review of its mortgage lending regulations to see how some lenders are using loopholes in the law to facilitate predatory lending. (Read More)
Predatory Task Force Eyes Early Statement
April 4, 2000
An interagency task force convened by the Federal Reserve Board to address predatory lending hopes to issue a joint statement early in the process that identifies "groups of practices" that could be termed abusive lending practices. (Read More)
Mozilo Resigns at IndyMac; New Units Formed
April 4, 2000
Angelo R. Mozilo has resigned as vice chairman and president of IndyMac Mortgage Holdings Inc., Pasadena, Calif., and the company has announced the creation of IndyMac Bank and IndyMac Mortgage Bank. (Read More)
Washington Bank Forms Mortgage Sub
April 4, 2000
First Savings Bank of Washington, Walla Walla, Wash., has formed a new mortgage lending subsidiary, Community Financial Corp., in Portland, Ore.'s Lake Oswego area. (Read More)
Sovereign Bank Selling $1.2B in Loans
April 4, 2000
Sovereign Bank New England, Boston, is looking to sell $1.2 billion of residential mortgage loans that came along with the first wave of branches it has acquired from FleetBoston Financial. (Read More)
Freddie Discount Prepays Rise
April 4, 2000
Prepayment rates for Freddie Mac 30-year mortgage-backed securities rose significantly for 6.0% through 7.5% coupons in the latest reporting period, while speeds for higher coupons were mixed, according to the Bear Stearns Prepayment Commentary. (Read More)
Citibank Mortgage Becomes CitiMortgage
April 4, 2000
Citibank Mortgage, St. Louis, has changed its name to CitiMortgage Inc. (Read More)
CTX Launches Program to Cut Funding Costs
April 4, 2000
CTX Mortgage Co., Dallas, has established a program to sell mortgage loans to Centex Home Mortgage LLC, an unaffiliated special-purpose entity, that it says will significantly reduce its funding costs. (Read More)
Report Cites Industry Challenges
April 4, 2000
The mortgage industry faces two key challenges, a weak information infrastructure and a lack of price discovery, according to the E Finance team of Deutsche Banc Alex. Brown. (Read More)
ABFS Closes $235MM MBS Deal
April 4, 2000
American Business Financial Services Inc., Bala Cynwyd, Pa., recently closed a $235 million securitization of fixed-rate mortgage loans, its largest deal ever. (Read More)
COFI Hits 2-Year High
April 4, 2000
The Eleventh Federal Home Loan District Cost of Funds Index is at its highest level in two years. (Read More)
CMBS Index Inches Up
April 4, 2000
The commercial mortgage-backed securities index maintained by Bank of America Securities LLC crept up 0.02% to 120.2, underperforming comparable Treasury securities for the week ended March 31, according to BofA Securities. (Read More)
NAREIT Unveils New Index
April 4, 2000
The National Association of Real Estate Investment Trusts has introduced the NAREIT Public Equity 100 Index, a real-time index designed to track the performance of the nation's 100 largest REITs and real estate operating companies. (Read More)
ICH Reports '99 Loss
April 4, 2000
Impac Commercial Holdings Inc., New York, has reported a loss of $5.7 million ($0.75 per share) for 1999, compared with a net loss of $11.0 million ($1.26 per share) in 1998. (Read More)
HKMC Issues Retail Note
April 4, 2000
The Hong Kong Mortgage Corp. Ltd. this week is issuing a note offering aimed at local retail investors, according to chief operating officer Pamela A. Lamoreaux. (Read More)
HKMC's COO Departing
April 4, 2000
Meanwhile, Ms. Lamoureaux has announced that she will be leaving Hong Kong Mortgage Corp. to join a new Washington, D.C.-based unit of the World Bank that will focus on identifying opportunities for housing and housing finance in developing countries. (Read More)
Center Trust Obtains $200MM Credit Facility
April 4, 2000
Center Trust Inc., Manhattan Beach, Calif., has obtained a $200 million secured credit facility with GE Capital Real Estate. (Read More)
Lender/Brokers Seek Privacy Extension
April 5, 2000
The Mortgage Bankers Association of America, America's Community Bankers, and the National Association of Mortgage Brokers are asking federal regulators to delay implementation of a newly enacted consumer privacy law for at least six months. (Read More)
HUD Finalizes Appraiser Removal Rule
April 5, 2000
The Department of Housing and Urban Development has issued a final rule to expedite the removal of appraisers from the Federal Housing Administration roster. (Read More)
LION Launches 'Free Mortgage Dot Com'
April 5, 2000
Lioninc.com, Renton, Wash., has launched a service that provides mortgage professionals with their own domain name and website within 24 hours, with no registration fees, set-up costs, or long-term commitments. (Read More)
MBS Trading Settles Down
April 5, 2000
Mortgage-backed securities were trading more normally early Wednesday after the market's dramatic swings on Tuesday, during which certain benchmark coupons leapt close to half a point in price. (Read More)
Applications Drop
April 5, 2000
Mortgage applications fell 7.3% during the week ended March 31, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Title Searches Fall
April 5, 2000
The AFS Title Search Index fell to 124.8 for the week ended March 31, a 1.3% decrease from 126.3 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
1st American to Back New Web RE Firm
April 5, 2000
The First American Financial Corp., Santa Ana, Calif., will invest up to $1 million in RE3W Inc., a new online real estate company based in Costa Mesa, Calif., the companies have announced. (Read More)
MortgageIT, Cybergold Sign Co-branding Pact
April 5, 2000
MortgageIT.com, New York, has signed a co-branding agreement with Cybergold Inc., Oakland, Calif., under which Cybergold's seven million members will gain access to mortgage information and low-rate loans. (Read More)
Pedestal Unveils Trading Desk
April 5, 2000
Pedestal Inc., an online secondary mortgage marketplace, has announced the members of its trading desk. (Read More)
Fannie Prices Benchmark Notes
April 5, 2000
Fannie Mae has priced a $3 billion two-year Benchmark Note and a $3 billion reopening of a 10-year Benchmark Note. (Read More)
GMACCM Arranges $51MM Financing
April 5, 2000
GMAC Commercial Mortgage Corp., Horsham, Pa., has arranged $51 million in interim and acquisition financing for the acquisition of a New York City office complex. (Read More)
Equifax Cuts Off E-Loan's Data Feed
April 6, 2000
The heated controversy over E-Loan's practice of giving consumers their FICO scores has boiled over. Equifax, one of the three main credit repositories, has cut off the Dublin, Calif.-based E-Loan's electronic credit-data feed. (Read More)
Amex Launches Online Mortgage Center
April 6, 2000
American Express Co., Minneapolis, has launched the American Express Mortgage Center, an online mortgage supermarket that offers access to hundreds of mortgage products. (Read More)
New Bill Would Tighten HOEPA
April 6, 2000
Rep. Bob Ney, R-Ohio, has introduced a bill that would tighten the high-cost mortgage law (Home Owners and Equity Protection Act) to weed out abusive lending practices. (Read More)
WMC's B2B Goes 100% Online
April 6, 2000
WMC Mortgage Corp., Woodland Hills, Calif., has announced that it will become the first subprime lender to underwrite and process 100% of its business-to-business loans online. (Read More)
NAMB Counsel Named to Task Force
April 6, 2000
Robert Lotstein, general counsel to the National Association of Mortgage Brokers and several of its state affiliates, has been named to the newly created task force on predatory lending by HUD Secretary Andrew Cuomo. (Read More)
MPF Activity Surges
April 6, 2000
Loan commitments under the Mortgage Partnership Finance program surged 267% in the first quarter and loan production grew by 146%, according to the Chicago Federal Home Loan Bank. (Read More)
Fixed Rates Dip
April 6, 2000
The average 30-year fixed mortgage rate fell to 8.20% for the week ending April 7 from 8.23% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Criimi Mae Class Action Dismissed
April 6, 2000
A consolidated class action complaint against Criimi Mae Inc., Rockville, Md., has been dismissed by the U.S. District Court for the District of Maryland, Southern Division. (Read More)
Melody Launches Website
April 6, 2000
L.J. Melody & Co., Houston, has launched a website that represents the first step in an electronic commerce project that will encompass marketing, loan servicing, and loan production. (Read More)
RealEC Introduces Online Credit Services
April 6, 2000
RealEC Inc., a business-to-business electronic commerce exchange based in Santa Ana, Calif., has introduced a new capability that will enable customers to order, track, and receive credit services online. (Read More)
REIT Sells 3 Midwest Properties
April 6, 2000
Bradley Real Estate Inc., Northbrook, Ill., an owner and operator of Midwest retail properties, has completed the sale of three properties for an aggregate sale price of approximately $31 million. (Read More)
Baker Warns Fannie on Intimidation
April 7, 2000
Rep. Richard Baker, R-La., is asking Fannie Mae to stop attacking government officials and congressional supporters of his bill to strengthen federal oversight of the government-sponsored enterprises. (Read More)
Mortgage Jobs Fall 8%
April 7, 2000
The mortgage industry laid off 9,500 workers in March, according to an employment report by the U.S. Bureau of Labor Statistics. (Read More)
House Passes Homeownership Bill
April 7, 2000
By a 417-8 vote, the House has passed a homeownership bill that includes new authority for the Federal Housing Administration to insure hybrid adjustable-rate mortgages and makes permanent a simplified FHA downpayment calculation. (Read More)
Haven Sells Part of Residential Division
April 7, 2000
Thrift holding company Haven Bancorp Inc., Westbury, N.Y., has sold part of its residential mortgage origination division to M&T Mortgage Corp., Buffalo, N.Y., and is negotiating to sell one of its origination offices in a separate transaction. (Read More)
Fannie/Ginnie Speeds Rise
April 7, 2000
Prepayment rates for most discount Fannie Mae and Ginnie Mae mortgage-backed securities rose "somewhat ahead of normal seasonal increases" in the March reporting period, according to the Bear Stearns Prepayment Commentary. (Read More)
NAR Forms Commercial Alliance
April 7, 2000
A new Realtors Commercial Alliance has been established within the Washington-based National Association of Realtors to bring together market leaders and develop a unified voice for the commercial real estate industry. (Read More)
S&P Downgrades Health Care REIT
April 7, 2000
Standard & Poor's has lowered its ratings on Omega Healthcare Investors Inc., Ann Arbor, Mich., and Omega's senior unsecured notes and cumulative preferred stock. (Read More)
Alliance Targets Hispanic Market
April 7, 2000
Banco Popular North America, a subsidiary of the Puerto Rico-based Popular Inc., and Cendant Mortgage have formed an alliance to expand mortgage services in the Hispanic marketplace. (Read More)
NC Cap Completes $430MM MBS Deal
April 7, 2000
New Century Financial Corp., Irvine, Calif., has announced that its subsidiary NC Capital Corp. has completed a securitization backed by $430 million of adjustable-rate mortgage loans. (Read More)
Prison REIT Receives Equity Pact
April 7, 2000
Prison Realty Trust Inc., Nashville, Tenn., has announced the receipt of a definitive agreement from Pacific Life Insurance Co. providing for a $200 million equity investment in the company. (Read More)
Feedback
April 7, 2000
"Don't gamble with your license or reputation." (Read More)
FHLB-SF Set to Join MPF Program
April 10, 2000
The board of directors of the Federal Home Loan Bank of San Francisco has approved a plan to allow its members to participate in the Mortgage Partnership Finance program, MortgageWire has learned. (Read More)
FHFB Mulls Limits on FHA Loans
April 10, 2000
When the Federal Housing Finance Board meets Wednesday to consider making the MPF pilot program a permanent one, the board will also consider limiting the amount of Federal Housing Administration-insured loans the Federal Home Loan Banks can purchase from member institutions. (Read More)
Wells Buying FSC & Crossland
April 10, 2000
Wells Fargo & Co., San Francisco, is buying First Security Corp., Salt Lake City, the parent of Crossland Mortgage, a $16.4 billion residential servicer. Wells -- which is paying $3 billion in stock for FSC -- is the parent of Norwest Mortgage, a $282 billion servicer. (Read More)
HUD Seeks to Ban GSE Predatory Loan Buys
April 10, 2000
The Department of Housing and Urban Development will unveil a legislative proposal later this week that will bar Fannie Mae and Freddie Mac from purchasing predatory mortgage loans. (Read More)
Firm Buys Stake in HomeCaravan.Com
April 10, 2000
Makepeace Capital Corp., Denver, an owner of Internet and service-related companies, has acquired an equity stake in HomeCaravan.Com, a home mortgage, auto loan, and credit card website provider. (Read More)
Teacher Mortgage Program Unveiled
April 10, 2000
Freddie Mac, Bank of America, and the California State Treasurer's Office have announced a $200 million affordable housing program for teachers and educational administrators in California. (Read More)
CMBS Index Rises
April 10, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC rose 0.65% to 121.0, with 3 basis points of excess return, for the week ended April 7, the company said. (Read More)
Freddie Sells $9B of Ref Bills
April 10, 2000
Freddie Mac has sold $5.0 billion of one-month Reference Bills at a stop-out rate (lowest accepted rate) of 5.878%, and $4.0 billion of two-month bills at a stop-out rate of 5.960%, according to Reuters. (Read More)
REIT Venture Buys Indiana Property
April 10, 2000
A joint venture of Lexington Corporate Properties Trust, New York, with an institutional investor has acquired an office facility in Fishers, Ind., leased to Bank One, Indiana. (Read More)
Fannie Unveils Predatory Lending Policies
April 11, 2000
Fannie Mae has unveiled anti-predatory lending policies that include a ban on mortgages that carry credit life insurance. (Read More)
Baker Seeks Analysis of GSE 'Systemic Risk'
April 11, 2000
Rep. Richard Baker, R-La., wants the President's Working Group on Financial Markets to examine the potential risks Fannie Mae, Freddie Mac, and the Federal Home Loan Banks pose to financial markets. (Read More)
Protesters Interrupt Broker Meeting
April 11, 2000
Members of National People's Action interrupted a National Association of Mortgage Brokers' meeting on Monday to protest predatory lending in their industry. (Read More)
Title Searches Rise
April 11, 2000
The AFS Title Search Index rose to 128.1 for the week ended April 7, a 2.7% increase from 124.8 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
BofA Securities Closes $146MM Deal
April 11, 2000
Banc of America Securities LLC, Charlotte, N.C., has closed a $146 million securitization of mortgage loans for Metropolitan Mortgage & Securities Co. Inc. (Read More)
Former Hillary Aide Joins Delta Board
April 11, 2000
Margaret Williams, a communications consultant and former chief of staff to First Lady Hillary Rodham Clinton, has been named to the board of directors of Delta Financial Corp., Woodbury, N.Y. (Read More)
City Holding Restates Earnings
April 11, 2000
City Holding Co., Charleston, W. Va., has restated its earnings for 1999 as a result of a regulatory examination of its lead bank, City National Bank of West Virginia, that required a $6 million increase in loan loss reserves. (Read More)
Associates Reports 1Q Earnings
April 11, 2000
Associates First Capital Corp., Irving, Texas, has reported net earnings of $299.7 million ($0.41 per share) in the first quarter, down from $336.8 million ($0.46 per share) a year earlier. (Read More)
Ellis Unit Closes on 2 Investments
April 11, 2000
CB Richard Ellis Strategic Partners LP, an investment program sponsored by Los Angeles-based investment manager CB Richard Ellis Investors LLC, has closed on two investments totaling approximately $100 million. (Read More)
InterFirst Adds A-Minus Program
April 11, 2000
InterFirst Wholesale Mortgage Lending, Ann Arbor, Mich., has added a new A-minus loan program to its product line. (Read More)
Permanent Status Proposed for MPF
April 12, 2000
The Federal Housing Finance Board has agreed to issue a proposed rule that would make the "mortgage partnership finance" pilot a permanent Federal Home Loan Bank program and lift the $9 billion cap on MPF production. (Read More)
Applications Rise
April 12, 2000
Mortgage applications rose 7.7% during the week ended April 7, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
S&P Updates RMBS, ABS Legal Criteria
April 12, 2000
Standard & Poor's has published an updated version of its comprehensive legal criteria for rating residential mortgage-backed securities and asset-backed securities. (Read More)
Fannie Reports 1Q Earnings
April 12, 2000
Fannie Mae has reported record earnings of $1.06 billion ($1.02 per share) for the first quarter, compared with $924.9 million ($0.88 per share) a year earlier. (Read More)
MGI Sells Illinois Property
April 12, 2000
MGI Properties, Boston, has sold a retail property located in Aurora, Ill. for $22.6 million. (Read More)
REIT Exec Assumes New Titles
April 12, 2000
Betsy Z. Cohen, chairman and chief executive officer of Resource Asset Investment Trust, has assumed the additional titles of president and chief operating officer. (Read More)
Finantra's Nasdaq Listing Approved
April 12, 2000
Finantra Capital Inc., Plantation, Fla., has announced that its stock will begin trading Friday on the Nasdaq SmallCap market under the symbol FANT. (Read More)
Altiva Seeks Cash Infusion to Stay Afloat
April 13, 2000
Altiva Financial Corp., Atlanta, has reported a net loss of $3.3 million ($0.85 per share) for its fiscal second quarter ended Feb. 29 and is seeking "an immediate cash infusion" to avoid possible bankruptcy. (Read More)
Predatory Lending Panel to Report in 7 Weeks
April 13, 2000
The Department of Housing and Urban Development's task force on predatory lending has been expanded to include Treasury Secretary Lawrence Summers as co-chairman. (Read More)
Predatory Lending Bills Introduced
April 13, 2000
Rep. John LaFalce, D-N.Y., and Sen. Paul Sarbanes, D-Md., have introduced companion bills that address predatory lending issues, and the legislation is apparently viewed favorably by the Clinton administration. (Read More)
Fixed Rates Ease as ARMs Hit 5-Year High
April 13, 2000
The average 30-year fixed mortgage rate fell to 8.12% for the week ending April 14 from 8.20% the previous week, while the average rate for one-year adjustable-rate mortgage hit a five-year high, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
MortgageSelect Inks Pact With Realty.com
April 13, 2000
In a deal that may prove significant in advancing the use of the Web in the purchase money market, MortgageSelect.com has signed an agreement to become the exclusive provider of origination and pre-approval services to Realty.com's network of "Site Select" websites for real estate agents. (Read More)
Moody's Lowers JDN's Ratings
April 13, 2000
Moody's Investors Service has downgraded the senior unsecured debt rating of Atlanta-based JDN Realty Corp. from Baa3 to Ba1, and its preferred stock rating from ba2 to ba3. (Read More)
WaMu Targets Secondary Market
April 13, 2000
The banking affiliates of Seattle-based Washington Mutual Inc. have begun offering new single-family mortgage loan products designed for eventual sale to the secondary market. (Read More)
New Century Unveils New Website
April 13, 2000
The wholesale division of New Century Mortgage Corp. has launched a second-generation website serving the mortgage broker community. (Read More)
Freddie Enhances Website
April 13, 2000
Freddie Mac has announced enhancements to its website that include corporate and mortgage industry information, details of its affordable housing commitments, and speedier navigation. (Read More)
Delta Hires Prez for Fidelity
April 13, 2000
Paul Banninger has been hired as president and chief operating officer of the Fidelity Mortgage retail operation of Delta Financial Corp., Woodbury, N.Y. (Read More)
MBA Nominates Veep
April 13, 2000
John A. Courson, president and chief executive officer of Central Pacific Mortgage Co., has been nominated to become vice president-elect of the Mortgage Bankers Association of America. (Read More)
Countrywide Touts UK Venture
April 13, 2000
Countrywide Credit Industries, Calabasas, Calif., has reported that its Global Home Loans Ltd. joint venture has become the largest third-party mortgage servicer in the United Kingdom. (Read More)
Banking Panel OKs APIC Bill
April 13, 2000
The House Banking Committee has voted 33-14 to approve a bill aimed at increasing investment in depressed areas of the United States. (Read More)
Is FTC Weak Link in Curbing Predatory Lending?
April 14, 2000
In trying to find ways to curb predatory lending, federal agencies are beginning to view the Federal Trade Commission as the weak link in preventing predatory lending. (Read More)
Mortgage Stocks Hammered
April 14, 2000
With the Dow Jones industrial average down over 350 points, mortgage industry stocks were getting hammered around noon Friday just one day after many lost ground in connection with the Dow's 200-point decline on Thursday. (Read More)
Freddie, Wall St. Project Launch Campaign
April 14, 2000
Freddie Mac and the Rainbow PUSH Coalition/Wall Street Project have announced a joint campaign to increase homeownership among minority families. (Read More)
MBA Names New Chief Economist
April 14, 2000
Douglas G. Duncan has been appointed staff vice president/chief economist of the Mortgage Bankers Association of America. (Read More)
Administration Wants Disaster Bill
April 14, 2000
The Clinton administration wants to see a federal natural disaster reinsurance program enacted this year, but still has concerns about bills moving through the House and Senate. (Read More)
New Century Lands $10MM Commitment
April 14, 2000
New Century Financial Corp., Irvine, Calif., has announced an additional $10 million commitment to the company by U.S. Bank NA. (Read More)
Criimi Mae Reports Big 4Q Loss
April 14, 2000
Criimi Mae Inc., Rockville, Md., has reported a net loss of $151.9 million ($2.72 per share) for the fourth quarter of 1999, compared with a net loss of $11.7 million ($0.23 per share) a year earlier. (Read More)
NHEMA Elects Prez
April 14, 2000
Charles E. Coudriet has been elected president of the National Home Equity Mortgage Association. (Read More)
CarrAmerica Touts Bay Area Leases
April 14, 2000
CarrAmerica Realty Corp., Washington, has announced that it signed 689,000 square feet of leases in the first quarter in the San Francisco Bay area, its largest market by owned square footage. (Read More)
Republic Cites Record Earnings
April 14, 2000
Republic Bancorp Inc., Ann Arbor, Mich., has reported record net income of $11.3 million ($0.25 per share) for the first quarter, up 11% from $10.2 million a year earlier. (Read More)
Feedback
April 14, 2000
Joke: How can you tell the refi boom is over? (Read More)
Mortgage Stocks Rebound Modestly
April 17, 2000
With the Dow Jones industrial average and Nasdaq composite index both up over 100 points during much of the morning, mortgage lenders' stocks gained ground in this morning's trading. (Read More)
It's Official: Norwest Becomes Wells Fargo
April 17, 2000
Norwest Mortgage, Des Moines, has changed its name to Wells Fargo Home Mortgage to reflect the merger between Wells Fargo and Norwest Banks. (Read More)
Mortgage Insurance Expected to Grow 8% Annually
April 17, 2000
The amount of mortgage insurance in force is expected to grow 8% annually through 2002, according to a study by the PMI Group, San Francisco. (Read More)
How to Spend a $5 Billion FHA Surplus
April 17, 2000
Department of Housing and Urban Development officials held a meeting with various housing groups last week to solicit their ideas for spending an estimated $5 billion surplus in the Federal Housing Administration single-family insurance fund. (Read More)
JDN Realty Loses Its Funding Line
April 17, 2000
JDN Realty Corporation, an Atlanta-based REIT specializing in the development and management of retail shopping centers, announced that its interim funding agreement with its revolving bank group and a similar agreement with its term bank group expired on April 14, and the banks can consider all debt due and payable as a result. (Read More)
Outlook 'Negative' on Developers Diversified
April 17, 2000
Standard & Poor's has revised its outlook on Cleveland-based Developers Diversified Realty Corp. to negative, reflecting concerns about the REIT's "reduced near-term financing flexibility and the effect of off-balance-sheet ventures on consolidated financial measures." (Read More)
AppOnline.com Did $769 Million in Loans in '99
April 17, 2000
In 1999, AppOnline.com, an Internet mortgage banker, reported a net loss of $22.6 million, despite a 10% increase in its lending volume. (Read More)
Ameri-Cap Will Buy Consumer Home Mortgage
April 17, 2000
Ameri-Cap Mortgage Group Inc., a subsidiary of Finantra Capital Inc., Plantation, Fla., has agreed to buy Consumer Home Mortgage Inc., Melville, N.Y. Finantra will pay an undisclosed amount of cash and stock for Consumer Home. (Read More)
Fitch Puts HRPT Debt on "RatingAlert Negative"
April 17, 2000
Ratings agency Fitch IBCA has put its 'BBB+' rating on the outstanding senior unsecured debt and shelf registration of HRPT Property Trust on RatingAlert Negative, indicating the rating may be affirmed or lowered. (Read More)
Credit Quality, Portfolio Growth Boost Freddie Earnings
April 18, 2000
Freddie Mac reported another record earnings quarter for the first quarter, with diluted earnings per common share increasing 19% from the first quarter of last year. (Read More)
Another Strong Day for Mortgage Stocks
April 18, 2000
With the Dow Jones industrial average and Nasdaq composite index both up substantially in Tuesday morning's trading, mortgage lenders' stock prices were trading normally with most up and a few down, one day after the group was mixed with a few more up than down as the Dow and Nasdaq both posted impressive gains in the wake of last Friday's carnage. (Read More)
Wells Fargo Reports Strong Earnings
April 18, 2000
Wells Fargo & Company, parent of the one of the nation's largest mortgage lenders, reported record net income of over $1 billion in the first quarter. (Read More)
CMBS Index Outperforms Treasuries and Swaps
April 18, 2000
Nominal yield spreads of investment grade commercial mortgage-backed securities narrowed slightly compared to Treasuries and interest rate swap agreements during the week ending Monday, April 17, according to Banc of America Securities. (Read More)
First Alliance Corporation De-listed
April 18, 2000
First Alliance's bankruptcy has promped the NASDAQ to de-list the company's stock effective April 20th. (Read More)
Dynex Quiet About '99 Performance
April 18, 2000
Dynex Capital, a Glen Allen, Va.-based specialty finance company, said that its accounting firm, Deloitte & Touche, has opted to withhold its opinion of the company's 1999 financial statements pending the results of a court hearing in regard to AutoBond litigation. (Read More)
$1.8 Billion 'Forward Bulk' Portfolio for Sale
April 18, 2000
United Financial Inc., Denver, is offering a $1.8 billion to $3.6 billion Freddie Mac and Fannie Mae bulk servicing portfolio to the market. (Read More)
Rep. Roukema Wants HOEPA Strengthened
April 18, 2000
House Banking subcommittee chairwoman Marge Roukema, an influential moderate Republican from N.J., is asking Federal and state banking and thrift regulators to comment on why the high cost mortgage law (Home Owners Equity Protection Act of 1994) has been ineffective in stopping predatory lending and to report back to her by May 8. (Read More)
Single family Starts Unchanged
April 18, 2000
Single-family housing starts for March were virtually unchanged from last month, according to statistics released by the U.S. Commerce Department. (Read More)
MIAC Analytics Adds Hedge Effectiveness Model
April 18, 2000
Mortgage Industry Advisory Corp., New York, announced that its MIAC Analytics ANT -- Accounting and Tax model now supports hedge effectiveness testing for lenders that need to see if their strategy for hedging their servicing portfolio against interest rate risk will meet FAS 133 accounting standards. (Read More)
Housing Issue May Favor Gore, Survey Says
April 18, 2000
By a three-to-two margin, voters believe that Vice President Al Gore will be more sensitive to the nation's "affordable housing crisis" than GOP presidential candidate George W. Bush, the governor of Texas. (Read More)
Altiva Closes Its Doors
April 19, 2000
Altiva Financial Corp., Atlanta, Ga., has ceased making loans and has laid off 90% of its staff, according to an announcement the high LTV lender made on Wednesday morning. (Read More)
Mortgage Applications Fall; ARM Share Up
April 19, 2000
Mortgage lenders saw a 4.5% drop in mortgage loan applications during the week ending April 14, according to the weekly survey conducted by the Mortgage Bankers Association of America. (Read More)
CRA Rule Boosts Mortgage Lending
April 19, 2000
A Treasury Department study shows that Community Reinvestment Act reporting institutions increased mortgage lending to low- and moderate- income borrowers and communities by 39% between 1993-98. (Read More)
Dime Reports Record Earnings...
April 19, 2000
Dime Bancorp, New York, reported net income for the first quarter of $65.3 million, a 19% increase from the $54.8 million earned in the first quarter of last year. (Read More)
...WaMu Too
April 19, 2000
Washington Mutual, Inc., announced record first quarter earnings of $458.5 million, up from $444.1 in the first quarter of 1999. (Read More)
Golden West Reports Rise in Originations
April 19, 2000
Golden West Financial Corp., the Oakland, Calif.-based parent of World Savings, reported loan originatinos of $3.8 billion during the first quarter of 2000, up 81% from a year earlier. (Read More)
Resource Bankshares Breaks Record Too
April 19, 2000
Resource Bankshares, Richmond, Va., reported net income of $794,034 in the first quarter, setting a company record. (Read More)
Advanta Prices $400 Million Deal
April 19, 2000
Advanta Corporation, Spring House, Penn., has priced a $400 million home equity securitization consisting of adjustable rate loans. (Read More)
REIT Sees Value in Downtown Chicago
April 19, 2000
Charles E. Smith Residential Realty, Inc., Va., an urban multifamily REIT, has acquired Dearborn Place, a 185-unit, 27-story high-rise apartment building in downtown Chicago for $25 million. (Read More)
MBS 'Step Down' Dates Approaching
April 19, 2000
High levels of voluntary prepayments have caused some home equity-backed securities deals to become "overenhanced" with credit support, according to Fitch IBCA. (Read More)
Fannie Announces Dividend
April 19, 2000
Fannie Mae's board of directors has voted to approved dividends for the corporation's common and preferred stock holders. (Read More)
Dynex Reports $80 Million Loss
April 19, 2000
Dynex Capital reported a loss of $81.3 million for the fourth quarter of last year. (Read More)
PSB Stops Funding, Chief Leaves
April 20, 2000
PSB Lending Corp., Carlsbad, Calif., has temporarily stopped funding mortgages and its president, Robert Emerling, is leaving the company. (Read More)
Mirador Offers to Buy Westmark
April 20, 2000
Mirador Diversified Services, Inc. has announced today a tender offer for 100% of the outstanding common shares of struggling subprime lender Westmark Group Holdings, Inc. (Read More)
Predatory Lending Hearings Scheduled
April 20, 2000
House Banking Committee chairman Jim Leach, R. Iowa, plans to hold a hearing on predatory lending in the second half of May. (Read More)
HUD Readies New 203(k) Guidelines
April 20, 2000
The Department of Housing and Urban Development has almost finished working on new guidelines for the 203(k) home loan improvement program, according to Federal Housing Administration commissioner William Apgar. (Read More)
Gov. Bush: Tax Credits For Housing
April 20, 2000
Texas Governor George Bush has proposed a five-year, $1.7 billion tax initiative to encourage investors to build affordable housing for low-income Americans. (Read More)
Fleet to Sell Up to $25 Billion in MSRs
April 20, 2000
Fleet Mortgage Group, Columbia, South Carolina, has offered to sell up to $25 billion of conventional fixed-rate servicing (Read More)
FHLB to Accept Mutual Funds
April 20, 2000
As a convenience to credit union members, the Federal Home Loan Bank of San Francisco has decided that limited purpose mutual funds can be pledged as collateral for advances. (Read More)
OTS/Insurance Commission Agree to Share
April 20, 2000
The Office of Thrift Supervision and the National Association of Insurance Commissioners have approved a model agreement for the sharing of information involving non-public financial information and consumer complaints. (Read More)
IndyMac: Internet Fundings Rise
April 20, 2000
IndyMac Mortgage Holdings Inc., Pasadena, Calif. reported that its Internet fundings approached the $1 billion mark after rising 411% during the first quarter of 2000. (Read More)
Openclose.com Using Freddie's Updated LP
April 20, 2000
Mortgage technology provider openclose.com, Sunrise, Fla. has reported that it will be one of the first industry participants to offer the updated version of Freddie Mac's Loan Prospector on the Internet using the new extensible markup language standards. (Read More)
Countrywide Automates Bills, Payment
April 20, 2000
Mortgage lending giant Countrywide Home Loans, Calabasas, CA and electronic billing and payment provider CheckFree, Atlanta have reported that the former has made the latter's technology available to its 2.4 million customers across the United States. (Read More)
LoanSurfer.com Buys Merrlin Assets
April 20, 2000
Internet originator LoanSurfer.com, St. Louis has reported that it has acquired the assets of mortgage provider Merrlin Mortgage, St. Louis. (Read More)
Cabot and Chase Form Joint Venture
April 20, 2000
Cabot Industrial Trust, Boston, and Chase Capital Partners, whose primary partner is the Chase Manhattan Corporation, have formed a joint venture program targeted toward investing in value-added, industrial, workspace properties. (Read More)
Moody's Downgrades French Commercial RE Notes
April 20, 2000
The London office of Moody's Investors Service, New York has downgraded the ratings of about 53 million euros (about $50 million) worth of notes in a 1998 French commercial real estate transaction. (Read More)
FHA Conveyance Claims Decline
April 24, 2000
Halfway through fiscal year 2000, the Federal Housing Administration has received 35,381 single-familyconveyance claims, compared with 36,901 claims in fiscal 1999. (Read More)
Conseco Subordinate Classes Downgraded
April 24, 2000
Moody's Investors Service has downgraded the ratings of 59 subordinate classes from Conseco FinanceCorp.'s manufactured housing, home improvement, and home equity deals. (Read More)
iOwn Unveils Wireless System for Brokers
April 24, 2000
The San Francisco-based iOwn Inc. has announced a new wireless system that lets mortgage brokersobtain rate information and lock in mortgage loans from anywhere. (Read More)
Alltel to Serve on MBA Tech Panel
April 24, 2000
Alltel, Jacksonville, Fla., has been chosen to serve on the Governance Committee of the MortgageIndustry Standards Maintenance Organization. (Read More)
Fannie Makes New 'HouseDetroit' Pledge
April 24, 2000
Fannie Mae has announced a new $1 billion commitment to help increase homeownership in Detroit andsaid it has completed its original $400 million "HouseDetroit" plan two years early. (Read More)
Fixed Rates Rise
April 24, 2000
The average 30-year fixed mortgage rate rose to 8.16% for the week ending April 21 from 8.12% theprevious week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Amresco Executes MIC Option
April 24, 2000
Amresco Inc., Dallas, has executed its option agreement with the former owners of Mortgage InvestorCorp. (Read More)
Finantra Signs Securitization Pact
April 24, 2000
Finantra Capital Inc., Plantation, Fla., has signed a securitization placement contract valued atup to $100 million for its consumer finance subsidiary, Travelers Investment Corp. (Read More)
Archstone Buys LA Complex
April 24, 2000
Archstone Communities, Denver, an apartment owner and developer, has acquired Studio Colony, a 450-unitapartment community in urban West Los Angeles, for approximately $58.5 million. (Read More)
MuniMae's Earnings Down, Dividend Up
April 24, 2000
Municipal Mortgage & Equity LLC, Baltimore, has reported net income of $7.6 million ($0.40 pershare) for the first quarter, down 14.9% from $8.9 million ($0.47 per share) a year earlier. (Read More)
Schwab & Others to Invest in E-Loan
April 25, 2000
Discount stockbroker Charles Schwab & Co., Abbey National, FT Ventures, Benchmark Capital, and Technology Partners have agreed to acquire equity stakes in E-Loan of Dublin Calif., investing a total of $40 million in the struggling online lender. (Read More)
Resales Up 1.5%
April 25, 2000
Existing-home sales rose 1.5% in March to a seasonally adjusted annual rate of 4.83 million units despite higher mortgage rates, according to the National Association of Realtors. (Read More)
Joint Task Force Sets 1st Forum
April 25, 2000
The HUD-Treasury joint task force will hold is first public forum on predatory lending Wednesday in Atlanta. (Read More)
Nationwide Insurance Settles Lawsuit
April 25, 2000
Nationwide Mutual Insurance Co. has agreed to a $17.5 million settlement with a Virginia fair housing organization over allegations of discrimination in the sale of homeowners' insurance. (Read More)
Title Searches Decline
April 25, 2000
The AFS Title Search Index fell to 126.1 for the week ended April 21, a 4.8% decrease from 132.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Capstead Shifts Strategy, Gets New CEO
April 25, 2000
Capstead Mortgage Corp., Dallas, has changed its investment strategy to concentrate on short-maturity and adjustable-rate assets and its shareholders have elected a new board of directors whose chairman will also take over as chief executive officer. (Read More)
MeriStar Names COO
April 25, 2000
John Emery has been named to the newly created post of chief operating officer of MeriStar Hospitality Corp., Washington, D.C. (Read More)
MeriStar Unit Inks Management Pact
April 25, 2000
Meanwhile, MeriStar Hotels & Resorts has signed an agreement to manage the Nordic Hills Resort & Conference Center in Ithasca, Ill., a western suburb of Chicago. (Read More)
North American Unveils 103% Product
April 25, 2000
North American Mortgage Co., Tampa, Fla., has introduced a 103% no-downpayment program for owner-occupied, primary residence, 30-year purchase transactions. (Read More)
ICII Reports 1Q Loss
April 25, 2000
Imperial Credit Industries Inc., Torrance, Calif., has reported a net loss of $15.9 million ($0.48 per share) for the first quarter, compared with net income of $6.8 million ($0.18 per share) a year ago. (Read More)
RBMG Incurs Loss
April 25, 2000
Resource Bancshares Mortgage Group Inc., Columbia, S.C., has reported a net loss of $10.0 million ($0.53 per share) for the first quarter, compared with net income of $11.2 million ($0.50 per share) a year ago. (Read More)
Charter One Earnings Up
April 25, 2000
Charter One Financial, Cleveland, the holding company for Charter One Bank FSB, has reported net income of $111.7 million ($0.53 per share) for the first quarter, up from $102.9 million ($0.47 per share) a year ago. (Read More)
Roslyn Reports 1Q Earnings
April 25, 2000
Roslyn Bancorp Inc., Roslyn, N.Y., the holding company for Roslyn Savings Bank, has reported net income of $23.5 million ($0.35 per share) for the first quarter, compared with a net loss of $58.7 million ($0.79 per share) a year earlier. (Read More)
ABFS Earnings Rise
April 25, 2000
American Business Financial Services Inc., Bala Cynwyd, Pa., has reported net income of $3.9 million ($1.12 per share) for the fiscal third quarter ended March 31, up from $3.5 million ($0.92 per share) a year earlier. (Read More)
If No Market Correction, a 10.5% Mortgage?
April 26, 2000
If the stock market doesn't correct by 13% or so over the next year, residential mortgage rates could hit a high of 10.5% by year-end 2001, according to economist Joel Prakken of Macroeconomic Advisors LLC. (Read More)
MIs, GSEs at Odds Over RBC Rule
April 26, 2000
The Mortgage Insurance Companies of America and Fannie Mae and Freddie Mac are at odds over the capital "haircuts" for counterparty risks, according to final comments received by the Office of Federal Housing Enterprise Oversight. (Read More)
U.S. Eyeing Realty Websites
April 26, 2000
The Department of Justice's antitrust division is taking a look at Internet realty sites and has asked for information from the Homestore.com, Thousand Oaks, Calif., and the National Association of Realtors, which owns Realtor.com. (Read More)
SHFS to Assume Wendover Reverse Biz
April 26, 2000
Senior Homeowners Financial Services, Fort Lauderdale, Fla., has announced that it will assume the reverse mortgage lending business of Wendover Financial Services Corp., Greensboro, N.C., as of May 1. (Read More)
Apps Inch Up
April 26, 2000
Mortgage applications rose 0.5% during the week ended April 21, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Dorado Provides One-Stop Service to Americor
April 26, 2000
Dorado.com, an electronic finance service provider based in Half Moon Bay, Calif., has supplied Americor Financial Services with a complete, hosted e-commerce and customer relationship management service for its online mortgage business. (Read More)
Web Lender Expands Wholesale Capacity
April 26, 2000
VLDC Funding, the San Mateo, Calif.-based subprime lending division of online mortgage originator VLDC Technologies Inc., has received a $7.5 million funding facility from Gateway Bank FSB, San Francisco. (Read More)
MILA Picks Factual Data as Exclusive Provider
April 26, 2000
Loveland, Colo.-based Factual Data Corp. has enhanced its penetration as an online business-to-business provider to the subprime market by being selected by MILA Inc. as its exclusive information provider via the company's Web-based information system. (Read More)
VIE Okayed by Freddie as Service Provider
April 26, 2000
First American Credco, Poway, Calif., has announced that its business partner VIE has been approved by Freddie Mac as a third-party verification service provider for income and employer information. (Read More)
REIT Buys FHA-Backed Mortgage
April 26, 2000
American Mortgage Acceptance Co., New York, has acquired a 100% participation interest in an FHA-insured first mortgage loan secured by Hollows Apartments, a 184-unit complex located in North Carolina. (Read More)
LendingTree Reports $19.7MM Loss
April 26, 2000
LendingTree, Charlotte, N.C., has reported a net loss of $19.7 million ($2.07 per share) for the first quarter, compared with a loss of $4.2 million ($1.09 per share) a year earlier. (Read More)
Bank United Earnings Up
April 26, 2000
Bank United Corp., Houston, has reported net income of $32.8 million ($0.93 per share) for the fiscal second quarter ended March 31, up 29% from $25.5 million ($0.77 per share) a year earlier. (Read More)
Advanta Reports Higher Earnings
April 26, 2000
Advanta Corp., Spring House, Pa., has reported pro forma net operating income of $16.2 million ($0.63 per share for Class A and Class B shares) for the first quarter, up 59% from $10.2 million ($0.40 per share) a year earlier. (Read More)
Cuomo Sees Predatory Lending 'Crisis'
April 27, 2000
HUD Secretary Andrew Cuomo called predatory lending a "national crisis" at a task force hearing Wednesday in Atlanta, but stopped short of saying that more legislation or regulation is the only answer. (Read More)
HUD Working on Internet Guidelines
April 27, 2000
The Department of Housing and Urban Development wants to provide the industry with much-needed guidance on how the Real Estate Settlement Procedures Act applies to Internet mortgage transactions. (Read More)
Homeownership Rate Hits Record
April 27, 2000
America's homeownership rate rose by 600,000 in the first quarter to a record 67.1%, according to the Department of Housing and Urban Development. (Read More)
Mortgage Stocks Drop
April 27, 2000
The prices of major mortgage industry stocks were down Thursday morning along with the Dow Jones industrial average and the Nasdaq composite index, both of which fell on news that inflation rose in the first quarter, news that may lead to further interest rate hikes. (Read More)
Finantra Plans to Buy Anchor Mortgage
April 27, 2000
Finantra Capital Inc., Plantation, Fla., has signed a letter of intent to acquire all issued shares of Anchor Mortgage Corp., Chicago, with a combination of cash and stock. (Read More)
HomeAdvisor Inks Pact With 800 Support
April 27, 2000
HomeAdvisor Technologies Inc., Microsoft's recently launched mortgage-industry subsidiary, has inked an outsource agreement with 800 Support to deliver around-the-clock customer support to consumers searching for home loans on HomeAdvisor.com. (Read More)
Online Commercial Origination System Promised
April 27, 2000
Charting Solutions Inc., Lewisburg, Pa., has announced that it will release an Internet-based commercial mortgage origination system in May. (Read More)
3 RE Firms Form Alliance
April 27, 2000
Three commercial real estate services companies -- CB Richard Ellis, Los Angeles; Jones Lang LaSalle Inc., Chicago; and Trammell Crow Co., Dallas -- have formed an alliance to develop electronic commerce initiatives. (Read More)
QSpace Offers Online Credit Reports to zipRealty
April 27, 2000
QSpace.com, a San Francisco-based online credit reporting company, has joined forces with online real estate brokerage zipRealty.com, Berkeley, Calif., to offer online credit reports to zipRealty.com customers. (Read More)
Phoenix Brokering Fannie Portfolio
April 27, 2000
Phoenix Capital Inc., Denver, is brokering a $53 million Fannie Mae bulk servicing portfolio. (Read More)
Eagle Shuffles Execs
April 27, 2000
Michael M. Allen has been promoted to president of Prime Eagle Mortgage Corp. as part of an executive shuffle at Eagle Bancshares Inc., Atlanta. (Read More)
San Jose, Freddie, Citibank Join Forces
April 27, 2000
The City of San Jose, Calif., has joined forces with financial institutions, nonprofit organizations, and Freddie Mac to launch an affordable housing program called the Mayfair Improvement Initiative. (Read More)
Deutsche Bank Unveils New Custody Service
April 27, 2000
Deutsche Bank's Corporate Trust & Agency Services unit has developed a new tri-party repo and master custody service for residential and commercial mortgage loans and certain other assets. (Read More)
Subprime Lender Shuts Down
April 28, 2000
Subprime lender Goodrich and Pennington, Rohnert Park, Calif., has ceased funding loans as of Thursday. (Read More)
ACB Cries Foul Over FHLBank Proposal
April 28, 2000
America's Community Bankers and state banking and thrift trade groups are warning House and SenateBanking Committee leaders that Federal Housing Finance Board Chairman Bruce Morrison is breaking an agreement withCongress by moving ahead with a proposal that defines "core mission assets." (Read More)
Moody's Assesses 'Predatory Lending' Risk
April 28, 2000
The "predatory lending" risk posed by recent legal efforts against loans deemed abusiveto borrowers will likely affect only subordinate bonds of home equity securitizations, and then only in isolatedinstances, according to Moody's Investors Service. (Read More)
Ginnie Might Expand Pool Criteria
April 28, 2000
Ginnie Mae is considering expanding its criteria for loans that can be included in Ginnie Mae Ipools, and it may also pursue changes to its Ginnie Mae II program. (Read More)
Fixed Rates Dip
April 28, 2000
The average 30-year fixed mortgage rate fell to 8.13% for the week ending April 28 from 8.16% theprevious week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
UFI Brokering 1st Alliance Portfolio
April 28, 2000
United Financial Inc., Denver, is brokering a $798 million subprime national servicing portfolio. (Read More)
Ginnie Portfolio on the Block
April 28, 2000
United Financial is also brokering a $106 million Ginnie Mae servicing portfolio. (Read More)
Centex Unit Drops Gain-on-Sale Method
April 28, 2000
Centex Corp., Dallas, has reported that its home equity division, which announced record earningsin the most recent quarter, may see negative future results due to a change in accounting method and higher interestrates. (Read More)
Xpedite Unveils E-Mail System
April 28, 2000
Xpedite, Eatontown, N.J., has launched an outsourced e-mail management system for the mortgage industry. (Read More)
1st Alliance Reports 1Q Loss
April 28, 2000
First Alliance Corp., Irvine, Calif., which recently filed for Chapter 11 bankruptcy protection,has reported a net loss of $14.5 million ($0.81 per share) for the first quarter, compared with net income of $2.0million ($0.11 per share) a year earlier. (Read More)
Kimco Reports 1Q FFO
April 28, 2000
Kimco Realty Corp., New Hyde Park, N.Y., has reported that its funds from operations for the firstquarter rose 18.6% to $60.5 million ($0.98 per share), from $51 million for the same period of last year. (Read More)
Feedback
April 28, 2000
Fannie Mae's recent announcement that it will not buy loans that have fees exceeding 5% of the loanamount stirred a number of comments on The Grapevine. (Read More)
May
Online Bank Granted Thrift Charter
May 1, 2000
The Office of Thrift Supervision has granted a federal thrift charter to Bank of Internet USA, San Diego. (Read More)
MGIC Brokering $2.3B First Citizens Portfolio
May 1, 2000
MGIC Investor Services Corp., Milwaukee, an affiliate of the nation's largest mortgage insurance firm, is brokering the sale of mortgage servicing rights on a $2.3 billion mortgage portfolio for First Citizens Bank, Raleigh, N.C. (Read More)
Freddie Speeds Catch Up With Fannie's
May 1, 2000
Prepayment rates for most vintages of Freddie Mac mortgage-backed securities were a little faster in the latest report, but for the most part only caught up with the speeds of Fannie Mae MBS in last month's report, according to the Bear Stearns Prepayment Commentary. (Read More)
Conseco Execs Resign
May 1, 2000
Following a major falloff in earnings last quarter, Conseco Inc.'s chairman and chief operating officer Stephen C. Hilbert and chief financial officer Rollin M. Dick have decided to leave the company. (Read More)
COFI Breaks 5%
May 1, 2000
For the first time since January 1996, the Eleventh Federal Home Loan District Cost of Funds Index has broken the 5% barrier. (Read More)
New MI Surges in March
May 1, 2000
After two dismal months, March was the best month of business by far for private mortgage insurers in 2000. (Read More)
Fannie Pilots New Mortgage in Ohio
May 1, 2000
Eleven banks in Ohio are now offering a new Fannie Mae mortgage that enables borrowers to buy a home with a lower downpayment and helps them build equity faster. (Read More)
Prestwick Brokering Fannie Portfolio
May 1, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering a $212 million Fannie Mae servicing portfolio. (Read More)
CMBS Index Falls
May 1, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC fell 0.65% to 120.3 for the week ended April 28, the company said. (Read More)
Outlook 'Negative' for Health Care REIT
May 1, 2000
The rating outlook for Healthcare Realty Trust Inc., Nashville, Tenn., has been changed from Stable to Negative by Duff & Phelps Credit Rating Co. (Read More)
Firms to Sell Assisted Living Facilities
May 1, 2000
CareMatrix Corp., Needham, Mass., an assisted living company, and certain affiliates of Chancellor Senior Housing Group Inc. have entered into an agreement to sell up to 14 of their facilities to an undisclosed buyer. (Read More)
New Century Earnings Fall
May 1, 2000
New Century Financial Corp., Irvine, Calif., has reported net earnings of $7.3 million ($0.38 per share) for the first quarter, down from $9.8 million ($0.55 per share) a year earlier, the subprime lender/servicer said. (Read More)
Arrests Prompt Resignation of Ditech Founder
May 2, 2000
J. Paul Reddam, the founder of Ditech.com, Costa Mesa, Calif., has resigned after three company employees were arrested and charged with extortion. (Read More)
New Home Sales Rise
May 2, 2000
Sales of new single-family homes rose 4.5% in March to a seasonally adjusted annual rate of 966,000, according to statistics released by the U. S. Census Bureau and the Department of Housing and Urban Development. (Read More)
HomeBanc Management Buys Company
May 2, 2000
The management of HomeBanc Mortgage Corp., Atlanta, has purchased the company from First Tennessee National Corp., Memphis, for $57.5 million in cash. (Read More)
Anchor Breaks Off Finantra Talks
May 2, 2000
Anchor Mortgage Corp., Chicago, has broken off negotiations with Finantra Capital Inc., Plantation, Fla., which had signed a letter of intent to acquire the retail mortgage broker and banker. (Read More)
Captec Cancels Merger Plans
May 2, 2000
Captec Net Lease Realty, Ann Arbor, Mich., has canceled its plans to merge with its affiliates into a specialty commercial finance company, citing indications of a lack of shareholder support for the plan. (Read More)
Lehman Ensnared in 1st Alliance Suit
May 2, 2000
Investment banker Lehman Brothers has been named as a defendant in a class action lawsuit filed by homeowners against First Alliance Corp., the Irvine, Calif.-based mortgage lender that has filed for bankruptcy protection. (Read More)
Freddie Enhances Gold Cash Xtra
May 2, 2000
Freddie Mac has announced enhancements to its Gold Cash Xtra service and a new cash execution for hybrid adjustable-rate mortgages. (Read More)
Firm Launches Market Info Service
May 2, 2000
Financial Net Services Inc., Minneapolis, has launched its first product, Rategage.com, an Internet-based market information and news service designed for mortgage loan originators. (Read More)
HUD Sells Homes for $1
May 2, 2000
The Department of Housing and Urban Development began selling foreclosed homes to local governments for $1 this week, to create housing for those in need and to help revitalize neighborhoods. (Read More)
USDA Picks United Appraisal >System
May 2, 2000
United Systems Software Co., Phoenix, has signed a site license for its appraisal software, HighPerForm, to the U.S. Department of Agriculture's Farm Service Agency. (Read More)
LION Reports 1Q Loss
May 2, 2000
Plenum Communications Inc. (dba LION Inc.), Seattle, has reported a net loss of $413,855 ($0.01 per share) for the first quarter on record revenues of $1.54 million, compared with a net loss of $343,683 ($0.01 per share) a year earlier. (Read More)
National Penn Mortgage Changes Name
May 2, 2000
National Penn Mortgage Co., Exton, Pa., has changed its name to Penn 1st Financial Services Inc. to reflect its expanded product line, the company has announced. (Read More)
Starwood Becomes iStar Financial
May 2, 2000
Starwood Financial Inc., New York, has changed its name to iStar Financial Inc. (Read More)
Voters Favor Spending on Affordable Housing
May 2, 2000
A majority of voters favor spending part of the federal budget surplus on affordable housing for low-income families, according to a survey by Novogradac & Co. LLP, a San Francisco accounting and consulting firm. (Read More)
Metro Mortgage to Shut Down
May 3, 2000
Metropolitan Mortgage Co., Miami, has announced that it will cease operations and sell its loan portfolio. (Read More)
Bond Group Raps Ginnie Proposals
May 3, 2000
An official at The Bond Market Association, New York, has indicated that the group is "fairly strongly opposed" to adopting any of the three proposals advanced by Ginnie Mae to expand its Ginnie Mae I and II mortgage-backed securities programs. (Read More)
Title Searches Fall
May 3, 2000
The AFS Title Search Index fell to 120.6 for the week ended April 28, a 4.4% decrease from 126.1 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Applications Dip
May 3, 2000
Mortgage applications fell 0.8% during the week ended April 28, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
RealHome.com Forms 3 Alliances
May 3, 2000
RealHome.com, Stamford, Conn., has announced the formation of strategic partnerships with LendingTree Inc., Paytrust, and beenz.com. (Read More)
Affinity Launches Online HELs, HELOCs
May 3, 2000
Affinity Technology Group Inc., Columbia, S.C., has introduced automated home equity loans and home equity lines of credit that are integrated with the company's Decisys/RT decisioning system. (Read More)
CEO Named at UFI
May 3, 2000
Carl de Rozario has been named president and chief executive officer of United Financial Inc., Denver. (Read More)
FirstAm Title Gets New EVP
May 3, 2000
First American Financial Corp., Santa Ana, Calif., has announced the appointment of John N. Casbon as executive vice president of First American Title Insurance Co. (Read More)
Fannie Prices Benchmark Securities
May 3, 2000
Fannie Mae has priced a $2 billion 30-year Benchmark Bond and a $3 billion reopening of a five-year Benchmark Note. (Read More)
UFI Brokering Supplementary Portfolio
May 3, 2000
United Financial Inc., Denver, is brokering $16 million supplement to a $798 million subprime servicing portfolio. (Read More)
Keystone Sells 4 Industrial Assets
May 3, 2000
Keystone Property Trust, West Conshohocken, Pa., has sold four noncore industrial assets totaling 148,267 square feet to an institutional investor for gross proceeds of $8.1 million. (Read More)
Pedestal's Growth 151% in 1Q
May 3, 2000
Pedestal Inc., Washington, an online secondary market trading place, said its loan postings grew by 151% in the first quarter to $1.7 billion. (Read More)
FiNet Reports 1Q Loss
May 3, 2000
FiNet.com Inc., San Ramon, Calif., has reported a net loss of $6.5 million ($0.07 per share) for the first quarter, compared with a net loss of $17.0 million ($0.24 per share) a year earlier. (Read More)
Home Mortgage Becomes 4ADream.com
May 3, 2000
Home Mortgage USA, Federal Way, Wash., has changed its name to 4ADream.com and launched a website under the new name. (Read More)
Mortgage.com Allies With ZipRealty
May 4, 2000
Though its conversion to Web-based e-commerce is still causing losses, Mortgage.com has entered into an agreement with ZipRealty.com to offer real estate financing to consumers through a co-branded online loan center. (Read More)
Homestead, Security Cap to Merge
May 4, 2000
Homestead Village Inc., Atlanta, and Security Capital Group Inc., Santa Fe, N.M., have entered into a definitive merger agreement. (Read More)
CFI Mortgage Forms New Sub
May 4, 2000
CFI Mortgage Inc., Clearwater, Fla., has announced the formation of First United MortgageBanc Inc., which will operate as a direct lender. (Read More)
Residential Lending Soft, Fed Says
May 4, 2000
Mortgage lending for home purchases in March and the first three weeks of April was generally flat or down in most areas as mortgage interest rates rose, according to the Federal Reserve's latest Beige Book report. (Read More)
Prestwick Brokering $1.3B Portfolio
May 4, 2000
The Prestwick Mortgage Group, Denver, is brokering a $1.3 billion Fannie Mae/Freddie Mac East Coast servicing portfolio. (Read More)
UFI Offering $175MM in Servicing
May 4, 2000
United Financial Inc., Denver, is brokering a $175 million Freddie Mac/Fannie Mae California servicing portfolio. (Read More)
LION Raises Additional Capital
May 4, 2000
Plenum Communications Inc., doing business as LION Inc., has announced that it has raised an additional $900,000 in financing from Hedge Funds, a unit managed by ICM Asset Management Inc., a Spokane, Wash.-based investment advisor. (Read More)
ABN AMRO Forms Cap Markets Group
May 4, 2000
ABN AMRO Mortgage Group Inc., Boca Raton, Fla., has announced the formation of ABN AMRO Mortgage Capital Markets Group. (Read More)
HomeSpace Inks Pact With Costco
May 4, 2000
HomeSpace Inc., Englewood, Colo., has announced a long-term agreement under which its real estate and mortgage programs will be expanded to include the approximately 28 million members of Costco Wholesale Corp. (Read More)
Firm Expands Availability of HomeProfile.com
May 4, 2000
Transamerica Intellitech, Sacramento, Calif., now offers HomeProfile.com, a private-label real estate information product, in eight additional states plus Washington, D.C. (Read More)
REIT Obtains $450MM Credit Line
May 4, 2000
Liberty Property Trust, Malvern, Pa., has obtained a $450 million unsecured revolving credit facility to replace a $325 million facility and a $90 million term loan due in January 2001. (Read More)
NBA's 'Big O' Joins Countrywide Board
May 4, 2000
Countrywide Credit Industries Inc., Calabasas, Calif., has announced the appointment of Oscar Robertson to its board of directors. (Read More)
Delta Reports Lower 1Q Earnings
May 4, 2000
Delta Financial Corp., Woodbury, N.Y., has reported earnings of $1.8 million ($0.11 per share) for the first quarter, down from $5.7 million ($0.37 per share) a year ago. (Read More)
Florida Resales Up
May 4, 2000
Despite fears that rising interest rates would begin to slow sales of existing single-family homes in Florida, most markets are continuing to report low inventory and rapid turnarounds, according to the Florida Association of Realtors. (Read More)
Firm Sees Mortgage Rates Topping 9%
May 4, 2000
Mortgage rates will soon top 9% based on an expected move by the Federal Reserve Board to raise short-term interest rates 25 to 50 basis points this month, according to a recent second-quarter forecast by First Home Mortgage Corp., Mount Prospect, Ill. (Read More)
WaMu Forms Key Partnerships
May 8, 2000
Positioning itself to become a dominant national player in every category, Seattle-based Washington Mutual Inc. has announced partnerships with GHR Systems Inc. and Framework Inc. to build an end-to-end origination system that will automate 80% of all loan decisioning and serve all WaMu distribution channels. (Read More)
Veteran Fannie Exec Departs
May 8, 2000
Ann Logan, executive vice president for single-family mortgages, is leaving Fannie Mae to pursue other business opportunities in the financial services industry. (Read More)
MallAgent.com Adds Mortgage Site Checker
May 8, 2000
MallAgent.com, McLean, Va., says it has just raised the bar for sites that help borrowers shop for mortgages. (Read More)
Commercial Mortgage Exchange Launched
May 8, 2000
First Commercial Corp., San Diego, has launched a new business-to-business venture that it says will provide "the industry's first independent, online mortgage trading exchange" for commercial mortgage assets. (Read More)
Digital Data Key to Survival, Conferees Told
May 8, 2000
Getting accurate digital data is a key to surviving in the new business environment, a former Microsoft marketing director told a mortgage conference Monday. (Read More)
Ocwen Forms Risk Management Unit
May 8, 2000
Ocwen Financial Corp., West Palm Beach, Fla., has announced the formation of Ocwen Realty Advisors, a new division that will offer collateral risk management services to the mortgage and real estate industries. (Read More)
SPSAC Class Defaults
May 8, 2000
Class B-1F of Southern Pacific Secured Assets Corp., Series 1997-2 has reached default status and been downgraded from CC to D by Standard & Poor's. (Read More)
Fannie Touts Impact of E-Commerce
May 8, 2000
Fannie Mae will use electronic commerce to help it increase the U.S. homeownership rate to 70% over the next decade and double its earnings per share by 2003, a Fannie Mae official told a London news briefing Monday. (Read More)
HUD: Reverse Mortgages on the Rise
May 8, 2000
The Department of Housing and Urban Development says reverse mortgages have become increasingly popular among cash-poor, but equity-rich, senior citizens. (Read More)
CMBS Index Falls
May 8, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC fell 0.85% to 119.3 for the week ended May 5, the company said. (Read More)
Ex-Freddie CFO Joins Ultraprise
May 8, 2000
John P. Gibbons, who recently resigned as executive vice president and chief financial officer at Freddie Mac, has been named to the board of directors of Ultraprise Corp., Dulles, Va. (Read More)
Founder Takes Over at Washtenaw
May 8, 2000
Charles C. Huffman, the chairman and chief executive officer of Pelican Financial Inc., Ann Arbor, Mich., has been named president of Washtenaw Mortgage Co., a Pelican subsidiary. (Read More)
Phoenix Brokering Bulk Portfolio
May 8, 2000
Phoenix Capital Inc., Denver, is brokering a $31 million Freddie Mac bulk servicing portfolio of Midwestern loans. (Read More)
BNC Reports Loss
May 8, 2000
BNC Mortgage Inc., Irvine, Calif., has reported a net loss of $1.1 million ($0.21 per share) for the quarter ended March 31, compared with net income of $642,000 ($0.12 per share) a year earlier. (Read More)
GSE Debate 'Has Hiked Mortgage Costs'
May 9, 2000
Talk of placing the government-sponsored enterprises under a single regulator and cutting their ties to the U.S. Treasury has had a negative impact on what investors are willing to pay for the housing GSEs' debt -- and as a result, what consumers pay for their mortgages. (Read More)
Fannie, Ellie Forge Online Partnership
May 9, 2000
Fannie Mae is making its online mortgage origination platform available to mortgage brokers through Ellie Mae, a Web-based firm that brings the brokerage community together with funding lenders on the Internet. (Read More)
Fannie Expects to Do $400B in Mortgages Online
May 9, 2000
Fannie Mae expects to underwrite and process electronically $400 billion of mortgages this year, vice chairman Jamie Gorelick told a stunned audience at the MBA National Secondary Market Conference. (Read More)
Fannie Launches Redesigned Website
May 9, 2000
Fannie Mae also used the conference as a launching pad for its newly redesigned consumer website, homepath.com. (Read More)
MBA Economist Sees 50bp Rate Hike
May 9, 2000
The chief economist of the Mortgage Bankers Association of America has forecast that the Federal Reserve Board will raise interest rates by 50 basis points at its next meeting. (Read More)
Defeasance Firm Established
May 9, 2000
Commercial Defeasance LLC, Charlotte, N.C., a company specializing in helping real estate owners defease commercial mortgages, has been set up by Rob Finlay, a former Wall Street professional. (Read More)
ACB: Freddie-HTI Deal Won't Aid Members
May 9, 2000
America's Community Bankers said Freddie Mac's partnership with HomeAdvisor Technologies Inc. appears to have no benefit for its members. HTI, a company controlled by Microsoft, would use Freddie Mac's automated underwriting system for Internet mortgage loans. (Read More)
Freddie Touts Wholesaler Satisfaction
May 9, 2000
Satisfaction with Freddie Mac's automated underwriting service Loan Prospector on the Internet was 92% among wholesale lenders in a recent survey, according to Freddie Mac. (Read More)
UFI Brokering Forward Bulk Portfolio
May 9, 2000
United Financial Inc., Denver, is brokering a $240 million to $720 million Freddie Mac/Fannie Mae forward bulk servicing portfolio. (Read More)
Factual Data Unveils HEL Products
May 9, 2000
Factual Data Corp., Loveland, Colo., has introduced HELP, a new suite of home equity lending products. (Read More)
Ultraprise.com Adds Online Flow Delivery
May 9, 2000
Ultraprise Corp., Dulles, Va., has announced enhancements to its flagship Internet trading exchange, Ultraprise.com, that allow online flow delivery of mortgage loans from third-party originators over the secondary market mortgage exchange. (Read More)
Interlinq to Speed Development Effort
May 9, 2000
Interlinq Software Corp., Bellevue, Wash., has announced that it will accelerate the development of its next generation of mortgage software and migrate its MortgageWare lending system to a new platform. (Read More)
Freddie, TRI Cap Finance LA Complex
May 9, 2000
Freddie Mac and TRI Capital Corp. have completed a $47.55 million tax-exempt bond credit enhancement transaction to finance Promenade Towers, a 583-unit high-rise apartment complex in downtown Los Angeles. (Read More)
First NLC Now Licensed in 20 States
May 9, 2000
Nonconforming lender First NLC, Deerfield Beach, Fla., has received licenses to do business in 20 states and plans to start operating in 20 more over the next two months. (Read More)
Hibernia, Fannie Test 1%-Down Loans
May 9, 2000
Hibernia National Bank, Baton Rouge, La., has announced a partnership with Fannie Mae to test a new low-downpayment mortgage in Louisiana and eastern Texas. (Read More)
Ocwen Reports 1Q Loss
May 9, 2000
Ocwen Financial Corp., West Palm Beach, Fla., has reported a net loss of $5.1 million ($0.07 per share) for the first quarter, compared with net income of $9.5 million ($0.16 per share) a year earlier. (Read More)
AMAC's 1Q Profits Off
May 9, 2000
American Mortgage Acceptance Corp., New York, has reported net income of approximately $483,000 ($0.13 per share) for the first quarter, down 87.9% from approximately $4.0 million ($1.03 per share) a year earlier. (Read More)
Pru Mortgage to Buy WMF Group
May 10, 2000
Prudential Mortgage Capital Co., Newark, N.J., and The WMF Group Ltd., Vienna, Va., have entered into a definitive merger agreement under which Prudential Mortgage will acquire WMF in a transaction valued at $138 million. (Read More)
Industry Vet Issues ARM Warning
May 10, 2000
Lenders could sustain big losses unless they take precautions to keep borrowers from converting adjustable-rate mortgage loans to fixed-rate mortgages when rates head south again, a mortgage industry veteran has warned. (Read More)
'Caveat Emptor' and the GSEs
May 10, 2000
The old admonition "caveat emptor" may even have implications for Fannie Mae and Freddie Mac, according to the director of the Office of Federal Housing Enterprise Oversight. (Read More)
Fannie Offers New Online System
May 10, 2000
Fannie Mae has unveiled MornetPlus 2000, a new operating environment that gives lenders around-the-clock access to all the transaction services offered by Fannie Mae (or one of its service-provider partners) without replacing existing operating systems or platforms. (Read More)
Applications Rise
May 10, 2000
Mortgage applications rose 13.2% during the week ended May 5, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Citibank Unveils Online 'Debt Health Check'
May 10, 2000
Citibank has introduced "Debt Health Check," an online service that assesses consumers' debt and indicates how much they could save by consolidating it under a home equity loan. (Read More)
Pru Forms Brazilian Joint Venture
May 10, 2000
U.S. global real estate investment firm Prudential Real Estate Investors, Parsippany, N.J., and Brazilian investment manager Icatu Holdings, Rio de Janeiro, Brazil, have reported the formation of a joint venture called Prudential-Icatu Gestao de Investimentos Imobiliarios SA (PI). (Read More)
UFI Brokering New York Portfolio
May 10, 2000
United Financial Inc., Denver, is brokering a $393 million New York servicing portfolio. (Read More)
GMAC-RFC Closes on Warehouse Facility
May 10, 2000
GMAC-Residential Funding Corp. has closed on a new $304 million warehouse lending credit facility. (Read More)
Alltel Offers Products to Service Providers
May 10, 2000
Alltel, Jacksonville, Fla., has announced that 11 products developed by Alltel Residential Lending Solutions are being offered to business partners and InterChange clients. (Read More)
Mission West Buys R&D Property
May 10, 2000
Mission West Properties Inc., Cupertino, Calif., has acquired Phase I of an R&D property in Sunnyvale, Calif. from the Berg Group for $11.6 million. (Read More)
Mortgage Radio Spots Win Award
May 10, 2000
A radio advertising campaign by Internet mortgage lender AppOnline Inc. recently won an award from the Financial Communications Society. (Read More)
Fixed Rates Hit 5-Year High
May 11, 2000
The average 30-year fixed mortgage rate rose to 8.52% for the week ending May 12 from 8.28% the previous week, its highest level since March 10, 1995, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Bank Insurance Fund Reports Loss
May 11, 2000
The Bank Insurance Fund suffered a comprehensive loss of $198 million in 1999, the Federal Deposit Insurance Corp. has reported. BIF's fund balance fell from $29.6 billion on Dec. 31, 1998 to $29.4 billion on Dec. 31, 1999. (Read More)
California Panel OKs Predatory Lending Bill
May 11, 2000
A toned-down predatory lending bill was approved 6-0 by the California state Senate's Committee on Finance, Investment and International Trade at a hearing Wednesday. (Read More)
Fannie Unveils New MF Product
May 11, 2000
Fannie Mae has introduced a new mortgage product designed to reduce the time and cost of financing multifamily properties with five to 50 apartment units. (Read More)
Title Searches Rise
May 11, 2000
The AFS Title Search Index rose to 124.4 for the week ended May 5, a 3.2% increase from 120.6 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
CFI to Buy Tech Firm
May 11, 2000
CFI Mortgage Inc., Clearwater, Fla., has executed a letter of intent to acquire RJ Systems Inc. (Read More)
Top Exec at Nonprofit to Retire
May 11, 2000
George Knight, executive director of Neighborhood Reinvestment Corp., has announced that he will retire Oct. 1. (Read More)
NAIHC Proposes Advisory Board
May 11, 2000
The National American Indian Housing Council has proposed the creation of an advisory board to provide input on mortgage product development for Native Americans. (Read More)
REIT Outlook Revised to Negative
May 11, 2000
The ratings outlook for Healthcare Realty Trust Inc. has been revised from stable to negative by Moody's Investors Service. (Read More)
Website Adds 12 Lenders
May 11, 2000
MortgageSelector.com, a commercial mortgage website, has added 12 new companies to its list of participating lenders. (Read More)
ABFS Obtains Warehouse Line
May 11, 2000
American Business Financial Services Inc., Bala Cynwyd, Pa., has obtained a $25 million warehouse line of credit from Residential Funding Corp. (Read More)
Greenlight Pulls Offer to Buy BNC
May 12, 2000
Greenlight Capital Inc., New York, has withdrawn its offer to acquire BNC Mortgage Inc., Irvine,Calif., BNC has announced (Read More)
Finova Asks Advisor to Explore Options
May 12, 2000
The Finova Group Inc., Scottsdale, Ariz., has directed its financial advisor, Credit Suisse FirstBoston, to explore various options with potential partners who have expressed preliminary interest in the company. (Read More)
Predatory Lenders Termed 'Parasites' and 'Con Men'
May 12, 2000
Sen. Charles Schumer, D-N.Y., vowed Friday to stop "the parasites from taking people's dreamsand crushing them" in a forum on predatory lending sponsored by the Department of Housing and Urban Developmentand the Treasury Department. (Read More)
REIT Adopts Cap Infusion Plan
May 12, 2000
Omega Healthcare Investors Inc., Ann Arbor, Mich., has adopted a financial plan and capital infusionprogram to resolve a near-term liquidity problem and take advantage of growth opportunities in the capital marketsfor long-term care properties. (Read More)
Freddie Joins Forces With Hispanic Council
May 12, 2000
Freddie Mac and the National Hispanic Housing Council have announced a $40 million initiative toexpand home construction, rehabilitation, and affordable homeownership opportunities for Latino families in California,Florida, Illinois, Texas, and Massachusetts. (Read More)
Bridger Touts 'Unique' CRE Site
May 12, 2000
Bridger Commercial Funding LLC, Mill Valley, Calif., has launched what it says is the only websiteavailable exclusively to banks for pricing, underwriting, and closing commercial real estate loans for sale intothe commercial mortgage-backed securities market. (Read More)
Web Broker, Sovereign Launch Co-Branded Site
May 12, 2000
1RoofRealty.com, Boston, has announced a co-branding agreement with Sovereign Bank under which theformer's Web users can pre-qualify for mortgages through a co-branded site. (Read More)
REIT's Stock Rating Outlook 'Negative'
May 12, 2000
The ratings outlook on the "b1" cumulative preferred stock of U.S. Restaurant PropertiesInc. has been revised from stable to negative by Moody's Investors Service. (Read More)
MuniMae Completes Bond Financing
May 12, 2000
Municipal Mortgage and Equity LLC, Baltimore, has completed a $14 million tax-exempt mortgage revenuebond transaction secured by a planned apartment complex in Mesa, Ariz. (Read More)
Wilshire Reports 1Q Profits
May 12, 2000
Wilshire Financial Services Group Inc., Portland, Ore., has reported net income of $1.2 million($0.06 per share) for the first quarter, compared with $25.9 million ($2.38 per share) ayear earlier. (Read More)
University Mortgage Gets HUD Approval
May 12, 2000
University Mortgage Inc., Severna Park, Md., has received approval from the Department of Housingand Urban Development to directly issue mortgage products insured by the Federal Housing Administration. (Read More)
Conti to Sell Servicing Platform
May 15, 2000
ContiFinancial Corp., New York, has entered into a definitive agreement to sell its ContiMortgage servicing platform and rights to Fairbanks Capital Corp., a specialty servicer based in Salt Lake City. (Read More)
FDIC: Residual Rule Coming Soon
May 15, 2000
Federal regulators are close to issuing a proposed rule that would require subprime and high-LTV mortgage lenders to hold "dollar for dollar" capital against high-risk residuals, according to Federal Deposit Insurance Corp. Chairman Donna Tanoue. (Read More)
No-Show at FASIT Hearing
May 15, 2000
An Internal Revenue Service/Treasury Department public hearing on a proposed rule for Financial Asset Securitization Investment Trusts turned out to be a bust Monday morning. (Read More)
Bradley, Heritage REITs Agree to Merge
May 15, 2000
Bradley Real Estate Inc., Northbrook, Ill., a real estate investment trust that owns and operates shopping centers, has agreed to merge into Heritage Property Investment Trust Inc., a private REIT based in Boston. (Read More)
MBS Prices Recover From Rumor
May 15, 2000
Mortgage-backed securities prices have recovered from an apparently false rumor about agency debt that caused a midday Friday plunge, Bridge Telerate has reported. (Read More)
Capital Lease MBS Classes Downgraded
May 15, 2000
Three classes of Capital Lease Funding Securitization LP's corporate credit-backed pass-through certificates, Series 1997-CTL-1 have been downgraded by Fitch IBCA Inc. Class E was downgraded from BB-plus to BB, Class F from BB to B, and Class G from B to CCC, the rating agency said. (Read More)
Firm Names Head of B2B Web Effort
May 15, 2000
Ralph J. Hall has been named to the newly created post of chairman and president of the Partnership and Alliance Lending Group, where he will lead the business-to-business electronic commerce efforts of American Business Financial Services Inc., Bala Cynwyd, Pa. (Read More)
NY Added to HUD Teacher Program
May 15, 2000
The Department of Housing and Urban Development has added New York to the list of states where teachers can buy HUD-owned homes in economically depressed areas for half the listed price. (Read More)
Approved Reports 1Q Loss
May 15, 2000
Approved Financial Corp., Virginia Beach, Va., has reported a net loss of $60,000 ($0.01 per share) for the first quarter, compared with a net loss of $1.2 million ($0.23 per share) a year earlier. (Read More)
Countrywide Shares Spike, But It's Not For Sale
May 16, 2000
The share price of Countrywide Credit Industries, Calabasas, Calif., spiked 11% in trading late Tuesday morning and early afternoon after a story in the trade newspaper American Banker said company chairman Angelo Mozilo "has started talking like a man who is willing to sell." (Read More)
GSE Bill DOA?
May 16, 2000
Key Democrats and Republicans on a House Banking subcommittee said Tuesday morning that passage of a bill that would increase regulatory scrutiny of Fannie Mae and Freddie Mac does not have a chance of being approved by Congress this year. (Read More)
Single-Family Starts Flat
May 16, 2000
Single-family housing starts for April were virtually unchanged from the previous month, according to statistics released by the U.S. Department of Commerce. (Read More)
Housing Index Inches Up
May 16, 2000
The NAHB Housing Market Index crept up to 63 in May from 62 in April, according to the National Association of Home Builders. (Read More)
VLDC Sub Goes National
May 16, 2000
University Mortgage Inc., Severna Park, Md., has entered into a licensing agreement with First National Bank of Commerce that will enable University Mortgage's Internet origination system to lend in all 50 states. (Read More)
Title Searches Rise
May 16, 2000
The AFS Title Search Index rose to 125.4 for the week ended May 12, a 0.8% increase from 124.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
CMBS Index Falls
May 16, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC fell 0.14% to 119.1 for the week ended May 12, the company said. (Read More)
Prime Sells 3 Wellesley Inns
May 16, 2000
Prime Hospitality Corp., a lodging company based in Fairfield, N.J., has completed the sale of three Wellesley Inns for $17 million. (Read More)
Web Market Touts Fast Loan Completion
May 16, 2000
CapitalThinking Inc., a New York-based online commercial mortgage marketplace launched in March, has announced that its first transaction was completed 40 days after the loan application was executed. (Read More)
Bingham Reports 1Q Loss
May 16, 2000
Bingham Financial Services, Birmingham, Mich., has reported a net loss of $2.9 million ($1.12 per share) for the first quarter, compared with net income of $480,000 ($0.26 per share) a year earlier. (Read More)
LandAmerica Gets Nod From GreenLink
May 16, 2000
LandAmerica Financial Group Inc., Richmond, Va., has announced its selection by vendor management company GreenLink LLC as one of two primary title insurance underwriters. (Read More)
Empire Funding Files for Ch. 11
May 17, 2000
Empire Funding Corp., Austin, a once high-flying high loan-to-value ratio lender, has bitten the dust. (Read More)
Advanta For Sale?
May 17, 2000
Advanta Corp., Spring House, Pa., has announced that it has retained Salomon Smith Barney to help it explore "strategic alternatives" to increase the market valuation of its mortgage and leasing businesses. (Read More)
Fannie Slammed for Lobbying Tactics
May 17, 2000
Two Republican members of the House Banking Committee have slammed Fannie Mae for its lobbying tactics to stop a bill that would tighten federal oversight of government-sponsored enterprises and take away their lines of credit to the U.S. Treasury. (Read More)
New FHLBank Stock Raises Control Issues
May 17, 2000
House Banking Committee Chairman Jim Leach, R-Iowa, is raising concerns that a new class of Federal Home Loan Bank voting stock could allow a single entity to gain control of a district bank. (Read More)
Abrams Execs Form New RE Firm
May 17, 2000
Two executives of Abrams Properties Inc., Atlanta, have formed a new real estate concern, jojA Partners LLC. (Read More)
Frost Bank, GMAC to Co-Brand Mortgages
May 17, 2000
Frost National Bank, San Antonio, and GMAC Mortgage Corp., Horsham, Pa., have announced a co-branding arrangement under which GMAC will originate mortgage loans for Frost Bank customers in Texas. (Read More)
Experts Differ on Impact of Fed Action
May 17, 2000
Some researchers say the Federal Open Market Committee's decision to raise short-term interest rates half a point and indicate a bias toward a future rate hike may ultimately pressure mortgage-backed securities, Bridge Telerate has reported. (Read More)
Applications Fall
May 17, 2000
Mortgage applications fell 4.5% during the week ended May 12, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
HomeSeekers.com to Invest in HK Firm
May 17, 2000
HomeSeekers.com Inc. has agreed to acquire equity in and enter an operating agreement with Hong Kong-based Property Portal! Ltd. (Read More)
Fund Buys $2MM Stake in e-Net
May 17, 2000
Online real estate financial services company e-Net Financial.com, Costa Mesa, Calif., has announced that a fund managed by Jupiter Asset Management Ltd. has acquired a $2 million stake in e-Net. (Read More)
UFI Brokering $2.4B Portfolio
May 17, 2000
United Financial Inc., Denver, is brokering a $2.4 billion Freddie Mac/Fannie Mae/Ginnie Mae national servicing portfolio. (Read More)
S&P Eyes Bradley's Ratings
May 17, 2000
The ratings on Bradley Real Estate Inc., the nation's oldest real estate investment trust, and Bradley Operating LP have been placed on CreditWatch Negative by Standard & Poor's. (Read More)
PMCC Reports Net Loss
May 17, 2000
PMCC Financial Corp., Roslyn Heights, N.Y., has reported a net loss of approximately $1.6 million ($0.43 per share) for the first quarter, compared with net income of $473,000 ($0.13 per share) a year earlier. (Read More)
Conti Files for Ch. 11
May 18, 2000
ContiFinancial Corp., New York, has filed for protection under Chapter 11 of the bankruptcy code. (Read More)
Board Eyes Limits on FHLBank Stock
May 18, 2000
The Federal Housing Finance Board will likely propose some concentration limits when it considers a proposal that authorizes the Federal Home Loan Banks to issue a new class of voting stock. (Read More)
HILA Raps HUD Reforms
May 18, 2000
Proposed reforms to the Federal Housing Administration Title One home improvement loan program will kill the program, according to the Home Improvement Lenders Association. (Read More)
Rates Rise After Fed Action
May 18, 2000
The average 30-year fixed mortgage rate rose to 8.64% for the week ending May 19 from 8.52% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
LoanGuide.com on the Auction Block
May 18, 2000
The domain name LoanGuide.com and the website's mortgage production operation in San Jose, Calif. have been put up for sale via online auction. (Read More)
Draft Online RE Data Standards Issued
May 18, 2000
Standards that will allow real estate finance companies to share data more easily over the Internet have been issued in draft form by a coalition of mortgage industry groups led by the Mortgage Bankers Association of America. (Read More)
REIT Buys 11 Parking Properties
May 18, 2000
Urban Growth Property, a private real estate investment trust, has purchased 11 parking properties in five U.S. cities from Equity Office Properties Trust for approximately $180 million. (Read More)
UFI Brokering Forward Bulk Servicing
May 18, 2000
United Financial Inc., Denver, is brokering $900 million to $2 billion of Ginnie Mae forward bulk servicing. (Read More)
GreenPoint Completes MH Deal
May 18, 2000
GreenPoint Financial Corp., New York, has completed a $719 million securitization of fixed- and adjustable-rate manufactured housing loans. (Read More)
OnLoan 1st Web-Only Lender With GSEs' OK
May 18, 2000
OnLoan.com, Fort Lauderdale, Fla., is the first Internet-only lender to receive approval as a seller by both Fannie Mae and Freddie Mac, the company has reported. (Read More)
Interrealty to Offer HomeAdvisor Platform
May 18, 2000
Interrealty.com, Vienna, Va., has agreed to offer HomeAdvisor Technologies Inc.'s Realty Desktop transaction-management platform to its customers. (Read More)
Former Countrywide Chair Unloading Shares
May 19, 2000
Former Countrywide Credit Industries chairman David Loeb -- who retired in February -- is cashing out of his Countrywide shares. (Read More)
HomeStore, NAR Launch Web Platform
May 19, 2000
HomeStore.com and the National Association of Realtors have teamed up with Fannie Mae and several other organizations in the real estate industry to create the Realtors Electronic Transaction Platform, an online system designed to streamline the closing of a home purchase or sale. (Read More)
Parties Wrangle Over E-Signature Bill
May 19, 2000
Congress could complete action and pass a digital signature bill before Memorial Day, but the measure faces a presidential veto unless the Republican leadership agrees to Clinton administration demands. (Read More)
VA-HUD Appropriators Meet Tuesday
May 19, 2000
The VA-HUD appropriations subcommittee meets Tuesday to mark up the fiscal year 2001 appropriations bill for the Department of Housing and Urban Development, but this year the bill is not expected to carry any controversial Federal Housing Administration initiatives. (Read More)
Conseco-Linked HEL, HIL Classes Downgraded
May 19, 2000
The ratings on 39 subordinate classes of certificates backed by home equity and home improvement loans and issued by Green Tree Financial Corp. or Conseco Finance Corp. have been lowered by Standard & Poor's. (Read More)
Conseco-Linked MH Classes Downgraded
May 19, 2000
In addition, the B-2 classes of 34 Green Tree asset-backed security deals backed by manufactured housing loans and bearing limited guarantees by Conseco have been downgraded by S&P. (Read More)
Wilshire Credit Gets New Credit Line
May 19, 2000
Wilshire Credit Corp., the servicing subsidiary of Wilshire Financial Services Group Inc., Portland, Ore., has obtained a new $8 million credit facility with Chase Bank of Texas NA. (Read More)
Essex Buys Oxnard Complex
May 19, 2000
Essex Property Trust, a multifamily real estate investment trust based in Palo Alto, Calif., has acquired a 105-unit apartment community in Oxnard, Calif., for $7.6 million. (Read More)
California Resales Rise
May 19, 2000
The sales of existing homes in California totaled 562,090 in March, up 0.2% from February's level and 6.8% from a year earlier, according to the California Association of Realtors and Transamerica Intellitech. (Read More)
California Housing Affordability Hits 8-Year Low
May 19, 2000
Meanwhile, housing affordability in California hit 31% in March, falling 8 percentage points from a year earlier and registering an eight-year low, according to CAR. (Read More)
Florida Resales Up 8%
May 19, 2000
Sales of existing single-family homes in Florida totaled 35,256 in the first quarter, up 8% from the level recorded a year earlier, according to the Florida Association of Realtors. (Read More)
Feedback
May 19, 2000
"HUD has proposed changes to the Title I program that, if passed, will more than likely eliminate the Title I program in its entirety. My question to y'all is, 'Does anybody really care?'" (Read More)
Lazio Senate Bid May Boost Housing Bill
May 22, 2000
Rep. Rick Lazio's plunge into the New York senatorial race against First Lady Hillary Clinton should give a boost to the Republican candidate's homeownership bill (H.R. 1776). (Read More)
Finance Board Issues Capital Proposal
May 22, 2000
The Federal Housing Finance Board has agreed in a 3-0 vote to issue a proposed rule establishing a risk-based capital structure for the Federal Home Loan Banks, along with a new class of stock. (Read More)
HUD Adopts Fraud Protection Plan
May 22, 2000
The Department of Housing and Urban Development is launching a "fraud protection plan" to compensate FHA homeowners who have been victims of predatory lending. (Read More)
HUD Helping China Launch Secondary Market
May 22, 2000
A housing finance pilot project that will help China establish a secondary mortgage market has taken its first step toward a planned launch by the end of the year, the U.S. Department of Housing and Urban Development has reported. (Read More)
Aames Reports Big Loss
May 22, 2000
Aames Financial Corp., Los Angeles, has reported a net loss of $61.5 million ($10.21 per share) for its fiscal third quarter ended March 31, compared with a loss of $36.0 million ($5.91 per share) a year earlier. (Read More)
Aames Announces Stock Sale
May 22, 2000
In a related development, Aames has entered into an agreement with its lead stockholder, Specialty Finance Partners, for an additional equity investment of $50 million and is negotiating with an affiliate of the stockholder for a facility to sell residual interests from securitizations on an ongoing basis. (Read More)
Fannie, Creek Nation Unveil Program
May 22, 2000
The Housing Authority of the (Creek) Nation and Fannie Mae have announced a $10 million affordable housing program for members of the Muscogee (Creek) Nation of Oklahoma. (Read More)
Florida, Pennsylvania Servicing for Sale
May 22, 2000
Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $15 million Fannie Mae mortgage portfolio backed by home loans in Florida and Pennsylvania. (Read More)
Median California Home Price Surges
May 22, 2000
The median price of an existing single-family detached home in California reached a record high of $232,620 in the first quarter, according to the California Association of Realtors and Transamerica Intellitech. (Read More)
Neighborhood Shop Centers Perform Best
May 22, 2000
Neighborhood shopping centers are once again the top performers among the four major shopping center types, with reported tenant sales of $260.49 per square foot, according to an Urban Land Institute survey. (Read More)
Criimi Mae Reports 1Q Results
May 22, 2000
Criimi Mae Inc., Rockville, Md., has reported net income available to common shareholders of $4.0 million ($0.07 per share) for the first quarter, compared with $13.4 million ($0.23 per share) a year earlier. (Read More)
Greenspan: GSEs Get 'Implicit Subsidies'
May 23, 2000
Federal Reserve Board Chairman Alan Greenspan says Fannie Mae and Freddie Mac are "diverting real resources from other market-determined uses" because of their government-sponsored status and lower borrowing costs. (Read More)
Accord Reached on Housing-Linked Tax Breaks
May 23, 2000
House Speaker Dennis Hastert, R-Ill., and White House officials have agreed on a set of tax breaks to spur economic development and housing revitalization in rundown urban and rural communities. (Read More)
FHLB-Topeka Joins MPF Program
May 23, 2000
The Federal Home Loan Bank of Topeka has joined the Federal Home Loan Bank System's Mortgage Partnership Finance program. (Read More)
Banks Cautious on High-LTV Loans
May 23, 2000
While commercial banks are more willing to make loans with high loan-to-value ratios than two years ago, almost 80% of originations in the past three months involved loans with at least 10% down, according to a Federal Reserve Board survey. (Read More)
LION Launches HEL & Subprime Site
May 23, 2000
Lioninc.com, Seattle, has unveiled a new website that enables consumers to obtain instant approvals for home equity loans and subprime mortgages. (Read More)
Conseco Prices MH Deal
May 23, 2000
Conseco Finance Corp., St. Paul, Minn., has priced a $705 million securitization of manufactured housing loans. (Read More)
Fitch Downgrades Conseco-Linked ABS
May 23, 2000
The ratings on 64 classes of certificates issued by Green Tree Financial Corp. or Conseco Finance Corp. and backed by manufactured housing contracts, home equity loans, and home improvement loans have been lowered by Fitch IBCA Inc. (Read More)
Canadian REIT to Sell Residential Portfolio
May 23, 2000
Summit REIT, Toronto, a diversified Canadian real estate investment trust, has entered into an agreement to sell its residential apartment portfolio for approximately $46 million (Canadian). (Read More)
House Passes PMI Fix
May 24, 2000
The House has passed a bill that would make much-needed corrections to the private mortgage insurance cancellation law that was enacted two years ago. (Read More)
Appropriators Hike OFHEO's Funding
May 24, 2000
The VA-HUD appropriations subcommittee has decided to increase the budget for the Office of Federal Housing Enterprise Oversight from $19.4 million to $22.0 million, but less than the $26.8 million requested by the agency, which supervises Fannie Mae and Freddie Mac. (Read More)
Task Force Eyes Asset-Based Lending
May 24, 2000
A federal task force on predatory lending wants to apply a prohibition on asset-based lending in the Home Owners and Equity Protection Act to all loans, according to Treasury Undersecretary Gary Gensler. (Read More)
Baker Wants Fall Vote on GSE Bill
May 24, 2000
Despite Fannie Mae's and Freddie Mac's opposition, Rep. Richard Baker, R-La., says he is going to continue to have hearings on his government-sponsored enterprise bill and to push for a vote this fall. (Read More)
Applications Rise
May 24, 2000
Mortgage applications rose 8.1% during the week ended May 19, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
79% of 1Q Refis Tapped Equity
May 24, 2000
More than three-quarters of the homeowners who refinanced their homes in the first quarter tapped into their equity by getting a mortgage at least 5% larger than the original loan, according to Freddie Mac's quarterly refinance review. (Read More)
2 Empire Classes Downgraded
May 24, 2000
Two classes of subordinate securities in Empire Funding Home Loan Owner Trust 1998-1 have been downgraded by Moody's Investors Service, while the ratings on 15 classes in four Empire Funding Corp. deals have been confirmed. (Read More)
ASC CMBS Class Downgraded
May 24, 2000
Class A-5 of Asset Securitization Corp. Commercial Pass-Through Certificates, Series 1997-MDVII has been downgraded from BB to B-plus by Duff & Phelps Credit Rating Co. (Read More)
Freddie Does 1st LIBOR ARM Deal
May 24, 2000
In a first-of-its-kind transaction for Freddie Mac, the government-sponsored enterprise has purchased a $120 million loan originated by Bankers Mutual, Irvine, Calif., and secured by the Elan at River Oaks Apartments, San Jose, Calif. (Read More)
StarNet Reorganizes Net Branches
May 24, 2000
StarNet Financial Inc., Dallas, has reorganized its regional net branch operations under the name StarBranch Mortgage, which will oversee 18 offices around the nation. (Read More)
e-Net Sub Enters Florida
May 24, 2000
American Residential Funding, Costa Mesa, Calif., a wholly owned subsidiary of e-Net Financial.Com Corp., has extended its net branch operations into Florida. (Read More)
REIT Obtains $100MM Credit Facility
May 24, 2000
First Washington Realty Trust Inc., Bethesda, Md., has obtained a $100 million revolving credit facility to replace a $51 million facility that was due to mature in January 2001. (Read More)
Key's Servicer Rating Upgraded
May 24, 2000
The primary servicer rating of Key Commercial Mortgage, Kansas City, Mo., has been upgraded from CPS3 to CPS2 by Fitch IBCA Inc. (Read More)
Claritybank.com Adds Speed & Price Pledges
May 24, 2000
Claritybank.com, Purchase, N.Y., has added rapid-decision and low-price loan guarantees to its online residential mortgage products. (Read More)
Resales Down 6.2%
May 25, 2000
Sales of existing single-family homes fell 6.2% in April in response the high mortgage interest rates, according to the National Association of Realtors. (Read More)
OCC to Target Asset-Based Lending
May 25, 2000
Examiners are going to be reviewing national banks to make sure they are not engaged in asset-based lending, according to Comptroller of the Currency John Hawke Jr. (Read More)
Countrywide Wholesale Adds B&C Online
May 25, 2000
The Wholesale Lending Division of Countrywide Home Loans, Calabasas, Calif., has begun to offer its approved brokers and correspondents the ability to originate subprime loans online. (Read More)
New Web Firm Touts Full Data Automation
May 25, 2000
Integrate Online Inc., a newly formed company based in San Francisco, says its aim is to fully automate the primary and secondary mortgage markets. (Read More)
Pru Mortgage Names Servicing Chief
May 25, 2000
Ann A. Hambly has been named managing director of the mortgage servicing business of Prudential Mortgage Capital Co. LLC, Newark, N.J. (Read More)
30-Year Rate Dips; ARM Rate Rises
May 25, 2000
The average 30-year fixed mortgage rate fell to 8.62% for the week ending May 26 from 8.64% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Title Searches Rise
May 25, 2000
The AFS Title Search Index rose to 129.6 for the week ended May 19, a 3.4% increase from 125.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
Advanta Closes $400MM Deal
May 25, 2000
Advanta Conduit Receivables Inc., Spring House, Pa., has completed a $400 million securitization of mortgage loans originated chiefly by Advanta National Bank and Advanta Bank Corp. (Read More)
SuperSolutions Adds Home Equity Features
May 25, 2000
SuperSolutions Corp., Eden Prairie, Minn., has added home equity lending features to its loan portfolio management software. (Read More)
Prentiss Renews $300MM Credit Line
May 25, 2000
Prentiss Properties Trust, Dallas, has announced the renewal of its $300 million corporate line of credit and the closing of a $27 million term loan. (Read More)
HomeBanc Gets $225MM Warehouse Line
May 25, 2000
GMAC-Residential Funding Corp., Minneapolis, has announcedthe closing of a $225 million warehouse line of credit for HomeBanc Mortgage Corp., which recently separated from First Tennessee NationalCorp. (Read More)
Bloomfield's Servicing Breaks $1B
May 25, 2000
Bloomfield Acceptance Co., a subsidiary of Bingham Financial Services Co. in Birmingham, Mich., now services over $1 billion in commercial mortgage loans, the company has announced. (Read More)
Correction
May 25, 2000
The budget numbers for the Office of Federal Housing Enterprise Oversight in the May 24 MortgageWire were erroneously reported in billions. (Read More)
Lehman May Buy Conseco Unit
May 26, 2000
Lehman Brothers Holdings Inc., New York has entered into a non-binding agreement to create a group that will purchase the former Green Tree Financial, according to industry sources. (Read More)
Ginnie Mae: No Plans for Change
May 26, 2000
Ginnie Mae has reported that, despite discussing possible changes to its mortgage securities with investors in a recent conference call, it officially "has no immediate plans to modify either its Ginnie Mae I or Ginnie Mae II securities." (Read More)
CRE Loan FASIT Change Sought
May 26, 2000
If securitizers can readily get a price quote on a commercial mortgage loan then they should not be forced to record an artificially high tax gain on the transfer of the loan to a Financial Asset Securitization Investment Trust, according to The Bond Market Association. (Read More)
FHFB Extends Comment Period
May 26, 2000
The Federal Housing Finance Board has extended the public comment period on its core mission assets proposal by two weeks until June 15. (Read More)
TIAA, Fannie, Salomon Lead MBS Rankings
May 26, 2000
The top institutional holder, issuer and broker/dealer of mortgage-backed securities are, respectively, pension fund Teachers Insurance & Annuity Association, Fannie Mae, and investment bank Salomon Smith Barney, according to rankings by Capital Access, Murray Hill, NJ. (Read More)
Aames Debt Faces Downgrade
May 26, 2000
Subprime lender Aames Financial Corp.'s ratings on approximately $276 million of unsecured debt may face downgrades by at least two rating agencies following reports that the company will incur further losses from writedowns of securitizations' residual assets and the poor climate for whole loan sales. (Read More)
Corwin Joins Butera & Andrews
May 26, 2000
Philip S. Corwin is joining the Washington lobbying firm of Butera & Andrews as a partner starting June 1. (Read More)
$162 Million in Servicing Rights for Sale
May 26, 2000
Charbonneau-Klein, Houston, is brokering the sale of servicing rights on a $162 million portfolio of Fannie Mae and Freddie Mac mortgage loans. (Read More)
Crescent Gets OK for Bankruptcy Sale
May 26, 2000
Crescent Real Estate Equities Company, Fort Worth, Texas has obtained judicial approval, in the bankruptcy proceedings of Charter Behavioral Health Systems, of agreements for CBHS to sell operating assets of 24 of the 37 behavioral healthcare facilities to multiple purchasers. (Read More)
NetUPDATE Offering Onyx, Byte Technology
May 26, 2000
NetUPDATE, Bellevue, Wash. has joined a strategic partnership in which it will offer the Onyx Employee Portal and ByteOnline loan origination software along with its LoanUPDATE tools as part of a personalized "Internet office" for loan originators. (Read More)
Builder Offering Loans from New Stores
May 26, 2000
Home builder Kaufman and Broad Home Corp. has reported that it will be opening new retail stores designed to sell loans from its mortgage division, home and home options. (Read More)
California Home Prices Hit Record High
May 26, 2000
Home prices in California have hit a new record high and the existing home sales rate has seen a double-digit increase, according to recent figures from the California Association of Realtors and Transamerica Intellitech, Sacramento. (Read More)
CRE Fund's 144A Note Rating Lowered
May 26, 2000
Moody's Investors Service has lowered its rating on Prime Property Fund's Rule 144A senior unsecured notes (issued by Prime Property Funding II, Inc.) to A2, from Aa3, affecting approximately $300 million of debt securities. (Read More)
Healthcare REIT's Ratings Fall
May 26, 2000
Moody's Investors Service has lowered Murfreesboro, Tenn.-based National Health Investors, Inc's (NHI) senior unsecured long-term debt rating to Ba3, from Ba1, its subordinated debt rating to B2, from Ba3, and its cumulative preferred stock rating to "b2" from "ba3." (Read More)
Feedback
May 26, 2000
Our survey question on whether Congress should pass new legislation to curb predatory lending practices has drawn a heavy response. (Read More)
Advance, Invesco Form Joint Venture
May 30, 2000
The Advance Group Inc., Bedminster, N.J., has formed a joint venture between Advance Realty Investors LLC and Invesco Realty Advisors to acquire office, industrial, and "flex" properties in the Northeast. (Read More)
Union Planters Unveils Online Service
May 30, 2000
Union Planters Bank has introduced a complete package of Internet-based mortgage services for consumers. (Read More)
1st Chesapeake Ends Whoofnet Talks
May 30, 2000
First Chesapeake Financial, Philadelphia, has terminated discussions to acquire residential and small-business communications provider Whoofnet.com Inc. and its affiliates. (Read More)
Ocwen Study Sees RE Slowdown
May 30, 2000
A slowdown in the real estate market is forecast by a quarterly study issued by Ocwen Financial Corp., West Palm Beach, Fla. (Read More)
13 FMAC Classes Under Review
May 30, 2000
Thirteen classes of notes issued under three FMAC Loan Receivables Trust Series deals have been placed on RatingAlert Negative by Fitch IBCA Inc. (Read More)
$2.1B HEL Deal to Settle
May 30, 2000
A $2.1 billion floating-rate home equity securitization that is "one of the largest ever" was slated to settle on Tuesday, Bridge Telerate has reported. (Read More)
Linqware.com, LoanCity.com Join Forces
May 30, 2000
Interactive application service provider Linqware.com, Kirkland, Wash., has teamed with LoanCity.com, San Jose, Calif., to provide outsourced software hosting services. (Read More)
Allied Offering Reverses
May 30, 2000
Allied Mortgage Capital Corp., Houston, is starting to offer Federal Housing Administration and Fannie Mae reverse mortgage products for the first time, the mortgage banking firm has announced. (Read More)
Federated to Manage 1st Mortgage CBO
May 30, 2000
Federated Investors Inc., Pittsburgh, has announced that its investment unit will manage $500 million in new mortgage-backed assets in a collateralized bond obligation, Federated's first mortgage-backed CBO transaction. (Read More)
REIT Affiliate Places $175MM of Stock
May 30, 2000
A wholly owned affiliated partnership of General Growth Properties has privately placed $175 million of preferred stock with an institutional investor. (Read More)
New Home Sales Down
May 31, 2000
The number of new homes sold in April was down 5.8%, according to statistics released by the Census Bureau and the Department of Housing and Urban Development. (Read More)
HomeAdvisor Pledges Lowest Price
May 31, 2000
Microsoft's HomeAdvisor Technologies Inc. has announced the addition of a new loan transaction platform to the HomeAdvisor.com website, promising to offer consumers a lowest-priced loan guarantee. (Read More)
Principal to Service HomeAdvisor Loans
May 31, 2000
Principal Residential Mortgage Inc., Des Moines, Iowa, has been selected as a servicer for loans originated via HomeAdvisor.com. (Read More)
EMC to Buy UCFC Servicing Portfolio, Platform
May 31, 2000
United Companies Financial Corp., Baton Rouge, La., has signed an agreement to sell virtually all its mortgage and servicing assets to EMC Mortgage Corp. and EMC Mortgage Acquisition Corp. for $781 million plus the assumption of certain liabilities. (Read More)
City Holding, PSB Cancel Deal
May 31, 2000
City Holding Co., Charleston, W.Va., has announced that the deal to sell its specialty finance mortgage servicing and origination operations to PSB Lending has been cancelled by mutual consent. (Read More)
Applications Fall
May 31, 2000
Mortgage applications fell 8.4% during the week ended May 26, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Title Searches Slide
May 31, 2000
The AFS Title Search Index slipped to 118.1 for the week ended May 26, an 8.9% decrease from 129.6 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
New MI Continues to Fall
May 31, 2000
April was another down month for the private mortgage insurance companies, both on a month-to-month and a year-to-year basis. (Read More)
Freddie Develops REIT Revolver
May 31, 2000
Freddie Mac has developed a new revolving credit product for Charles E. Smith Residential Realty Inc., Arlington, Va., an urban multifamily real estate investment trust. (Read More)
PNC Invests in GHR Systems
May 31, 2000
The PNC Financial Services Group, Pittsburgh, has made a "strategic investment" in GHR Systems, the Wayne, Pa.-based provider of loan origination software and technology services. (Read More)
CMBS Index Rises
May 31, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC rose 0.92% to 119.8 for the week ended May 26, outperforming comparable Treasury securities and interest rate swap agreements, the company said. (Read More)
Irish Lender's UK Sub Scores a 1st
May 31, 2000
A United Kingdom subsidiary of Irish mortgage lender First Active plc has issued the first public, rated securitization of flexible "buy to let" mortgage loans in Europe. (Read More)
Fannie Announces Benchmark Note
May 31, 2000
Fannie Mae has reported that it will price a 10-year Benchmark Note on June 7 and list it on the Luxembourg Stock Exchange. (Read More)
Mortgage REIT Buys Back 800,000 Shares
May 31, 2000
Hanover Capital Mortgage Holdings Inc., New York, has repurchased 800,400 shares of its common stock since March 31 at an average price of $4.53 per share, the company said. (Read More)
June
Task Force Eyes HOEPA Triggers
June 1, 2000
A Department of Housing and Urban Development/Treasury Department task force will recommend that the current anti-predatory law -- the Home Owners and Equity Protection Act of 1994 -- be expanded to cover more subprime loans. (Read More)
Feds Want More Subprime Reporting
June 1, 2000
Federal banking regulators are proposing to increase the amount of financial data banks have to report on their subprime lending and securitization activities. (Read More)
Fixed Rates Fall
June 1, 2000
The average 30-year fixed mortgage rate fell to 8.54% for the week ending June 2 from 8.62% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Freddie Speeds Flat
June 1, 2000
Prepayment rates for Freddie Mac mortgage-backed securities were little changed in the latest report, according to the Bear Stearns Prepayment Commentary. (Read More)
Fitch IBCA + Duff = Fitch
June 1, 2000
The completion of the merger between rating agencies Fitch IBCA Inc. and Duff & Phelps Credit Rating Co. has resulted in the creation of an international rating agency called Fitch with dual headquarters in New York and London. (Read More)
New B2B Site From Texas
June 1, 2000
M360.com, a new business-to-business website based in Austin, Texas, has just launched to take on IMX, Lending Tree, and Loan Trader. (Read More)
VLDC Buys 4 Branches
June 1, 2000
As the latest move in its "clicks and bricks" strategy, Severna Park, Md.-based VLDC Technologies Inc. has announced the acquisition of four retail branch offices of Capitol Mortgage Bankers Inc. (Read More)
Capstone Snags $1.2B in Servicing
June 1, 2000
Capstone Realty Advisors, Cleveland, has been awarded a $1.2 billion FHA-Ginnie Mae servicing portfolio for an undisclosed price by PFC Corp., Newport Beach, Calif. (Read More)
COFI Continues Ascent
June 1, 2000
The Eleventh Federal Home Loan District Cost of Funds Index continues its rise, reaching 5.078% for April, an increase of over 7 basis points from March's 5.002%. (Read More)
Home Prices Rose 5.1% in 1Q
June 1, 2000
Home prices increased at an annualized rate of 5.1% nationwide in the first quarter, according to Freddie Mac's Conventional Mortgage Home Price Index. (Read More)
Survey Reflects Contracting Refis
June 1, 2000
Approximately 20% of conventional mortgage applications were for refinancing in the first quarter, down from 22% in the fourth quarter and nearly 60% a year earlier, according to Freddie Mac's quarterly refinancing survey. (Read More)
DDR Completes Private Placement
June 1, 2000
Developers Diversified Realty Corp., Cleveland, has completed a $105 million private placement of 9.0% perpetual preferred "down-REIT" operating partnership units with an institutional investor. (Read More)
Fund Names Sub-Advisor
June 1, 2000
Institutional investment manager and advisor Principal Capital Management has been selected as the investment sub-advisor to The Builders Fixed Income Fund. (Read More)
SSB Slashes Countrywide EPS Estimate
June 2, 2000
Salomon Smith Barney has slashed its fiscal 2001 earnings-per-share estimate on Countrywide Credit Industries from $3.25 to $3.01, substantially below the current consensus estimate of $3.21, and says the company is now a consolidation candidate. (Read More)
Mortgage Jobs Dip
June 2, 2000
Employment in the mortgage industry fell by less than 1% in May, despite rising interest rates that peaked at 8.64% on May 18. (Read More)
First Horizon Buys Equitrust
June 2, 2000
First Horizon Home Loan Corp., Dallas, has acquired Equitrust Financial Corp., a Michigan-based residential mortgage lender. (Read More)
Judge Lifts Order Linked to Hostile Bid
June 2, 2000
A Montgomery County, N.Y., judge has lifted a temporary restraining order against Landmark Financial Corp. that was sought by Private Mortgage Investment Services Inc., Saratoga Springs, N.Y. (Read More)
Crestline, Bedrock Form Joint Venture
June 2, 2000
Crestline Capital Corp., Bethesda, Md., has entered into a letter of intent to form a joint venture with Bedrock Partners II LP to acquire $250 million of hotels in the next three years. (Read More)
Kaufman & Broad Sells MF Sub
June 2, 2000
Kaufman and Broad Home Corp., Los Angeles, has completed the sale of its multifamily affordable housing subsidiary, Kaufman and Broad Multi-Housing Group Inc., to privately held Simpson Housing LP. (Read More)
OnLoan.com Rolls Out B2B Services
June 2, 2000
OnLoan.com, Fort Lauderdale, Fla., has announced the rollout of its business-to-business services. (Read More)
RMF CMBS Class Downgraded
June 2, 2000
Fitch has downgraded Class F of RMF commercial mortgage pass-through certificate Series 1995-1 from B to B-minus. (Read More)
PMI Helps Chase Finance Rural Housing
June 2, 2000
PMI Mortgage Insurance Co., San Francisco, has announced a commitment to insure $350 million in home loans made through Chase Manhattan Mortgage Corp.'s "rural advantage program," which offers low downpayment requirements, custom underwriting guidelines, and special eligibility requirements to meet the unique needs of rural homebuyers. (Read More)
Report Finds Lack of Affordable Housing
June 2, 2000
Roughly three million moderate-income families are unable to meet their housing needs despite having a full-time job (or equivalent), according to a report released Friday by the National Housing Conference. (Read More)
Equity Office Invests in HQ Global
June 2, 2000
Equity Office Properties Trust, a Chicago-based office building company, has made a $75 million convertible preferred stock investment in HQ Global Workplaces Inc. (Read More)
Transnational Reports Loss
June 2, 2000
Transnational Financial Network Inc., San Francisco, has reported a net loss of $1.35 million ($0.31 per share) for the first quarter, compared with net income of $292,000 ($0.08 per share) a year ago. (Read More)
RE Firm Gets Frankfurt Stock Listing
June 2, 2000
Tri-National Development Corp., a San Diego-based international real estate development, sales, and management company, has reported that it has been accepted for listing on the Frankfurt Stock Exchange in Germany. (Read More)
Feedback
June 2, 2000
"What will happen when GSE issues are larger than those of the Treasury?" (Read More)
Reid Resigns MBA Post
June 5, 2000
Paul Reid has resigned as executive vice president of the Mortgage Bankers Association of America,effective immediately. (Read More)
FirstPlus Out of Mortgage Biz
June 5, 2000
FirstPlus Financial Group Inc., Dallas, has announced that it probably will not resume originating,servicing, or investing in mortgage loans. (Read More)
Advanta Subs Reach Pact With Regulators
June 5, 2000
Advanta National Bank and Advanta Bank Corp. have reached agreements with bank regulators regardingtheir subprime lending operations and certain other matters, Advanta Corp. has announced. (Read More)
Alltel Unveils Retail Lending Service Bureau
June 5, 2000
Alltel, Jacksonville, Fla., has announced the establishment of a retail lending service bureau. (Read More)
FDIC Cites CRE Lending Concerns
June 5, 2000
A Federal Deposit Insurance Corp. survey found very little change in commercial real estate lendingpractices over the past six months, but the agency is concerned about industry reports that the supply of new officebuildings may exceed the net absorption rate for the first time since 1991. (Read More)
MortgageSelect, enitiatives Form Alliance
June 5, 2000
MortgageSelect.com, the Internet-based subsidiary of American Home Mortgage Holdings, has formeda strategic alliance with enitiatives Inc., a point-of-sale Internet service provider. (Read More)
CMBS Index Rises
June 5, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC rose0.70% to 120.6 for the week ended June 2, outperforming comparable Treasury securities and interest rate swap agreements,the company said. (Read More)
REIT Becomes Externally Managed
June 5, 2000
First Union Real Estate Investments, New York, has announced the termination of its employment ofthree top executives in connection with a previously announced move to external management. (Read More)
CarrAmerica Plans Joint Venture
June 5, 2000
CarrAmerica Realty Corp. has executed a nonbinding letter of intent for an approximately $422 milliondevelopment joint venture that is expected to be formed in the third quarter. (Read More)
Pair Launch RE Advisory Firm
June 5, 2000
David Sonnenblick and Elliot Eichner have established a real estate investment advisory firm, Sonnenblick-EichnerCo. (Read More)
Irish Bank Issues 1st Securitization
June 5, 2000
The Bank of Ireland is issuing its first domestic securitization and has received prospective ratingsfrom the London office of Moody's Investors Service, New York. (Read More)
REIT Inks $375MM Credit Pact
June 5, 2000
United Dominion Realty Trust Inc., Richmond, Va., has signed a new three-year, $375 million revolvingcredit agreement with a group of 14 banks. (Read More)
Morrison Leaving Finance Board
June 6, 2000
Bruce Morrison has announced that he will step down as chairman of the Federal Housing Finance Board sometime in July. (Read More)
Finance Board Devolves Authority to FHLBanks
June 6, 2000
The Federal Housing Finance Board will no longer play a role in approving the issuance of consolidated debt obligations (COs) of the Federal Home Loan Bank System. (Read More)
Ultraprise Prez Resigns
June 6, 2000
Dave Matthews, the president of Ultraprise, an online mortgage exchange based in Dulles, Va., has resigned from the company effective immediately, MortgageWire has learned. (Read More)
OTS Wants More Subprime Data
June 6, 2000
In the next few weeks, the Office of Thrift Supervision will be proposing several changes to the Thrift Financial Report to collect specific information on subprime lending. (Read More)
Digital Signature Bill Should Emerge Soon
June 6, 2000
A majority of House/Senate conferees have signed off on a digital signature bill that is supposed to make it easier for lenders to originate mortgages online, but the conference chairman, Rep. Thomas Bliley, R-Va., has not filed the conference report yet. (Read More)
Simpson Buys Kaufman & Broad MF Unit
June 6, 2000
Simpson Housing LP has completed its acquisition of Kaufman and Broad Multi-Housing Inc., Long Beach, Calif., from Kaufman and Broad Home Corp. Kaufman and Broad said the transaction produced $85 million in net proceeds to the company. (Read More)
Accent to Buy Construction Finance Firm
June 6, 2000
Lahaina Acquisitions Inc., Alpharetta, Ga., commonly known as The Accent Group, has signed a letter of intent to acquire Cross Keys Capital Ltd., a privately held Pennsylvania provider of interim construction financing. (Read More)
Home Depot Offering HIL Program
June 6, 2000
The Home Depot, Atlanta, has launched a first-of-its-kind home improvement loan program that will be available at all the retailer's stores by fall. (Read More)
Title Searches Rise
June 6, 2000
The AFS Title Search Index rose to a holiday-adjusted 120.1 for the week ended June 2, a 1.8% increase from 118.1 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)
$176MM of East Coast Servicing for Sale
June 6, 2000
The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $176 million portfolio of Fannie Mae home loans. (Read More)
AppOnline.com Raises $4MM
June 6, 2000
AppOnline.com Inc., Melville, N.Y., has announced the completion of a private placement of 4,000 shares of convertible preferred stock to Excalibur LP and B.H. Capital. (Read More)
Affinity Enters Stock-Purchase Pact
June 6, 2000
Affinity Technology Group Inc., Columbia, S.C., has entered into a common stock purchase agreement under which Redmond Fund Inc., Redmond, Wash., will buy approximately 485,000 shares of Affinity's stock for $500,000. (Read More)
Pedestal Touts $24B in TBA MBS Volume
June 6, 2000
Pedestal Inc. has reported that $24.0 billion in to-be-announced mortgage-backed securities volume has been transacted since its automated trading feature was launched in conjunction with Deutsche Banc Alex. Brown's MBS Autobahn on Feb. 22. (Read More)
PNC Buys $5.2B in Servicing
June 7, 2000
PNC Mortgage, Vernon Hills, Ill., has acquired servicing rights for approximately $5.2 billion of residential home loans from Fleet Mortgage Corp. (Read More)
Freddie Releases AU Factors
June 7, 2000
Freddie Mac has released a list of factors used by its automated underwriting service to analyze mortgages for sale to the government-sponsored enterprise. (Read More)
FTC Nixes Sale of Credit 'Header' Info
June 7, 2000
Some credit bureaus and marketing companies believe the Federal Trade Commission has exceeded its authority in banning the sale of "header information" on credit reports. (Read More)
Bay View to Sell Bankers Mutual
June 7, 2000
Bay View Capital Corp., San Mateo, Calif., has executed a definitive agreement to sell substantially all the assets of Bankers Mutual to Berkshire Mortgage Finance LP for approximately $40 million in cash. (Read More)
Thrift Originations Down; Earnings Up
June 7, 2000
Thrift originations fell 17% during the first quarter and nearly 40% from a year ago, but the savings and loan industry still posted record profits, according to the Office of Thrift Supervision. (Read More)
7 FMAC Classes Downgraded
June 7, 2000
Seven classes of notes issued under two FMAC Loan Receivables Trust Series deals have been downgraded by Fitch. (Read More)
S&P Downgrades 2 Empire MBS Classes
June 7, 2000
Two classes of Empire Funding Home Loan Owner Trust residential mortgage-backed securities have been downgraded by Standard & Poor's, and the ratings on more than 50 other classes have been affirmed. (Read More)
2 Cityscape MBS Classes Downgraded
June 7, 2000
Two classes of Cityscape Home Loan Owner Trust residential mortgage-backed securities have been downgraded by Standard & Poor's, and the ratings on 23 other classes have been affirmed. (Read More)
Applications Fall
June 7, 2000
Mortgage applications fell 7.3% during the week ended June 2, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)
Custom Broker Websites Unveiled
June 7, 2000
RealEstate.com, an Atlanta-based business-to-business application service provider, has introduced customized websites for mortgage brokers and a mortgage broker search engine. (Read More)
13 CRE Firms Form Tech Consortium
June 7, 2000
Thirteen leading commercial property companies have signed an agreement to establish Office Technology Consortium "to improve business processes, drive tenant values, and strive to improve industry service standards." (Read More)
Correction
June 7, 2000
In an item posted on Monday, MortgageWire mistakenly labeled a small national bank that failed Friday as a 125% LTV lender. (Read More)
FHFB Will Act on Mission Rule
June 8, 2000
Before Bruce Morrison steps down as chairman of the Federal Housing Finance Board, he has indicated that he intends to finalize a core mission asset rule that is fiercely opposed by the Federal Home Loan Bank establishment. (Read More)
Fair Isaac Releases FICO Factors
June 8, 2000
Fair, Isaac and Co. Inc., San Rafael, Calif., the company that produces FICO scores, said it will make public the factors it uses in determining those scores. (Read More)
Fixed Rates Drop
June 8, 2000
The average 30-year fixed mortgage rate fell to 8.32% for the week ending June 9 from 8.54% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fannie/Ginnie Speeds Jump
June 8, 2000
Prepayment rates rose across the board in May for Fannie Mae and Ginnie Mae mortgage-backed securities, offsetting the larger-than-expected slowdown recorded in April, according to the Bear Stearns Prepayment Commentary. (Read More)
Aames Gets 1st Phase of Cap Infusion
June 8, 2000
Aames Financial Corp., Los Angeles, has received $34.7 million of a two-phase $50 million equity investment by its lead stockholder, Specialty Finance Partners. (Read More)
IMX to Decentralize Ops
June 8, 2000
IMX Exchange, San Ramon, Calif., in a bid to promote creativity in product development, is decentralizing its business operations. (Read More)
AMLI Enters 2nd Venture With BPMT
June 8, 2000
AMLI Residential, a Chicago-based multifamily real estate investment trust, has entered into a second joint venture with BPMT, a Netherlands pension fund, to acquire approximately $260 million of institutional quality apartment communities in AMLI's markets. (Read More)
UCFC Files Amended Ch. 11 Plan
June 8, 2000
United Companies Financial Corp., Baton Rouge, La., and certain subsidiaries have filed an amended reorganization plan and a disclosure statement in connection with their Chapter 11 bankruptcy cases. (Read More)
California Housing Affordability Falls Again
June 8, 2000
Housing affordability in California hit its lowest level in April since 1992, according to the California Association of Realtors. (Read More)
Florida Resales Rise
June 8, 2000
Florida's existing home sales stayed on track in April, posting a 4% gain over the same month last year with resales of 14,253 single-family homes, according to the Florida Association of Realtors. (Read More)
Host Marriott Extends Credit Line
June 8, 2000
Host Marriott Corp., Bethesda, Md., has extended its revolving credit facility by two years, to August 2003. (Read More)
Conference OKs Digital Signature Bill
June 9, 2000
House and Senate conferees have completed work on a digital signature bill and now the conferencereport, which Rep. Thomas Bliley, R-Va., filed Thursday night, goes before the House and Senate for final approval. (Read More)
Career Civil Servant Tapped for FHFB Seat
June 9, 2000
President Clinton has announced his intention to nominate Allan Mendelowitz to be a director onthe Federal Housing Finance Board. (Read More)
Panel Sets Affordable Housing Hearing
June 9, 2000
Sen. Wayne Allard, R-Colo., has scheduled a hearing on affordable housing issues for June 20. (Read More)
Exec Sees Slow Online Origination Growth
June 9, 2000
Retail mortgage originations over the Internet, now at 2%, will grow only incrementally as a resultof a hidebound, fragmented market, according to Stuart McFarland, chief executive officer of the online secondarymortgage marketplace Pedestal Inc. (Read More)
MuniMae Touts Equity Infusions
June 9, 2000
Municipal Mortgage & Equity LLC, Baltimore, has received equity infusions totaling $131 millionfrom institutional investors in three separate transactions, MuniMae has reported. (Read More)
WCC Ranked Above Average as Alt Servicer
June 9, 2000
Wilshire Credit Corp. has been assigned an Above Average ranking as a residential alternative loanservicer by Standard & Poor's. (Read More)
REIT Enters Pact With TJX
June 9, 2000
Liberty Property Trust, Malvern, Pa., has entered into an agreement with The TJX Cos. Inc., Framingham,Mass., to develop a 1.015 million-square-foot distribution center in Philadelphia for TJX's T.J. Maxx division. (Read More)
StarNet Gets $30MM Warehouse Line
June 9, 2000
DLJ Mortgage Capital Inc., New York, has extended a $30 million warehouse lending facility to StarNetMortgage Inc., Dallas, under a new master repurchase agreement. (Read More)
California Resales Fall
June 9, 2000
The sales of existing single-family detached homes in California fell 12.3% in April from March'slevel and were down 7.5% from the pace recorded in April 1999, according to the California Association of Realtorsand Transamerica Intellitech. (Read More)
Feedback
June 9, 2000
"Is there a market for an appraisal expert?" (Read More)
HUD: Affordable Housing Shortage Worsening
June 12, 2000
The economic boom has driven up home purchase prices at twice the rate of inflation and rents at 1.5 times the inflation rate -- worsening an affordable housing shortage, according to a report released by the Department of Housing and Urban Development. (Read More)
AppOnline Buys 2 Companies
June 12, 2000
AppOnline.com, an Internet mortgage company based in Melville, N.Y., has purchased Professional Mortgage Services, South Lyon, Mich., and Bay Mortgage Services Inc., Plymouth, Mass. (Read More)
GMAC-RFC Launches Venture Fund
June 12, 2000
GMAC-Residential Funding Corp., Minneapolis, has launched a venture capital fund that will invest in companies with mortgage technologies or products that it believes will improve its core mortgage-related businesses. (Read More)
HUD Aims to Boost Minority Homeownership
June 12, 2000
The Department of Housing and Urban Development wants to raise the rate of minority homeownership to more than 50% in three years. (Read More)
Countrywide Promotes 4 Execs
June 12, 2000
Four senior officers of Countrywide Home Loans Inc., Calabasas, Calif., have been promoted in connection with a realignment of the company's business units. (Read More)
iOwn Offers Fannie Timely-Pay Loan
June 12, 2000
iOwn Inc., San Francisco, has announced that it is the first Internet-based lender to offer the Fannie Mae Expanded Approval program with a rate reduction feature for timely payment. (Read More)
Subprime Default Risk Rising?
June 12, 2000
Expected default risk on subprime mortgage loans originated today is approaching the highs recorded in 1990, according to a study commissioned by University Financial Associates LLC, Ann Arbor, Mich. (Read More)
CMBS Index Rises
June 12, 2000
The commercial mortgage-backed securities index maintained by Banc of America Securities LLC rose 0.66% to 121.4 for the week ended June 9, outperforming comparable Treasury securities and interest rate swap agreements, the company said. (Read More)
Ameri-First to Buy 5 Homegate Properties
June 12, 2000
Ameri-First Realty Group, Dallas, a newly formed real estate division of the Ameri-First Financial Group, has entered into an agreement to acquire five Homegate Studios and Suites properties in Texas. (Read More)
Pedestal Snags Reuters-Led Funding
June 13, 2000
Pedestal Inc., Washington, D.C., has received $45 million in capital funding from a group of investors led by Reuters, which invested $35 million, and including Deutsche Bank Alex. Brown and venture capital firm Battery Ventures, each of which invested $5 million. (Read More)
Fannie Joins Xpede Funding Round
June 13, 2000
Meanwhile, Xpede Inc., an Oakland, Calif.-based provider of financial relationship management technology, has closed a $43 million round of funding by investors that included Fannie Mae. (Read More)
Freddie Names Glenn Vice Chair
June 13, 2000
David W. Glenn, Freddie Mac's president and chief operating officer, has been named to the additional post of vice chairman. (Read More)
Affordable Housing Developers Merge
June 13, 2000
Mercy Charities Housing California, San Francisco, and Rural California Housing Corp., Sacramento, have announced a merger that will produce the second largest developer of affordable housing in the state. (Read More)
Basis100 Forms U.S. Division
June 13, 2000
Basis100 Inc., Toronto, a mortgage tech
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