MortgageWire Stories from 2001

January

MBS Prices Jump

January 2, 2001

Benchmark mortgage-backed securities prices had jumped by more than half a point at noon Tuesday despite a rallying Treasury market, according to Bridge Telerate. (Read More)

COFI Hits 8-Year High

January 2, 2001

Even as other interest rates keep falling, the Eleventh Federal Home Loan District Cost of Funds Index increased in November by nearly two basis points. (Read More)

New Private MI Nears 2nd-Best Year

January 2, 2001

With December left to report, 2000 is already the third-best year ever in terms of net primary new insurance written by the private mortgage insurance industry. (Read More)

Freddie Speeds Slow Less Than Usual

January 2, 2001

Falling interest rates led to a smaller-than-usual decline in prepayment rates for Freddie Mac mortgage-backed securities in the December reporting period, according to the Bear Stearns Prepayment Commentary. (Read More)

Delinquencies Hit 4%

January 2, 2001

Residential mortgage delinquencies jumped 22 basis points in the third quarter to 4.04%, according to a survey by the Mortgage Bankers Association of America. (Read More)

CS 1st Boston Tops MBS Ranking

January 2, 2001

As a result of its recent acquisition of Donaldson, Lufkin & Jenrette, Credit Suisse First Boston topped the rankings of mortgage-backed securities underwriters in 2000, according to Thomson Financial Securities Data, a MortgageWire affiliate. (Read More)

Bush Names VA Chief

January 2, 2001

President-elect George W. Bush has picked Anthony Principi to be secretary of the Department of Veterans Affairs. (Read More)

Lexington Buys Office Property

January 2, 2001

Lexington Corporate Properties Trust, a New York real estate investment trust with interests in office, industrial, and retail properties, has acquired an office building in Parsippany, N.J., for $81 million through a joint venture with an institutional investor. (Read More)

Fitch Cites Servicer Rating Actions

January 2, 2001

Fitch has announced actions regarding the mortgage servicer ratings of several companies. (Read More)

HomeSide Meets S&P Servicer Criteria

January 2, 2001

Standard and Poor's has evaluated HomeSide (National Australia Bank Ltd.) and found the company to have met its standards as a residential loan servicer in Australia. (Read More)

Swedish Firm Ends RE Ops in UK

January 2, 2001

Sweden's NCC Real Estate, Stockholm, has ended its property-related activities in the United Kingdom by selling its 50% share of the East India Dock office property in London to Capital and Income Trust for 780 million Swedish kroner (about $82.1 million). (Read More)

Fed Cuts Rates by 50bp

January 3, 2001

The Federal Reserve unexpectedly cut interest rates by 50 basis points Wednesday afternoon, sparking hope in the mortgage market that the current refinancing "boomlet" could turn into a boom. (Read More)

House Shakes Up Banking Committee

January 3, 2001

The House Banking Committee is being enlarged to make way for Rep. Michael Oxley, R-Ohio, to become the new committee chairman, even though Rep. Marge Roukema, R-N.J., is still vying for the post. (Read More)

Cap Regs on Residuals Stir Reaction

January 3, 2001

The broad nature of regulatory proposals that set higher capital standards for "residual interests" in mortgage- and asset-backed securities have raised concerns among market participants, according to The Bond Market Association. (Read More)

Adjusted Title Index Rises

January 3, 2001

The AFS Title Search Index rose to a holiday-adjusted 123.4 in the week ended Dec. 29, a 15.2% increase from 107.2 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Applications Fall

January 3, 2001

Mortgage applications fell 15.6% on a seasonally adjusted basis during the week ended Dec. 29, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

H&R Block, Dorado Forge Agreement

January 3, 2001

H&R Block Mortgage offices and franchisees will have personalized websites through which clients can access mortgage products thanks to an agreement with San Mateo, Calif.-based application service provider Dorado Corp. (Read More)

Equitex Inks Pact With Mortgagebot

January 3, 2001

Equitex Inc. and its subsidiaries nMortgage Inc. and Meridian Residential Group have announced the signing of a three-year agreement with Mortgagebot LLC, Cedarburg, Wis., under which Mortgagebot will provide nMortgage's back-office system. (Read More)

S&P: Prime, Private MBS Deals Fell 23%

January 3, 2001

Securitizations in the prime, private-label residential mortgage market declined 23% in 2000, according to Standard & Poor's. (Read More)

Irwin Mortgage Gets New CEO

January 3, 2001

Robert H. Griffith has been promoted to president and chief executive officer of Irwin Mortgage Corp., Columbus, Ind., completing a management transition announced in October when he was named executive vice president and chief operating officer. (Read More)

Pedestal Names Chief Tech Officer

January 3, 2001

Pedestal Inc., a Washington, D.C.-based online mortgage trading platform, has named Don Sottile chief technology officer and senior vice president. (Read More)

Criimi Mae Appoints EVP

January 3, 2001

Criimi Mae Inc., Rockville, Md., has promoted David B. Iannarone to the new position of executive vice president. (Read More)

Int'l Buyers Rank NYC Top CRE Market

January 3, 2001

International buyers have ranked New York the hottest commercial property market in the United States, according to a survey by the Association of Foreign Investors in Real Estate. (Read More)

Rate Cut Sparks GSE Selloff

January 4, 2001

The Federal Reserve Board's 50-basis-point interest rate cut Wednesday sparked a surprising drop in the price of Fannie Mae and Freddie Mac stocks. (Read More)

Report on GSE Subsidies Coming Soon

January 4, 2001

The Congressional Budget Office plans to release its report on the subsidies Fannie Mae and Freddie Mac receive as a result of their ties to the federal government on Jan. 15 or shortly thereafter, MortgageWire has learned. (Read More)

Execs to Discuss FHLBank Programs

January 4, 2001

The members of the Financial Services Roundtable are meeting with the presidents of the 12 Federal Home Loan Banks on Friday to discuss the future of the FHLBank mortgage purchase programs. (Read More)

Rates Decline Further

January 4, 2001

The average 30-year fixed mortgage rate fell to 7.07% for the week ending Jan. 5 from 7.13% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

NetBank Teams Up With HomeSide

January 4, 2001

NetBank, Atlanta, has introduced an online mortgage application through a partnership with Jacksonville, Fla.-based HomeSide Lending Inc. (Read More)

Ginnie Monthly Servicing Flow for Sale

January 4, 2001

United Financial Inc., Denver, is brokering the sale of servicing rights on an estimated yearly volume of $960 million to $1.2 billion of Federal Housing Administration loans. (Read More)

PREIT Closes $250MM LOC

January 4, 2001

Pennsylvania Real Estate Investment Trust, Philadelphia, has reported the refinancing of its line of credit with a new $250 million combined revolving credit and construction finance facility. (Read More)

GMAC-RFC Issues $175MM HLTV Deal

January 4, 2001

Residential Funding Corp., Minneapolis, has completed a $175 million securitization of first lien loans with high loan-to-value ratios, the first under its new Home Solution program. (Read More)

E-Loan Gets LOC Renewal

January 4, 2001

E-Loan Inc., Dublin, Calif., whose stock is now trading under $1 a share, has announced that its warehouse lenders have renewed a $50 million line of credit through June 30, 2001. (Read More)

Union CRE Fund Closes

January 4, 2001

American Realty Advisors, Glendale, Calif., has announced the initial closing of Building for America High Yield Union Investment Fund LLC, a commingled real estate investment fund. (Read More)

Mortgage Jobs Up Slightly

January 5, 2001

The mortgage industry added 700 new employees during the month of December as refinancing activity increased and the purchase market remained at high levels. (Read More)

New Home Sales Off 2.2%

January 5, 2001

Sales of newly constructed homes fell 2.2% in November, but still remain at a very high level, according to the Commerce Department. (Read More)

Oxley Gets FinServ Panel Chair

January 5, 2001

House Republicans have picked Rep. Michael Oxley of Ohio to be chairman of the new Financial Services Committee, which will assume the responsibilities of the former Banking Committee plus jurisdiction over securities and insurance. (Read More)

Weak Market Drags Mortgage Stocks Down

January 5, 2001

Mortgage industry stocks largely moved downward with the rest of the market Friday morning, as earnings worries caused both the Dow Jones industrial average and the Nasdaq to fall sharply. (Read More)

BofA Trading Halted Briefly

January 5, 2001

The stock price of Bank of America Corp., Charlotte, took it on the chin Friday morning after rumors began to circulate that California's utilities might file for bankruptcy protection. (Read More)

Warrant Issued for NY Broker

January 5, 2001

A bench warrant has been issued for the arrest of a New York mortgage broker, Ioannis P. Ioannou, who failed to appear in court Jan. 4 for arraignment on charges of grand larceny, criminal possession of a forged instrument, falsifying business records, and a scheme to defraud. (Read More)

REIT Sues Lehman Over Subprime Pool

January 5, 2001

American Residential Investment Trust Inc., Del Mar, Calif., has filed suit in California Superior Court in San Diego against Lehman Capital, a division of Lehman Brothers Holdings Inc., New York. (Read More)

FRM/ARM Spreads Hit Record Low in '00

January 5, 2001

Spreads between fixed-rate and adjustable-rate mortgages fell to record lows in 2000 as the yield curve inverted and the demand for ARMs declined, according to Freddie Mac's 17th Annual ARM Survey. (Read More)

Fidelity Buys RE Data Provider

January 5, 2001

Title insurance provider Fidelity National Financial Inc., Irvine, Calif., has acquired International Data Management Corp., a provider of real estate information, for an undisclosed amount. (Read More)

Realink Partners With Genesis 2000

January 5, 2001

Online real estate appraisal provider realink.com, Phoenix, has announced a new partnership with Genesis 2000 to provide appraisals more quickly to mortgage brokers. (Read More)

Web Escrow Firms Join Forces

January 5, 2001

Online escrow provider FrugalEscrow plc, Edinburgh, Scotland, has reported that it plans to enter the United States escrow market through a proposed joint venture with EscrowAnything Inc., Pasadena, Calif. (Read More)

UFI Brokering Ginnie Servicing

January 5, 2001

United Financial Inc., Denver, is brokering the sale of servicing rights on a portfolio of $126 million of Ginnie Mae loans. (Read More)

IMC Subprime Classes Downgraded

January 5, 2001

The Class B subordinate certificates of IMC Home Equity Loan Trust's 1997-3 and 1997-5 subprime mortgage securitizations have been downgraded from Baa3 to B2 by Moody's Investors Service. (Read More)

Greenwich Cap Hires Agency SVPs

January 5, 2001

Scott Graham and Shrikant Ramamurthy have been hired by Greenwich Capital Markets, Greenwich, Conn., as senior vice presidents in its Government Agency Group. (Read More)

REIT Names New CEO

January 5, 2001

Kenneth F. Bernstein, president of Acadia Realty Trust, a New York-based shopping center real estate investment trust, has been given the additional post of chief executive officer. (Read More)

Firm Buys 2 California MF Complexes

January 5, 2001

Pacific Property Co., a private California multifamily investment company, has purchased two Southern California apartment communities totaling 126 units for $10.3 million. (Read More)

C-BASS Unit Gets Top Servicer Rating

January 5, 2001

Litton Loan Services, a subsidiary of C-BASS, New York, has received Fitch's top rating for the servicing of subprime and high-LTV loans. (Read More)

Aussie Bank's 1st Global MBS Deal Rated

January 5, 2001

National Australia Bank has received preliminary ratings for its first global residential mortgage-backed securitization, Homeside Mortgage Securities Trust 2001-1. (Read More)

Feedback

January 5, 2001

Respondents to our survey question on the prospects for a "soft landing" if the economic slowdown continues are not optimistic. (Read More)

Chase to Buy Advanta Mortgage

January 8, 2001

Chase Manhattan Mortgage Corp., Edison, N.J., has agreed to buy the subprime mortgage division of Advanta Corp., Spring House, Pa., for an undisclosed cash sum. (Read More)

Senate Panels to Be Split Equally

January 8, 2001

The Democrats and Republicans will have equal representation on the Senate Banking Committee and all other Senate committees in the 107th Congress. (Read More)

MBS Give Up Some Friday Gains

January 8, 2001

Prices on benchmark mortgage-backed securities had risen half a point by the end of the day on Friday, but as of noon Monday they showed signs of giving up some of those gains and were down slightly. (Read More)

GSE Lenders Liable Under DC Predatory Law

January 8, 2001

Lenders may not be able to rely on an exemption in the Washington D.C. anti-predatory lending legislation that applies to loans purchased by Fannie Mae and Freddie Mac. (Read More)

MBA: Profits Healthy in '99

January 8, 2001

Profit margins for the average firm in the mortgage banking industry rose from 13.6% in 1998 to 16.9% in 1999, according to the Mortgage Bankers Association of America. (Read More)

Fannie Speed Report 'Old News'

January 8, 2001

In what Bear Stearns analysts called an "old news" prepayment report in view of recent interest rate movements, the speeds of Fannie Mae and Ginnie Mae mortgage-backed securities rose moderately for new-issue refinanceable coupons in the December reporting period. (Read More)

NewHomes.com to Use HomeSide System

January 8, 2001

NewHomes.com, Clearwater, Fla., said it will offer an online lending solution to its customers by utilizing Jacksonville, Fla.-based HomeSide Lending Inc.'s online loan platform. (Read More)

New Century Expands Exec's Role

January 8, 2001

Brad A. Morrice, co-chief executive officer of New Century Mortgage Corp., Irvine, Calif., will become the sole CEO of the company and will take on an additional role with the parent company, New Century Financial Corp. (Read More)

GMACCM Arranges $165MM Financing

January 8, 2001

GMAC Commercial Mortgage Corp., Horsham, Pa., has arranged $164.69 million in financing for an industrial property portfolio on behalf of Long Island Industrial Group. (Read More)

Fitch: Structured Defaults Low in '90s

January 8, 2001

The average annual default rate on structured finance deals rated by Fitch fell to 0.01% of original principal balance over an 11-year period, compared with a default rate of 0.77% on U.S. corporate bonds between 1990 and 1999, the rating agency has reported. (Read More)

REIT Prices $250MM of Notes

January 8, 2001

BRE Properties Inc., San Francisco, has priced a $250 million offering of 10-year senior unsecured notes. (Read More)

Lenders Blocking GSE Reports

January 9, 2001

The Department of the Housing and Urban Development's effort to collect more data from Fannie Mae and Freddie Mac on their affordable housing loans has run into opposition from primary lenders. (Read More)

Financial Panel Expanded to 70 Seats

January 9, 2001

The Republicans have expanded the old House Banking Committee, now called the Financial Services Committee, to 70 members to make room for four Commerce Committee members and seven newly elected members of Congress. (Read More)

Reverse Mortgage Limits Increased

January 9, 2001

Fannie Mae and the Federal Housing Administration have increased loan limits for reverse mortgage loans, the National Reverse Mortgage Lenders Association has announced. (Read More)

Housing Panel Names Exec

January 9, 2001

The Millennial Housing Commission has selected Conrad Egan to be its executive director as it embarks on a mission to find new ways to increase the availability of affordable housing. (Read More)

Banyan to Liquidate, Sell Assets to Denholtz

January 9, 2001

Banyan Strategic Realty Trust, Chicago, has adopted a plan of liquidation and has agreed to sell all its real estate assets to Denholtz Management Corp. for $226 million. (Read More)

Centex to Buy CityHomes

January 9, 2001

Home builder Centex Homes has signed a letter of intent to acquire townhouse builder CityHomes and all its home building assets. (Read More)

Whitehall, WWG Form Joint Venture

January 9, 2001

The Whitehall Street Real Estate Funds, in partnership with Richard Previdi and the senior management of Wellsford/Whitehall Group, have formed WP Commercial, a venture to purchase and redevelop properties in the Northeast. (Read More)

MBA Hires Tech Chief

January 9, 2001

Gabe Minton has been hired as senior director of industry technology by the Mortgage Bankers Association of America. (Read More)

LionInc.com Consolidates Ops

January 9, 2001

Lion Inc., Renton, Wash., has announced an initiative to consolidate its broker sales and customer service operations. (Read More)

Associates Credit Card Bank Settles Bias Charges

January 9, 2001

A credit card bank originally owned by Associates First Capital Corp. has settled allegations by the Department of Justice that it discriminated against Hispanics who filled out Spanish-language applications. (Read More)

S&P Sees More Demand for Special Servicers

January 9, 2001

Standard & Poor's is forecasting more demand for servicers that specialize in managing seriously delinquent or defaulted mortgage loans. (Read More)

Freddie Prices 5-Year RefNotes

January 9, 2001

Freddie Mac has priced $6 billion of 5.25% five-year, dollar-denominated Reference Notes due Jan. 15, 2006. (Read More)

Carolina 1st Commences REIT Offering

January 9, 2001

Carolina First Bank, the wholly owned banking subsidiary of South Financial Group Inc., Greenville, S.C., has commenced an offering of REIT preferred shares. (Read More)

Title Index Surges

January 10, 2001

The AFS Title Search Index surged to a holiday-adjusted 173.2 in the week ended Jan. 5, a 40.3% increase from 123.4 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Freddie Limits Points & Fees

January 10, 2001

Freddie Mac is no longer purchasing mortgage loans if points and fees exceed 5% of the loan amount. (Read More)

Freddie Study Says Fed Benefits Overstated

January 10, 2001

A new study commissioned by Freddie Mac says that a 1996 Congressional Budget Office report on the benefits it and Fannie Mae receive from their government charters overstated those benefits and understated the benefits derived by consumers. (Read More)

Merger Spawns Native American Investment Bank

January 10, 2001

Native Nations Securities, New York, has acquired Freeman Securities Co. Inc., Jersey City, N.J., resulting in what Native Nations said will be the first full-service investment bank owned by Native Americans. (Read More)

Moody's to Begin Rating Servicers

January 10, 2001

Moody's Investors Service has announced that it will begin assigning formal quality ratings to servicers of residential mortgage securitizations starting in mid-January. (Read More)

TCN Launches Credit Correction Service

January 10, 2001

To help lenders update and correct consumer credit files, The Credit Network, Framingham, Mass., has just launched a new service called Veriscore. (Read More)

Sector Offers MBS Query Service

January 10, 2001

Sector Inc., New York, has launched Mortgage On Demand, a Web-based service that offers users the ability to query agency mortgage-backed security data from their personal computer. (Read More)

Countrywide to Use Online Training

January 10, 2001

Countrywide Home Loans Inc., Calabasas, Calif., has announced that it will conduct interactive online training sessions and seminars for employees located away from its central offices using technology from WebEx Communications Inc., San Jose, Calif. (Read More)

Saxon MBS Class Downgraded

January 10, 2001

Fitch has downgraded Class B2 of Saxon Mortgage Securities Corp.'s mortgage pass-through certificates Series 1994-8 from CCC to D and placed Class B1 of the deal on Rating Watch Negative. (Read More)

Health REIT's Ratings Off Watch

January 10, 2001

Standard & Poor's has removed its ratings on National Health Investors Inc., Murfreesboro, Tenn., from CreditWatch, where they were placed with negative implications on Sept. 22, 2000. (Read More)

Housing Starts Fall in Canada

January 10, 2001

The annual rate of housing starts in Canada fell a seasonally adjusted 4.9% during December 2000, according to Canada Mortgage and Housing Corp., Ottawa. (Read More)

RE Firm Repays $170MM in Loans

January 10, 2001

U.S. Restaurant Properties Inc., Dallas, has announced the repayment of nearly $170 million in loans to two bank syndicates. (Read More)

Emmes Brokers Sale of Buffalo Complex

January 10, 2001

Emmes Asset Management, a New York City-based real estate investment and asset management firm, has negotiated the sale of a 425,000-square-foot office and retail complex in downtown Buffalo for $41 million. (Read More)

30-Year Rate Drops Below 7%

January 11, 2001

The average 30-year fixed mortgage rate fell to 6.89% for the week ending Jan. 12 from 7.07% the week before, its lowest level since the week ended April 23, 1999, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Refi Index Skyrockets

January 11, 2001

Mortgage applications soared 61.1% on a seasonally adjusted basis during the week ended Jan. 5 as the Refinancing Index doubled, moving into "refi boom" territory, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

E*Trade to Buy LoansDirect

January 11, 2001

E*Trade Group Inc., Menlo Park, Calif., has agreed to acquire LoansDirect, an online mortgage originator based in Huntington Beach, Calif. (Read More)

Fannie Touts 14th Record Year in a Row

January 11, 2001

Fannie Mae has reported its 14th consecutive year of record earnings, with net income of $4.45 billion ($4.29 per share) for 2000, up from $3.91 billion ($3.72 per share) in 1999. (Read More)

VerticalNet Provides Tech to MortgageRamp

January 11, 2001

VerticalNet Solutions, San Francisco, has announced that it will provide its eMarketplace Suite technology platform to MortgageRamp. (Read More)

Ellie, Factual Data Join Forces

January 11, 2001

Ellie Mae Inc., Pleasanton, Calif., has announced a partnership with Factual Data Corp. to provide Genesis 2000 users with merged credit reports. (Read More)

RealEC Updates Notification System

January 11, 2001

RealEC Technologies, Santa Ana, Calif., has launched the latest version of its Active Notification System. (Read More)

Indian Housing Production Rises

January 11, 2001

The Native American Housing Assistance and Self-Determination Act of 1996 has been successful in increasing production of Indian housing, according to a survey by the National American Indian Housing Council. (Read More)

AMLI Forms MF Joint Venture

January 11, 2001

AMLI Residential, a Chicago-based apartment real estate investment trust, has entered into a joint venture with Northwestern Mutual, Milwaukee, to develop and own a multifamily apartment complex in Alpharetta, Ga., an Atlanta suburb. (Read More)

MBS Made Up 16% of French Market

January 11, 2001

Structured mortgage bonds constituted 16% of France's structured finance term market during 2000, according to a report from Moody's Investors Service's Paris office. (Read More)

Dems Assign Senate Bank Panel Members

January 12, 2001

Newly elected Democratic Sens. Thomas Carper of Delaware, Debbie Stabenow of Michigan, and Jon Corzine of New Jersey have been assigned seats on the Senate Banking Committee. (Read More)

Citi Settles Insurance Suit

January 12, 2001

Citigroup has agreed to pay $9 million to settle a class action lawsuit involving The Associates' sale of single credit premium life insurance to subprime borrowers, according to an attorney for the plaintiffs. (Read More)

Lahaina Sub to Buy Mortgage Makers

January 12, 2001

Lahaina Acquisitions Inc., Alpharetta, Ga., has executed a letter of intent for its wholly owned subsidiary United Capital Mortgage Corp., Denver, to acquire Mortgage Makers Inc., a Denver-based mortgage originator. (Read More)

StarNet to Buy Troubled Arkansas RE Firm

January 12, 2001

StarNet Financial Inc., Dallas, and Capitol Communities Corp., Torrance, Calif., have announced that StarNet will acquire Capitol's wholly owned subsidiary, Capitol Development of Arkansas Inc., which has filed for Chapter 11 bankruptcy protection. (Read More)

GMAC Sub Takes Over Univest

January 12, 2001

McCracken Financial Software Inc., the Billerica, Mass.-based subsidiary of GMAC Commercial Holding Corp., said a newly formed subsidiary has purchased substantially all the assets of Univest Financial Services LLC for an undisclosed amount. (Read More)

MBS Prices Fall

January 12, 2001

Mortgage-backed securities prices had fallen almost half a point at noon Friday as supply poured into the market, according to Bridge Telerate. (Read More)

UK MBS Volume Surged in '00

January 12, 2001

Moody's Investors Service saw the volume of new mortgage-backed securities deals it rated in the United Kingdom skyrocket to almost three times its previous size during 2000, but expects that pace to moderate this year. (Read More)

Changes Sought in Mortgage Banker Licensing

January 12, 2001

A bill to amend the Mortgage Bankers Registration and Licensing Act in Nebraska has been proposed by State Sen. Mark Quandahl of Omaha. (Read More)

Prentiss Sells 3 Non-Core Assets

January 12, 2001

Prentiss Properties Trust, a Dallas real estate investment trust, has reported the sale of three non-core assets in three different transactions. (Read More)

Feedback

January 12, 2001

Heard the rumor that Fannie and Freddie will merge and do a leveraged buyout of the federal government? (Read More)

USBancorp Exits Wholesale

January 16, 2001

USBancorp Inc., Johnstown, Pa., is exiting the wholesale mortgage production business. (Read More)

Sub Debt Provides Market Discipline

January 16, 2001

As Fannie Mae and Freddie Mac prepare to issue subordinated debt for the first time, a joint report by the Federal Reserve Board and Treasury Department concludes that the issuance of subordinated debt by banks increases market discipline, particularly if institutions are "required to continue to issue subordinated debt during times of banking system or bond market stress." (Read More)

Apgar Withdraws Proposed Gift Rule

January 16, 2001

FHA Commissioner William Apgar has withdrawn a 16-month-old proposed rule that would have prohibited borrowers from using cash gifts from non-profit organizations to cover a portion of their downpayments and closing costs if the non-profit received the funds either directly or indirectly from the seller. (Read More)

FNF Plans Stock Offering

January 16, 2001

Title insurance and real estate company Fidelity National Financial Inc. has reported that it plans to price a public offering of 6 million shares of its common stock during the week of Jan. 22. (Read More)

AI: Lenders Pressuring Appraisers

January 16, 2001

The Appraisal Institute, a trade group for that industry, is calling on Congress to hold hearings to investigate allegations that lenders are pressuring appraisers. (Read More)

CBO Still Working on GSE Subsidy Report

January 16, 2001

The Congressional Budget Office is not expected to release its report on Fannie Mae and Freddie Mac subsidies until March. (Read More)

G&L Retains Advisors for Merger Proposal

January 16, 2001

Health care real estate investment trust G&L Realty Corp., Beverly Hills, Calif. has reported that a special committee of the REIT's board of directors has retained Houlihan Lokey Howard & Zukin Financial Advisors to advise it with respect to a management cash-out merger proposal. (Read More)

Post Properties Closes on Credit Facilities

January 16, 2001

Multifamily real estate investment trust Post Properties, Atlanta has closed a $320 million three-year revolving line of credit and a $185 million 364-day line of credit, the REIT has reported. (Read More)

Stewart Title Opens Dominican Office

January 16, 2001

Global real estate company Stewart International has reported that it has opened a new office in Santo Domingo, Dominican Republic. (Read More)

Refi Index Approaches '98 Levels

January 17, 2001

Mortgage applications climbed 44.6% on a seasonally adjusted basis during the week ending Jan. 12as the refinancing index surged even further into "refi boom" territory, approaching highs last seenin 1998. (Read More)

Martinez Concerned about FHA Fund

January 17, 2001

Mel Martinez breezed through his confirmation hearing on Wednesday and he could be approved by thefull Senate to be the next secretary of Housing and Urban Development by the end of this week. (Read More)

FHA Capital Ratio Declines:

January 17, 2001

The Federal Housing Administration single family insurance fund saw its capital ratio decline infiscal year 2000 by 15 basis points to 3.51%, according to an actuarial report by Deloitte & Touche. (Read More)

Freddie, NAR: Housing to Stay Strong

January 17, 2001

Freddie Mac and the National Association of Realtors separately believe that low rates will offsetpredictions for slower growth in the overall economy, allowing the housing market to continue to thrive. (Read More)

Credit, Accounting Hurt Provident

January 17, 2001

Provident Financial Group Inc., Cincinnati, Ohio closed the fourth quarter of 2000 with a relativelylow $1 million in net income, citing credit concerns, accounting changes and a rise in expenses related to itspurchase of a multifamily servicer. (Read More)

GMAC Company Names New CEO

January 17, 2001

GMAC Residential Holding Corp., Horsham, Pa., has promoted David Applegate to president and chiefexecutive officer from chief operating officer. (Read More)

CompuBank, LendingTree Offer Site

January 17, 2001

CompuBank, Houston, said it is extending its core depository products to include consumer lendingvia a co-branded online loan center powered by LendingTree Inc., Charlotte. (Read More)

Moody's: Growth in Housing ABS

January 17, 2001

An increase in mortgage-related transactions will help push up the total volume of new asset-backedsecurities issuance by 10% this year for a total of $230 billion in ABS, according to Moody's Investors Service. (Read More)

Household Sees Record Earnings

January 17, 2001

Household International, Prospect Heights, Ill. has reported record net income for the year drivenat least in part by a growth in its real estate-dominated domestic consumer finance business during the fourthquarter. (Read More)

Millennium Closes Acquisition Loan

January 17, 2001

Millennium Partners, a NY City-based real estate developer, has closed on a $400 million loan, underwrittenby Dresdner Bank Real Estate and DePfa Bank AG, for the acquisition of six hotels to be operated by The Ritz-CarltonHotel Company, Millennium has reported. (Read More)

Appraisal Institute Goes Abroad

January 17, 2001

The Appraisal Institute, Chicago, has agreed to allow the translation and adaptation of its basicresidential course materials in order to allow Istanbul University to teach its methods to appraisers in the Republicof Turkey. (Read More)

30-Year Rate Back Above 7%�

January 18, 2001

The average 30-year fixed mortgage rate rose to 7.02% for the week ending Jan. 12 from 6.89% theweek before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

�But Rates May Fall as MBS Rally

January 18, 2001

Mortgage-backed securities prices had risen almost half a point by noon on Thursday following therelease of a report indicating weakness in the manufacturing sector that market participants believed could driveanother rate cut, Bridge Telerate reported. (Read More)

GAO Lists FHA as High Risk

January 18, 2001

The U.S. General Accounting Office continues to list the Federal Housing Administration single familyinsurance fund as a high risk program despite significant reforms. (Read More)

SF Starts Up 6%

January 18, 2001

Single family housing starts rose a surprising 6% in December, but housing permits declined by 3.3%signaling that homebuilders are becoming more cautious about the economy. (Read More)

ACB, Fannie Join Forces

January 18, 2001

America's Community Bankers and Fannie Mae have forged an alliance to aid the trade group's membersin using the secondary mortgage market. (Read More)

Freddie Posts Record Earnings

January 18, 2001

Freddie Mac, McLean, Va., has reported fourth quarter net income of $663 million, up from $594 millionduring the fourth quarter of 1999 and $645 million for the third quarter 2000. (Read More)

WaMu Sees Record Earnings

January 18, 2001

Washington Mutual, a Seattle financial services company, has announced record fourth quarter 2000earnings of $496.9 million, or 94 cents per diluted share, up from $450.3 million, or 80 cents per diluted sharefor the same period of 1999. (Read More)

Interlinq Reports Loss

January 18, 2001

Mortgage technology provider Interlinq Software Corp., Bellevue, Wash., has reported $4.1 millionin net revenue and a net loss of $720,000 ($0.15 per share) for the second quarter ended December 31, 2000. (Read More)

1stSource Selling Servicing

January 18, 2001

1st Source Corp., South Bend, Ind., has announced plans to sell $1.0 billion in mortgage servicingrights current held by its subsidiary, Trustcorp Mortgage Co., to an undisclosed buyer. (Read More)

AppIntell Attracts Investors

January 18, 2001

AppIntell Inc., New York, announced the closing of an equity investment led by Citigroup and includingventure capital fund Millennium 3. (Read More)

Weingarten Realty Buys CRE

January 18, 2001

Weingarten Realty Investors (WRI), Houston has reported that it is purchasing nineteen supermarket-anchoredshopping centers from Burnham Pacific Properties. (Read More)

IG Alleges 'Massive' Fraud in FHA Lending

January 19, 2001

In the closing days of the Clinton administration, the HUD Inspector General has issued a report which says the Federal Housing Administration single family program is "beset by massive fraud," an allegation that an FHA official says is "unfair." (Read More)

E-Loan UK. And E-Loan Europe Close

January 19, 2001

E-Loan U.K., and E-Loan Europe, two high profile online residential lenders operating in Europe, are being broken up and sold a year after their launch. (Read More)

Dime Sees Record Earnings

January 19, 2001

Dime Bancorp Inc., New York, said it set a record during the fourth quarter with operating earnings of $72.5 million. (Read More)

GreenPoint Reports 4Q Results

January 19, 2001

GreenPoint Financial Corp., New York, reported a net income of $213 million ($2.34 per diluted share) for the year ended Dec. 31, 2000, compared with net income of $216 million ($2.23) for the year ended Dec. 31, 1999. (Read More)

Amresco Unit Sells CMBS

January 19, 2001

AMRESCO Capital Trust, Dallas, a company which specializes in providing senior and subordinated structured financing, has completed the sale of its remaining CMBS holdings for a net sales price of $16.5 million, the company has reported. (Read More)

MuniMae Closes On Securitization Facility

January 19, 2001

Baltimore-based Municipal Mortgage & Equity LLC, also known as MuniMae, announced that it closed on a $100 million securitization facility, which immediately refinanced credit enhancement on $80 million of its existing securitization portfolio with long-term credit enhancement through Fannie Mae. (Read More)

Feedback

January 19, 2001

Brokers are starting to wonder whether they should be doing business with wholesalers that might competing with them for borrowers. (Read More)

Gramm Promises Caution in GSE Hearings

January 22, 2001

Senate Banking Committee Chairman Phil Gramm, R-Texas, plans to hold oversight hearings on Fannie Mae's and Freddie Mac's activities, but he says he wants to proceed very carefully to avoid any market disruptions. (Read More)

Title Searches Fall

January 22, 2001

The AFS Title Search Index fell to 178.1 in the week ended Jan. 19, a 10.1% decrease from 198.1 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

LoansDirect Allies With Other Web Firms

January 22, 2001

LoansDirect Inc., Huntington Beach, Calif., has formed partnerships with 411HomeNet, Calgary, Alberta, and HomeGain, Emeryville, Calif. (Read More)

Chase Launches Website for Hispanics

January 22, 2001

Chase Manhattan Bank, a subsidiary of J.P. Morgan Chase & Co., New York, has launched BancoChase.com, a bilingual website designed to address the financial needs of the Hispanic market. (Read More)

Conti HEL Classes Downgraded

January 22, 2001

Six classes of ContiMortgage home equity loan pass-through certificates in four separate deals have been downgraded by Fitch. (Read More)

'Deep MI' Growing in Popularity

January 22, 2001

The use of so-called deep primary mortgage insurance in mortgage- and home equity-backed securitizations has emerged as "an economically efficient supplement to structural enhancement mechanisms," according to Fitch. (Read More)

New Century Expects to Report Loss

January 22, 2001

New Century Financial Corp., Irvine, Calif., has announced that it expects to report a net loss for 2000 as a result of an estimated $55 million in adjustments to the carrying value of its residual assets. (Read More)

Golden West Reports Higher Profits

January 22, 2001

Golden West Financial Corp., Oakland, Calif., has reported net earnings of $545.8 million ($3.41 per share) for 2000, compared with $480.0 million ($2.87 per share) in 1999. (Read More)

AMLI Teams Up With NY Fund

January 22, 2001

AMLI Residential, a Chicago-based multifamily real estate investment trust, has entered into a partnership with the New York State Common Retirement Fund to jointly develop and own AMLI at King's Harbor in Houston. (Read More)

Names Surface for HUD Posts

January 23, 2001

As President Bush takes the reins of government, the names of possible candidates for top positionsat the Department of Housing and Urban Development are beginning to surface, sources have told MortgageWire. (Read More)

Charter One to Buy Alliance Bancorp

January 23, 2001

Charter One Financial, Cleveland, has agreed to acquire Alliance Bancorp, the holding company forLiberty Federal Bank, Hinsdale, Ill., in a deal valued at $245 million. (Read More)

Tidalwave Seeks Agency-OK'd Company

January 23, 2001

Tidalwave Holdings Inc., Fort Lauderdale, Fla., has announced an intensified effort to acquire amortgage company that has approvals from Fannie Mae or Freddie Mac. (Read More)

Fitch Downgrades Delta Debt, Expects Default

January 23, 2001

Fitch has downgraded Delta Financial Corp.'s $150 million of 9.5% senior secured notes due Aug.1, 2004 from CCC-plus to CC, which the rating agency said indicates that "default of some kind appears likely." (Read More)

Precept Offers Commercial LOS

January 23, 2001

Precept, Oakland, Calif., has announced the development of a commercial mortgage origination systemand said it has started accepting deals. Precept is an exchange designed for brokers, mortgage lenders, and borrowers. (Read More)

Dorado, GreenPoint Forge Pact

January 23, 2001

Dorado Corp., San Mateo, Calif., says it will provide an online collaborative environment for mortgagebrokers who have been approved by GreenPoint Mortgage, New York, as part of a product and service agreement betweenthe two companies. (Read More)

GMAC-RFC to Use Basis100 Solimar Tech

January 23, 2001

GMAC-Residential Funding Corp., Minneapolis, has entered into an agreement to use Toronto-basedBasis100 Inc.'s Solimar Valuation Technology. (Read More)

Salomon MBS Classes Downgraded

January 23, 2001

Four classes of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificateshave been downgraded by Fitch. (Read More)

Data Warehouse, Equifax Join Forces

January 23, 2001

Lead generator Data Warehouse Corp., Fort Lauderdale, Fla., and Atlanta-based credit reporting agencyEquifax have signed an agreement that provides credit-qualified leads to mortgage originators who offer firm offersof credit. (Read More)

NAR Blasts Bank/RE Proposal

January 23, 2001

The National Association of Realtors is urging members to join a campaign against a proposal toallow federally chartered banks to engage in real estate brokerage and property management. (Read More)

Affinity Settles Suit Against Dime

January 23, 2001

Affinity Technology Group Inc., Columbia, S.C., has announced the settlement of its lawsuit againstThe Dime Savings Bank of New York. (Read More)

Green Park Funds Purchase of 19 Properties

January 23, 2001

Green Park Financial, Bethesda, Md., has originated loans totaling $212 million to finance the purchaseof 19 properties by Westdale Asset Management, a Dallas real estate management company. (Read More)

REIT Reports '00 Loss

January 23, 2001

American Residential Investment Trust, a Del Mar, Calif., real estate investment trust that investschiefly in nonconforming residential mortgage assets, has reported a net loss of $6.2 million ($0.77 per share)for 2000, compared with a net loss of 43.9 million ($0.48 per share) for 1999. (Read More)

Irwin: Home Equities Up, Mortgages Down

January 23, 2001

Irwin Financial Corp., Columbus, Ind., has reported net income of $35.7 million ($1.67 per share)in 2000, up from $33.2 million ($1.51 per share) in 1999. (Read More)

NewState's Korean Sub Issues MBS Deal

January 23, 2001

NewState Holdings Inc. has reported that its Korean operating subsidiary, NewState Capital Co.,has issued a mortgage-backed securitization with a principal value of 18.2 billion Korean won (about $16.5 million). (Read More)

HUD Secretary Confirmed

January 24, 2001

The Senate confirmed Mel Martinez to be the secretary of housing and urban development Jan. 23 and, following a swearing-in ceremony the next morning, he is now on the job. (Read More)

MBA Accepting Broker Members

January 24, 2001

The Mortgage Bankers Association of America has announced that it is admitting mortgage brokers to its membership. (Read More)

Applications Decline

January 24, 2001

Mortgage applications fell 14.3% on a seasonally adjusted basis during the week ended Jan. 19, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Review of WaMu FHLB-Dallas App Extended

January 24, 2001

The Federal Housing Finance Board is giving potential commenters more time to object to Washington Mutual Bank's application to become a member of the Federal Home Loan Bank of Dallas. (Read More)

LionInc.com Launches New Products

January 24, 2001

Renton, Wash.-based LION Inc. has unveiled two new products to automate online rate quotes for originators. (Read More)

REIT's Debt, Credit Facility Downgraded

January 24, 2001

General Growth Properties Inc.'s convertible preferred securities and the senior unsecured bank credit facility of its operating partnership, GGP LP, have been downgraded by Moody's Investors Service. (Read More)

GMACCM MBS Classes Downgraded

January 24, 2001

Four classes of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates Series 1999-CTL1 have been downgraded by Standard & Poor's, and the ratings on three other classes were affirmed. (Read More)

FASB May Bar Pooling-of-Interest Method

January 24, 2001

The Financial Accounting Standards Board has announced a tentative decision to eliminate the pooling-of-interests method of accounting for business combinations. (Read More)

Freddie Unveils RefNote Online Auction Guidelines

January 24, 2001

Freddie Mac has announced guidelines for its Internet-based Dutch auctions of two- and three-year Reference Notes. (Read More)

'00 Freddie's 2nd-Biggest MF Year

January 24, 2001

Freddie Mac has financed a total of $7.1 billion in multifamily housing for 2000, making it the government-sponsored enterprise's second biggest year for multifamily investments, according to Freddie Mac. (Read More)

Captec Replaces Financial Advisor

January 24, 2001

Captec Net Lease Realty, Ann Arbor, Mich., has announced the retention of UBS Warburg LLC as its financial advisor in connection with a previously announced effort to sell the company. (Read More)

Weingarten Sells 4.5MM Shares

January 24, 2001

Weingarten Realty Investors, a Houston-based real estate investment trust, has completed the sale of 4.5 million shares of common stock in a public offering priced at $42.1875 per share. (Read More)

Resales Fall 7.4%

January 25, 2001

Sales of existing single-family homes fell 7.4% in December as weakness in the economy began to takes its toll on the housing sector. (Read More)

NAMB Blasts MBA Move

January 25, 2001

The National Association of Mortgage Brokers has issued an angry response to Wednesday's announcement by the Mortgage Bankers Association of America inviting brokers to join the MBA. (Read More)

GlobalStake.com Launches CRE Lender

January 25, 2001

GlobalStake.com, a real estate lending services company, has launched GlobalStake, a commercial real estate lending service. (Read More)

REIT Forms 3rd-Party Management Sub

January 25, 2001

Crown American Realty Trust, an equity real estate investment trust based in Johnstown, Pa., has formed Crown American Ventures Inc. to administer third-party management and leasing contracts. (Read More)

New Century, Myers Join Forces

January 25, 2001

New Century Mortgage Corp., Irvine, Calif., has announced that it will offer its subprime financing services on the Originator Network of Myers Internet Services, San Jose, Calif. (Read More)

Moody's Sees Jump in CMBS Issuance

January 25, 2001

Issuance of new commercial mortgage-backed securities is expected to rise 20% to about $72 billion globally this year, according to Moody's Investors Service. (Read More)

Fannie Losing Communication Chief

January 25, 2001

Fannie Mae is losing two of its most seasoned communications executives, MortgageWire has learned. (Read More)

BNY Expands Trust Services to CMBS Market

January 25, 2001

The Bank of New York has expanded its trust services to include the commercial mortgage real estate industry. (Read More)

MeriStar Sells $500MM of Notes

January 25, 2001

MeriStar Hospitality Corp., Washington, has completed the sale of $500 million of senior unsecured notes in two tranches. (Read More)

Mack-Cali Sells $300MM of Notes

January 25, 2001

Mack-Cali Realty LP, Cranford, N.J., has completed the sale of $300 million of 10-year senior unsecured notes. (Read More)

Fidelity Nat'l Boosts Stock Offering

January 25, 2001

Fidelity National Financial Inc., Irvine, Calif., has announced an increase in its public common stock offering from 6.0 million to 7.0 million shares and priced the offering at $33.50 per share. (Read More)

DeWolfe Gets Specialized LOC

January 25, 2001

The DeWolfe Cos. Inc., Lexington, Mass., has obtained a $5 million relocation credit line through Fleet Bank NA for its DeWolfe Relocation and Corporate Services subsidiary. (Read More)

Countrywide Ends Subprime Lending in NC

January 26, 2001

Countrywide Credit Industries, Calabasas, Calif., has decided to cease subprime lending operations in North Carolina as a result of the state's anti-predatory lending law. (Read More)

Royal Bank to Buy Centura

January 26, 2001

Royal Bank of Canada, Toronto, which already owns the largest residential mortgage broker in the United States, has agreed to buy Centura Banks Inc., Rocky Mount, N.C., for $2.3 billion. (Read More)

Fixed Rates Rise

January 26, 2001

The average 30-year fixed mortgage rate rose to 7.15% for the week ending Jan. 19 from 7.02% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Fannie Prices 1st Sub-Debt Issue

January 26, 2001

Fannie Mae has priced its first Subordinated Benchmark Note issue, consisting of $1.5 billion of 6.25% 10-year notes. (Read More)

Oxley Making Subcommittee Picks?

January 26, 2001

Capital Hill observers were waiting at midday Friday for House Financial Services Committee Chairman Michael Oxley, R-Ohio, to announce the selection of his subcommittee chairmen. (Read More)

Alltel Enhances Customer Service Product

January 26, 2001

Alltel Residential Lending Solutions, Jacksonville, Fla., says it has enhanced the Web-based component of its customer relationship management service, Alltel Customer CareNet. (Read More)

Rouse Closes Joint Venture Pact

January 26, 2001

The Rouse Co., Columbia, Md., has closed a joint venture agreement with J.P. Morgan Investment Management (on behalf of its strategic property fund) and Connecticut General Life Insurance Co. to own the Village of Merrick Park in Coral Gables, Fla. (Read More)

Homestore.com Reports $115MM Loss

January 26, 2001

Homestore.com Inc., Westlake Village, Calif., has reported a net loss of $115 million ($1.44 per share) for 2000, compared with a net loss of $93 million ($2.32 per share) in 1999. (Read More)

E-Loan Incurs $36MM Loss

January 26, 2001

E-Loan Inc., Dublin, Calif., has reported a pro forma net loss of $36.1 million ($0.75 per share) for 2000, compared with a pro forma net loss of $40.3 million ($1.09 per share) in 1999. (Read More)

Thornburg Reports Higher Profits

January 26, 2001

Thornburg Mortgage Inc., Santa Fe, N.M., has reported net income of $29.2 million ($1.05 per share) for 2000, compared with $25.6 million ($0.88 per share) in 1999. (Read More)

Feedback

January 26, 2001

Respondents to our survey question on the prospects for an economic "soft landing" have become more hopeful in recent weeks. (Read More)

Groups Issue Mortgage Reform Alert

January 29, 2001

Consumer and community groups are warning Congress to beware of industry proposals in the "guise" of mortgage reform because they say the proposals would gut consumer protections and do little to curb predatory lending. (Read More)

Title Searches Rise ... But

January 29, 2001

The AFS Title Search Index rose to 205.5 in the week ended Jan. 26, a 15.4% increase from 178.1 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

eOriginal Enters Pact With Stewart Title

January 29, 2001

Application service provider eOriginal has entered a five-year agreement with Stewart Title Co. to integrate their technologies in order to deliver fully electronic mortgage closing services on a nationwide basis. (Read More)

giantbank.com Rolls Out Loan Center

January 29, 2001

Ft. Lauderdale, Fla.-based giantbank.com, the Internet banking division of Landmark Bank NA, has rolled out the giantbank.com Loan Center. (Read More)

Dorado Announces e-Lend Product

January 29, 2001

Dorado Corp., San Mateo, Calif., has announced e-Lend, a product for financial services websites. (Read More)

MF Industry Sees Easy Mortgage Money

January 29, 2001

The apartment industry believes that mortgage financing is available at good interest rates and reasonable terms, but equity money is still tough to get, according to a survey by the National Multi Housing Council. (Read More)

Freddie Issues $325MM of Preferred Stock

January 29, 2001

Freddie Mac has issued $325 million of variable-rate perpetual preferred stock. The preferred stock, noncumulative as to dividends, was offered to investors at $50 per share with an initial dividend rate of 4.817%. (Read More)

REIT Affiliate Issues Senior Notes

January 29, 2001

Chelsea Property Group Inc., Roseland, N.J., has announced the issuance of $150 million of 8.25% senior unsecured notes by its principal operating partnership, CPG Partners LP. (Read More)

Glimcher Extends Credit Facility

January 29, 2001

Glimcher Realty Trust, Columbus, Ohio, has closed a three-year extension of its $170 million secured credit facility. (Read More)

JP Realty Closes $79MM Mall Loan

January 29, 2001

JP Realty, a Salt Lake City-based real estate investment trust with interests in commercial properties in the Western United States, has closed a $79 million mortgage loan on Boise Towne Square, a regional mall in Boise, Idaho. (Read More)

Fed Discussing GSE MBS

January 30, 2001

While the markets anxiously await the Federal Reserve's decision on interest rates, the Fed governors and Federal Reserve Bank presidents will also be discussing what types of collateral they should use for repurchase agreements. (Read More)

Baker to Head Key Subcommittee

January 30, 2001

Rep. Richard Baker, R-La., has been awarded a powerful subcommittee that has jurisdiction over securities and insurance as well as government-sponsored enterprises. (Read More)

Wissinger Named CEO of WFHM

January 30, 2001

Wells Fargo Home Mortgage, Des Moines, Iowa, has named Peter Wissinger president and chief executive officer. (Read More)

MPF Loans Soar

January 30, 2001

The amount of outstanding loans in the Mortgage Partnership Finance Program soared 760% last year, rising from $1.8 billion at year-end 1999 to $15.4 billion as of Dec. 31, 2000, according to the Federal Home Loan Bank of Chicago. (Read More)

Dorado Launches Banking Module

January 30, 2001

Dorado Corp., San Mateo, Calif., has rolled out e-Retention, a banking application module for the Dorado e-Advisor and e-Collaborator browser-based applications. (Read More)

Washtenaw Gets New Prez

January 30, 2001

Robert C. Huffman has been named president of Washtenaw Mortgage Co., Ann Arbor, Mich., and elected a director of its parent company, Pelican Financial Inc. (Read More)

Homestore Names COO of eRealtor.com

January 30, 2001

Homestore.com Inc., Westlake Village, Calif., has appointed William Bain chief operating officer of its subsidiary eRealtor.com Inc. (Read More)

Ocwen to Sell Jamaican Assets

January 30, 2001

Ocwen Financial Corp., West Palm Beach, Fla., has reported that it plans to begin marketing nonperforming loans and real estate assets from a $1 billion Jamaican portfolio over the next few weeks. (Read More)

S&P Sees Growth in Int'l Servicer Rankings

January 30, 2001

Standard & Poor's predicts that demand for international servicer rankings will increase this year as the commercial mortgage-backed securities market continues to grow. (Read More)

Shidler Buys Austin Properties

January 30, 2001

The Shidler Group, a San Diego-based investor in commercial real estate, has made its first investment in Austin, Texas, with the acquisition of a four-building office portfolio from Southfield Realty for $56.5 million. (Read More)

Life Reports '00, 4Q Losses

January 30, 2001

Life Financial Corp., Riverside, Calif., has reported a net loss of $15.0 million ($2.25 per share) for 2000, compared with a net loss of $17.8 million ($2.71 per share) in 1999. (Read More)

Fannie Redeeming Preferred Stock

January 30, 2001

Fannie Mae has announced that it will redeem all outstanding shares of its 6.41% Non-Cumulative Preferred Stock, Series A. (Read More)

Annaly Sells 9.8MM Shares

January 30, 2001

Annaly Mortgage Management Inc., New York, has completed secondary offerings of 9.8 million shares of its common stock, of which 9.0 million were sold in an underwritten public offering. (Read More)

REIT Gets LOC Extension

January 30, 2001

Health Care REIT Inc., Toledo, Ohio, has obtained an extension of its unsecured revolving line of credit through March 31, 2003, but the size of the facility has been reduced from $175 million to $150 million. (Read More)

New Home Sales Jump

January 31, 2001

Sales of newly constructed homes jumped 13.4% in December as consumer demand for new homes surprisedeconomists and homebuilders alike. (Read More)

Feds Issue Subprime Cap Guidelines

January 31, 2001

Federal banking and thrifts regulators have issued examiner guidance on how much capital and reservesdepository institutions should hold if they have significant subprime lending programs. (Read More)

Former Freddie CFO Joins Chicago FHLBank

January 31, 2001

Former Freddie Mac executive vice president and chief financial officer John Gibbons has joinedthe Federal Home Loan Bank of Chicago as senior vice president for strategy development. (Read More)

Applications Decline

January 31, 2001

Mortgage applications fell 8.2% on a seasonally adjusted basis during the week ended Jan. 26, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Freddie Moving Gold Cash Xtra Online

January 31, 2001

Freddie Mac has announced that Gold Cash Xtra, its process for selling loans into the secondarymarket for cash, will be moved onto the Internet. (Read More)

Treasury Axes 1-Year T-Bills

January 31, 2001

The U.S. Treasury Department has announced that it will stop issuing 52-week Treasury bills -- whichare used as a popular index for one-year adjustable rate mortgages. (Read More)

Countrywide Offers Mobile Access to Valuation

January 31, 2001

Countrywide Home Loans Inc., Calabasas, Calif., has teamed up with HomeGain, Emeryville, Calif.,and Sprint PCS, Kansas City, Kan., to give customers and prospective homeowners mobile access to home valuationinformation and homebuying tools. (Read More)

HomeSide Develops Program for BET.com

January 31, 2001

HomeSide Lending Inc., Jacksonville, Fla., says it has developed an interactive homebuyer programfor the Home Center channel on African-American website BET.com, Washington. (Read More)

NAR: CRE Markets Healthy But Slowing

January 31, 2001

Commercial real estate markets were still healthy in the third quarter of 2000, but most sectorsare expected to undergo a "modest slowdown" this year, according to the National Association of Realtors. (Read More)

S&P Sees Stable REIT Ratings

January 31, 2001

Despite the slowing economy, Standard & Poor's says it expects generally stable ratings thisyear for the 70 equity real estate investment trusts it currently rates. (Read More)

RBMG Reports Big Loss

January 31, 2001

Resource Bancshares Mortgage Group Inc., Columbia, S.C., has reported a net loss of $42.3 million($2.39 per share) for 2000, compared with net income of $5.9 million ($0.28 per share) in 1999. (Read More)

S&P Cites German Tax Developments

January 31, 2001

The London office of Standard & Poor's has received a growing number of unconfirmed reportsthat tax authorities in Germany are discussing changes that could affect the ratings of securitizations in thatcountry. (Read More)

Keystone Sells 4 Office Buildings

January 31, 2001

Keystone Property Trust, a West Conshohocken, Pa.-based real estate investment trust with interestsin industrial and office properties, has sold four Pennsylvania office buildings for $35.75 million. (Read More)

(back to top)

February

Ellie Closes Contour Acquisition

February 1, 2001

The long-awaited sale of First American-owned Contour Software to Ellie Mae, Pleasanton, Calif., was inked Jan. 26 and closed Feb. 1 for a purchase price of $30 million. (Read More)

Senate Banking Subcom Chairs Named

February 1, 2001

Senate Banking Committee Chairman Phil Gramm announced Feb. 1 that Sen. Wayne Allard, R-Colo., will remain the chairman of the Housing and Transportation subcommittee. (Read More)

TBMA Wary of Predatory Lending Bills

February 1, 2001

Investment banking firms that securitize subprime loans should not be the focus of legislation to curb predatory lending, according to The Bond Market Association's Washington representative, John Vogt. (Read More)

Tech Deemed Key to Citi Earnings Success

February 1, 2001

To achieve the annual 15% return on investment goal Citigroup has set for its business units, technology must be employed to exploit cross-selling opportunities, says Chuck Elgin, chief information officer at the Citigroup Real Estate Business Group. (Read More)

New MI Fell 13% in '00

February 1, 2001

The private mortgage insurance industry saw its volume of primary new insurance decline over 13% in 2000 from the level recorded in 1999, its best year ever. (Read More)

COFI Up 1bp

February 1, 2001

Still moving in the opposite direction from interest rates in general, the Eleventh Federal Home Loan District Cost of Funds Index increased one basis point in December. (Read More)

New Century Posts $26MM Loss

February 1, 2001

Nondepository subprime residential lender New Century Financial Corp., Irvine, Calif., posted a $26.4 million loss in the fourth quarter. (Read More)

TrizecHahn Sale Grosses $417MM

February 1, 2001

TrizecHahn Corp., a Toronto-based owner and operator of office buildings, has sold six noncore assets for gross proceeds of approximately $417 million. (Read More)

MuniMae Raises $87.7MM

February 1, 2001

Municipal Mortgage & Equity LLC, Baltimore, has announced that it has raised $87.7 million in a public offering of 3.8 million common shares at $23.07 per share. (Read More)

Premier Does Reverse Split

February 1, 2001

Premier Mortgage Resources, New Windsor, N.Y., has announced a 10-for-1 reverse split of its issued and outstanding shares of common stock. (Read More)

Wilshire RE Becomes Fog Cutter

February 1, 2001

Wilshire Real Estate Investment Inc., Portland, Ore., has changed its name to Fog Cutter Capital Group Inc. (Nasdaq: FCCG). (Read More)

Mortgage Jobs Up

February 2, 2001

The mortgage industry added 3,100 new employees during the month of January as a refinancing boom took hold and home sales remained at high levels. (Read More)

Brendsel Sees 'Blockbuster' Year

February 2, 2001

Taking a fresh look into their crystal balls, most mortgage market prognosticators are now expecting originations this year to approach the $1.5 trillion record set in 1998. (Read More)

WaMu to Consolidate Servicing Platforms

February 2, 2001

With its acquisition of PNC Mortgage complete and its Bank United acquisition nearing completion, Washington Mutual has told employees that it will consolidate its mortgage servicing operations at two sites, Vernon Hills, Ill. (formerly a PNC site) and Northridge, Calif. (Read More)

MBA/NAMB Spat Laid to 'Miscommunication'

February 2, 2001

It was "miscommunication" between the Mortgage Bankers Association of America and the National Association of Mortgage Brokers that resulted in the brouhaha over the MBA's interim membership offer to NAMB members, according to MBA vice president John Courson. (Read More)

Rates Dip

February 2, 2001

The average 30-year fixed mortgage rate fell to 7.09% for the week ending Feb. 2 from 7.15% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Consumer Fear a Barrier for Web Lenders

February 2, 2001

"Consumers hate and fear the mortgage process -- everything about it," and that's a problem for online lenders, says Joe McCartin, president of Celeris Financial Services, a division of Fleet Mortgage Group. (Read More)

Quicken Reports Surge in Apps

February 2, 2001

Quicken Loans Inc., Livonia, Mich., has reported that falling interest rates spurred a 159% increase in mortgage applications received at its QuickenLoans.com website, compared with the same month last year. (Read More)

MISMO Forms E-Mortgage Work Group

February 2, 2001

The Mortgage Industry Standards Maintenance Organization has established an E-mortgage Work Group that it said will focus on the architectural and technical challenges of secure electronic transactions. (Read More)

Centex Rolls Out Broker Site

February 2, 2001

Centex Home Equity Corp., Dallas, has launched checbroker.com, a website designed to allow mortgage brokers to prequalify and close loans through CHEC more quickly and easily. (Read More)

ByOwner.com Allies With HomeSide

February 2, 2001

ByOwner.com, Long Island, N.Y., has announced that it now offers access to Jacksonville, Fla.-based HomeSide Lending Inc.'s online mortgage service. (Read More)

Freddie Speed Divergence Continues

February 2, 2001

Prepayment rates for seasoned Freddie Mac mortgage-backed securities slowed across the board in the latest reporting period, but speeds accelerated among 1999 and 2000 MBS vintages, according to the Bear Stearns Prepayment Commentary. (Read More)

Thrifts Portfolioed Loans in 2000

February 2, 2001

A survey by America's Community Bankers shows that thrifts and savings banks retained most of their loan production last year due to rising interest rates. (Read More)

Affordability Index Rises

February 2, 2001

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)

MBA Bestows CRE Education Grant

February 2, 2001

The Mortgage Bankers Association of America has announced a $101,000 grant to the University of San Diego Real Estate Institute. (Read More)

Household Creates Consumer Advisory Board

February 2, 2001

Household International, Prospect Heights, Ill., has created a special consumer advisory board that will advise the company on its business principles -- especially responsible lending -- as well as legislative initiatives, community relations, and philanthropic activities. (Read More)

Feedback

February 2, 2001

"Is this a RESPA violation?" (Read More)

Bankers Cool on Mortgage Reform

February 5, 2001

The Mortgage Bankers Association of America, the National Home Equity Mortgage Association, the Consumer Mortgage Coalition, and the National Association of Mortgage Brokers have agreed on a mortgage reform proposal, but banking trade groups are taking a cool approach to the legislative proposal. (Read More)

GMACCM Acquires Keystone

February 5, 2001

GMAC Commercial Mortgage, Horsham, Pa., has acquired Keystone Mortgage Partners LLC, Phoenix, an originator and servicer of commercial mortgages that specializes in mortgages originated by life insurance companies. (Read More)

Resource Bank Buys Atlantic Mortgage

February 5, 2001

Resource Bank, Virginia Beach, Va., has acquired Atlantic Mortgage & Investment Co., a Virginia-based division of Progress Realty Advisors Inc., Blue Bell, Pa. (Read More)

Title Searches Fall

February 5, 2001

The AFS Title Search Index fell to 186.8 in the week ended Feb. 2, a 9.1% decrease from 205.5 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Pru Mortgage Cap Reorganizes

February 5, 2001

Prudential Mortgage Capital Co., Newark, N.J., has announced a reorganization of its services into a single platform built around regional loan origination teams. (Read More)

Highland Holdings to Buy REIT Manager

February 5, 2001

Highland Holdings International Inc., Huntington Beach, Calif., has signed a letter of intent to purchase Titus Real Estate LLC, which advises and manages Titus Capital Corp., a California-based real estate investment trust. (Read More)

Citi Steps Up ABS Services Effort

February 5, 2001

Citibank, New York, has announced a broadened effort to "assume market leadership in servicing issuers of asset-backed securities" with trustee capabilities and bond analytics. (Read More)

Omega Downgraded

February 5, 2001

Standard and Poor's has downgraded the corporate credit, senior unsecured debt, and preferred stock of Omega Healthcare Investors Inc., and Fitch has downgraded Omega's preferred stock. (Read More)

Desert Document, VirPack.com Join Forces

February 5, 2001

Desert Document Services Inc., Phoenix, and VirPack.com, Vienna, Va., have partnered to upgrade DocEngine, Desert Document's automated closing document system. (Read More)

MortgageRamp Teams Up With Univest

February 5, 2001

MortgageRamp, Charlotte, N.C., says it will provide expanded due diligence and underwriting services to more customers via an agreement with Univest Financial Services LLC, a subsidiary of McCracken Financial Software, Billerica, Mass. (Read More)

Countrywide Announces Zero-Coupon Offering

February 5, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has announced an offering of 30-year, zero-coupon senior convertible notes. (Read More)

MERS Hits 3MM Loan Mark

February 5, 2001

More than three million home loans are now registered on the electronic registry for tracking ownership of loans and servicing rights. (Read More)

Fannie Exceeds Affordable Housing Goals

February 5, 2001

Nearly 50% of the units financed by Fannie Mae in 2000 were occupied by low- and moderate-income households, and more than 30% were located in underserved areas, according to the government-sponsored enterprise. (Read More)

Wells Cites Record Homebuilder Originations

February 5, 2001

Wells Fargo Home Mortgage Inc., Des Moines, Iowa, has reported its sixth consecutive year of record homebuilder originations, showing close to a 10% increase in originations from this source in 2000. (Read More)

Beazer: Orders Up Significantly

February 5, 2001

Single-family homebuilder Beazer Homes USA Inc., Atlanta, has reported that preliminary unit net orders for January increased 26.3% compared with the same month last year. (Read More)

KB Home Reports Rise in Orders

February 5, 2001

Builder and mortgage lender KB Home, Los Angeles, has reported that it saw its preliminary unit net orders in the United States and France rise 11.5% in January compared with those in the same month last year. (Read More)

MBA Pushing for New MF Program

February 6, 2001

The Mortgage Bankers Association of America is pushing for a new multifamily housing production program to fight what it says is a worsening affordability crisis. (Read More)

Man Gets 9 Years for Mortgage Fraud

February 6, 2001

Ryan Pendergraft has been sentenced to nine years in federal prison for directing a mortgage fraud scheme that involved purchases of upscale homes in Stone Mountain, Ga., communities by "straw" buyers. (Read More)

CRE Loan Standards Tighten

February 6, 2001

Commercial banks have tightened up on making commercial real estate loans over the past year, according to a Federal Reserve Board survey of senior loan officers. (Read More)

Bankruptcy Bill on Fast Track

February 6, 2001

A consumer bankruptcy bill that former President Clinton vetoed in December is on a fast track in Congress, and the full Senate may start debate on the bill as early as next week. (Read More)

Citadon Buys Madison RE Tech

February 6, 2001

Citadon Inc., a San Francisco-based provider of e-business services, has acquired Madison Real Estate Technologies, a New York-based software provider to the real estate and lending community. (Read More)

Univision, Fannie, Countrywide Launch Web Channel

February 6, 2001

Univision Online Inc., Los Angeles, Countrywide Home Loans, Calabasas, Calif., and Fannie Mae have launched "Casa," a new channel on Univision.com. (Read More)

Mortgage Builder Unveils Fannie Interface

February 6, 2001

Mortgage Builder Software Inc., Detroit, has completed a Fannie Mae service-based architecture interface. (Read More)

GE Cap HEL Classes Downgraded

February 6, 2001

Four classes of GE Capital Mortgage Services Inc. home equity loan pass-through certificates have been downgraded by Fitch. (Read More)

Fitch Downgrades RMBS Class

February 6, 2001

Fitch has downgraded one class of a residential mortgage-backed securitization and placed three such classes on Rating Watch Negative. (Read More)

Cendant, Provident Form Alliance

February 6, 2001

Cendant Mortgage, Mount Laurel, N.J., and Provident Bank, Baltimore, have announced an alliance under which Cendant will provide private-label mortgage services to the bank's customers. (Read More)

3rd-Party Commercial Servicing Rose in '00

February 6, 2001

Servicing volume rose for nearly 78% of the largest third-party commercial mortgage servicers in 2000, according to the Mortgage Bankers Association of America. (Read More)

Loan Prospector Crosses 10MM Mortgage Mark

February 6, 2001

Freddie Mac's Loan Prospector Classic and Loan Prospector on the Internet have processed the 10 millionth mortgage loan since the original automated underwriting service's launch in 1995. (Read More)

Hanover Capital Incurs $2.9MM Loss

February 6, 2001

Hanover Capital Mortgage Holdings Inc., New York, has reported a net loss of $2.9 million ($0.56 per share) for 2000, compared with a net loss (unaudited) of $12.6 million ($2.12 per share) in 1999. (Read More)

Aames Reports 4Q Profits

February 6, 2001

Los Angeles-based subprime lender Aames Financial Corp. has reported net income of $1.0 million for the fourth quarter of 2000, compared with a net loss of $47.7 million a year earlier. (Read More)

Security Cap to Sell Archstone Shares

February 6, 2001

Security Capital Group Inc., Chicago, has announced that it will sell 15 million shares of beneficial interest in Archstone Communities Trust in an underwritten public offering. (Read More)

Apps Jump as Refis Surge

February 7, 2001

Mortgage applications rose 18.8% on a seasonally adjusted basis during the week ended Feb. 2, asthe Refinancing Index surged more than 600 points, according to the Mortgage Bankers Association of America's weeklyMortgage Application Survey. (Read More)

Fannie Launches DU 5.1

February 7, 2001

Fannie Mae has introduced Desktop Underwriter 5.1, the latest version of its automated underwritingsystem. (Read More)

Treble Damages Too Severe, MBA Says

February 7, 2001

Treble damages for servicing violations is too severe a penalty to levy against Federal HousingAdministration servicers unless there is "knowing or willful" disregard of the FHA's loss mitigationrules, according to the Mortgage Bankers Association of America. (Read More)

GMAC-RFC Launches Investor Portal

February 7, 2001

Residential Funding Corp., Minneapolis, has launched an Internet portal that provides real-timeaccess to performance data on GMAC-RFC mortgage-backed and asset-backed securities. (Read More)

Equityhound, Wall Street Realty to Merge

February 7, 2001

Equityhound, a San Francisco-based online investment bank specializing in the retail distributionof real estate private placements, has agreed to merge with Wall Street Realty Capital, New York, a real estateinvestment bank. (Read More)

CMBS Market Expanding Overseas

February 7, 2001

The commercial mortgage-backed securities market has gone global. CMBS issuances last year reached$12 billion, up from $9.8 billion in 1999 and just $600 million in 1998, according to Ernst & Young's annualCommercial Mortgage Backed Securities Update. (Read More)

S&P Lowers New Plan's Ratings

February 7, 2001

The corporate credit of New Plan Excel Realty Trust and the company's $615 million of senior unsecurednotes and $500 million medium-term note program have been downgraded from BBB-plus to BBB by Standard & Poor's. (Read More)

OPIC Helps Create Nicaraguan Mortgage Market

February 7, 2001

The Overseas Private Investment Corp., Washington, has committed to provide a $30 million directloan to help establish a mortgage loan market in Nicaragua, assisting that country's effort to address a shortageof middle-income housing. (Read More)

America's Senior Adds Servicing Platform

February 7, 2001

America's Senior Financial Service, Miami Shores, Fla., has announced the addition of a mortgageservicing platform to its operations. (Read More)

IMX Cites Record Volumes

February 7, 2001

IMX Inc., San Ramon, Calif., has announced record results for January, with liquidity and tradingvolumes reaching all-time highs on the IMX Exchange. (Read More)

Apex Switches to AMEX

February 7, 2001

Apex Mortgage Capital Inc., Los Angeles, has announced that its common stock will begin tradingon the American Stock Exchange Feb. 8 under the symbol AXM. (Read More)

Fannie Prepay Spike 'Unprecedented'

February 8, 2001

In what Bear Stearns analysts deemed an unprecedented development, a prepayment spike occurred inthe Fannie Mae and Ginnie Mae mortgage-backed securities report for January, a month earlier than expected. (Read More)

30-Year Rate Below 7% Again

February 8, 2001

The average 30-year fixed mortgage rate fell to 6.98% for the week ending Feb. 9 from 7.09% theweek before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Countrywide Cites Near-Record Month

February 8, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has reported that its January fundings of$6.8 billion represented the highest level of activity in 18 months. (Read More)

NAHB Pushing 1st-Timer Tax Credit

February 8, 2001

With the economy slowing and concerns about an impending recession growing, the National Associationof Home Builders is lobbying Congress and the White House for a temporary tax credit for first-time homebuyers. (Read More)

Bush Touts Tax Cut

February 8, 2001

Meanwhile, President Bush sent his $1.6 trillion tax cut proposal up to Congress Thursday and calledfor quick action to prevent the economy from going into recession. (Read More)

NAR Sees 1Q Dip, Then Rebound

February 8, 2001

The economy is likely to stop growing or contract in the current quarter and then rebound by thesecond half of the year, according to the National Association of Realtors. (Read More)

Advanta Contests Fleet Suit

February 8, 2001

Consumer finance company Advanta Corp. of Spring House, Pa., has contested a recent FleetBostonFinancial Corp. lawsuit that aims to stop the acquisition of Advanta's mortgage unit by Chase Manhattan MortgageCorp. (Read More)

Myers Creates Online Indexes

February 8, 2001

Myers Internet Services, San Jose, Calif., has created several weekly indexes to track online mortgagerates and applications available through its network. (Read More)

Fannie Updates Calculator

February 8, 2001

Fannie Mae has released version 2.0 of True Cost Calculator, an online tool for calculating interestrates and points, mortgage insurance costs, appraisal fees, title insurance fees, and other settlement charges. (Read More)

Sonnenblick Arranges Resort Financing

February 8, 2001

Sonnenblick-Eichner Co., a Los Angeles-based investment banking firm, has arranged constructionfinancing for the approximately $250 million St. Regis Hotel Monarch Beach Resort in Dana Point, Calif. (Read More)

Ocwen Reports Profit Slide, but Good 4Q

February 8, 2001

Ocwen Financial Corp., West Palm Beach, Fla., has reported net income of $2.2 million ($0.03 pershare) for 2000, compared with $19.8 million ($0.31 per share) in 1999. (Read More)

Roukema Plans Aggressive Housing Agenda

February 9, 2001

House Financial Services subcommittee chairwoman Marge Roukema, R-N.J., wants to tackle an aggressivehousing agenda that includes mortgage reform and oversight of the Federal Housing Administration programs. (Read More)

Baker Postpones Agenda Announcement

February 9, 2001

House Financial Services Chairman Michael Oxley, R-Ohio, announced his legislative priorities forthe newly constituted and expanded committee on Thursday, but Rep. Richard Baker, R-La, postponed a scheduled newsconference where he was supposed to announce the agenda for his capital markets, insurance and government sponsoredenterprises subcommittee. (Read More)

Commonwealth to Sell 5 ComNet Offices

February 9, 2001

Commonwealth Bank, Norristown, Pa., has agreed to sell the five loan production offices of its subsidiaryComNet Mortgage Services to American Home Mortgage Holdings Inc., Melville, N.Y. (Read More)

Eagle to Exit Retail Biz Outside Atlanta

February 9, 2001

Eagle Bancshares, Atlanta, has announced that it will exit the retail mortgage banking businessit operates outside its core market. (Read More)

NAHB Sees Small Housing Dip

February 9, 2001

The housing sector will falter only slightly this year as the economy narrowly avoids a recession,according to the National Association of Home Builders. (Read More)

VA to Publish Counseling Rule

February 9, 2001

The Department of Veterans Affairs will soon publish a new rule requiring first-time buyers whouse VA-guaranteed financing to go through at least three hours of pre-purchase counseling. (Read More)

Bankers Systems Buys CBF

February 9, 2001

Bankers Systems Inc., St. Cloud, Minn., has acquired CBF Systems Inc., the Fraser, Mich.-based parentcompany of VMP Mortgage Forms and ELF Solutions-CBF Systems Inc. (Read More)

Countrywide Hires Prez for New Unit

February 9, 2001

Drew Gissinger has been hired by Countrywide Credit Industries Inc., Calabasas, Calif., to serveas president of Balboa Institutional Marketing Group, a new unit Countrywide has announced it plans to form. (Read More)

FiNet, First Bank Plan Alliance

February 9, 2001

FiNet.com Inc., San Ramon, Calif., and its subsidiary Monument Mortgage Inc. have agreed in principleto join First Bank (d/b/a First Bank Mortgage) in the production of conventional mortgage loans. (Read More)

Freddie Prices Pioneering RefNote Issue

February 9, 2001

Freddie Mac has priced $5 billion of 5.25%, three-year, dollar-denominated Reference Notes in thefirst-ever pricing and distribution of a new term-debt global issue via Dutch auction by a government-sponsoredenterprise. (Read More)

Canadian Housing Starts Jump

February 9, 2001

The seasonally adjusted annual rate of housing starts in Canada rose to 174,100 units in January,up 20.1% from 145,000 in December, according to Canada Mortgage and Housing Corp., Ottawa. (Read More)

LandAmerica Forms Israeli Joint Venture

February 9, 2001

LandAmerica Financial Group Inc., Richmond, Va., has agreed to enter a joint venture with AyalonHoldings Ltd., Tel Aviv, Israel, and Shield International to provide title insurance and real estate-related productsand services in Israel. (Read More)

GMACCM Names Agency Portfolio Veep

February 9, 2001

GMAC Commercial Mortgage Co., Horsham, Pa., has appointed Jose A. Perez vice president/manager ofthe agency loan portfolio within GMACCM's servicing department. (Read More)

Harland Updates Origination Software

February 9, 2001

Harland Financial Solutions, Atlanta, has released version 2.8.5 of its LaserPro Mortgage enterpriseorigination system. (Read More)

Feedback

February 9, 2001

Is it a waste of money for brokers to set up their own websites? (Read More)

Court Backs Parity Act Pre-emption

February 12, 2001

A U.S. appeals court has ruled that Virginia state regulators cannot enforce limits on prepayment penalties if state-licensed lenders adhere to federal regulations governing the 1982 Alternative Mortgage Transactions Parity Act. (Read More)

Lawmakers Press for FHA Teacher Loan Bill

February 12, 2001

Reps. John LaFalce, D-N.Y., and Jim Leach, R-Iowa, are circulating a "dear colleague" letter to drum up support for a bill that gives teachers, policemen, and firemen a break on getting Federal Housing Administration loans. (Read More)

FirstAm to Buy LFC

February 12, 2001

The First American Corp., Santa Ana, Calif., has executed a letter of intent to acquire LFC Nationwide, a Sterling, Va.-based provider of property preservation and field inspections. (Read More)

Title Searches Rise

February 12, 2001

The AFS Title Search Index rose to 212.6 in the week ended Feb. 9, a 13.8% increase from 186.8 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Fannie Streamlines Appraisals

February 12, 2001

Fannie Mae has unveiled a streamlined appraisal process for single-family new home construction. (Read More)

CHEC Forms 1st-of-a-Kind HEL Program

February 12, 2001

Centex Home Equity Corp., Dallas, has established a program to sell home equity loans to Harwood Street Funding II LLC, which will hold up to $550 million of the loans until they are securitized or sold into the secondary market. (Read More)

Mortgage Builder Completes Fannie Interface

February 12, 2001

Mortgage Builder Software Inc., Southfield, Mich., has announced the completion of its Fannie Mae Service Based Architecture Interface. (Read More)

PMI Picks Dublin HQ for EU Sub

February 12, 2001

The PMI Group Inc., San Francisco, has reported that it has chosen to base its new European Union subsidiary, PMI Mortgage Insurance Co. Ltd., in Dublin, Ireland. (Read More)

78% of 4Q Refis Tapped Equity

February 12, 2001

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)

4Q Median Resale Price Gains 'Healthy'

February 12, 2001

The median prices of existing homes increased at "a healthy rate" during the fourth quarter in most metropolitan areas, according to the National Association of Realtors. (Read More)

S&P: Aussie Arrears at 3-Year High

February 12, 2001

The Standard and Poor's Australian mortgage performance index has registered a high in delinquencies not seen since August 1997. (Read More)

GMACCM Arranges $33MM Financing

February 12, 2001

GMAC Commercial Mortgage Corp., Horsham, Pa., has arranged $33 million in financing for a four-property Pennsylvania office portfolio. (Read More)

Realtors Escalate Bank/RE Fight

February 13, 2001

The National Association of Realtors is forging a grassroots coalition of real estate professionals and consumer groups to fight a proposal that would allow large banking companies to enter the real estate brokerage business. (Read More)

Fed Still Buying Agency MBS

February 13, 2001

The Federal Reserve Board is considering the use of debt obligations of U.S. states and foreign governments as "acceptable collateral" for repurchase agreements. (Read More)

Abbey Joins Forces With EDS

February 13, 2001

Abbey National plc, the second largest mortgage lender in the United Kingdom, has entered into a joint venture with Electronic Data Systems Corp. (Read More)

1st Tennessee Offers $1.2B in Servicing

February 13, 2001

First Tennessee Capital Assets Corp., Memphis, is brokering the sale of servicing rights on a $1.2 billion Fannie Mae/Freddie Mac/private portfolio for a southeastern, state-chartered commercial bank. (Read More)

S&P Downgrades Conti HEL Class

February 13, 2001

Class B of ContiMortgage Home Equity Loan Trust 1997-4's home equity loan pass-through certificates has been downgraded from B to CC by Standard & Poor's. (Read More)

IMC HEL Class Downgraded

February 13, 2001

Class B of IMC Home Equity Loan Trust 1997-5's home equity loan asset-backed notes has been downgraded from B to CCC by Standard & Poor's. (Read More)

Dorado Funding Round Raises $25MM

February 13, 2001

Dorado Corp., the San Mateo, Calif.-based application service provider, says it has secured $25 million in funding in its series C round of investment. (Read More)

FiNet Plans Reverse Stock Split

February 13, 2001

FiNet.com Inc., San Ramon, Calif., has announced a reverse stock split designed to bring the company back into compliance with the continued listing requirements of the Nasdaq SmallCap Market. (Read More)

Levy Arranges Data Center Financing

February 13, 2001

John B. Levy, a Washington-based commercial real estate investment firm, has arranged for $11.7 million in long-term financing on behalf of an affiliate of DataCentersNow. (Read More)

Freddie Touts Broker Awards

February 13, 2001

Freddie Mac has announced that it will award 10 brokers a trip to Hawaii, and one of them will win a new Chrysler. (Read More)

Fleet Selling Mortgage Unit

February 14, 2001

FleetBoston Financial is once again considering selling its mortgage unit, Fleet Mortgage Group, Columbia, S.C., the nation's sixth largest residential lender and eighth largest servicer, MortgageWire has learned. (Read More)

OFHEO Publishes GSEs' Critical Cap Levels

February 14, 2001

The Office of Federal Housing Enterprise Oversight has established a "critical" capital measure to go along with Fannie Mae's and Freddie Mac's new initiative to issue subordinated debt. (Read More)

GSEs on House Financial Panel's Agenda

February 14, 2001

The leverage and risk-based capital standards of Fannie Mae and Freddie Mac will be looked at by the House Financial Services Committee in the 107th Congress, according to an official agenda released Feb. 14. (Read More)

FHLBank Sees Problems if WaMu Can't Join

February 14, 2001

The Federal Home Loan Bank of Dallas said it would face "real challenges" if Washington Mutual Bank FA, Stockton, Calif., is not allowed to become a Dallas FHLBank member. (Read More)

Fidelity, VistaInfo to Form Joint Entity

February 14, 2001

Fidelity National Financial Inc., Irvine, Calif., and VistaInfo, San Diego, have signed a nonbinding letter of intent to combine their real estate information, technology products, and assets into a jointly owned company. (Read More)

GMACCH Buys UK Servicer

February 14, 2001

GMAC Commercial Holding Corp., Horsham, Pa., has acquired UCB Healthcare Service Co. Ltd., a nursing home loan servicer based in Surrey, England, from Credit Suisse First Boston, New York. (Read More)

Applications Decline

February 14, 2001

Mortgage applications fell 3.7% on a seasonally adjusted basis during the week ended Feb. 9, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

MBA Launches Online RE Bookstore

February 14, 2001

The Mortgage Bankers Association of America has launched CampusMBA, an online bookstore where users can browse and buy real estate finance publications. (Read More)

FirstAm Offers Credit Correction Service

February 14, 2001

First American Credco, a Poway, Calif.-based First American Corp. company, has launched Rapid ReCheck, a service designed to update consumer credit files and correct credit record inaccuracies at the bureau level. (Read More)

Radian, AGS Financial Join Forces

February 14, 2001

Radian Group Inc., Philadelphia, has reported that AGS Financial LLC, a New York-based international investment banking and mortgage advisory firm, has agreed to assist it in "identifying, analyzing, and then capitalizing on" structured finance opportunities in major global markets. (Read More)

S&P Downgrades Cityscape Classes

February 14, 2001

Five classes in two Cityscape securitizations have been downgraded by Standard & Poor's. (Read More)

Empire Funding MBS Classes Downgraded

February 14, 2001

Various classes in three Empire Funding Home Loan Owner Trust deals and one Empire Funding Home Loan REMIC Trust deal have been downgraded by Standard & Poor's. (Read More)

MeriStar Sells $500MM in Notes

February 14, 2001

MeriStar Hospitality Corp., a Washington-based hotel real estate investment trust, has completed the sale of $500 million of senior unsecured notes in two tranches. (Read More)

Calyx Touts Sales Record

February 14, 2001

San Jose, Calif.-based Calyx Software has announced that January sales in excess of 600 ten-user site licenses for its Point loan origination system set a new single-month sales record, surpassing the previous record set in April 1999. (Read More)

CitiMortgage to Buy iOwn Assets

February 15, 2001

CitiMortgage, St. Louis, has announced the purchase of the iOwn.com website and related mortgagetechnology from iOwn Inc. (Read More)

Triad Acquires MH-RE Lender

February 15, 2001

Triad Financial Services Inc., a manufactured housing lender based in Jacksonville, Fla., has purchasedthe assets of Diamond Lenders Group, St. Paul, Minn. (Read More)

S&P Buys Charter Research

February 15, 2001

Standard & Poor's has acquired Charter Research Corp., a Boston-based provider of analytic softwareto the commercial mortgage market. (Read More)

Fixed Rates Creep Up

February 15, 2001

The average 30-year fixed mortgage rate rose to 7.01% for the week ending Feb. 16 from 6.98% theweek before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Baker 'Frustrated' at Delay of CBO Report

February 15, 2001

Rep. Richard Baker, R-La., says he is "frustrated" that the Congressional Budget Officestill has not released a report on the subsidies Fannie Mae and Freddie Mac receive due to their special statusas government-sponsored enterprises. (Read More)

Activists Protest Citi Lending Practices

February 15, 2001

A community activist group was staging protests at Citigroup offices around the country Feb. 15in an effort to initiate talks with Robert Rubin about his company's lending practices. (Read More)

Cohen Licenses CapitalThinking ASP Tech

February 15, 2001

Cohen Financial, Chicago, has signed a contract with CapitalThinking, New York, to license CapitalThinking'sBluewire application service provider mortgage processing software. (Read More)

GMAC-RFC Names EVP

February 15, 2001

Eric Scholtz has been named executive vice president of capital markets for the Residential CapitalGroup of Residential Funding Corp., Minneapolis. (Read More)

Fannie Foundation Updates Website

February 15, 2001

The Fannie Mae Foundation has redesigned its website, which now includes media relations and onlinegrant resource areas. (Read More)

REIT's Parent to Buy Remaining Shares

February 15, 2001

Westfield America, a Los Angeles-based real estate investment trust, has signed a definitive agreementunder which Westfield America Trust, its Australian parent company, will buy all the REIT's common shares not alreadyowned by the parent or by Westfield Holdings, its affiliate. (Read More)

E*Trade Joins NYSE

February 15, 2001

E*Trade Group Inc., a provider of online personal finance services based in Menlo Park, Calif.,has joined the New York Stock Exchange and its stock is trading there under the symbol ET. (Read More)

Microsoft to Close HTI Mortgage Unit

February 16, 2001

Microsoft is planning to divest itself of Tuttle Decision Systems and close the mortgage division of HomeAdvisor Technologies Inc., absorbing its Realty Desktop system and other product offerings back into MSN, Microsoft's Internet division, the company confirmed Friday. (Read More)

Old Kent Mortgage on the Block

February 16, 2001

Old Kent Mortgage, Grand Rapids, Mich., the nation's 23rd largest residential lender, is on the auction block, sources have told MortgageWire. (Read More)

Housing Starts Up 2.5%

February 16, 2001

Single-family housing starts rose 2.5% in January as the housing sector continued to buck a slowing economy. (Read More)

Housing Index Rebounds

February 16, 2001

The NAHB Housing Market Index rebounded to 58 in February, up three points from January's upwardly revised level of 55, according to the National Association of Home Builders. (Read More)

Resource Bank to Buy 1st Jefferson

February 16, 2001

Resource Bank, Virginia Beach, Va., has announced that it will acquire First Jefferson Mortgage Corp., Hampton Roads, Va., and merge it with the bank's retail mortgage division, Resource Home Mortgage. (Read More)

HUD Completes $623MM Loan Sale

February 16, 2001

The Department of Housing and Urban Development has completed a $623 million sale of multifamily and health care facility loans. (Read More)

Federal Realty Names Prez

February 16, 2001

Donald C. Wood has been promoted to president and chief operating officer of Federal Realty Investment Trust, Rockville, Md. (Read More)

RE Firm Allies With Retirement System

February 16, 2001

AMB Property Corp., a San Francisco-based owner and operator of industrial real estate, has entered into a private partnership with the City and County of San Francisco Employees' Retirement System to acquire, develop, and redevelop industrial distribution facilities nationwide. (Read More)

Capstead Begins Tender Offer

February 16, 2001

Capstead Mortgage Corp., Dallas, has commenced a tender offer to purchase up to 5.0 million shares of its common stock for $12.75 per share in cash. (Read More)

GEMI Joins Forces With HFA

February 16, 2001

GE Mortgage Insurance, Raleigh, N.C., has announced that it is teaming up with the North Carolina Housing Finance Agency to help provide 100% financing at below-market rates to first-time homebuyers with good credit. (Read More)

Feedback

February 16, 2001

There has been a sudden change in the responses to our survey question on the likelihood of an economic "soft landing." (Read More)

Wells Fargo Ramping Up in Atlanta

February 20, 2001

Wells Fargo Home Mortgage Inc., Des Moines, Iowa, is adding two new Atlanta-area offices to targetthe neighborhoods of Gwinnett and Buckhead. (Read More)

New Web MI Product Unveiled

February 20, 2001

United Guaranty Corp., Greensboro, N.C., has introduced a product that allows lenders and servicersto submit mortgage insurance claims via the Internet. (Read More)

HFCI Announces AOL Pact

February 20, 2001

Home Financing Centers Inc., Swampscott, Mass., has announced an agreement with AOL Time Warnerunder which visitors to America Online will have access to HFCI's mortgage products. (Read More)

CWMBS Classes Downgraded

February 20, 2001

Five classes of CWMBS (IndyMac) Inc. mortgage pass-through certificates have been downgraded byFitch. (Read More)

Compu-Link to Change Name

February 20, 2001

Compu-Link Loan Service, a second-lien mortgage servicer based in Lansing, Mich., has announcedthat it will change its name to Celink on March 1. (Read More)

REITs Post 8.7% FFO Growth in 4Q

February 20, 2001

Average quarterly earnings for equity real estate investment trusts grew 8.7% in the fourth quartercompared with results for the same period in 1999, according to the Washington-based National Association of RealEstate Investment Trusts. (Read More)

Nasdaq to Delist American Homestar

February 20, 2001

American Homestar Corp., a Houston-based manufacturer and retailer of manufactured housing, hasannounced that its stock will be delisted by the Nasdaq Stock Market as of Feb. 23. (Read More)

First Union Tops HEL Web Rankings

February 20, 2001

First Union National Bank's website has topped the WebCriteria Inc. rankings of home equity loanwebsites based on ease of use. (Read More)

Glimcher Closes Mortgage Financings

February 20, 2001

Glimcher Realty Trust, a Columbus, Ohio-based retail real estate investment trust, has closed ontwo permanent mortgages totaling $13.5 million, replacing higher-rate bridge and construction loans. (Read More)

REIT Elects CFO

February 20, 2001

Shannon Smith has been elected chief financial officer of American Land Lease Inc., a real estateinvestment trust based in Clearwater, Fla. (Read More)

Dime May De-emphasize Residential Loans

February 21, 2001

Dime Bancorp Inc., New York, has reported that it plans to increase the percentage of nonresidentialproduct in its total loan mix over the next three years, a move that could lead to a de-emphasis of its residentialmortgage production efforts but may boost its commercial real estate lending. (Read More)

Applications Decline

February 21, 2001

Mortgage applications fell 7.5% on a seasonally adjusted basis during the week ended Feb. 16, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

MBA Prez Sees More Consolidation

February 21, 2001

Consolidation will continue in the mortgage servicing industry, according to Andrew D. Woodward,president of the Mortgage Bankers Association of America. (Read More)

Freddie Offers New MF Options

February 21, 2001

Freddie Mac has announced new financing options for multifamily properties that will enable borrowersto base their interest rate on a Freddie Mac Reference Bill. (Read More)

G&L Cites Revised Merger Offer

February 21, 2001

Health care real estate investment trust G&L Realty Corp., Beverly Hills, Calif., has announcedthe receipt of a revised management proposal to acquire outstanding shares of the REIT's common stock for a cashprice of $11 per share. (Read More)

Cabot Expands NY System Program

February 21, 2001

Cabot Industrial Trust, a Boston-based industrial real estate investment trust, has expanded itsinvestment program with the New York State Teachers' Retirement System with the additional investment of $100 millionin equity by the NYSTRS. (Read More)

Capital Pacific Agrees to Interest Exchange

February 21, 2001

Capital Pacific Holdings Inc., Newport Beach, Calif., has executed an agreement with CaliforniaHousing Finance LP under which Capital Pacific will exchange its interests in certain joint ventures with CHF foradditional ownership of other assets. (Read More)

Fitch Unveils Japanese CMBS Servicer Criteria

February 21, 2001

Fitch has drawn up criteria and a scale for rating primary, master, and special servicers of commercialmortgage-backed securities in Japan. (Read More)

REITs May Help Revive Korean RE

February 21, 2001

The proposed introduction of a legal and regulatory base for the implementation of real estate investmenttrusts may help rejuvenate the Korean real estate sector, according to Moody's Investors Service. (Read More)

S&P Creates Euro Credit Scoring Models

February 21, 2001

Standard & Poor's has created European versions of its Internet-accessible credit scoring models,which are designed to allow users to evaluate the credit risk of companies in various business sectors. (Read More)

Inflation Jitters Push Rates Up

February 22, 2001

The average 30-year fixed mortgage rate rose to 7.12% for the week ending Feb. 23 from 7.01% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Pickett to Retire

February 22, 2001

Joe K. Pickett, chairman of HomeSide Lending Inc., will retire as of June 3, the company has announced. (Read More)

Fannie Touts Record Workouts

February 22, 2001

Fannie Mae and its servicing partners achieved a record workout ratio of 53% in 2000, enabling 15,000 borrowers to remain in their homes, according to the government-sponsored enterprise. (Read More)

Full Spectrum Unveils Zero-Down Program

February 22, 2001

Full Spectrum Lending Inc., Pasadena, Calif., has announced a new mortgage loan program that requires no downpayment for consumers with less-than-perfect credit. (Read More)

Freddie Honors Top Servicers

February 22, 2001

Thirty-two mortgage servicers have been honored by Freddie Mac for achieving its Tier One performance rankings, the government-sponsored enterprise has announced. (Read More)

Freddie Enhances Servicing Tool

February 22, 2001

Freddie Mac has announced an enhanced version of Investor Accounting Manager that it says will make it easier for servicers to detect and correct loan-level data errors. (Read More)

Princeton eCom, GMACCM Join Forces

February 22, 2001

Princeton eCom, Princeton, N.J., has announced that it will implement online billing and payment services for GMAC Commercial Mortgage, Horsham, Pa. (Read More)

eOriginal Allies With Mortgage Doc Firm

February 22, 2001

Baltimore-based eOriginal Inc. has announced that it will integrate its electronic mortgage system with the document preparation software of Guardian Mortgage Documents Inc., Lakewood, Colo. (Read More)

American Home Reports Record Year

February 22, 2001

American Home Mortgage Inc., New York, has reported record net income of $5.4 million ($0.63 per share) for 2000, up from pro forma net income of $2.9 million ($0.39 per share) a year earlier. (Read More)

Fannie Prices Benchmark Notes

February 22, 2001

Fannie Mae has priced $6 billion of 5.000% two-year Benchmark Notes and $5.5 billion of 5.500% five-year Benchmark Notes. (Read More)

IMH Sub Buys Preferred Stock

February 22, 2001

Impac Funding Corp. has purchased $5.0 million of parent company Impac Mortgage Holdings Inc.'s 10.5% Cumulative Convertible Preferred Stock from LBP Inc. (Read More)

Equity Office to Buy Spieker

February 23, 2001

Equity Office Properties Trust, a Chicago-based office real estate investment trust, is acquiring Spieker Properties, a Menlo Park, Calif.-based office and industrial REIT, in a transaction valued at $7.2 billion. (Read More)

FAS 133 May Lower MSR Values

February 23, 2001

Increased volatility associated with Financial Accounting Standard 133 has the potential to reduce values for mortgage servicing rights, an accountant has told the MBA National Servicing Conference in San Antonio. (Read More)

Fed Extends Comment on Bank/RE Reg

February 23, 2001

The Federal Reserve Board has extended to May 1 the comment period for a proposal that would allow federally chartered banks to enter the real estate brokerage business, according to the National Association of Realtors. (Read More)

Title Searches Fall

February 23, 2001

The AFS Title Search Index fell to 200.2 in the week ended Feb. 16, a 5.8% decrease from 212.6 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

CRSI Brokering $6.57B in Servicing

February 23, 2001

A Midwestern financial institution is selling servicing rights on a $6.57 billion portfolio of Ginnie Mae, Fannie Mae, Freddie Mac, private-investor, and housing agency loans through Cohane Rafferty Securities Inc., White Plains, N.Y. (Read More)

MeriStar, Ski Firm Revise Merger Pact

February 23, 2001

MeriStar Hotels & Resorts, Washington, and American Skiing Co., a Newry, Maine-based ski resort operating company, have revised the share exchange ratio of their previously announced merger agreement. (Read More)

Allied Mortgage Forms Downpay Aid Program

February 23, 2001

The formation of a nonprofit foundation to provide gift funds for downpayments and closing costs to qualified borrowers has been announced by Allied Mortgage Capital Corp., Houston. (Read More)

Competix Adds Credit Manager Functions

February 23, 2001

Competix, Burlingame, Calif., has announced that banks using its Credit Manager product can now take loan applications through the Competix Lending Center, a financial services call center. (Read More)

Key Joins Fannie Affordable Housing Effort

February 23, 2001

KeyBank, Cleveland, has reported the delivery of $1.4 million of loans to Fannie Mae through the new Cleveland Affordable Housing Initiative. (Read More)

HomeGold Plans Phoenix Call Center

February 23, 2001

HomeGold, Greenville, S.C., has announced that it will open a new Phoenix-based mortgage origination call center in April. (Read More)

Feedback

February 23, 2001

Interested in starting a net branch? (Read More)

January Resales Fall

February 26, 2001

Sales of existing single-family homes fell by 6.6% in January, despite the Federal Reserve Board's dramatic cut in interest rates by 50 basis points early in January. (Read More)

Delta to Slash Debt; Sees Losses Thru 2Q

February 26, 2001

Delta Financial Corp., Woodbury, N.Y., has entered into a letter of intent to extinguish most of its senior secured debt and has projected that, partly as a result, it will incur losses through the second quarter of 2001. (Read More)

Title Searches Rise

February 26, 2001

The AFS Title Search Index rose to a holiday-adjusted 203.1 in the week ended Feb. 23, a 1.4% increase from 200.2 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

MF Production Bill in the Works

February 26, 2001

Sen. Christopher Bond, R-Mo., is planning to introduce a bill that provides funding for the production of affordable rental housing, according to a Senate aide. (Read More)

Cityscape HEL Class Downgraded

February 26, 2001

Class B-1F of Cityscape Home Equity Loan Trust 1997-C's home equity loan pass-through certificates has been downgraded from BB to B by Standard & Poor's. (Read More)

Vornado's Ratings on Watch

February 26, 2001

Standard & Poor's has placed its ratings on Vornado Realty Trust and Vornado Realty LP on CreditWatch with negative implications. (Read More)

Wexford Offers New Mortgage Program

February 26, 2001

Wexford Bancgroup, Chicago, has introduced a new commercial mortgage loan program for non-credit tenants or those with below-investment-grade ratings. (Read More)

PMI Honored by Navajo Group

February 26, 2001

PMI Mortgage Insurance Co., San Francisco, has received the Platinum Award for Excellence in Corporate Giving from the Navajo Partnership for Housing, Gallup, N.M. (Read More)

WRI Buys Orlando Property

February 26, 2001

Weingarten Realty Investors, a Houston-based real estate investment trust, has acquired Colonial Plaza Marketcenter, a 480,000-square-foot retail property in Orlando, Fla., for $54 million. (Read More)

E-Loan Renews Warehouse Line

February 26, 2001

E-Loan, Dublin, Calif., has renewed its $200 million warehouse line of credit with Greenwich Capital for one year. (Read More)

New Home Sales Drop

February 27, 2001

Sales of newly constructed homes fell 10.9% in January, but the falloff was from a record levelin December that suggests this sector of the housing market may still be strong. (Read More)

News Spurs MBS Prices, Rate Cut Speculation

February 27, 2001

Mortgage-backed security prices had risen almost half a point and market participants were speculatingabout another possible "surprise" Federal Reserve rate cut at midday Tuesday after the release of economicreports showing weakness in the economy. (Read More)

S&P Rates Freddie's Risk AA-Minus

February 27, 2001

Standard & Poor's has assigned an AA-minus risk-to-the-government rating to Freddie Mac, andthe rating will be maintained on a continuous, "surveillance" basis, according to the government-sponsoredenterprise. (Read More)

HUD Gets No-Growth Budget

February 27, 2001

The first budget proposal by the Bush administration is expected to keep the Department of Housingand Urban Development's budget at $32 billion for fiscal year 2002, the same as this year's budget. (Read More)

World Savings Objects to WaMu Application

February 27, 2001

World Savings Bank FSB is objecting to a application by Washington Mutual Bank FA, Stockton, Calif.,to become a member of the Dallas Federal Home Loan Bank. (Read More)

Citi Unit Provides LOC to UrbanAmerica

February 27, 2001

The Citigroup Center for Community Development Enterprise has provided a $75 million line of creditto UrbanAmerica to finance the acquisition and improvement of properties leased to commercial and social servicestenants in low- and moderate-income communities. (Read More)

LionInc.com Reports '00 Loss

February 27, 2001

Lion Inc., Renton, Wash., which does business as LionInc.com, has reported $6.1 million in revenueand a net loss of $1.3 million ($0.04 per share) for 2000, compared with revenues of $4.2 million and a net lossof $4.0 million ($0.15 per share) in 1999. (Read More)

Captec Extends Credit Facility

February 27, 2001

Captec Net Lease Realty, an Ann Arbor, Mich.-based retail and restaurant real estate investmenttrust, has negotiated a nine-month extension of its existing credit facility, led by First Union National Bank. (Read More)

Swedish Firm Sells 5 Properties

February 27, 2001

Swedish real estate company Castellum, Stockholm, has sold five properties in Gothenburg, Lund,and Varnamo for the equivalent of about 96 million Swedish kroner (about $9.6 million). (Read More)

Bush Wants Tougher FHA Monitoring

February 28, 2001

In the first outline of the president's budget priorities, the Bush administration is proposingto tighten the Federal Housing Administration single-family loan program and increase lender oversight. (Read More)

Fannie's Risk Rated AA-Minus

February 28, 2001

Fannie Mae has been assigned an AA-minus risk-to-the-government rating by Standard & Poor's. (Read More)

Applications Decline

February 28, 2001

Mortgage applications fell 2.7% on a seasonally adjusted basis during the week ended Feb. 23, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

New MI Drops in January

February 28, 2001

Business for private mortgage insurers decreased by nearly 14% in January, according to data collectedby the Mortgage Insurance Cos. of America. (Read More)

Life to Sell MSRs to Wilshire

February 28, 2001

Life Bank FSB, Riverside, Calif., has agreed to sell substantially all its mortgage servicing rightsto Wilshire Credit Corp., Portland, Ore. (Read More)

Ultraprise Opens Secondary Market Portal

February 28, 2001

Ultraprise Corp., Frederick, Md., has opened the Ultraprise.com Community, a portal designed forsecondary market mortgage executives. (Read More)

ABA Okays Digital Certificate Policy

February 28, 2001

Digital Signature Trust Co., Salt Lake City, has announced that the American Bankers Associationboard of directors has approved the certificate policy governing the issuance, use, and management of TrustID digitalcertificates. (Read More)

IMC HEL Classes Downgraded

February 28, 2001

Two classes of IMC Home Equity Loan Trust pass-through certificates have been downgraded by Fitch. (Read More)

Ocwen Names New Prez

February 28, 2001

Ronald M. Faris has been promoted to president of Ocwen Financial Corp., West Palm Beach, Fla.,and Ocwen Federal Bank FSB, replacing Christine A. Reich. (Read More)

HFC Files $1B Senior Debt Shelf

February 28, 2001

Household Finance Corp., Prospect Heights, Ill., has filed a shelf registration statement with theSecurities and Exchange Commission for the issuance of up to $1 billion of senior unsecured debt securities. (Read More)

Mall REIT Obtains Project Funding

February 28, 2001

The Mills Corp., an Arlington, Va.-based owner and operator of entertainment malls, has obtaineda $355 million nonrecourse permanent financing for two projects -- Potomac Mills and Gurnee Mills -- from MorganStanley Dean Witter. (Read More)

Moody's Predicts Strong CMBS Growth in Japan

February 28, 2001

Strong anticipated growth in Japan's commercial mortgage-backed securities sector is expected tocontribute to 20%-40% growth in that country's overall securitization market this year, the Tokyo office of Moody'sInvestors Service has reported. (Read More)

S&P Sees New Clarity for Italian Securitizations

February 28, 2001

The clarification of an Italian law that requires banks to renegotiate existing high-yielding, fixed-interestloans below fixed interest rate ceilings should boost securitization in that country, according to the London officeof Standard & Poor's. (Read More)

(back to top)

March

Some Freddie Speeds Skyrocket

March 1, 2001

Prepayment rates for Freddie Mac mortgage-backed securities skyrocketed for some coupons in the latest reporting period, but the increases were in line with expectations, according to the Bear Stearns Prepayment Commentary. (Read More)

Rates Fall

March 1, 2001

The average 30-year fixed mortgage rate fell to 7.03% for the week ending March 2 from 7.12% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Frisco FHLBank Opposes WaMu Move

March 1, 2001

The San Francisco Federal Home Loan Bank has filed an objection with federal regulators to block Washington Mutual Bank FA, Stockton, Calif., from becoming a member of the Dallas FHLBank until the whole issue of dual membership is fully resolved. (Read More)

Budget Would End VA Vendee Program

March 1, 2001

The Bush administration is recommending that the Department of Veterans Affairs eliminate its "vendee" program whereby the agency makes loans directly to buyers of its foreclosed properties. (Read More)

Bush Calls for Flood Insurance Reform

March 1, 2001

The Bush administration is calling for reforms in the National Flood Insurance program as it tries to control government spending. (Read More)

Advanta Completes Sale of Mortgage Biz

March 1, 2001

Advanta Corp., Spring House, Pa., has completed the sale of its mortgage business to Chase Manhattan Mortgage Corp., Edison, N.J. (Read More)

Abbey Ends Merger Talks

March 1, 2001

United Kingdom mortgage lending giant Abbey National has ended its merger talks with another major U.K. lender, Bank of Scotland. (Read More)

COFI Reverses Course

March 1, 2001

After a year and a half of steady increases, the Eleventh Federal Home Loan District Cost of Funds Index declined by 10 basis points in January. (Read More)

NetUpdate Touts Service Stability Thru Quake

March 1, 2001

Thanks to being housed in a state-of-the-art collocation facility, NetUpdate Inc. and other Seattle-area technology firms have reported little damage or interruption of service from a Feb. 28 earthquake that measured nearly 7.0 on the Richter scale. (Read More)

Myers Partners With Appraisal.com

March 1, 2001

Myers Internet Inc., San Jose, Calif., has announced that it will offer the services of Appraisal.com, the Buffalo, N.Y.-based provider of online property data and appraisal ordering systems, to its 1,700 OriginatorNetwork clients. (Read More)

Nomura Boosts Global Securitization Team

March 1, 2001

Nomura Securities, New York, has hired six securitization and underwriting professionals, all of whom previously held commercial mortgage-related positions at another Wall Street firm, to boost its global securitization capabilities. (Read More)

Lone Star to Buy Stake in Dallas RE Firm

March 1, 2001

U.S. Restaurant Properties, Dallas, has entered into an agreement with an affiliate of Lone Star Fund III under which Lone Star will acquire approximately 1.88 million shares of USRP common stock between March 9 and Sept. 5 for a total consideration of about $20 million. (Read More)

Freddie Prices Euro RefNote

March 1, 2001

Freddie Mac has priced a 4.5%, three-year EuroReference Note issue totaling 5.0 billion euros (approximately $4.6 billion). (Read More)

Servicing on ARM Portfolio for Sale

March 1, 2001

Phoenix Capital, Denver, is offering for sale a $58 million private investor servicing portfolio of adjustable-rate mortgage loans. (Read More)

Fannie Foundation Eyes Financial Ed

March 1, 2001

A study by the Fannie Mae Foundation has recommended that more employers offer personal finance courses in the workplace and that financial education for older Americans be made a national priority. (Read More)

nCommand on Auction Block

March 2, 2001

San Mateo, Calif.-based nCommand has confirmed rumors that it is looking for an acquirer. (Read More)

NCRC Plans Bias Suits Against Banks

March 2, 2001

Member organizations of the National Community Reinvestment Coalition are preparing to sue major banking organizations for discriminatory practices against blacks and Hispanics. (Read More)

Ocwen Nabs New Century Servicing

March 2, 2001

Just as Fairbanks Capital Corp. was preparing to close on a deal to subservice New Century Mortgage Corp.'s portfolio, New Century announced that it was selling the portfolio to Ocwen Federal Bank instead. (Read More)

GAO: OFHEO Lacks Enforcement 'Latitude'

March 2, 2001

In supervising Fannie Mae and Freddie Mac, the Office of Federal Housing Enterprise Oversight lacks certain enforcement powers that banking regulators use in overseeing commercial banks, according to a General Accounting Office report. (Read More)

House Passes Bankruptcy Bill

March 2, 2001

The House has passed a consumer bankruptcy bill by a 308-108 vote and the Senate is expected to take up a similar measure during the week of March 5. (Read More)

ABN Amro Mortgage Selling Servicing

March 2, 2001

ABN Amro Mortgage, Troy, Mich., is offering a $9 billion to $16 billion flow servicing package through brokers led by Countrywide Servicing Exchange, Calabasas, Calif. (Read More)

REIT to Merge With Pru Affiliate

March 2, 2001

Pacific Gulf Properties, a Newport Beach, Calif., real estate investment trust that is liquidating its assets, has announced that it will merge with FountainGlen Properties, an affiliate of Prudential Real Estate Investors, in a cash transaction valued at approximately $143 million. (Read More)

eOriginal Teams Up With MRG

March 2, 2001

Baltimore-based eOriginal Inc. has announced an agreement to integrate its electronic mortgage system with MRG Document Technologies' loan document preparation software. (Read More)

Fannie Cites Euro Share of BenchNote

March 2, 2001

Fannie Mae has reported at its annual London news briefing that Europeans bought 9% of the government-sponsored enterprise's initial subordinated Benchmark Note offering. (Read More)

HRPT Announces Debt Redemption

March 2, 2001

HRPT Properties Trust, a real estate investment trust based in Newton, Mass., has redeemed or called for the redemption of all its outstanding subordinated convertible debentures. (Read More)

Feedback

March 2, 2001

Responses to our survey question on the economy's prospects did not reflect confidence in the Federal Reserve's ability to orchestrate a "soft landing." (Read More)

Outlook Dim for Predatory Lending Bills

March 5, 2001

The outlook for passage of legislation to curb predatory lending is very negative, according to House and Senate Democratic banking committee staffers. (Read More)

FHA Halts Foreclosures for Earthquake Victims

March 5, 2001

The Department of Housing and Urban Development has declared a foreclosure moratorium in response to the earthquake in Seattle. (Read More)

Title Searches Decline

March 5, 2001

The AFS Title Search Index fell to 193.7 in the week ended March 2, a 4.6% decrease from a holiday-adjusted 203.1 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Criimi Mae Seeks Revamp Delay

March 5, 2001

Criimi Mae Inc., Rockville, Md., has requested that the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, extend the effective date of its reorganization plan by 30 days. (Read More)

Iowa Servicing Package for Sale

March 5, 2001

United Financial Inc., Denver, is brokering the sale of servicing rights on $90 million of home loans from Iowa. (Read More)

Freddie Hikes Dividend

March 5, 2001

Freddie Mac's board of directors has voted to increase the quarterly dividend from $0.17 per share to $0.20 per share on the corporation's common stock. (Read More)

Holliday Arranges $161MM Financing

March 5, 2001

Bernal Corporate Park in Pleasanton, Calif., has been acquired with $161.3 million in financing arranged by Holliday Fenoglio Fowler, a Los Angeles-based commercial real estate broker. (Read More)

Myers Offers FirstAm Products

March 5, 2001

Myers Internet Inc., San Jose, Calif., has announced that it will offer First American Corp. products and services on its OriginatorNetwork. (Read More)

Citigroup Expanding 'Referral Up' Program

March 6, 2001

Citigroup has committed to take its pilot "referral up" program nationwide by the endof the year, according to Janet Thompson of Citigroup. (Read More)

Citi, NCRC Launch Financial Ed Program

March 6, 2001

Meanwhile, Citigroup and the National Community Reinvestment Coalition have announced a joint financialeducation initiative aimed at giving greater access to financial products and services to low-income and minorityindividuals and families. (Read More)

B&C Player Hit With OTS Order

March 6, 2001

Two powerful financial families -- the Pritzker family of Chicago and the Dwormans of New York --had better come up with more capital for their privately held Illinois thrift. (Read More)

FHA Downpay Reduction Bill Offered

March 6, 2001

Rep. John LaFalce, D-N.Y., has introduced a bill that would reduce the Federal Housing Administrationdownpayment requirement for first-time homebuyers who get housing counseling. (Read More)

Ferguson Gets Nod for 2nd Fed Term

March 6, 2001

President Bush has announced his intention to nominate Roger W. Ferguson Jr. to serve another termon the Federal Reserve Board. (Read More)

Freddie Releases 2nd Draft of E-Mortgage Specs

March 6, 2001

Freddie Mac has published the second draft of preliminary specifications for electronic single-familymortgages on its website. (Read More)

MBA Names General Counsel

March 6, 2001

Phyllis K. Slesinger has been named general counsel and staff vice president of the Mortgage BankersAssociation of America. (Read More)

RE Firm Teams Up With OnePipeline

March 6, 2001

The Keyes Co. Realtors, Miami, and OnePipeline Inc., Salt Lake City, have reached an agreement underwhich they will provide homebuyers a combination of point-of-sale mortgage services. (Read More)

Myers Offers Prequalification Product

March 6, 2001

Myers Internet Inc., San Jose, Calif., has introduced the PreQual CalcuLetter, a Web-based, customizableprequalification engine. (Read More)

Love Funding Hires Veep

March 6, 2001

Terry L. Chuvala has been named vice president and senior loan originator by Love Funding Corp.,a mortgage banking firm headquartered in St. Louis. (Read More)

FTC Charges Associates With Predatory Lending

March 7, 2001

The Federal Trade Commission has filed a complaint in U.S. District Court alleging that the nation's largest subprime lender, recently acquired by Citigroup, engaged in predatory lending practices. (Read More)

FHFB Seeks Comment on Cap Issues

March 7, 2001

The Federal Housing Finance Board is seeking comment on several capital issues, including the capitalization of "out-of-district assets," such as residential mortgage loans originated under the Federal Home Loan Bank mortgage purchase programs. (Read More)

Fannie Speeds Surpass Freddie's

March 7, 2001

Prepayment rates for Fannie Mae mortgage-backed securities increased across the board in the latest report, surpassing the recently reported speeds of comparable Freddie Mac MBS by 1-5 CPR, according to the Bear Stearns Prepayment Commentary. (Read More)

Applications Rise

March 7, 2001

Mortgage applications rose 15.1% on a seasonally adjusted basis during the week ended March 2, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

BYL Cites Fraud-Linked Losses

March 7, 2001

BYL Bancorp, Orange, Calif., has reported that its first-quarter earnings will be "substantially reduced" by the recognition of extraordinary losses on previously sold fraudulent mortgage loans originated by brokers unaffiliated with the company. (Read More)

Thrifts Show Solid Year in 2000

March 7, 2001

Thrift originations totaled $201 billion in 2000, the third-best year ever, and servicing fee income broke the $1 billion mark, according to the Office of Thrift Supervision. (Read More)

Calyx Join Forces

March 7, 2001

San Mateo, Calif.-based nCommand has announced creation of a link to Calyx Point to create a processing platform for online service-order management. (Read More)

Dorado Offers Internet Pricing Engine

March 7, 2001

Dorado Corp., San Mateo, Calif., has announced e-Price, an Internet pricing engine that provides product information and feature-adjusted pricing for mortgage banking. (Read More)

Insignia Buys Mexican CRE Firm

March 7, 2001

Insignia Financial Group Inc., New York, has completed the acquisition of Mexican commercial real estate services company Grupo Inmobiliario Inova SA de CV, Mexico City. (Read More)

Cogent Updates CogentQC System

March 7, 2001

Cogent Economics Inc., San Francisco, Calif., has announced a new release of its CogentQC System product line. (Read More)

Fair Isaac Allies With UK Firm

March 7, 2001

Fair, Isaac and Co. Inc., San Rafael, Calif., is teaming up with United Kingdom credit reference agency Callcredit in a partnership the companies believe will be the first U.K.-based effort to offer consumer credit scores over the Web to lenders in the U.K. (Read More)

Allied Offering 'Shared Appreciation Mortgage'

March 7, 2001

Allied Mortgage Capital Corp., Houston, has announced that a mortgage that provides interest rates as low as 4.5% in return for a percentage of the home's future appreciation is now available through its branches. (Read More)

Konover Names Interim CEO

March 7, 2001

J. Michael Maloney has been named interim president and chief executive officer of Konover Property Trust Inc., a shopping center real estate investment trust based in Raleigh, N.C. (Read More)

MBA Launches Web Audio Program

March 7, 2001

CampusMBA, the online educational community sponsored by the Mortgage Bankers Association of America, has launched an online audio program featuring interviews with top originators. (Read More)

Fiserv Touts easyLender Growth

March 7, 2001

Lake Mary, Fla.-based Fiserv's easyLender Products Group has announced that 2000 was a record sales year for its lending automation software, easyLender. (Read More)

FM Watch Accuses GSEs of Threats, Shuts Board

March 8, 2001

FM Watch, an industry group formed to check the alleged "charter creep" of Fannie Mae and Freddie Mac, has accused the two of threatening and intimidating its board members for supporting the organization. (Read More)

NAR Admits Error in Resales Report

March 8, 2001

The housing market is in much better shape than originally reported by the National Association of Realtors just a few weeks ago. (Read More)

Ultraprise and LoanTrader to Merge?

March 8, 2001

Online mortgage exchanges Ultraprise, Frederick, Md., and LoanTrader, Irvine, Calif., are contemplating a merger of equals, industry sources have told MortgageWire. (Read More)

Senate Kills Anti-Predatory Lending Amendment

March 8, 2001

By one vote, the Senate defeated an amendment to the consumer bankruptcy bill that would have prevented lenders in violation of HOEPA from seeking to enforce their loans in bankruptcy court. (Read More)

30-Year Rate Below 7% Again

March 8, 2001

The average 30-year fixed mortgage rate fell to 6.97% for the week ending March 9 from 7.03% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

LendingTree Obtains $45MM in Financing

March 8, 2001

LendingTree Inc., Charlotte, N.C., has obtained commitments and signed agreements in conjunction with a financing package of $45 million. (Read More)

CHEC Launches New Website

March 8, 2001

Centex Home Equity Corp., Dallas, has launched checcorrespondent.com, a website designed to enable mortgage bankers to credit grade their loans through CHEC faster and more easily. (Read More)

Freddie Prices $5B of RefNotes

March 8, 2001

Freddie Mac has priced $5 billion of 5.62%, 10-year Reference Notes due March 15, 2011. (Read More)

Freddie Joins Local Homestead Program

March 8, 2001

The DuPage Homeownership Center has announced Freddie Mac's participation in an expanded public/private initiative to assist first-time homebuyers in DuPage County, Ill. (Read More)

Nonprofit Lender Hits $1B Mark

March 8, 2001

Self-Help, a nonprofit community development lender based in Durham, N.C., has reached the $1 billion mark in financing for minorities, women, rural residents, and low-income families. (Read More)

Mortgage Industry Hiring Again

March 9, 2001

For the second consecutive month, mortgage companies added 5,000 workers to the payrolls to keep up with refinancings. (Read More)

Senate Panel to Probe Alleged GSE Bullying

March 9, 2001

The Senate Banking Committee will investigate allegations that Fannie Mae and Freddie Mac engaged in "bullying" tactics in dealing with some of its business partners. (Read More)

Schumer Offers Anti-Predatory Amendment

March 9, 2001

Sen. Charles Schumer, D-N.Y., is trying to add an amendment to the consumer bankruptcy bill that would prevent abusive lenders from using the bankruptcy code to shield themselves from liabilities that arise from lending violations. (Read More)

Freddie Says Liquidity Vow Met

March 9, 2001

Freddie Mac has met its commitment to hold sufficient liquid, high-quality assets to operate for three months without debt market funding, the government-sponsored enterprise has announced. (Read More)

Housing Affordability Steady in California

March 9, 2001

Housing affordability in California held steady in January on a year-to-year basis after 22 consecutive months of declines, according to the California Association of Realtors. (Read More)

Criimi Mae Reports Stock Conversions

March 9, 2001

Criimi Mae Inc., Rockville, Md., has announced that approximately 2.5 million shares of Series G Dividend Preferred Stock was converted during the 10-trading-day conversion period Feb. 21-March 6. (Read More)

Feds Publish Mortgage Guide in Spanish

March 9, 2001

A federal interagency task force has published a Spanish-language version of a consumer brochure -- "Looking for the Best Mortgage: Shop, Compare, Negotiate." (Read More)

Feedback

March 9, 2001

So far, responses are running more than 2-1 in favor of the Bush administration proposal to tighten the internal controls of the FHA single-family loan program. (Read More)

FHA Claim/Prepay Rates Up

March 12, 2001

The Federal Housing Administration single-family insurance fund is experiencing higher claims and faster prepayments than projected in 1999, according to auditors. (Read More)

Bush Names Deputy HUD Chief

March 12, 2001

President Bush has announced his intention to nominate Alphonso Jackson, an African-American Texas utility executive, to be the No. 2 man, or deputy secretary, at the Department of Housing and Urban Development. (Read More)

Buffett's Firm Sells Most GSE Holdings

March 12, 2001

Berkshire Hathaway Inc., which is controlled by billionaire investor Warren Buffett, last year sold most of its holdings in Fannie Mae and Freddie Mac, according to combined news reports. (Read More)

Title Searches Rise

March 12, 2001

The AFS Title Search Index rose to 206.0 in the week ended March 9, a 6.3% increase from 193.7 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Freddie Issues Sub-Debt Securities

March 12, 2001

Freddie Mac has announced its initial offering of subordinated debt securities, known as Freddie SUBS, a $2 billion, 10-year bullet-maturity issue. The offering will be launched and priced this week. (Read More)

Countrywide Reports Record Volume

March 12, 2001

Countrywide Home Loans, Calabasas, Calif., has reported record loan application volume for February. (Read More)

MBA: Consortia Key to Commercial Biz

March 12, 2001

The conventional model of electronic commerce is giving way to "consortia commerce," whereby sellers and allied businesses provide personalized service with automated processes, according to a paper from the Mortgage Bankers Association of America. (Read More)

GMAC-RFC Names Client Management Execs

March 12, 2001

Mortgage industry veterans Larry Pendleton and Don Russell have both been appointed to the post of executive vice president and managing director of client management for the Residential Capital Group of Residential Funding Corp., Minneapolis. (Read More)

Apartment Sector Stable as Consolidation Slows

March 12, 2001

The apartment sector of the real estate market remained stable in 2000, with continued consolidation but at a slower pace than in the late 1990s, according to the National Multi Housing Council. (Read More)

Criimi Mae Revamp Delayed

March 12, 2001

The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, has granted a 30-day extension of the effective date of Criimi Mae's reorganization plan. (Read More)

Coalition Seeks MF Loan Limit Hike

March 13, 2001

A coalition of housing industry groups including the Mortgage Bankers Association of America is calling on Congress to increase the Federal Housing Administration loan limits to stimulate production of affordable multifamily housing. (Read More)

Bush Advisor Questions New Role for GSE Debt

March 13, 2001

As the supply of U.S. Treasury securities diminishes, the president's chief economic advisor says he is concerned about the possible use of debt securities issued by government-sponsored enterprises as a substitute. (Read More)

Mortgage Stocks Weather Monday's Meltdown

March 13, 2001

Despite a two-day free-fall in stock prices that wiped away almost 6% of the Dow Jones industrial average's value and over 10% of the Nasdaq Composite's value, mortgage industry stocks have held fairly steady. (Read More)

MBA Taps NMHC's Kempner for EVP

March 13, 2001

The Mortgage Bankers Association of America has picked Jonathan L. Kempner, chairman of the National Multi Housing Council, to be its new executive vice president in charge of day-to-day operations. (Read More)

Fannie: Liquidity Pledge Fulfilled

March 13, 2001

Fannie Mae has announced the fulfillment of a liquidity commitment made last October by the government-sponsored enterprise. (Read More)

Fannie Cites Growth, Ups Earnings Forecast

March 13, 2001

Meanwhile, Fannie Mae has reported that its book of business grew at a 15.3% annual rate in February and that it has made an upward revision of its earnings guidance for 2001. (Read More)

Conning, WaMu Form Alliance

March 13, 2001

Conning Corp., St. Louis, has announced that it will originate certain types of commercial mortgages in certain parts of the country for Seattle-based Washington Mutual Bank. (Read More)

OpenClose Names New CEO

March 13, 2001

Sunrise, Fla.-based OpenClose Technologies has announced that Robert Sullivan, the company's senior vice president for business development since 1999, has assumed the role of chief executive officer, taking over from Barbara Rambo, who will now become chairman. (Read More)

NAR, Chinese RE Group to Cooperate

March 13, 2001

Executives from the National Association of Realtors and the China Real Estate Association have called for "the friendly exchange and cooperation between the real estate industries in both countries." (Read More)

Liberty Property Sells $250MM of Notes

March 13, 2001

Liberty Property LP, a subsidiary of Liberty Property Trust, Malvern, Pa., has sold $250 million of 10-year unsecured notes. (Read More)

REIT Sub Prices Private Placement

March 13, 2001

First Industrial LP, the operating partnership of First Industrial Realty Trust Inc., Chicago, has priced a private placement of $200 million of 7.375% senior notes due 2011 at 99.695. (Read More)

Delta Teams Up With ACORN

March 13, 2001

Delta Funding Corp., Woodbury, N.Y., has joined forces with the Association of Community Organizations for Reform Now to provide financial education and loan counseling services to residents of the New York City boroughs of Queens and Brooklyn. (Read More)

FM Watch Chief Says GSE War Being Lost

March 14, 2001

The leader of the watchdog group dedicated to containing Fannie Mae and Freddie Mac says his smallband of rebels is losing the battle to keep the two government-sponsored enterprises from annexing what he believesis solely the territory of the private sector. (Read More)

Anti-Predatory Amendment Accepted

March 14, 2001

The Senate has accepted an anti-predatory lending amendment to the consumer bankruptcy bill. (Read More)

Applications Fall

March 14, 2001

Mortgage applications fell 10.5% on a seasonally adjusted basis during the week ended March 9, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Fannie Touts Progress on $2T Pledge

March 14, 2001

Fannie Mae says it has met the first-year target in its pledge to finance over $2 trillion in mortgagesfor low-income and minority families by 2010. (Read More)

NAR Sees Improved Housing Outlook

March 14, 2001

The National Association of Realtors has issued a rosier forecast for housing this year as a resultof the sustained decline in mortgage interest rates and the resiliency of the housing market in the midst of theslowing economy. (Read More)

Myers and MGIC Team Up

March 14, 2001

Myers Internet Inc., San Jose, Calif., has built an interface on its Originator Network for MortgageGuaranty Insurance Corp., Milwaukee, that will allow mortgage brokers to order private mortgage insurance fromMGIC online. (Read More)

Ryland CMO Class Downgraded

March 14, 2001

Class 2-D of Ryland Mortgage Securities Corp. Three's collateralized mortgage bonds Series 1992-Ahas been downgraded by Standard & Poor's, while eight classes in three series have been upgraded and nine classesin four series have been affirmed. (Read More)

CapitalStream Gets $20MM

March 14, 2001

CapitalStream, Seattle, has announced the closing of a $20 million round of venture financing ledby FIVentures. (Read More)

Homeownership Handbook for Immigrants Published

March 14, 2001

The Fannie Mae Foundation and Georgetown University's Institute for the Study of International Migrationhave published a handbook on how financial institutions can increase homeownership among immigrants. (Read More)

OTS Easing Residential Loan Rules

March 15, 2001

The Office of Thrift Supervision is easing its capital requirements on residential mortgage loans as well as land and commercial construction loans. (Read More)

Senate Caps Homestead Exemption

March 15, 2001

The Senate has approved an amendment to the consumer bankruptcy bill that would cap at $125,000 the amount of home equity debtors can protect in bankruptcy court. (Read More)

Delinquencies Rise 50bp

March 15, 2001

Residential mortgage delinquencies rose 50 basis points during the fourth quarter to 4.54%, according to a quarterly survey by the Mortgage Bankers Association of America. (Read More)

Slim Rally Lifts Mortgage Stocks

March 15, 2001

Mortgage stocks brushed off modest losses during Wednesday's 317-point bloodletting in the Dow Jones industrial average with a slight rally Thursday morning. (Read More)

Rates Hold Steady

March 15, 2001

The average 30-year fixed mortgage rate dipped slightly to 6.96% for the week ending March 16 from 6.97% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

UFMC to Buy California Lender

March 15, 2001

United Financial Mortgage Corp., Oak Brook, Ill., has signed a letter of intent to acquire the privately held First Guaranty Financial Corp., a wholesale and retail mortgage lender based in Santa Ana, Calif. (Read More)

Freddie Participated in LendingTree Funding

March 15, 2001

LendingTree Inc., Charlotte, N.C., has announced that Freddie Mac contributed $2.5 million to its recently announced financing package of $45 million. (Read More)

Fair Isaac, Marketswitch Form Scoring Venture

March 15, 2001

Fair, Isaac and Co. Inc., San Rafael, Calif., and Marketswitch Corp., Dulles, Va., have launched a joint venture that they say will offer a scoring system that provides "an unprecedented view" into a borrower's likelihood to prepay a loan. (Read More)

Countrywide Announces '$100B Challenge'

March 15, 2001

Countrywide Home Loans Inc., Calabasas, Calif., has made a $100 billion commitment to increase homeownership among low-income and minority families over the next five years. (Read More)

Malan Realty Adopts Strategic Plan

March 15, 2001

Malan Realty Investors Inc., Bingham Farms, Mich., has adopted a strategic plan to restructure its debt, sell mature and nonstrategic assets, and explore a possible sale of the company if it cannot identify suitable investment opportunities. (Read More)

Aussie RMBS Tranches Downgraded

March 15, 2001

The Melbourne, Australia office of Standard & Poor's has lowered its ratings on several subordinated tranches of residential mortgage-backed securities transactions in conjunction with the downgrade of a mortgage insurer's counterparty credit. (Read More)

AmeriVest Elects New Director

March 15, 2001

Robert W. Holman Jr. has been elected to the board of directors of AmeriVest Properties Inc., Denver, increasing the board's membership to seven. (Read More)

Housing Starts Dip

March 16, 2001

Single-family housing starts fell slightly in February, but the market for new homes continues toenjoy strong demand. (Read More)

Housing Index Rises

March 16, 2001

The NAHB Housing Market Index rose to 59 in March, up two points from February's revised level of57, according to the National Association of Home Builders. (Read More)

Senate Passes Bankruptcy Bill

March 16, 2001

The Senate has passed a consumer bankruptcy bill (S. 420) by an 83-15 vote that is expected to makeit harder for people with means to escape paying some of their debts. (Read More)

GHR Launches Wholesale Web Product

March 16, 2001

GHR Systems Inc., Wayne, Pa., has introduced a new online product designed to provide self-servicefor a wholesale lender's broker customers. (Read More)

LionInc.com Adds Live Operator Service

March 16, 2001

LION Inc. (dba LionInc.com), Renton, Wash., has announced a strategic alliance with LoansLive.comto provide live operator service to its customers. (Read More)

C-BASS Completes REMIC

March 16, 2001

C-BASS, New York, has completed a real estate mortgage investment conduit deal backed by approximately$221.6 million of residential mortgages. (Read More)

Freddie Closes $66MM MF Deal

March 16, 2001

Freddie Mac has closed a $66 million, partial interest-only, multifamily financing transaction withPrimary Capital Advisors on behalf of Ginsburg Development Corp. (Read More)

Feedback

March 16, 2001

Is FM Watch dead -- or just girding for battle? (Read More)

Weicher Gets Nod for FHA Post

March 19, 2001

President Bush has tapped John C. Weicher to be his Federal Housing Administration commissioner. (Read More)

FICO Scores Now Available Online

March 19, 2001

Fair, Isaac & Co. Inc., San Rafael, Calif., and Atlanta-based Equifax have launched Score Power,an online service that offers consumers immediate access to their FICO credit risk score. (Read More)

Mortgage Stocks a 'Safe Haven'?

March 19, 2001

While many sectors of the financial services industry have been hammered by the recent stock downturn,mortgage specialists like thrifts, Fannie Mae, and Freddie Mac may offer investors some protection, according toone analyst. (Read More)

Title Searches Slip

March 19, 2001

The AFS Title Search Index fell to 200.0 in the week ended March 9, a 2.9% decrease from 206.0 theprevious week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Fitch Downgrades Amresco Sub-Debt

March 19, 2001

The senior subordinated notes of Amresco Inc., New York, have been downgraded from B-minus to CCCby Fitch, and the company's rating outlook remains negative. (Read More)

Illinois Panel OKs Predatory Lending Bill

March 19, 2001

The Executive Committee of the Illinois House of Representatives has approved legislation that wouldoutlaw so-called predatory lending in Illinois. (Read More)

Florida Realtors Ink Pact With OnePipeline

March 19, 2001

The Florida Association of Realtors has announced an agreement to enable members to perform mortgageloan origination tasks and receive compensation through an agreement with OnePipeline Inc., Salt Lake City. (Read More)

Security Cap Begins Stock Repo

March 19, 2001

The board of directors of Security Capital Group, a Chicago-based real estate operating and investmentmanagement company, has approved a repurchase of approximately 9.3 million shares of its Class B common stock througha "Dutch auction self-tender offer." (Read More)

Bush to Seek MF Loan-Limit Hike

March 20, 2001

The Bush administration has agreed to seek an increase in the Federal Housing Administration loanlimits on multifamily loans as part of its budget proposal. (Read More)

GAO Says FHA Adequately Capitalized

March 20, 2001

General Accounting Office officials have told a Senate panel that the Federal Housing Administrationsingle-family insurance fund is adequately capitalized, but they raised concerns about adverse selection and othervariables that they cannot capture in their analysis. (Read More)

Freddie's Loan to LendingTree Under Fire

March 20, 2001

FM Watch says it is going to ask for a regulatory review of Freddie Mac's participation in a financingpackage for LendingTree, a Charlotte, N.C., online broker of mortgages and other consumer loans. (Read More)

MISMO Releases New XML Standards

March 20, 2001

An updated version of standards aimed at facilitating online data sharing by real estate financecompanies has been issued by the Mortgage Industry Standards Maintenance Organization. (Read More)

Meritage Testing Subprime Web Service

March 20, 2001

Resource Bancshares Mortgage Group Inc., Columbia, S.C., has announced that its subsidiary MeritageMortgage Corp. is beta-testing a subprime online lending service and plans a widespread rollout in late spring. (Read More)

State Street Buys Stake in Portfolio Manager

March 20, 2001

State Street Global Alliance LLC has acquired a majority interest in the recently formed ResidentialCapital Management LLC, a Bellevue, Wash.-based company that manages portfolios of nonconforming residential loans. (Read More)

BofA Expanding Consumer RE Ops

March 20, 2001

Bank of America, Charlotte, N.C., has announced that it will more than double the positions at oneloan fulfillment center and add about 200 jobs at two loan servicing centers. (Read More)

Phoenix Brokering Flow Servicing

March 20, 2001

Phoenix Capital, Denver, is offering for sale the servicing rights on approximately $150 millionto $300 million per month of Fannie Mae, Freddie Mac, and Ginnie Mae home loans. (Read More)

Countrywide Promotes 3 Wholesale Execs

March 20, 2001

Countrywide Home Loans Inc., Calabasas, Calif., has announced the promotion of three senior executivesin its Wholesale Lending Division: Brian Robinett, Scott Anderson, and Chuck Hoffmans. Mr. Robinett has been named executive vice president of production and will direct the wholesale division'sorigination and business development activities. He previously served as senior vice president of production forthe Western Division. Mr. Anderson, a 13-year Countrywide veteran, has been named executive vice president of productionsupport after serving as divisional executive vice president of production and sales for the past two and a halfyears. Mr. Hoffmans becomes chief financial officer of the wholesale division after serving as senior vice presidentof finance and administration. Countrywide's website address is http://www.countrywide.com. Freddie Buys Harlem Mortgage Freddie Mac is providing affordable housing financing in the Harlem neighborhood of New York Citywith the purchase of a conventional mortgage secured by Lenox Terrace Apartments from HSBC Bank. (Read More)

S&P Eyes Argentine Deals

March 20, 2001

Standard & Poor's has placed its ratings on several structured finance transactions from Argentineissuers -- including some mortgage-backed securities transactions -- on CreditWatch with negative implications. (Read More)

FHA Fraud Growing, IG Says

March 21, 2001

Fraud is a "growing problem" in the Federal Housing Administration single-family program,according to the inspector general at the Department of Housing and Urban Development. (Read More)

OFHEO Eyes Freddie Loan to LendingTree

March 21, 2001

The Office of Federal Housing Enterprise Oversight has initiated a review of Freddie Mac's decisionto extend a $2.5 million line of credit to LendingTree, a Charlotte, N.C., online loan broker of mortgages andother consumer loans. (Read More)

Fleet Applies for Dual FHLBank Membership

March 21, 2001

It looks like the Federal Housing Finance Board will receive another application for dual FederalHome Loan Bank membership now that FleetBoston Financial Corp., Boston, has applied to become a member of the FederalHome Loan Bank of New York. (Read More)

Mortgage Stocks Stable, MBS Up After Fed Move

March 21, 2001

Mortgage stock prices remained fairly stable and prices of mortgage-backed securities received aboost after the Federal Reserve lowered its target for the federal funds rate Tuesday by 50 basis points to 5%. (Read More)

Speakers Debate Role of GSEs

March 21, 2001

A debate over the role of government-sponsored enterprises in the mortgage banking process aroseonce again March 21 at the Regional Conference of Mortgage Bankers Associations in Atlantic City, N.J. (Read More)

Applications Fall

March 21, 2001

Mortgage applications fell 3.9% on a seasonally adjusted basis during the week ended March 16, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

GMAC Unveils CMBS Info Site

March 21, 2001

GMAC Commercial Mortgage, Horsham, Pa., has launched Realpoint, an online subscription-based resourceproviding real-time information for the participants in the commercial mortgage-backed securities market. (Read More)

MBA Beefs Up Research Unit

March 21, 2001

The Mortgage Bankers Association of America has hired two new directors for its research departmentand promoted one of its economists. (Read More)

GMAC Mortgage to Buy Clayton Assets

March 21, 2001

GMAC Mortgage Corp., Horsham, Pa., through its Client Branded Solutions unit, has agreed to acquirethe special servicing, default management, and real estate owned assets of Clayton National Inc., Shelton, Conn. (Read More)

Nomura Prices Novel Ginnie Deal

March 21, 2001

Nomura Securities International, New York, in conjunction with Ginnie Mae's capital markets division,has priced an approximately $291 million multifamily mortgage-backed securitization that Nomura says is the firstof its kind. (Read More)

HFC Launches $1B Note Program

March 21, 2001

Household Finance Corp., Prospect Heights, Ill., has launched a $1 billion program of unsecurednotes offered to individual investors. (Read More)

Freddie Prices Preferred Stock

March 21, 2001

Freddie Mac has priced an offering of $200 million of variable-rate, perpetual preferred stock and$150 million of fixed-rate, perpetual preferred stock. (Read More)

Dow Swoon Hits Mortgage Stocks

March 22, 2001

The stock market was trading down significantly Thursday morning, and mortgage stocks were experiencing some ofthe damage. (Read More)

Rates Decline

March 22, 2001

The average 30-year fixed mortgage rate fell to 6.89% for the week ending March 23 from 6.96% the week before,according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Stewart Buys Title Firm

March 22, 2001

Stewart Title Co., Houston, has acquired Charter Title Corp., which has offices in Washington state. (Read More)

CRE Dot-Coms to Merge

March 22, 2001

San Francisco-based LoopNet and Los Angeles-based PropertyFirst.com, two commercial real estate-related dot-coms,are merging, further reducing the number of players in the niche. (Read More)

Mortech: Lenders Still Not Tech-Savvy

March 22, 2001

The current refi boom finds mortgage lenders only slightly more prepared to streamline processes with technologytools, according to Mortech LLC's Jeff Lebowitz. (Read More)

Fleet Rolling Out Renovation Loans

March 22, 2001

Fleet Mortgage, Boston, is now offering two housing renovation loan products through its retail offices in NewEngland, with rollout scheduled in New York, New Jersey, and Pennsylvania over the next 60 days. (Read More)

BofA to Invest in NEF Fund

March 22, 2001

Bank of America has announced that it will invest more than $85 million in the first-ever single-investor fundcreated by National Equity Fund Inc., a Chicago-based syndicator of low-income housing tax credits. (Read More)

iPlace Unveils Online Merged Credit Report

March 22, 2001

Philadelphia-based iPlace Inc. and First American Credco, Santa Ana, Calif., have launched what they describe asthe "first online, instant, three-bureau credit report for consumers." (Read More)

Fannie Prices Benchmark Notes

March 22, 2001

Fannie Mae has priced $5 billion of 4.750% three-year Benchmark Notes and $5.0 billion of 5.500% 10-year BenchmarkNotes. (Read More)

NY Regulators Shut Down Accused Lender

March 23, 2001

Anvil Mortgage Bank Ltd., a Rockland County, New York based lender that allegedly scammed thousands of loan applicants here, agreed to pay $1.1 million in restitution as part of a settlement signed with the New York Attorney General's Office (AGO.) (Read More)

GSE Loan Purchases Soar

March 23, 2001

Loan purchases by Freddie Mac soared to $24.5 billion in February, up 218% from the same month last year, according to figures released by the company. (Read More)

Fannie To Buy Back Benchmark Notes and Bonds

March 23, 2001

Fannie Mae announced it may periodically repurchase its off-the-run Benchmark Notes and Benchmark Bonds for asset/liability management purposes. (Read More)

S&P Remains Confident about GSE Subordinated Debt

March 23, 2001

In a conference call with analysts, Standard & Poor's officials said that the AA-minus rating assigned to the subordinated debt of Fannie Mae and Freddie Mac reflects the financial strength of the two corporations. (Read More)

Study Disputes Need for Predatory Legislation

March 23, 2001

The best way to combat predatory lending is to increase funding for enforcement activities, according to a study by Brookings Institute economist Robert Litan. (Read More)

American Home Mortgage Announces Dividend

March 23, 2001

American Home Mortgage Holdings, an online and offline retail mortgage banker, announced that its Board of Directors has established a policy of a regular quarterly dividend of three cents per share. (Read More)

Annaly Mortgage Increases Dividend

March 23, 2001

Annaly Mortgage Management, a Maryland corporation, has declared a first quarter 2001 common stock dividend of 30 cents per share. (Read More)

Irwin Closes $400 Million Home Equity Deal

March 23, 2001

Irwin Home Equity, San Ramon, Calif., has closed a home equity securities deal backed by $398 million in loans, the company's largest transaction to date. (Read More)

Wells Fargo Achieves Top Tier Servicer Recognition

March 23, 2001

Wells Fargo Home Mortgage earned "Tier One" servicer recognition from Freddie Mac for the ninth straight quarter at the end of last year. (Read More)

Boykin Fixes Rate on $83 Million of Debt

March 23, 2001

Boykin Lodging Trust, Cleveland, has completed a transaction with Fleet National Bank to fix the interest rate on $83 million of its debt at 7.32% until maturity on July 1, 2003. (Read More)

RAIT Prices Offering

March 23, 2001

RAIT Investment Trust, Philadelphia, a publicly traded finance company that focuses on the commercial real estate industry, announced that an offering of 2.8 million of its common shares was priced at $13.75 per share. (Read More)

Ely: Fannie, Freddie Will Privatize

March 26, 2001

Over the next two to four years Fannie Mae and Freddie Mac will take "the initiative to privatize," predicted financial services economist Bert Ely. (Read More)

New Home Sales Fall 2.4%

March 26, 2001

New home sales declined 2.4% in February as the housing market continues to ignore the economic slowdown, stock market declines and lower consumer confidence that some feared would bring about a larger downturn. (Read More)

Existing Home Sales Hold Steady

March 26, 2001

Sales of existing single family homes edged down only 0.4% in February as consumers continue to take advantage of low mortgage rates. (Read More)

Virginia Will Appeal Parity Act Ruling

March 26, 2001

The Virginia Bureau of Financial Institutions has decided to go to the U.S. Supreme Court in an effort to overturn a Federal preemption that bars state regulators from limiting prepayment penalties charged by state-licensed mortgage lenders. (Read More)

President Nominates FTC Chairman

March 26, 2001

President George W. Bush has announced his intention to nominate law professor Timothy J. Muris to be the next chairman of the Federal Trade Commission. (Read More)

FHFB Working on Dual Membership Proposal

March 26, 2001

The Federal Housing Finance Board is working on a notice of proposed rulemaking that raises a series of issues and seeks comments on financial services consolidation and dual membership within the Federal Home Loan Bank System. (Read More)

Anvil Attorney: Allegations 'Baseless'

March 26, 2001

An attorney for the Rockland County, New York-based Anvil Mortgage Bank Ltd. has called allegations that the lender scammed thousands of loan applicants "baseless" and stresses that the company admitted no wrongdoing in its settlement with the New York Attorney General's office. (Read More)

GGP/Homart II Buys Mall

March 26, 2001

GGP/Homart II has acquired Willowbrook Mall in Houston, Texas for a total consideration of approximately $144.9 million, GGP has reported. (Read More)

Triad Gets 1st Moody's Rating

March 26, 2001

Triad Guaranty Insurance Corp., the smallest of the private mortgage insurance firms, has received its first rating from Moody's Investors Service. (Read More)

Study: GSE AU Has Lower Accept Rate

March 27, 2001

A study sponsored by three mortgage insurers has found that automated underwriting systems used by Fannie Mae and Freddie Mac have a 10% lower acceptance rate than the mortgage insurers' AU systems. (Read More)

Fannie Touts Full Compliance

March 27, 2001

Fannie Mae has announced that it is in full compliance with a voluntary agreement forged with Rep. Richard Baker, R-La., in October to expand financial disclosures, increase liquidity, and issue subordinated debt. (Read More)

Title Searches Rise

March 27, 2001

The AFS Title Search Index rose to 204.7 in the week ended March 23, a 2.4% increase from 200.0 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

HUD Pledges Cooperation on FHA Reform

March 27, 2001

Department of Housing and Urban Development Secretary Mel Martinez has assured a neighborhood activist group called National People's Action that HUD will continue to work with NPA in reforming the Federal Housing Administration single-family insurance program. (Read More)

Feds Issue Loan Sale Guidance

March 27, 2001

The federal banking regulators have issued new accounting guidance on the sale of delinquent loans that were held in portfolio. (Read More)

AMB Enters $335MM Partnership

March 27, 2001

Industrial real estate owner and operator AMB Property Corp., San Francisco, has entered into a $335 million private partnership with GIC Real Estate Pte. Ltd., the real estate investment subsidiary of the Government of Singapore Investment Corp. (Read More)

Alltel Adds 2 to Mortgage PhD Portal

March 27, 2001

Alltel, Jacksonville, Fla., has announced the addition of two new charter members, First Interstate and Countrywide, to its Mortgage PhD information and services platform announced in January. (Read More)

ABFI Closes $275MM Deal

March 27, 2001

American Business Financial Services Inc., Bala Cynwyd, Pa., has closed its 13th mortgage securitization, a $275 million mortgage deal with a lower overcollateralization requirement than prior transactions. (Read More)

IndyMac MH Class Downgraded

March 27, 2001

Fitch has downgraded class B-2 of IndyMac Manufactured Housing pass-through certificates Series 1998-2 to a lower, speculative grade of B from BB and placed it on Rating Watch Negative for possible further downgrade. (Read More)

Tax Benefits for Italian Deals to End

March 27, 2001

Favorable tax and accounting benefits that have driven nonperforming loan securitizations in Italy will likely end in May, Moody's Investors Service's Milan office has reported. (Read More)

GSEs Affirm Subprime Intentions

March 28, 2001

Top Fannie Mae and Freddie Mac officials have told a congressional panel that they have every intentionof being players in the subprime market, despite criticism from private-sector lenders. (Read More)

Subprime Lender Closed; SEC to Probe

March 28, 2001

Subprime lender PinnFund USA, Carlsbad, Calif., has been closed amid allegations that the firm andits owners engaged in a $100 million-plus fraud scheme in which some of the money wound up in the hands of a pornstar. (Read More)

Apps Rise as Refis Surge

March 28, 2001

Mortgage applications rose 18.5% on a seasonally adjusted basis during the week ended March 23,spurred by a nearly 40% jump in refinancing applications, according to the Mortgage Bankers Association of America'sweekly Mortgage Application Survey. (Read More)

Freddie Invests in Islamic 'Mortgages'

March 28, 2001

Freddie Mac has invested in home financing contracts that are acceptable under Islamic law (whichbars the payment of interest), thereby expanding homeownership opportunities for observant Muslim families in theUnited States. (Read More)

4Q Home Prices Up at 8.4% Rate

March 28, 2001

Home prices increased at an annualized rate of 8.4% nationwide in the fourth quarter of 2000, accordingto the Conventional Mortgage Home Price Index released by Freddie Mac. (Read More)

MBA Names VP-Elect

March 28, 2001

Robert M. Couch, president and chief executive officer of New South Federal Savings Bank, has beennamed vice president-elect of the Mortgage Bankers Association of America. (Read More)

Origen Issues $163MM MH Deal

March 28, 2001

Origen Financial Inc., Glen Allen, Va., has announced the issuance of a $163.35 million securitizationof manufactured housing certificates. (Read More)

Red Mortgage Completes $149MM Financing

March 28, 2001

Red Mortgage Capital, Columbus, Ohio, a unit of multifamily capital provider Red Capital Group,has completed the financing of a $148.6 million multifamily portfolio for Wasatch Property Management. (Read More)

13 Argentine Deals Downgraded

March 28, 2001

Standard & Poor's has lowered the ratings on 13 structured transactions in Argentina, includingsome mortgage deals, due to political and economic concerns in the country. (Read More)

RE Firm's Mexican Sub Forms Joint Venture

March 28, 2001

International real estate company Tri-National Development Corp., San Diego, has reported that itsMexican subsidiary has executed a joint venture and financing agreement with respect to its five-acre Portal DelMar condominium development in Baja, Mexico. (Read More)

Nominee for Ginnie Chief Announced

March 29, 2001

President Bush has announced his intention to nominate Ronald Rosenfeld to be the next presidentof Ginnie Mae. (Read More)

HUD Suspends Cop/Teacher Program

March 29, 2001

The Department of Housing and Urban Development is suspending a program that encourages policemenand teachers to purchase foreclosed homes at substantial discounts because of fraud. (Read More)

Nonprofit Seeks Probe of GSE Donations

March 29, 2001

The National Taxpayers Union, a nonprofit group, is asking the Federal Elections Commission to investigate"soft money" donations made by Fannie Mae and Freddie Mac, alleging that the two may have donated moneyillegally. (Read More)

KeyCorp Forms Settlement Company

March 29, 2001

KeyCorp, Cleveland, is creating its own settlement services company, SecoLink Settlement Services,which will be based in Amherst, N.Y. (Read More)

Mortgagebot Spinoff Planned

March 29, 2001

Cedarburg, Wis.-based Mortgagebot is about to be spun off from parent Marshall & Ilsley as astand-alone company, MortgageWire has learned. (Read More)

Fixed Rates Inch Up

March 29, 2001

The average 30-year fixed mortgage rate rose to 6.91% for the week ending March 30 from 6.89% theweek before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

DC to Issue Anti-Predatory Regs

March 29, 2001

The Washington, D.C. banking commissioner expects to issue proposed regulations on the city's newanti-predatory-lending law in the next two weeks for public comment. (Read More)

nCommand, Dynatek Form Alliance

March 29, 2001

San Mateo, Calif.-based nCommand Inc. has formed a partnership with Dynatek Inc., Livonia, Mich. (Read More)

Surge in HELOC Deals Projected

March 29, 2001

Standard & Poor's is projecting that the volume of home equity lines of credit packaged intosecurities will grow 20%-25% this year. (Read More)

New Products Could Boost Homeownership

March 29, 2001

Developing mortgage products that reduce borrowing constraints (such as downpayment standards andmortgage payment-to-income ratios) could boost homeownership rates, according to the Research Institute for HousingAmerica. (Read More)

Banyan Amends Liquidation Plan

March 29, 2001

Banyan Strategic Realty Trust, Chicago, has announced an amendment to its purchase contract withDenholtz Management Corp., extending the due diligence period to April 9. (Read More)

Countrywide's 4Q Earnings Rise

March 29, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has reported audited net earnings of $104.2million ($0.85 per share) for the fiscal fourth quarter ended Feb. 28, up 4% from $99.8 million ($0.87 per share)a year earlier. (Read More)

Aames Debt Ratings Affirmed

March 29, 2001

Fitch has affirmed its ratings on subprime lender Aames Financial Corp.'s approximately $276 millionof senior and subordinated debt at CCC and CC, respectively, and removed them from Rating Watch Negative. (Read More)

FirstAm Names New Consumer Info Prez

March 29, 2001

Anand K. Nallathambi has been named president of the consumer information group of First AmericanCorp., Santa Ana, Calif., replacing Donald A. Robert. (Read More)

DOJ Probing PinnFund Case

March 30, 2001

The Justice Department is investigating the collapse of PinnFund USA, Carlsbad, Calif., according to PinnFund's receiver Charles La Bella. (Read More)

OpenClose Abandons Multilender Site

March 30, 2001

In yet another step away from multilender mortgage websites, OpenClose Technologies, Sunrise, Fla., has announced that it will no longer offer the OpenClose marketplace and will concentrate instead on building its business-to-business private-label business for single-lender websites. (Read More)

New MI Rises

March 30, 2001

Private mortgage insurance companies wrote $13.3 billion of primary new insurance during February, an increase of 4% from the previous month's level. (Read More)

BankAtlantic, GMAC Mortgage Join Forces

March 30, 2001

BankAtlantic, Fort Lauderdale, Fla., and GMAC Mortgage Corp., Horsham, Pa., have formed a strategic alliance under which BankAtlantic customers can apply for residential mortgage services through BankAtlantic's website or its branch offices in Florida. (Read More)

UFI Becomes Matrix Cap Markets

March 30, 2001

United Financial Inc., a prominent broker of mortgage servicing portfolios, is changing its name to Matrix Capital Markets Inc. and adding two senior executives. (Read More)

ProLogis Closes 2nd N. American RE Fund

March 30, 2001

ProLogis, Denver, has closed its second North American properties fund, which will own recently developed, state-of-the-art properties in the company's targeted distribution markets. (Read More)

S&P Eyes NationsLink CMBS Deal

March 30, 2001

Standard & Poor's has placed two classes of NationsLink Funding Corp.'s commercial loan pass-through certificates, series 1999-LTL-1, on Credit Watch with negative implications. (Read More)

Delta Reports $49MM Loss

March 30, 2001

Delta Financial Corp., Woodbury, N.Y., has reported a net loss of $49.4 million ($3.10 per share) for 2000, compared with net income of $4.7 million ($0.30 per share) for 1999. (Read More)

Japanese Hotel Firm Sells Rihga Royal

March 30, 2001

Royal Hotel Ltd. of Osaka has sold its Rihga Royal lodging asset in Narita in what is being billed as "the first arms-length internationally transacted hotel sale in Japan," according to the commercial real estate website GlobeSt.com. (Read More)

CBOT Mortgage Futures Trading Strong

March 30, 2001

In the first five days of trading the new CBOT mortgage futures contracts, more than 2,000 contracts were traded. (Read More)

Feedback

March 30, 2001

After initially running more than 2-1 in favor of tightening the internal controls of the FHA single-family loan program, responses to our survey question have shifted. (Read More)

(back to top)

April

WaMu Buying Fleet Mortgage in Record Deal

April 2, 2001

In what will mark the largest servicing-related sale ever, Washington Mutual, Seattle, is on the verge of buying Fleet Mortgage Group, Columbia, S.C., for $660 million, MortgageWire has learned. (Read More)

Brokers Warned on Subprime Practices

April 2, 2001

The chief legal counsel of Countrywide Home Loans has warned mortgage brokers about making subprime loans to qualified prime borrowers. (Read More)

Title Searches Dip

April 2, 2001

The AFS Title Search Index fell to 199.9 in the week ended March 30, a 2.3% decrease from 204.7 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

COFI Drops 9 bp

April 2, 2001

The Eleventh Federal Home Loan District Cost of Funds Index declined by nine basis points in February, to 5.426%. (Read More)

GE Cap to Buy Franchise Finance

April 2, 2001

GE Capital, Danbury, Conn., is acquiring Franchise Finance Corp. of America, Scottsdale, Ariz., through GE Capital Commercial Equipment Financing, GE's commercial equipment financing business. (Read More)

UGC Elects New Prez, CEO

April 2, 2001

William V. Nutt Jr. has been elected president and chief executive officer of United Guaranty Corp., Greensboro, N.C., by the UGC board of directors. (Read More)

Fannie Announces Preferred Stock Offering

April 2, 2001

Fannie Mae has announced that it will offer 5.0 million shares of Series H fixed-rate noncumulative preferred stock at a stated value of $50 per share. (Read More)

IRT Sells $50MM of Notes

April 2, 2001

IRT Property Co., Atlanta, has sold $50 million of 7.77% senior unsecured notes due April 1, 2006, and repaid $50 million of 7.45% unsecured notes due April 1, 2001. (Read More)

ICII Executes Recap Pact

April 2, 2001

Imperial Credit Industries Inc., Torrance, Calif., has announced the execution of a master recapitalization agreement with the majority holders of its two largest bond issues. (Read More)

REIT Prices Preferred Stock

April 2, 2001

Corporate Office Properties Trust, Columbia, Md., has priced one million shares of preferred stock to be sold in an underwritten public offering expected to raise $25 million. (Read More)

Finantra Sub Boosts Warehouse Line

April 2, 2001

Finantra Capital Inc., Plantation, Fla., has announced that its mortgage subsidiary, AmeriCap Mortgage Group Inc., has increased its warehouse lending facility with First Collateral Services from $5 million to $15 million. (Read More)

Sub to Buy IMH Stock From LBP

April 2, 2001

Impac Mortgage Holdings Inc., Newport Beach, Calif., has announced that its subsidiary Impac Funding Corp. has agreed to purchase the remaining $5 million of IMH preferred stock owned by LBP Inc. (Read More)

Argentine RE Firm's Issuer Ratings Lowered

April 2, 2001

Moody's Investors Service has lowered the domestic and foreign currency issuer ratings of Inversiones y Representaciones Sociedad Anonima, Buenos Aires, an Argentine real estate investment company. (Read More)

Gramm Says No to Predatory Amendment

April 3, 2001

If the chairman of the Senate Banking Committee has his way, the predatory lending amendment attached to Senate-passed bankruptcy legislation won't be in the final bill when it is submitted to the president. (Read More)

HUD: Curb Predatory, Not Subprime, Lending

April 3, 2001

Department of Housing and Urban Development Secretary Mel Martinez says he wants to work with Congress on mortgage reform that simplifies the mortgage closing process and curbs predatory lending, but does not interfere with legitimate subprime lending. (Read More)

AARP: Lenders Not Fleeing N.C.

April 3, 2001

A representative of the American Association of Retired Persons says mortgage lenders have not left North Carolina in droves since the passage of predatory lending legislation there. (Read More)

FHFB to Take General View of Dual Membership

April 3, 2001

Federal Housing Finance Board Chairman Allan Mendelowitz says the Finance Board is not going to deal with the issue of a single bank or thrift becoming a member of two Federal Home Loan Banks on a case-by-case basis. (Read More)

Freddie Speeds Jump Across the Board

April 3, 2001

Prepayment rates for Freddie Mac mortgage-backed securities jumped across the board in the mid-February to mid-March prepayment report, with refinancing concentrated in the 1999 and 2000 vintages, according to the Bear Stearns Prepayment Commentary. (Read More)

Partnership Hopes to Boost Black Homeownership

April 3, 2001

Partnering with the Congressional Black Caucus Foundation, a coalition of mortgage firms hopes to make one million African-American families homeowners by 2005. (Read More)

Freddie Unveils Callable Medium-Term Notes

April 3, 2001

Freddie Mac will soon initiate a callable, medium-term note funding program designed for smaller fixed-income investors. (Read More)

OFHEO Issues 2 Final Rules

April 3, 2001

The Office of Federal Housing Enterprise Oversight has issued final rules amending its policies on enforcement proceedings and codifying its collection of funds from Fannie Mae and Freddie Mac. (Read More)

FHLBank Mortgage Buys Fell in Late '00

April 3, 2001

Mortgage purchases by the Federal Home Loan Banks decelerated during the latter part of 2000, according to a financial report, as Ginnie Mae securities offered better execution on loans guaranteed by the Federal Housing Administration and the Department of Veterans Affairs. (Read More)

NY Bank to Buy Summit's Mortgage Group

April 3, 2001

Independence Community Bank, New York, has agreed to acquire the assets and personnel of Summit Bank's Mortgage Banking Finance Group, which provides warehouse lines of credit to mortgage bankers in three states. (Read More)

DataQuick Touts Enhanced XML Reports

April 3, 2001

San Diego-based DataQuick has announced that its customers can now send data queries to DataQuick in an Extensible Markup Language format and receive back XML-formatted (bi-directional XML) DataQuick real property information. (Read More)

Freddie Names Finance Veep

April 3, 2001

Mortgage industry veteran Joseph E. Amato has been named vice president of finance at Freddie Mac. (Read More)

MBA Offers Career Assessment Tools Online

April 3, 2001

Career assessment products for mortgage professionals are now available through CampusMBA, the Mortgage Bankers Association of America's online education community. (Read More)

Fund Offers Euro Investors U.S. RE Securities

April 3, 2001

A new fund marketed by Credit Suisse Asset Management and sub-advised by Advantus Capital Management allows investors outside the United States to gain investment exposure to American real estate securities. (Read More)

Lexington Trust Raises $27.6MM

April 3, 2001

Lexington Corporate Properties Trust, a New York real estate investment trust, has raised $27.6 million in two financings. (Read More)

Appraisal Institute Admits 62 Koreans

April 3, 2001

Sixty-two Korean appraisers have been awarded membership certificates in the Appraisal Institute during a ceremony held in Seoul, South Korea. (Read More)

Fed Would Regulate GSEs Under Baker Bill

April 4, 2001

Regulation of secondary market giants Fannie Mae and Freddie Mac would fall in the hands of the Federal Reserve Board under a bill that was expected to be introduced Wednesday. (Read More)

Regulators Reworking Subprime Guidance

April 4, 2001

In response to industry concerns, federal banking regulators intend to clarify subprime lending guidance that was issued to examiners in January. (Read More)

Applications Decline

April 4, 2001

Mortgage applications fell 1.4% on a seasonally adjusted basis during the week ended March 30, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

GE Mortgage Invests in Mortgagebot

April 4, 2001

As part of its recent private equity financing, Milwaukee-based Mortgagebot is announcing that GE Mortgage has made a strategic investment in the company and will market Mortgagebot's PowerSite system through its sales force. (Read More)

CU Implements Alltel iLoan

April 4, 2001

Alltel, Jacksonville, Fla., has announced that the iLoan origination platform it will demonstrate at April's MBA Mortgage Technology Conference in San Francisco is the system selected by the 815,000-member North Carolina State Employees Credit Union. (Read More)

ABFS Touts No-Penalty Credit Inquiries

April 4, 2001

American Business Financial Services Inc., Bala Cynwyd, Pa., has announced that online customers will now be able to use information from their credit reports in real time without affecting their credit rating. (Read More)

Home Financing Hires CEO

April 4, 2001

Darius Panah, a co-founder and former chief executive officer of Liberty Lending Corp., has been named CEO of Home Financing Centers Inc., Swampscott, Mass. (Read More)

Countrywide Int'l Sub Launches Website

April 4, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has reported that its international consulting subsidiary has launched its own website. (Read More)

Fannie Prices Preferred Stock

April 4, 2001

Fannie Mae has priced an offering of $400 million of fixed-rate, noncumulative preferred stock. (Read More)

Burnham Sells 19 Properties

April 4, 2001

Burnham Pacific Properties, a San Diego-based retail real estate investment trust, has sold 19 properties to Weingarten Realty Investors for approximately $145.5 million in cash and the assumption of approximately $143 million of mortgage debt. (Read More)

REIT Expands Credit Facility

April 4, 2001

Corporate Office Properties Trust, Columbia, Md., has renewed its secured revolving credit facility and expanded it from $100 million to $125 million. (Read More)

Parkway Sells Remaining REIT Equity

April 4, 2001

Parkway Properties Inc., Jackson, Miss., has announced the sale of its equity interests in other real estate investment trusts held through its REIT Significant Value Program initiative. (Read More)

Baker to Consider GSEs' Proposals

April 5, 2001

One day after introducing a bill to beef up regulation and supervision of Fannie Mae and Freddie Mac, Rep. Richard Baker, R-La., said he is willing to consider proposals by the two enterprises to create a credible regulator. (Read More)

GSE Stock Slide Continues

April 5, 2001

Meanwhile, the share prices of Fannie Mae and Freddie Mac continued to fall Thursday in the wake of the introduction of the Baker bill, even as the Dow Jones industrial average soared more than 300 points by midday. (Read More)

30-Year Rate Back Over 7%

April 5, 2001

The average 30-year fixed mortgage rate rose to 7.01% for the week ending April 6 from 6.91% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

HUD Eyes Builder Kickback Deals

April 5, 2001

Builders who penalize their buyers for not obtaining financing from their mortgage affiliates are now on the radar screen at the Department of Housing and Urban Development, according to a top enforcement official. (Read More)

Lakeland Joins Forces With OnePipeline

April 5, 2001

Independent lender Lakeland Regional Mortgage Corp., Lakeland, Fla., has announced a partnership with OnePipeline Inc., Salt Lake City, to offer "one-stop shopping" to homebuyers. (Read More)

1st Source Reports $1B Servicing Sale

April 5, 2001

1st Source Corp. has announced a $1.0 billion sale of mortgage servicing rights held by Trustcorp Mortgage Co., its South Bend, Ind.-based mortgage banking subsidiary. (Read More)

REIT, JP Morgan Sub Enter RE Deals

April 5, 2001

Gables Residential, an Atlanta-based multifamily real estate investment trust, has entered into a series of transactions valued at $157 million with JP Morgan Investment Management, an existing joint venture partner. (Read More)

OTX to Host MISMO Meetings

April 5, 2001

Ocwen Technology Xchange, West Palm Beach, Fla., will host the May Mortgage Industry Standard Maintenance Organization Work Group meetings May 14-18 in Delray Beach, Fla. (Read More)

New Century Completes Debt Revamp

April 5, 2001

New Century Mortgage Corp., Irvine, Calif., has completed a 19-month extension of the maturity date of $40 million of subordinated debt, and two subsidiaries have negotiated a $125 million term residual financing agreement. (Read More)

Mortgage Lenders Continue Hiring

April 6, 2001

Employment in the mortgage industry rose by 1.5% in March as housing sales and refinancing activity remained at high levels and mortgage rates stayed below 7%. (Read More)

FM Watch ExecCom Revealed

April 6, 2001

Although FM Watch dissolved its advisory board last month, the group --- formed to control "charter creep" at Fannie Mae and Freddie Mac -- continues to operate, saying it has more funding than ever. (Read More)

ACB Seeks HUD Review of Freddie Loan

April 6, 2001

America's Community Bankers has asked the Department of Housing and Urban Development to review a $2.5 million loan that Freddie Mac extended to LendingTree, an online loan broker. (Read More)

Fannie/Ginnie Speeds Surge

April 6, 2001

Prepayment rates for Fannie Mae and Ginnie Mae mortgage-backed securities surged across the board in March, much like the speeds in the recently released Freddie Mac report, according to the Bear Stearns Prepayment Commentary. (Read More)

Philly Passes Predatory Lending Ordinance

April 6, 2001

The city council of Philadelphia has unanimously passed an ordinance that prohibits the awarding of city contracts to businesses or persons (or any of their affiliates) that are deemed high-cost or predatory lenders. (Read More)

Ginnie Flow Servicing for Sale

April 6, 2001

Phoenix Capital Inc., Denver, is offering for sale the servicing rights on $75 million to $150 million per month of Ginnie Mae I & II Co-Issue loan production. (Read More)

CampusMBA Offers MH Course

April 6, 2001

A new course on manufactured housing for real estate finance professionals is now available online through the Mortgage Bankers Association of America. (Read More)

REIT Affiliate Buys Texas Property

April 6, 2001

Lexington Realty Advisors, an affiliate of Lexington Corporate Properties Trust, a New York-based real estate investment trust, has initiated an investment program with the acquisition of an Alliance, Texas property for $10 million. (Read More)

Trans Union Allies With Korean Firm

April 6, 2001

Credit reporting company Trans Union LLC, Chicago, has established a strategic alliance with Korea Information Services, Seoul, that is designed to "boost lenders' decisioning power" in Korea. (Read More)

Feedback

April 6, 2001

What are the merits of credit scoring? (Read More)

HUD MF Program Running Dry

April 9, 2001

The Department of Housing and Urban Development is running out of funds to operate its multifamily loan program, and it has already started a rationing system. (Read More)

Bush Budget Sees FHA Volume Growth

April 9, 2001

The Federal Housing Administration is expected to have two good years in terms of single-family originations, according to new budget documents released by the Bush administration. (Read More)

Roukema Claims Baker Bill Jurisdiction

April 9, 2001

Housing subcommittee Chairwoman Marge Roukema, R-N.J., is asserting jurisdiction over a bill that would place Fannie Mae and Freddie Mac under the regulation of the Federal Reserve Board. (Read More)

Title Searches Decline

April 9, 2001

The AFS Title Search Index fell to 195.0 in the week ended April 6, a 2.3% decrease from 199.9 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

GMACCM Sub Forms Loan Sales Group

April 9, 2001

Newman & Associates Inc., a Denver-based real estate investment banking firm, has formed a Loan Sales and Trading Group to focus on the sale of commercial loan portfolios and participations in mortgage loans. (Read More)

Countrywide Touts Record Month

April 9, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has reported that its March fundings totaled $9.6 billion, the highest monthly level in the company's 32-year history. (Read More)

JPMorgan Unit Enhances MBS/ABS Website

April 9, 2001

JPMorgan Institutional Trust Services has announced enhancements to its website for monitoring mortgage- and asset-backed securities deals. (Read More)

Countrywide Bank Buy Gets Conditional OK

April 10, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., and its majority-owned affiliate Effinity Financial Corp. have announced the receipt of conditional federal approval for the acquisition of Washington-based Treasury Bank. (Read More)

GSEs Absent From Stock Rally

April 10, 2001

The Dow and Nasdaq indexes both surged Tuesday morning, with mortgage-related stocks also up broadly. (Read More)

DOJ Attorney: Beware of Inflating Borrower Income

April 10, 2001

A Department of Justice attorney has warned mortgage bankers to be careful about inflating borrowers' incomes. (Read More)

Home Financing Agrees to Buy Jaymes

April 10, 2001

Home Financing Centers Inc., Alexandria, Va., has entered into a letter of intent to acquire Jaymes Financial Inc., a Virginia-based mortgage trading firm. (Read More)

AAA Affiliate Offers Home Loans

April 10, 2001

The California State Automobile Association, the Northern California affiliate of AAA, has announced that it will provide home equity and mortgage loans, as well as other financial services, to its members. (Read More)

BofA Teams Up With Homestore.com

April 10, 2001

Bank of America, Charlotte, N.C., and Homestore.com Inc., Westlake Village, Calif., have launched an online homeowner service offering a wide array of homebuying, financing, and maintenance capabilities. (Read More)

Ellie Mae, Closing Guard Join Forces

April 10, 2001

Ellie Mae, Pleasanton, Calif., and Closing Guard, Kew Gardens, New York, have announced a partnership to provide automated loan closings online to mortgage brokers and lenders that use Genesis 2000. (Read More)

Flood Determinations Available Online

April 10, 2001

ABC Virtual, West Des Moines, Iowa, has announced the integration of its ECLoanPro loan origination system with First American Flood Data Services, enabling users to order flood determinations over the Internet. (Read More)

Kinetic-e Touts Pipeline Management System

April 10, 2001

Kinetic-e, an Internet software development firm based in Scottsdale, Ariz., has completed a pipeline management system for Commonwealth Financial Mortgage Co., Tempe, Ariz. (Read More)

$2-4B of Flow Servicing for Sale

April 10, 2001

United Financial Inc, Denver, is brokering the sale of servicing rights on an estimated $2 billion-$4 billion of new mortgage loans between February 2001 and February 2002. (Read More)

Phoenix Brokering Flow Servicing

April 10, 2001

Phoenix Capital Inc., Denver, is offering for sale the servicing rights on $350 million to $700 million per month of Fannie Mae/Freddie Mac forward bulk loan production. (Read More)

Freddie Prices Reopened RefNotes

April 10, 2001

Freddie Mac has priced $5 billion of reopened 5.25% five-year Reference Notes due Jan. 15, 2006. (Read More)

REIT Closes $45MM Loan

April 10, 2001

EastGroup Properties, a Jackson, Miss., industrial real estate investment trust, has closed a $45 million nonrecourse mortgage loan secured by seven Texas industrial properties. (Read More)

Canadian Housing Starts Decline

April 10, 2001

The seasonally adjusted annual rate of housing starts in Canada fell 1.5% in March to 153,800 units, compared with 156,100 in February, according to Canada Mortgage and Housing Corp., Ottawa. (Read More)

HTI Sale Close?

April 11, 2001

Some informed observers expect Microsoft to use April's MBA technology conference in San Franciscoto reveal the purchaser of the Tuttle Decision Services entity that formed the mortgage side of HomeAdvisor TechnologiesInc., for which Microsoft is seeking a buyer. (Read More)

HUD, DoJ Pledge to Fight Bias, Predatory Lending

April 11, 2001

Housing Secretary Mel Martinez and Attorney General John Ashcroft pledged to fight housing discriminationand predatory lending as part of a ceremony to commemorate the 33rd anniversary of the enactment of the Fair HousingAct of 1968. (Read More)

Applications Decline

April 11, 2001

Mortgage applications fell 5.3% on a seasonally adjusted basis during the week ended April 6, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Navy Fed Dominates CU Mortgage Lending

April 11, 2001

Credit unions are more active in mortgage lending than has been suggested by official data, andone lender dominates the credit union industry's presence in the mortgage business, according to a new survey. (Read More)

Lahaina Names Mortgage Chief, Accent Prez

April 11, 2001

Cynthia A. Emerine has been named president of the mortgage division of Lahaina Acquisitions Inc.,Alpharetta, Ga., and Forrest P. Young Jr. has been named president of Accent Mortgage Services Inc., a Lahainasubsidiary. (Read More)

Bear Stearns ABS Classes Downgraded

April 11, 2001

Two classes of Bear Stearns Mortgage Securities Inc. asset-backed certificates Series 1996-9 havebeen downgraded by Fitch. (Read More)

SAMI MBS Class Downgraded

April 11, 2001

Class B-5 of Structured Asset Mortgage Investments mortgage pass-through certificates Series 1999-4has been downgraded from B to CCC by Fitch, and Class B-4 has been placed on Rating Watch-Negative. (Read More)

Wells Targets Native Americans in Washington

April 11, 2001

Wells Fargo Home Mortgage has announced that it will provide grants of up to $1,000 each to NativeAmerican homeowners in urban areas of Washington State who buy or refinance their conventional mortgage with WellsFargo. (Read More)

Canadian Online Bank to Use Basis100 Tech

April 11, 2001

Basis100, Toronto, has reported that Canadian online bank ING Direct will use its technology tooriginate and process mortgages directly from customers. (Read More)

nCommand Down the Tubes?

April 12, 2001

After failing in its attempt to find an acquirer, nCommand has laid off workers and apparently closed its doors. (Read More)

Frisco FHLBank Adopts MPF

April 12, 2001

The Federal Home Loan Bank of San Francisco has signed on to the Mortgage Partnership Finance Program and is expected to begin purchasing one- to four-family loans from it member institutions in the third quarter. (Read More)

Fixed Rates Inch Up

April 12, 2001

The average 30-year fixed mortgage rate rose to 7.04% for the week ending April 13 from 7.01% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

RMIC Buys RealtyLogix

April 12, 2001

Republic Mortgage Insurance Co., Winston-Salem, N.C., has acquired RealtyLogix Inc., an Atlanta-based company that provides applications for originating and managing the risk of commercial real estate portfolios. (Read More)

Texas Mortgage Banker Forms Web Unit

April 12, 2001

Success Financial Services Group Inc., Round Rock, Texas, has formed a division that will serve as a platform for a website offering loan origination and processing for mortgage and real estate professionals. (Read More)

GE Cap HEL Classes Downgraded

April 12, 2001

Fitch has downgraded six classes of GE Capital Mortgage Services Inc. home equity loan pass-through certificates and placed seven classes on Rating Watch Negative. (Read More)

PMI Backs Habitat's Belfast Plan

April 12, 2001

PMI Mortgage Insurance Co., San Francisco, has reported that it is supporting Habitat for Humanity's plan to build affordable "cross-community" homes in Belfast, Ireland. (Read More)

TBMA Recommends Market Close

April 12, 2001

In observance of Good Friday, The Bond Market Association has recommended an early market close at 2 p.m. Eastern time Thursday and a full close for Friday, April 13. (Read More)

MBA Opposes MF Insurance Hike

April 13, 2001

The president's budget proposal to increase annual insurance premiums on Federal Housing Administration multifamily loans from 50 basis points to 80 bp is running into opposition from the Mortgage Bankers Association of America. (Read More)

Freddie Renames Property Valuation Tool

April 13, 2001

Freddie Mac has announced that it is changing the name of Home Value Estimator, its property valuation tool, to Home Value Explorer. (Read More)

Nomura RMBS Class Downgraded

April 13, 2001

Class 2M-3 of Nomura Asset Securities Corp.'s mortgage pass-through certificates Series 1994-2 has been downgraded from CC to D by Standard & Poor's. (Read More)

Kennedy-Wilson Buys Portfolio for RE Fund

April 13, 2001

Kennedy-Wilson Inc., Beverly Hills, Calif., has completed the acquisition of a class B suburban office portfolio in Houston for the company's KWI Property Fund I LP. (Read More)

Mego Timeshare Sub Buys 42 Suites

April 13, 2001

Preferred Equities Corp., a wholly owned timeshare and land sales subsidiary of Mego Financial Corp., Las Vegas, has acquired 42 additional two-bedroom units at the company's Ramada Vacation Suites at Orlando resort in Orlando, Fla. (Read More)

DeepGreen Names COO

April 13, 2001

Michael E. Reding has been named to the newly created position of chief operating officer at DeepGreen Bank, a Seven Hills, Ohio-based online federal savings bank. (Read More)

HomeAdvisor Passes Realtor.com

April 13, 2001

MSN HomeAdvisor has surpassed Realtor.com as the most-visited home and real estate site on the Web, according to Microsoft. (Read More)

Feedback

April 13, 2001

Feeling avuncular? A self-described "newbie" who's been a mortgage broker in Florida for just five months is seeking "advice on survival." (Read More)

First Union to Buy Wachovia

April 16, 2001

First Union Corp., Charlotte, will buy Wachovia Corp., Winston-Salem, N.C., for $12.6 billion instock. (Read More)

LoanTrader to Close B2B Unit

April 16, 2001

LoanTrader Inc., Irvine, Calif., said it is winding down operations of the LoanTrader.com B2B Internetmarketplace. (Read More)

Citigroup Seeking to Settle Suit

April 16, 2001

Citigroup is seeking to settle a Mississippi lawsuit that alleges Associates First Capital Corp.(recently acquired by Citigroup) engaged in a pattern and practice of predatory lending. (Read More)

MERS Reports First Profit

April 16, 2001

MERS, the electronic registry to track ownership interests in loans and servicing rights, reportedthat it made its first profit in March. (Read More)

FNF, VISTAinfo Team Up

April 16, 2001

Fidelity National Financial Inc., Irvine, Calif. is forming a real estate services company withVISTAinfo, San Diego. FNF is contributing the assets and operations of its tax, credit, flood, appraisal and propertyrecords businesses in exchange for stock in VISTAinfo. (Read More)

Home Prices Up in San Diego/Orange

April 16, 2001

Monthly home prices have continued to rise on a year-to-year basis in Southern California's Orangeand San Diego counties, and monthly home resales are up in the former but down in the latter. (Read More)

Household Exec Joins NHS Chicago

April 16, 2001

Household International, Prospect Heights, Ill. has reported that Chuck Colip, one of its bankingsubsidiary and retail services executives, has been appointed to the central board of directors for the nonprofitNeighborhood Housing Services of Chicago. (Read More)

Downtown Office 'Remarkably Strong'

April 16, 2001

Downtown office markets remain "remarkably strong in spite of some key indications of a marketslow down," according to a survey of commercial real estate markets by Colliers International. (Read More)

FleetBoston Posts Loss on Sale of Mortgage Unit

April 17, 2001

FleetBoston Financial, Boston, will take a $225 million after-tax loss from the sale of Fleet MortgageGroup, Columbia, S.C. (Read More)

Fannie Posts 16% Higher Income

April 17, 2001

Fannie Mae reported operating net income of $1.238 billion in the first quarter of 2001, up 16%from the first quarter of last year. (Read More)

Housing Starts Fall Again

April 17, 2001

Single family housing starts fell by 4.3% in March after a 3.9% decline in February, according tothe U.S. Commerce Department. (Read More)

REIT Will Buy LoanCity.com

April 17, 2001

Mortgage REIT American Residential Investment Trust, Inc. http://www.amerreit.com, Del Mar, Calif., has signed a letter of intent to purchaseLoanCity.com with intent to hold it as a qualified taxable subsidiary. (Read More)

NetBank Will Buy Market Street Mortgage

April 17, 2001

NetBank, Inc., http://www.netbank.com an FDIC-insured Internet bank with $1.8 billion in assets, has agreed to acquire Market Street Mortgage,Clearwater, Fla. (Read More)

Appeals Court Says TransUnion Violated Privacy

April 17, 2001

A U.S. appeals court has ruled that Trans Union Corp. is violating the Fair Credit Reporting Actby selling target-marketing lists. (Read More)

Illinois Adopts Predatory Lending Regulations

April 17, 2001

Illinois has adopted anti-predatory lending regulations that were recommended by the state's Republicangovernor George Ryan. (Read More)

Criimi Mae to Come Out of Bankruptcy

April 17, 2001

Criimi Mae is slated to emerge from bankruptcy today after the key parties to the company's Chapter11 proceeding reached an agreement to fund the company's re-capitalization. (Read More)

Awards Will Promote Minority Homeownership

April 17, 2001

Six real estate associations have teamed up to create a national awards program to recognize outstandingcontributions by individuals and organizations to promote homeownership by minorities. (Read More)

Salin Bank Picks EasyLENDER

April 17, 2001

Fiserv chose the MBA Technology Conference to announce that, thanks to the installation of Fiserv'seasyLENDER mortgage software, the mortgage division of Indiana-based Salin Bank & Trust Company has cut itsaverage loan approval time in half, reduced loan processing staff, and now delivers a loan decision in minutes. (Read More)

Fed Makes Unexpected Rate Cut

April 18, 2001

Federal Reserve officials unexpectedly lowered the Fed Funds rates by 50 basis points on Wednesdaymorning and released a related statement noting, among other things, that although housing expenditures and consumptionhave held up "reasonably well," they have "flattened" recently. (Read More)

Stocks Rebound Broadly After Fed Action

April 18, 2001

The Dow Jones Industrial Average jumped over 400 points this morning on news of the Fed's rate cut,with mortgage stocks generally participating in the rally. (Read More)

Parseghian Was $13 Million Man Last Year

April 18, 2001

In 2000 the top earner at Freddie Mac wasn't chairman and chief executive Leland Brendsel but thecompany's senior vice president in charge of funding and investments, Greg Parseghian. (Read More)

Wells Fargo Reports Profit Gains

April 18, 2001

Wells Fargo & Co. reported a net income of $1.165 billion for the first quarter 2001, a 12%increase from the same quarter of 2000, citing its Wells Fargo Home Mortgage unit (WFHM) as one of the biggestcontributors to the company's record results. (Read More)

First Tennessee's Earnings Are Up

April 18, 2001

After a difficult year, First Tennessee National Corp. (FTNC), Memphis, Tenn., has started 2001on a positive note by closing the quarter at $62.4 million, or $0.47 per share, compared to $39.5 million, or $0.30per share in the first quarter 2000. (Read More)

Tidalwave and CFI Launch Capital Markets Group

April 18, 2001

Tidalwave Holdings, Fort Lauderdale, Fla., has entered into a letter of intent with CFI Mortgageto form a joint venture that will manage secondary marketing for CFI's First United MortgageBanc. (Read More)

AARP Launches Anti-Predatory Drive

April 18, 2001

The American Association of Retired Persons has launched a national campaign to combat "predatorylending." (Read More)

eMagic.com Reports Jump in Volume

April 18, 2001

MGIC's B2B website for mortgage lenders reported a 145% increase in transaction volume during thefirst quarter of this year compared to the fourth quarter of last year. (Read More)

Freddie Buys Tuttle Technology

April 19, 2001

Freddie Mac, McLean, Va., announced that it is buying Tuttle Decision Systems from Microsoft's formersubsidiary, HomeAdvisor Technologies. (Read More)

FM Watch Irked by GSE Tech Moves

April 19, 2001

FM Watch is calling for a regulatory review of the Fannie Mae's new MornetPlus Connections product,which allows lenders to order and manage appraisal, flood, title, and closing services from a single source. (Read More)

Partnerships Fall Short of Expectations

April 19, 2001

Freddie Mac's high expectations that went into the creation of several exclusive alliances withmajor mortgage companies has not panned out, according to chairman and chief executive Leland Brendsel. (Read More)

Mortgage Rates Up Again

April 19, 2001

The 30-year fixed-rate mortgage averaged 7.14%, with an average of 0.9 points, for the week endingApril 20, up 10 basis points from the week before, according to Freddie Mac's weekly mortgage survey. (Read More)

MBS Prices Jump After Rate Cut

April 19, 2001

The Federal Open Market Committee's surprise rate cut Wednesday had pushed mortgage-backed securitiesprices up by more than half of a point by day end last Wednesday. (Read More)

Loan Applications Fall

April 19, 2001

The number of mortgage applications received by lenders fell 5% in the second week of April, accordingto the MBA's weekly survey. (Read More)

GMAC-RFC Securitized $5.2 Billion in 1st Q

April 19, 2001

Residential Funding Corporation (GMAC-RFC), Minneapolis, today announced total first quarter asset-backed(ABS) and mortgage-backed securities (MBS) issuance surpassing $5.2 billion. (Read More)

Mortgage Lenders Post Strong First Quarter

April 19, 2001

Dime Bancorp, IndyMac and Roslyn Bancorp are among the lenders reporting strong first quarter profitson heavy lending volume. (Read More)

Maryland REIT Finances Shopping Center

April 19, 2001

Federal Realty Investment Trust, a Rockville, Md.-based equity Real Estate Investment Trust (REIT),has closed a $33 million mortgage placement associated with a shopping center property, Brick Plaza in Brick, N.J. (Read More)

FM Watch Gripes About Freddie-Tuttle Deal

April 20, 2001

Freddie Mac's purchase of technology provider Tuttle Decision Systems, San Francisco, is sparking its critics to once again shout "charter creep." (Read More)

Veteran Attorney Picked for Top HUD Legal Job

April 20, 2001

President George W. Bush has announced his intention to nominate Richard A. Hauser to be general counsel of the Department of Housing and Urban Development. (Read More)

Senate Panel Plans GSE Hearing

April 20, 2001

A Senate housing panel has scheduled a hearing to examine the effectiveness of Office of Federal Housing Enterprise Oversight's supervision of Fannie Mae and Freddie Mac. (Read More)

Capstead Prospers in Low-Rate First Quarter

April 20, 2001

Capstead Mortgage Corporation, Dallas, reported net income of $24.7 million in the first quarter, up from $11.7 million during the same period last year. (Read More)

Charter One Has Record Quarter

April 20, 2001

Charter One Financial, Cleveland, reported record earnings per share of $.54 on net earnings of $115 million in the first quarter, fueled in part by heavy loan origination volume. (Read More)

Interlinq Reports Loss Amid Restructuring

April 20, 2001

Interlinq Software Corporation, Bellevue, Wash., reported a decline in revenue of 7% compared to the quarter ending March 31 last year. (Read More)

Powell Formally Appointed to FDIC Post

April 20, 2001

President George W. Bush has selected Donald E. Powell to be the next chairman of the Federal Deposit Insurance Corp. (Read More)

Farmer Mac Earnings and Guarantee Volume Rise

April 20, 2001

The Federal Agricultural Mortgage Corporation reported operating income of $3.2 million for the first quarter, up from $2.4 million in the first quarter of last year. (Read More)

IRT Finances Shopping Centers

April 20, 2001

IRT Property Company, an Atlanta-based equity Real Estate Investment Trust (REIT) that specializes in Southeastern United States shopping centers, has completed non-recourse, secured financing of $20.7 million in total on three shopping centers, the REIT has reported. (Read More)

Feedback

April 20, 2001

Do consumers have a right to "respond to and defend" against their credit reports? (Read More)

S&P Sees Rise in CRE Delinquencies

April 23, 2001

Mortgage delinquency rates for commercial property in the United States will probably increase across all property types this year, according to Standard & Poor's. (Read More)

McCracken Buys Property Inspection Firm

April 23, 2001

McCracken Financial Software, Billerica, Mass., a subsidiary of GMAC Commercial Holding Corp., has acquired Salt Lake City-based FASRE Field Services, a property inspection firm. (Read More)

Title Searches Fall

April 23, 2001

The AFS Title Search Index fell to 182.3 in the week ended April 20, a 6.6% decrease from 195.3 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

NetUpdate, Sollen Ink Tech Pact

April 23, 2001

NetUpdate Inc., Redmond, Wash., has inked an agreement with Dallas-based Sollen Technologies to work toward integrating their respective technologies. (Read More)

Aegis Updates Status of POB Agreement

April 23, 2001

Aegis Realty, a New York-based real estate investment trust, has updated the status of its previously announced agreement to acquire a portfolio of shopping centers and retail "development opportunities" from Dallas-based P.O.B. Montgomery & Co. (Read More)

Forward Bulk Servicing for Sale

April 23, 2001

United Financial Inc., Denver, is brokering the sale of servicing rights on Fannie Mae forward bulk nonrecourse servicing expected to total between $1.2 billion and $1.4 billion annually. (Read More)

Int'l CMBS Deals 'Robust' Despite 1Q Dip

April 23, 2001

International commercial mortgage-backed securities transactions showed a slight year-to-year decline in the first quarter, Standard & Poor's has reported. (Read More)

Fannie Taps Board Nominee

April 23, 2001

Donald B. Marron has been nominated for election to Fannie Mae's board of directors at the company's 2001 annual meeting on May 22. (Read More)

HanoverTrade Enters Servicing Brokerage

April 24, 2001

HanoverTrade.com has hired two industry veterans to expand the Web-based company's business to include the management and trading of mortgage servicing rights. (Read More)

Countrywide, Cofiniti Join Forces

April 24, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has teamed up with Cofiniti Inc. to offer financial planning tools to borrowers who refinance online. (Read More)

Pedestal, CMG Form Alliance

April 24, 2001

Pedestal Inc., Washington, and CMG Mortgage Insurance Co., San Francisco, have announced a marketing alliance under which CMG will provide mortgage insurance for credit unions participating in Pedestal's Flow Sales Express program. (Read More)

Freddie Reports Record Earnings

April 24, 2001

Freddie Mac has reported record earnings of $837 million ($1.13 per share) for the first quarter, up from $608 million ($0.81 per share) a year earlier. (Read More)

Klamath Selling Most Fixed-Rate Mortgages

April 24, 2001

Klamath First Bancorp Inc., Klamath Falls, Ore., has reported that it is no longer booking 30-year fixed-rate mortgages on its balance sheet because such loans no longer have the spread income required. (Read More)

REpipeline, WebEx Comm Sign Pact

April 24, 2001

REpipeline, the operating subsidiary of Photonics Corp., Dallas, has signed an agreement with WebEx Communications Inc. to integrate WebEx's Web-based interactive communications services into REpipeline's products for the commercial real estate business community. (Read More)

Chase MBS Class Downgraded

April 24, 2001

Class B-11 of Chase Mortgage Finance Corp.'s subordinate mortgage pass-through certificates Series 1992-2 has been downgraded from B-plus to D by Fitch. (Read More)

MuniMae to Become MuniMae Midland

April 24, 2001

Municipal Mortgage & Equity LLC, Baltimore, has announced that it will begin operating under the name MuniMae Midland LLC as of May 1, reflecting the integration of MuniMae and The Midland Cos. (Read More)

Thayer Invests in Orlando Resort

April 24, 2001

Thayer Hotel Investors, Annapolis, Md., a privately held real estate investment company, has invested $547 million in the development and construction of the Grande Lakes Resort, a 450-acre hotel resort in Orlando, Fla. (Read More)

Servicing Impairment Hikes City Holding's Loss

April 24, 2001

City Holding Co., Charleston, W.Va., has reported a $2.18 million charge to recognize the impairment of its "retained interest in securitized loans," which contributed to the company's $5.74 million first-quarter loss. (Read More)

Fiserv Reports 1Q Gains

April 24, 2001

Fiserv Inc., Brookfield, Wis., has reported $453.9 million in revenue and net income of $50.8 million ($0.40 per share) for the first quarter, a 15% increase over revenues of $396.4 million and net income of $43.1 million ($0.34 per share) for the fourth quarter of 2000. (Read More)

Fannie Prices Benchmark Securities

April 24, 2001

Fannie Mae has priced a $5 billion reopening of 5.500% five-year Benchmark Notes and a $500 million reopening of 6.625% 30-year Benchmark Bonds. (Read More)

Citi Cites 1,000 Broker Suspensions

April 25, 2001

The head of Citigroup's Consumer Group, Robert B. Willumstad, says approximately 1,000 mortgage brokers who did business with Associates Home Equity Services have been suspended by Citigroup. (Read More)

New, Existing Home Sales Booming

April 25, 2001

Even though the overall U.S. economy is dragging, lower interest rates have sparked a boom in both new and existing home sales. (Read More)

Greatland to Offer E-Loan Delivery

April 25, 2001

Greatland Corp., Grand Rapids, Mich., has announced that it will release an "e-loan delivery solution" in early fall that will provide XML-enabled access to more than 2,000 mortgage-related documents with electronic signature capabilities. (Read More)

Applications Fall

April 25, 2001

Mortgage applications fell 6.6% on a seasonally adjusted basis during the week ended April 20, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

LendingTree, CBS MarketWatch Join Forces

April 25, 2001

LendingTree Inc. Charlotte, N.C., has announced that it will provide a Lend-X powered, co-branded LendingTree and CBS MarketWatch loan center for MarketWatch.com Inc. (Read More)

HanoverTrade to Roll Out Asset OnSite

April 25, 2001

HanoverTrade.com, New York, has announced that it will launch Asset OnSite, a real-time Web-based portfolio management and asset stratification tool, at the Mortgage Bankers Association of America's upcoming National Secondary Market Conference in Orlando, Fla. (Read More)

CalPERS, CalSTRS Make RE Fund Commitments

April 25, 2001

The California Public Employees' Retirement System and the California State Teachers' Retirement System have committed $125 million and $45 million, respectively, to CIM Group's California Urban Real Estate Fund. (Read More)

S&P Unveils New UK Criteria

April 25, 2001

The London office of Standard & Poor's has introduced specific criteria for special-purpose entities incorporated in England and Wales, taking into account a proposed change that appears to benefit originators. (Read More)

MGIC's RE Index Rises

April 25, 2001

Mortgage Guaranty Insurance Corp., Milwaukee, had reported that its National Market Trends Index rose from 7.36 to 7.47 in the first quarter, reflecting generally stable housing market conditions. (Read More)

HUD Stops Okaying FHA MF Loans

April 26, 2001

The Department of Housing and Urban Development has stopped approving new Federal Housing Administration multifamily loans. (Read More)

Republic Title Buys Dallas Title Firm

April 26, 2001

First American Title Insurance Co., Santa Ana, Calif., has announced that its wholly owned subsidiary Republic Title of Texas Inc. has acquired the assets of American Financial Title Co. of Dallas. (Read More)

Freddie Announces RefDebt Repo Ops

April 26, 2001

Freddie Mac has announced a program to periodically repurchase its off-the-run Reference Notes and Bonds beginning in the second quarter. (Read More)

Laser Board Okays Liquidation

April 26, 2001

The board of directors of Laser Mortgage Management Inc., New York, has unanimously approved the liquidation and dissolution of the real estate investment trust. (Read More)

Fannie Chief Earned $6MM Last Year

April 26, 2001

Fannie Mae chief Franklin Raines earned $6.09 million in total compensation last year, a 45% increase from that of 1999. (Read More)

MortgageRamp Launches Aurora

April 26, 2001

MortgageRamp, Atlanta, has launched Aurora, an online system designed to integrate, automate, and manage the entire process of originating and delivering commercial mortgage loans. (Read More)

RBMG Returns to Profitability

April 26, 2001

Resource Bancshares Mortgage Group Inc., Columbia, S.C., has reported net income of $900,000 ($0.05 per share) for the first quarter, compared with losses of $3.4 million and $9.2 million from continuing operations for the fourth quarter and first quarter of 2000, respectively. (Read More)

Conseco Names CFO

April 26, 2001

Neal S. Cohen has been named executive vice president and chief financial officer at Conseco Finance Corp., St. Paul, Minn. (Read More)

Moody's Eyes Risks of Expanding Into Europe

April 26, 2001

Moody's Investors Service says it has a generally positive view of U.S. consumer and commercial finance companies that expand into Europe but believes that the former are likely to face greater risks than the latter. (Read More)

Keystone Prices Public Offering

April 26, 2001

Keystone Property Trust, a real estate investment trust based in West Conshohocken, Pa., has priced a public offering of 7.5 million common shares of beneficial interest at $12.20 per share. (Read More)

NAMB Lauds Citi's Ethics Stance

April 27, 2001

The National Association of Mortgage Brokers has praised Citigroup for its adoption of a requirement that brokers agree in writing to a new compliance manual of policies and standards. (Read More)

Rates Decline

April 27, 2001

The average 30-year fixed mortgage rate fell to 7.12% for the week ending April 27 from 7.14% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Olympus Becomes Independent

April 27, 2001

David B. Deniger has acquired the controlling general partnership interests in Olympus Real Estate Corp., Dallas, and the partners of Hicks, Muse, Tate & Furst Inc. -- which co-founded Olympus with Mr. Deniger -- have jointly become a special limited partner in the firm. (Read More)

Boston REIT Buys Citi Center

April 27, 2001

Boston Properties, a Boston-based real estate investment trust, has acquired the 59-story, 1.6 million-square-foot Citigroup Center in New York City for approximately $725 million. (Read More)

Slowdown Hits MF Industry

April 27, 2001

The slowdown in the overall economy is beginning to have an impact on the apartment industry, according to a quarterly survey by the National Multi Housing Council. (Read More)

Delta Reports Big Loss

April 27, 2001

Delta Financial Corp., Woodbury, N.Y., has reported a net loss of $33.8 million ($2.12 per share) for the first quarter, compared with net income of $1.8 million ($0.11 per share) a year earlier. (Read More)

New Century Earnings Fall

April 27, 2001

New Century Financial Corp., Irvine, Calif., has reported a net loss of $1.85 million ($0.17 per share) for the first quarter, compared with net earnings of $7.3 million ($0.38 per share) a year earlier. (Read More)

Lion Reports EBITDA Profits

April 27, 2001

Lion Inc., Renton, Wash., has reported that net losses narrowed to $51,542 ($.002 per share) in the first quarter and that the company achieved EBITDA profitability for the first time. (Read More)

E-Loan Revenues Up, Losses Down

April 27, 2001

E-Loan Inc., Dublin, Calif., has reported $16.4 million in revenue for the first quarter, a 130% increase from the $7.1 million reported in the first quarter of 2000. (Read More)

Aussie Originators Eye Euro, U.S. Markets

April 27, 2001

Australian mortgage originators are increasingly issuing residential mortgage-backed securities into the more liquid European and U.S. capital markets, according to the Melbourne office of Standard & Poor's. (Read More)

Feedback

April 27, 2001

Will mortgage brokers become extinct? (Read More)

Feds Not Revising Subprime Guidance

April 30, 2001

Federal banking regulators are not backing down from or revising their subprime lending guidance,despite industry complaints that it is confusing and should be withdrawn. (Read More)

Fed Mulls Buying Ginnie MBS

April 30, 2001

Federal Reserve Board Chairman Alan Greenspan has suggested that the Fed may start purchasing GinnieMae mortgage-backed securities as the supply of U.S. Treasury securities declines. (Read More)

HUD Committed to MF Premium Hike

April 30, 2001

Contrary to rumors, the Department of Housing and Urban Development is moving ahead with a FederalHousing Administration insurance premium increase to restart the FHA multifamily loan program. (Read More)

ACB Supports Baker Bill

April 30, 2001

America's Community Bankers has thrown its support behind a bill sponsored by Rep. Richard Baker,R-La., that is intended to strengthen the regulation of Fannie Mae and Freddie Mac. (Read More)

Buffett Saw 'Icebergs' at GSEs

April 30, 2001

Billionaire investor Warren Buffett says potential "icebergs" at Fannie Mae and FreddieMac spurred his firm, Berkshire Hathaway, to sell most of its holdings in the secondary market giants. (Read More)

Tidalwave to Acquire AFR Funding

April 30, 2001

Tidalwave Holdings Inc., Ft. Lauderdale, Fla., has signed a letter of intent to acquire the mortgageand real estate assets of AFR Funding, a Virginia-based wholesale subprime mortgage bank. (Read More)

MountainBank to Buy PremierMortgage

April 30, 2001

MountainBank Financial Corp., Hendersonville, N.C., has signed a letter of intent to purchase PremierMortgageAssociates Inc., Greenwood, S.C., and merge it into MountainBank, its community bank subsidiary. (Read More)

New MI Sets Record

April 30, 2001

Benefiting from increased originations during the first quarter, the private mortgage insurancecompanies had their best month in over two years in March, setting a new record for production volume. (Read More)

Title Searches Rise

April 30, 2001

The AFS Title Search Index rose to 185.9 in the week ended April 27, a 2.0% increase from 182.3the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

State Street Launches Wilshire REIT Fund

April 30, 2001

State Street Global Advisors, Boston, has launched an exchange-traded fund based on the WilshireReal Estate Investment Trust Index. (Read More)

Amex Panel OKs Delisting of Host Funding

April 30, 2001

An American Stock Exchange panel has affirmed a decision by the Amex Committee on Securities todelist the common stock of Host Funding Inc., a hotel real estate holding company based in Moraga, Calif. (Read More)

GMACCM Names Shared Services Chief

April 30, 2001

GMAC Commercial Mortgage's servicing department has named Don Tripp vice president/manager of itsshared services operation. (Read More)

Brit Mortgage Lending Hits New High

April 30, 2001

New mortgage lending by major British banking groups totaled a record £7,647 million (about$10.96 billion) in March, according to the British Bankers Association. (Read More)

(back to top)

May

Alltel Buys Xpede Mortgage Tech

May 1, 2001

Alltel, Jacksonville, Fla., has acquired the financial relationship management technology assetsof Oakland, Calif.-based Xpede and 30 employees from the organization. (Read More)

Pulte Homes to Buy Phoenix Builder

May 1, 2001

Builder and mortgage lender Pulte Homes, Bloomfield Hills, Mich., has reported a conditional agreementto acquire all outstanding shares of builder Del Webb Corp., Phoenix. (Read More)

FHLBank Capital Plans Coming?

May 1, 2001

Two Federal Home Loan Banks are very close to filing their capital plans with the Federal HousingFinance Board. (Read More)

COFI Drops 23bp

May 1, 2001

The drop in the Eleventh Federal Home Loan District Cost of Funds Index has accelerated. For Marchthe index was 5.198%, down 23 basis points from February's 5.426%. (Read More)

MortgageFlex, OTX Ally

May 1, 2001

MortgageFlex Systems, Jacksonville, Fla., and Ocwen Technology Xchange Inc., West Palm Beach, Fla.,have formed a partnership. (Read More)

NAR: CRE Markets Slowed in 4Q

May 1, 2001

Commercial real estate markets slowed in the fourth quarter of 2000, but should stabilize in thefirst half of this year and improve in the second half, according to the National Association of Realtors. (Read More)

Annaly Completes Equity Offering

May 1, 2001

Annaly Mortgage Management Inc., New York, has announced the completion of a secondary offeringof 17 million shares of common stock. (Read More)

Pru Mortgage Originates $116MM Loan

May 1, 2001

Prudential Mortgage Capital Co., New Jersey, has originated a $116 million mortgage loan for fiveOutrigger Enterprises hotels in Waikiki, Hawaii. (Read More)

Glimcher Plans Public Offering

May 1, 2001

Glimcher Realty Trust, Columbus, Ohio, has filed a prospectus with the Securities and Exchange Commissionto offer 5 million common shares at approximately the trading price of its outstanding common shares at the timeof the offering. (Read More)

ABFS Earnings Fall

May 1, 2001

American Business Financial Services Inc., Bala Cynwyd, Pa., has reported net income of $2.9 million($0.89 per share) for the fiscal third quarter ended March 31, down from $3.9 million ($1.12 per share) a yearearlier. (Read More)

Tidalwave Buys Servicing Platform, Portfolio

May 2, 2001

Tidalwave Holdings Inc., Ft. Lauderdale, Fla., has acquired the assets of Seasons Mortgage GroupInc., a Richmond, Va.-based mortgage servicer, along with a servicing portfolio of more than $100 million. (Read More)

Pedestal Cutting Staff

May 2, 2001

Pedestal Inc., Washington, a business-to-business online mortgage trading platform, plans to cutstaff -- but isn't saying, yet, how many people it will let go. (Read More)

Freddie Speeds Rise, but May Have Peaked

May 2, 2001

Prepayment rates for Freddie Mac mortgage-backed securities rose significantly in the latest reportingperiod, but they may have hit their peak, according to the Bear Stearns Prepayment Commentary. (Read More)

Falcon Defends OFHEO's Effectiveness

May 2, 2001

The congressional debate over Fannie Mae and Freddie Mac is mainly about their business activities,not safety-and-soundness issues, according to Armando Falcon Jr., director of the Office of Federal Housing EnterpriseOversight. (Read More)

Fortress Sells Assets to DR Horton

May 2, 2001

The Fortress Group Inc., a builder and lender based in McLean, Va., has sold assets from its Florida-basedsubsidiary -- including the subsidiary's related mortgage operations -- to builder DR Horton Inc., Arlington, Texas,and related entities. (Read More)

BuilderDepot Allies With LendingTree

May 2, 2001

BuilderDepot Inc., San Diego, has formed a partnership with Charlotte, N.C.-based LendingTree. (Read More)

Applications Rise

May 2, 2001

Mortgage applications rose 9.9% on a seasonally adjusted basis during the week ended April 27, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Affordability Index Highest in 2 Years

May 2, 2001

The typical American family's ability to purchase a median-priced existing home reached its highestlevel in two years during the first quarter, according to the National Association of Realtors. (Read More)

NAHB: Brownfield Incentives Fall Short

May 2, 2001

So-called brownfields legislation passed by the Senate could open up low-cost land for affordablehousing projects, but the bill does not provide enough incentives for developers, according to the National Associationof Home Builders. (Read More)

IMC MBS Class Downgraded

May 2, 2001

The class B notes of IMC Home Equity Loan Trust 1997-5 have been downgraded from CCC to D by Standard& Poor's, and ratings on the deal's other classes have been affirmed. (Read More)

'Deep MI' Use Grows in Subprime Deals

May 2, 2001

"Deep MI" coverage was used extensively to reduce subordination requirements on structuredfinance deals backed by alternative-A and subprime mortgage loans in the first quarter, according to Standard andPoor's. (Read More)

HRPT Closes $425MM LOC

May 2, 2001

HRPT Properties Trust, Newton, Mass., has closed a new $425 million revolving bank credit facilitysyndicated to 14 banks. (Read More)

ABFS Names General Counsel

May 2, 2001

Stephen M. Giroux has been promoted to senior vice president and general counsel at American BusinessFinancial Services Inc., Bala Cynwyd, Pa. (Read More)

Weingarten Sells 600K Shares

May 2, 2001

Weingarten Realty Investors, a Houston-based real estate investment trust, has reported the saleof 600,000 common shares of beneficial interest in a public offering priced at $42.85 per share. (Read More)

New Century Reports Insider Stock Sale

May 2, 2001

New Century Financial Corp., Irvine, Calif., has announced that its vice chairman and president,Brad A. Morrice, sold 50,000 shares of his common stock in a private transaction. (Read More)

Radian Okays Stock Split

May 2, 2001

The board of directors of Radian Group Inc., Philadelphia, has approved a 2-for-1 common stock split.Radian said the action is subject to stockholder approval of the additional shares needed to effect the split. (Read More)

GMACCM Finances 3 Hotels

May 2, 2001

GMAC Commercial Mortgage Corp., Horsham, Pa., has provided $16 million in financing for three hotelproperties, two in Texas and one in Arizona. (Read More)

Islamic Website to Add Mortgages

May 2, 2001

A United Arab Emirates website that bills itself as the first to offer financial products and servicescompliant with Islamic law plans to add mortgages to its offerings. (Read More)

Precept Touts $5B Commercial Mortgage Alliance

May 3, 2001

Precept Corp., Oakland, Calif., has announced a strategic alliance with Chicago-based Cohen Financial to underwrite and close more than $5 billion in commercial mortgage loans over the next five-and-a-half years. (Read More)

HUD IG Retiring

May 3, 2001

Susan Gaffney plans to step down as the inspector general of the Department of Housing and Urban Development in about a month. (Read More)

Lazio Tapped to Head Policy Group

May 3, 2001

Former Rep. Rick Lazio, who headed the housing subcommittee of the former House Banking Committee, has been named president and chief executive officer of the Financial Services Forum. (Read More)

Freddie Eyes Agency Futures for Hedging

May 3, 2001

Freddie Mac has announced that it may engage in trading of agency debt futures for hedging purposes. (Read More)

Rates Creep Up

May 3, 2001

The average 30-year fixed mortgage rate rose to 7.14% for the week ending May 4 from 7.12% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

EDS/Abbey UK Venture Under Way

May 3, 2001

Electronic Data Systems, Plano, Texas, has reported that its new joint venture with United Kingdom lender Abbey National has officially gotten under way, positioning it to become the largest provider of mortgage services in Europe. (Read More)

Fannie Prices 2nd Sub-Debt Issue

May 3, 2001

Fannie Mae has priced its second Subordinated Benchmark Note issue, consisting of $1.5 billion of 5.500% five-year notes. (Read More)

S&P Eyeing Pulte, Del Webb

May 3, 2001

Standard & Poor's has reported that it has some concerns about how Pulte Corp.'s planned acquisition of Del Webb Corp. might affect the former's ratings, but believes it may have benefits for the latter's. (Read More)

Warehouse Line Concept Comes to Korea

May 3, 2001

A recent deal by NewState Capital Co. Ltd. and Shinhan Bank may be the first use of a warehouse line concept in the Korean mortgage industry. (Read More)

Coldwell, MAC, Basis100 Form Alliance

May 3, 2001

Coldwell Banker Canada, The Mortgage Alliance Co. of Canada, and Basis100 have entered into an agreement that ultimately allows Canadians to complete mortgage applications on Coldwell Banker Canada's website. (Read More)

REIT to Issue Preferred Stock

May 3, 2001

The Mills Corp., a real estate investment trust based in Arlington, Va., has announced that it will issue $75 million of convertible preferred stock in a private placement. (Read More)

Mortgage Employment Up Slightly

May 4, 2001

Employment in the mortgage industry edged up in April for the fifth consecutive month, as lenders remain cautious about hiring despite record home sales and a refinancing boom. (Read More)

Baker Plans GSE Hearing

May 4, 2001

Rep. Richard Baker, R-La., wants to hold a hearing May 23 on a long-awaited Congressional Budget Office report that is supposed to quantify the benefits Fannie Mae and Freddie Mac receive due to their government charters. (Read More)

Release of Funds Urged to Restart FHA Program

May 4, 2001

The Mortgage Bankers Association of America, the National Association of Home Builders, the National Association of Realtors, and others are urging the Bush administration to release $40 million in emergency supplemental funding to restart the Federal Housing Administration multifamily loan program. (Read More)

MF REITs Plan $3.6B Merger

May 4, 2001

Archstone Communities, Denver, and Charles E. Smith Residential Realty, Arlington, Va., two multifamily real estate investment trusts, have agreed to merge in a transaction valued at $3.6 billion. (Read More)

Halifax, Bank of Scotland to Merge

May 4, 2001

Halifax plc, the United Kingdom's largest mortgage lender, has agreed to merge with Bank of Scotland in a deal valued at �28 million ($40.6 million). (Read More)

Tidalwave to Offer Private-Label Subservicing

May 4, 2001

Taking advantage of its recent acquisition of the Seasons Mortgage Group servicing platform, Tidalwave Holdings, Fort Lauderdale, Fla., says it will offer "private label servicing" to community banks and credit unions. (Read More)

IMX to Relocate to Houston

May 4, 2001

Citing the benefit of operating from the central time zone, IMX Exchange president and chief executive officer Richard Wilkes has confirmed that the company will relocate its administrative and national sales offices to Houston. (Read More)

House Sector Remains Upbeat

May 4, 2001

The housing and mortgage industries continue to be bright spot in a slow-growth economy, according to the Federal Reserve's Beige Book. (Read More)

Condo, Co-op Sales Set Record

May 4, 2001

Sales of existing condominiums and cooperatives reached record levels in the first quarter, according to the National Association of Realtors. (Read More)

S&P: Servicing Industry in Flux

May 4, 2001

The servicing industry, especially in the residential mortgage area, is in a state of flux, according to Standard & Poor's. (Read More)

Conti HEL Class Downgraded

May 4, 2001

Class M-2F of ContiMortgage Home Equity Loan Trust's home equity loan pass-through certificates 1997-3 has been downgraded from BB to B by Standard & Poor's, and the ratings on the deal's other classes have been affirmed. (Read More)

S&P Downgrades Euro MBS Tranches

May 4, 2001

The London office of Standard & Poor's has downgraded two floating-rate note tranches issued by Ben Nevis One, a Royal Bank of Scotland special-purpose entity with a reference pool that includes European mortgage-backed securities. (Read More)

Hemlock Moves to SmallCap Market

May 4, 2001

The common stock of Hemlock Federal Financial Corp., Oak Forest, Ill., has moved from the Nasdaq National Market to the Nasdaq SmallCap Market. (Read More)

Feedback

May 4, 2001

The final tally for our survey question on tightening the internal controls of the FHA single-family loan program was 277-249 in favor of the proposal. (Read More)

Fannie, MBA Tout 'Milestone' E-Pact

May 7, 2001

Fannie Mae and the Mortgage Bankers Association of America have entered into a "milestone" agreement to develop and adopt neutral, industrywide standards and guidelines for electronic mortgages. (Read More)

Freddie Expanding Origination Tools

May 7, 2001

Freddie Mac is expanding its suite of tools to help lenders originate their mortgages more efficiently. (Read More)

Brokers Strengthened by Tech, CEO Says

May 7, 2001

Parts of the mortgage industry were threatened with disintermediation by technology, but rather than be replaced, the opposite has happened, according to Brad Inman, chief executive of HomeGain, Emoryville, Calif. (Read More)

Weicher May Face Hostile Queries

May 7, 2001

John Weicher is expected to face hostile questioning at a Senate confirmation hearing on his nomination to be federal housing commissioner, prompted by the National Association of Home Builders' concerns about his views on Federal Housing Administration programs. (Read More)

NAR: Pressures Eroding Appraiser Independence

May 7, 2001

Increasing pressures on appraisers to meet specific property valuations is undermining the profession, according to members to the National Association of Realtors appraisal committee. (Read More)

Fannie/Ginnie Speeds Rise Broadly

May 7, 2001

Prepayment rates for Fannie Mae and Ginnie Mae mortgage-backed securities rose broadly in April, resulting in speeds close to those recorded in the recent Freddie Mac report, according to the Bear Stearns Prepayment Commentary. (Read More)

Title Searches Up

May 7, 2001

The AFS Title Search Index rose to 190.0 in the week ended May 4, a 2.2% increase from 185.9 the previous week, according to Mortgage Information Corp.'s Advance Factor Services. (Read More)

Dexma Offers Web-Based Rate Locking

May 7, 2001

Dexma, Minneapolis, a mortgage technology application service provider, has announced the release of a new product that will automatically price, lock, and confirm mortgage rates over the Internet. (Read More)

Oak Tree, CRI Join Forces

May 7, 2001

Oak Tree Business Systems Inc. and Creditor Resources Inc. have announced that they now jointly bundle Oak Tree's loan forms into a credit union's front-end loan processing system, such as CRI's CRIterion, to offer compliant credit report coverage for 50 states. (Read More)

Law Firm Sues Chase Mortgage

May 7, 2001

The law firm of Cauley Geller Bowman & Coats, Boca Raton, Fla., has filed a class action lawsuit against Chase Manhattan Mortgage alleging that borrowers were improperly assessed late charges for mortgage loan payments "that were timely received." (Read More)

IndyMac MH Deal Downgraded

May 7, 2001

All classes of IndyMac Manufactured Housing Contract Pass-Thru Trust 1998-2 have been downgraded by Standard & Poor's. (Read More)

Fitch Eyes Archstone Ratings

May 7, 2001

Fitch has placed its A-minus senior unsecured debt rating and its BBB-plus preferred stock rating for Denver-based Archstone Communities Trust on Rating Watch Negative. (Read More)

GMAC-RFC Forms Dutch Unit

May 7, 2001

GMAC-RFC Europe has formed a company that will distribute residential mortgage products through insurance companies, mortgage brokers, pension funds, and other intermediaries who lend directly to consumers in the Netherlands. (Read More)

Chicago RE Firm Arranges $37MM in Funding

May 7, 2001

Baird & Warner Real Estate Capital, Chicago, has arranged $37 million in long-term first mortgage financing for three office projects, the company has reported. (Read More)

OFHEO 'Comfortable' With GSE Debt Risk

May 8, 2001

The chief regulator of secondary giants Fannie Mae and Freddie Mac said Tuesday that he is "comfortable" with their ability to manage the risks associated with their rapidly growing debt obligations. (Read More)

MBA: Housing Will Prevent Recession

May 8, 2001

Thanks in large measure to a surprisingly strong housing market, the economy won't fall into a recession, an industry economist predicted at the Mortgage Bankers Association of America's National Secondary Market Conference in Orlando, Fla. (Read More)

Meritage to Buy Hancock Assets

May 8, 2001

Meritage Corp. has agreed to buy the homebuilding assets of Hancock Communities for about $67.8 million in cash to be paid at closing, in addition to the assumption of trade payables, accrued liabilities, a note, and an earn-out payable over three years. (Read More)

Pedestal, Wells Fargo Form Alliance

May 8, 2001

Pedestal Inc., Washington, and Wells Fargo Home Mortgage Inc., Des Moines, Iowa, have announced that they are launching a new electronic correspondent sales initiative, called SellLoans.com. (Read More)

TradeWeb Launches Online MBS Market

May 8, 2001

TradeWeb LLC, New York, has officially launched it market for the trading of to-be-announced mortgage pass-through securities, the most liquid sector of the mortgage-backed securities market. (Read More)

HomeGain Unveils Foreclosure Tools

May 8, 2001

HomeGain, Emeryville, Calif., has introduced online tools designed to aid consumers facing foreclosure. (Read More)

Countrywide Launches E-Qual

May 8, 2001

Calabasas, Calif.-based Countrywide Home Loans has launched the E-Qual program to be part of its Correspondent Lending Division's Platinum secure business-to-business Internet site. (Read More)

eMagic.com Introduces Direct Connections

May 8, 2001

Milwaukee-based eMagic.com, a business-to-business website for the mortgage industry, has announced its Direct Connections feature that will give eMagic lenders and vendors an exclusive version of eMagic.com. (Read More)

WaMu to Recruit With Monster.com Tech

May 8, 2001

Washington Mutual Inc., Seattle, has announced an agreement with Monster.com to provide electronic recruitment technology for its website. (Read More)

Feds to Auction Seized Property Online

May 8, 2001

The U.S. Marshals Service will auction off seized real estate in South Carolina and Texas using Bid4Assets, a full-service asset disposition and advisory services company. (Read More)

Pru: RE Outlook Brighter Than Economy's

May 8, 2001

The outlook for the real estate sector is brighter than that for the overall economy, although it may weaken in the current quarter, according to Prudential Real Estate Investors, Parsippany, N.J. (Read More)

FHLBank Issues AH Proposal

May 8, 2001

The Federal Housing Finance Board has issued a proposal that would give the Federal Home Loan Banks more control over the $100 million they contribute each year for affordable housing programs. (Read More)

Fannie Passes $10B CRA Target

May 8, 2001

Fannie Mae has fulfilled its pledge -- a year and a half ahead of schedule -- to purchase at least $10 billion in targeted Community Reinvestment Act loans by the end of 2002. (Read More)

REIT, NY Pension Fund Form Joint Venture

May 8, 2001

Post Properties, an Atlanta-based multifamily real estate investment trust, has entered into a joint venture relationship with the New York State Common Retirement Fund to develop, initially, two Atlanta apartment communities at a cost of $67 million. (Read More)

CFI Sub Names Subprime Chief

May 8, 2001

Lawrence F. Carey Jr. has been promoted to the position of manager of the subprime underwriting department of First United MortgageBanc Inc., and Jacquelyn Barron has been promoted to manager of compliance and quality control. (Read More)

LendingTree Exec Recognized

May 8, 2001

Rick Stiegler, chief technology officer of LendingTree Inc., Charlotte, N.C., has been recognized by IDG's Computerworld as one of the business world's premier 100 leaders in information technology. (Read More)

Raines Proposes Fannie/FHA Risk Sharing

May 9, 2001

Fannie Mae chairman Franklin Raines has approached Housing Secretary Mel Martinez about formulatinga risk-sharing program involving the Federal Housing Administration single-family program. (Read More)

Parity Act Going to Supreme Court?

May 9, 2001

A Virginia commission has decided to continue its challenge of a federal mortgage lending law, knownas the Parity Act, by filing an appeal with the U.S. Supreme Court. (Read More)

Senate Consider HUD Nominees

May 9, 2001

The Senate Banking Committee has decided to move quickly on four nominees for top posts at the Departmentof Housing and Urban Development. (Read More)

Freddie Changes MBS Prepay Cycle

May 9, 2001

Freddie Mac has announced that it is revising the prepayment accounting cycle for its Gold/ARM participationcertificates and will be able to pass through prepayments more quickly. (Read More)

Wall Street Reacts to Freddie Move

May 9, 2001

Meanwhile, one Wall Street firm was valuing Freddie Mac's mortgage-backed interest-only trusts atmore than half a point less at midday Wednesday and principal-only trusts at more than half a point more afterthe government-sponsored enterprise's surprise decision to recalibrate its prepayment cycle. (Read More)

Pension Fund Gets Seller/Servicer Status

May 9, 2001

A zero-downpayment mortgage program sponsored by California State Teachers Retirement System hasbeen so successful that Freddie Mac has granted the pension fund seller/servicer status. (Read More)

MBA: Web Use High for Home Loans

May 9, 2001

More than 86% of "online consumers" used the Internet to look for a house or shop fora home loan, either for purchasing or refinancing a home, according to a survey released by the Mortgage BankersAssociation of America. (Read More)

OpenClose Names Private Label Sales Veep

May 9, 2001

Woody Scott has been named senior vice president of private label sales at OpenClose Technologies,Sunrise, Fla. (Read More)

Fitch: CMBS Defaults on the Rise

May 9, 2001

Loan defaults in commercial mortgage-backed securities totaled 131 in 2000, twice the number in1999, according to a study by Fitch. (Read More)

S&P Downgrades Argentine Deals

May 9, 2001

Standard & Poor's has lowered its ratings on five structured transactions in Argentina, includingtwo mortgage deals. (Read More)

S&P to Rate Japanese REITs

May 9, 2001

Standard & Poor's has outlined its policy toward rating Japanese real estate investment trusts. (Read More)

REIT Files $500MM Shelf

May 9, 2001

Senior Housing Properties Trust, Newton, Mass., has announced the filing of a shelf registrationfor the issuance of up to $500 million of equity and debt securities with the Securities and Exchange Commission. (Read More)

Sarbanes Preparing Anti-Predatory Bill

May 10, 2001

Sen. Paul Sarbanes, D-Md., is preparing to introduce an anti-predatory lending bill that will mirror a bill (H.R. 1051) introduced by Rep. John LaFalce, D-N.Y., in the House. (Read More)

FHA Makes Refinancing Easier

May 10, 2001

The Department of Housing and Urban Development is making it easier for Federal Housing Administration homeowners to refinance their loans without having to bring additional cash to the closing table. (Read More)

Fannie to Sell Debt to Individuals

May 10, 2001

Fannie Mae has announced that it will begin offering senior debt securities called Fannie Mae Investment Notes directed at the individual investor. (Read More)

FelCor, MeriStar Lodging REITs to Merge

May 10, 2001

FelCor Lodging Trust Inc., Irving, Texas, and MeriStar Hospitality Corp., Washington, have announced an agreement to merge in a transaction valued at $2.7 billion. (Read More)

Applications Fall

May 10, 2001

Mortgage applications fell 4.9% on a seasonally adjusted basis during the week ended May 4, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Newport Cap Invests in HomeSeekers.com

May 10, 2001

Newport Capital Holdings, Newport Beach, Calif., has entered into an agreement with HomeSeekers.com, a Reno, Nev.-based online real estate technology and services provider, to provide $5 million in funding to the dot-com. (Read More)

Dee Vanover Releases Closing Software

May 10, 2001

Dee Vanover & Associates has announced the release of the newest product in its real estate closing software line, The Perfect HUD On Line. (Read More)

Freddie Prices RefBonds

May 10, 2001

Freddie Mac has priced $1 billion of reopened 6.75% 30-year Reference Bonds due March 15, 2031. (Read More)

Health Care REIT Announces Stock Offering

May 10, 2001

Health Care Property Investors, a Newport Beach, Calif.-based health care real estate investment trust, is offering 3.5 million shares of common stock priced at $34.80 per share. (Read More)

Rotella Named Chase Mortgage CEO

May 11, 2001

Stephen J. Rotella has been named president and chief executive officer of Chase Manhattan Mortgage Corp., Edison, N.J. (Read More)

Korell Named to Matrix Board

May 11, 2001

Mortgage industry veteran Mark L. Korell has been named to the board of directors of Matrix Bancorp. Inc., Denver, and Stephen G. Skiba has been named president and chief executive officer of Matrix Capital Bank. (Read More)

Falcon Touts OFHEO's Effectiveness

May 11, 2001

One reason Fannie Mae and Freddie Mac are in such good financial shape is that they are operating under an effective regulator, according to Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight. (Read More)

Consumer Group Joins Homeownership Alliance

May 11, 2001

The Consumer Federation of America has joined the Homeownership Alliance, which Fannie Mae and Freddie Mac created to counter their critics at FM Watch. (Read More)

Rates Dip

May 11, 2001

The average 30-year fixed mortgage rate fell to 7.10% for the week ending May 11 from 7.14% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

NAR: Resales Break 1Q Record

May 11, 2001

The seasonally adjusted annual rate of existing-home sales totaled a record 6.09 million units in the first quarter, according to the National Association of Realtors. (Read More)

Appraisal Institute, PropertyFirst Release Data Standard

May 11, 2001

The Appraisal Institute and PropertyFirst have released version 1.0 of the Appraisal Institute Commercial Data Standard, which specifies fields and information appraisers should consider when developing comparable sale, lease, and operating statement data records. (Read More)

Fannie Cites Note Characteristics

May 11, 2001

The first issue of Fannie Mae's new Investment Notes for individual investors will likely have a maturity and noncallable period similar to those in the government-sponsored enterprise's retail medium-term note program, a spokeswoman has told MortgageWire. (Read More)

Morgan Stanley CMBS Classes Downgraded

May 11, 2001

Three classes of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates Series 1998-CF1 have been downgraded by Standard & Poor's, and ratings were affirmed on 10 other classes. (Read More)

ASC CMBS Classes Downgraded

May 11, 2001

Three classes of Asset Securitization Corp.'s 1996-D2 commercial mortgage pass-through certificates have been downgraded by Standard & Poor's, and ratings were affirmed on six other classes. (Read More)

Housing Commission Solicits Comments

May 11, 2001

The Millennial Housing Commission is soliciting written testimony from national housing groups as it strives to develop legislative recommendations for Congress on ways to improve housing opportunities for all Americans. (Read More)

Euro Rate Cuts 'Unlikely' to Cause Mortgage Boom

May 11, 2001

European lenders are welcoming central bank decisions to cut key rates, but one trade group in the United Kingdom is forecasting that the resulting boost in the mortgage market will fall short of a "boom" in the industry. (Read More)

Feedback

May 11, 2001

The early results for our survey question on whether Freddie Mac's purchase of Tuttle Decision Systems falls within the purview of its charter is running more than 2-1 in Freddie Mac's favor. (Read More)

Mikulski: End FHA Loan Inflation

May 14, 2001

Sen. Barbara Mikulski, D-Md., is calling on the Mortgage Bankers Association to work with the Department of Housingand Urban Development to find a way to voluntarily address an "epidemic" of property flipping that hasresulted in inflated Federal Housing Administration loan amounts. (Read More)

Baltimore Groups to Counter 'Flipping'

May 14, 2001

Baltimore-area housing and business leaders have set up a charitable fund, called Solid Foundations, to help victimsof a property flipping scandal that has rocked this city. " (Read More)

Aames Reports Loss

May 14, 2001

Subprime home equity lender Aames Financial Corp., Los Angeles, CA, closed the first quarter 2001 with a net lossof $33.2 million, which the company attributed mainly to a $33.6 million write-down of Aames' residual assets. (Read More)

Mexico May Start a GSE

May 14, 2001

A legislative proposal pending in Mexico would create a government-sponsored enterprise similar to Fannie Mae orFreddie Mac. (Read More)

Property Sale Closing Adjourned

May 14, 2001

The closing of the sale of a 27-property portfolio by Banyan Strategic Realty Trust, a Chicago-based office andindustrial property real estate investment trust, to Denholtz Management has been adjourned by Denholtz, Banyanhas reported. (Read More)

Impac Retires Debt Early

May 14, 2001

Residential real estate investment trust Impac Mortgage Holdings Inc., Newport Beach, Calif. will free itself fromall existing general unsecured debt obligations by retiring $7.7 million of its debentures early. (Read More)

Family Lending Buys Dynatek's MorVision

May 14, 2001

Dynatek, a provider of mortgage lending software solutions, announced that Family Lending Services, Newport Beach,Calif., has purchased the MorVision loan origination system. (Read More)

Priceline Links with HomeSeekers

May 14, 2001

HomeSeekers.com Incorporated and priceline.com have formed a marketing alliance, making Pricelinemortgage the preferredonline mortgage provider for HomeSeekers.com and some 30,000 local Realtor websites around the U.S. (Read More)

Fitch Rates Tokyo Servicer

May 14, 2001

Fitch has assigned its second special servicer rating in Japan to Tokyo Servicer Inc., a commercial mortgage servicer. (Read More)

FNF Acquires MLS Provider

May 14, 2001

Fidelity National Financial Inc., a national provider of title insurance and real estate related products and services,has signed a definitive agreement to purchase Risco Inc. from iProperty.com. (Read More)

Fannie Might Trim Credit Report Requirement

May 15, 2001

Fannie Mae is considering a pilot program where it will accept a credit report from just one creditreporting agency -- as opposed to the current requirement of three. (Read More)

Impairment Worries Have Eased

May 15, 2001

With rates beginning to stabilize, the threat of "impairment" to the value of mortgageportfolios is declining. (Read More)

eMagic, NetUpdate Sign Agreement

May 15, 2001

eMagic.com, Milwaukee, Wis., has announced that it has formed an agreement with NetUpdate Inc.,Redmond, Wash., to provide direct access from Byte, The Qualifier Series, to the storefronts of eMagic's investor/wholesalerand vendor partners. (Read More)

VistaInfo Announces 1Q Operating Results

May 15, 2001

VistaInfo, San Diego, announced slightly lower revenues and improved operating margins for the firstquarter of fiscal 2001. (Read More)

Commercial Loans Remain Strong in CA

May 15, 2001

According to a California Mortgage Bankers Association Survey, 99.8% of commercial mortgage loansin the state are performing well. (Read More)

Survey Says Affordable Housing Is Hard to Build

May 15, 2001

A survey by an association of apartment housing development officials found that high land costsare a significant obstacle to the construction of housing for moderate-income people. (Read More)

LandAmerica Buys Commercial Appraiser

May 15, 2001

LandAmerica OneStop, a subsidiary of Atlanta-based LandAmerica Financial Group, has announced theacquisition of Curry Carter & Associates, an Atlanta-based commercial appraisal firm. (Read More)

Mortgage Applications Rise

May 16, 2001

Lenders reported an increase in mortgage applications during the week ending May 11, according to the weekly surveyof the Mortgage Bankers Association of America. (Read More)

Rate Cut Sparks Call Center Traffic

May 16, 2001

After the Federal Reserve cut interest rates yesterday, Countrywide Home Loans, Calabasas, Calif., said its nationalcall centers experienced a 400% spike in calls from consumers. (Read More)

Impact of Fed Move Unclear

May 16, 2001

The Federal Open Market Committee has lowered its target for the overnight federal funds rate by 50 basis points,but the move's implications for long-term fixed mortgage rates remains to be seen. (Read More)

Fannie Loan Purchases Hit a High

May 16, 2001

Fannie Mae purchased $68.64 billion in mortgages during April, its strongest purchase month since December of 1998when the last refinancing boom was in full swing. (Read More)

Housing Starts Up 7%

May 16, 2001

Single family housing start jumped 6.7% to their second highest level in 12 months as the housing market continuesto sizzle. (Read More)

FHA Nominee Headed for Confirmation

May 16, 2001

John Weicher successfully navigated his Senate confirmation hearing and it appears he will become the next FederalHousing Administration commissioner. (Read More)

Illinois Regs Are In Effect

May 16, 2001

State-licensed lenders making high-cost loans in Illinois will have to comply with new anti-predatory lending regulationsthat take effect Thursday (May 17). (Read More)

MortgageHub.com Becomes Ellie Mae Partner

May 16, 2001

MortgageHub.com, Des Moines, Iowa, has signed an agreement with Ellie Mae to become a distributor of access tothe ePASS Business Center and an Ellie Mae Preferred Partner for lender integration. (Read More)

PNC Bank To Buy FHA Apartment Lender

May 16, 2001

PNC Bank, Pittsburgh, has agreed to acquire the multi-family lending and loan servicing operations from TRI CapitalCorporation, a leading provider of government-guaranteed apartment housing loans. (Read More)

KeyCRE Finances REIT's Apartment Acquisition

May 16, 2001

KeyCRE, the commercial real estate group of Cleveland-based KeyCorp, has closed a $202 million loan transactionwith Archstone Communities Trust, a Denver-based multi-family Real Estate Investment Trust (REIT), KeyCorp hasreported. (Read More)

MI Companies Get Approval in the UK

May 16, 2001

Two United States mortgage insurance companies' United Kingdom ventures have separately received key approvals. (Read More)

Late Fee's Crop Up in Foreclosure Litigation

May 16, 2001

A suit against Chase Manhattan Mortgage has renewed attention to class action litigation involving the chargingof late fees, but servicers may have another reason to worry about late fee litigation as well. (Read More)

2000 GSE Subsidy: $13.6 Billion, CBO Says

May 17, 2001

The nation's housing GSEs received $13.6 billion in Federal subsidies last year and two of those GSEs -- FannieMae and Freddie Mac -- retained 37%, or $3.9 billion, of the subsidy for their shareholders, according to a draftof a much-anticipated study by the Congressional Budget Office. (Read More)

HUD Working on Flipping Rule

May 17, 2001

The Department of Housing and Urban Development is working on a rule to stop the financing property flips withFederal Housing Administration insured loans. (Read More)

Mortgage Stocks Performance Mixed

May 17, 2001

Although the Dow Jones Industrial Average climbed more than 300 points on Wednesday and was continuing to riseat mid-day Thursday, the performance of mortgage stocks was somewhat mixed. (Read More)

Freddie Reacts to New Tax Law

May 17, 2001

Freddie Mac has announced that due to the IRS' issuance of Final Reopening Regulations effective March 31, 2001,the company may offer new issues instead of re-openings of specific Reference Notes as scheduled in its 2001 ReferenceNote and Bond annual financing calendar. (Read More)

Fed Launches Consumer Finance Survey

May 17, 2001

The Federal Reserve Board is sending out 10,000 survey forms to American households to update their research onconsumer finances. (Read More)

Realtors Meet in Washington

May 17, 2001

Housing representatives stressed today that "the biggest issue" for the Bush Administration will be findingaffordable housing solutions "especially on the rental side." (Read More)

Contour Windfall Deferred

May 17, 2001

First American Corp., Santa Ana, Calif., said it is deferring the one-time gain related to the sale of ContourSoftware rather than recognize the full gain in the first quarter of 2001. (Read More)

FleetBoston Completes HELOC Securitization

May 17, 2001

FleetBoston Financial has reported that it has priced its first home equity line of credit transaction, a $758million deal that is scheduled to close May 30. (Read More)

Life Company Forms Fund To Purchase CRE

May 17, 2001

The Union Labor Life Insurance Company (ULLICO), Washington, has formed a real estate equity fund with an investmenttarget of $100 million to acquire commercial properties undergoing construction or rehabilitation. (Read More)

Tidalwave/FAMS Schedules First MBS Issue

May 17, 2001

Tidalwave Holdings Inc., Ft. Lauderdale, Fl., has announced that its investment mortgage banking subsidiary, FirstAmerican Mortgage Securities Inc., has executed a $30 million master mortgage backed securities commitment. (Read More)

American Express to Offer Mortgage Products Online

May 17, 2001

New York-based American Express Company has launched Mortgages from American Express, a comprehensive mortgageprogram available through the company's direct consumer bank service, Membership B@nking. (Read More)

Consumers Get Access to Online Merged Credit Reports

May 17, 2001

Farmindale, N.Y.-based Monitrust.com, a pure-play Internet credit report provider, has reached agreements withTrans Union, Experian and Equifax to provide merged reports to consumers online. (Read More)

Adjustable Rates Move Lower

May 18, 2001

The average one-year Treasury-indexed adjustable-rate mortgage fell to 5.81% for the week endingMay 18, 2001 from 5.90% the week before, reacting to the latest Fed rate cut, according to Freddie Mac's PrimaryMortgage Market Survey. (Read More)

Apps Up, Refis Down

May 18, 2001

The industry saw an increase in mortgage loan applications but a decrease in refinance activity from last week,according to the Mortgage Bankers of America's most recent weekly application survey. (Read More)

REIT Earnings Advance as Dow Falls

May 18, 2001

Funds From Operations (FFO) per share for the equity Real Estate Investment Trusts (REITs) that had reported earningsas of May 14, rose 7.5% on average in the first quarter of 2001, compared to the same period last year, accordingto data compiled by the National Association of Real Estate Investment Trusts (NAREIT). (Read More)

Interstar Completes Innovated MBS Deal

May 18, 2001

Orrick, Herrington & Sutcliffe LLP reported that it has advised joint lead manager Barclays Capital on an innovativemortgage-backed securitization for Australian investment management firm Interstar Securities. (Read More)

Newstate Issues Novel Korean MBS deal

May 18, 2001

Newstate Capital Co. Ltd. has issued a 10.1 billion won ($7.8 million) mortgage-backed securitization that incorporatesspecial call provisions used for the first time in a Korean MBS deal. (Read More)

Senators Urge Restart of FHA Multifamily Lending

May 18, 2001

Seven senators, including two Republicans, are urging housing secretary Mel Martinez to restart the Federal HousingAdministration multifamily loan by releasing $40 million in emergency funds approved by Congress last year. (Read More)

Banks Tightening on CRE Loans

May 18, 2001

Commercial banks continue to tighten their underwriting standards on commercial real estate loans, even as demandfor CRE loans has weakened, according to the findings of a May survey of senior loan officers by the Federal ReserveBoard. (Read More)

Foreclosure Strikes Finantra Capital

May 18, 2001

Finantra Capital Inc., Plantation, Fla., announced last week that on May 11, 2001 BHC Interim Funding L.P. foreclosedupon and sold at public sale, pursuant to rights triggered upon the continuance of events of default under its$3.65 million loan agreement with Finantra and Finantra's affiliates, all of the issued and outstanding capitalstock of Travelers Investment Corporation. (Read More)

S&P Ranks First Japanese Special Servicer

May 18, 2001

Standard & Poor's has assigned its Average ranking with a stable outlook to Tokyo Servicer Inc. as a specialservicer. (Read More)

Insurance Group Starts Savings Bank

May 18, 2001

The Independent Insurance Agents of America, an industry trade group, has opened its own savings bank, InsurBanc,based in Farmington, Conn. (Read More)

General American Rolls Out New Technology

May 18, 2001

General American Corp., Pittsburgh, a national real estate settlement service firm specializing in title insuranceand closing management services to the mortgage finance and realty industry, has rolled out its Gator Anywheretechnology, a title insurance order management and fulfillment system. (Read More)

Feedback: Realtors Originating Loans

May 18, 2001

Should mortgage loan brokers be competing with Realtors for loan originations? (Read More)

Baker Scolds GSEs

May 21, 2001

Rep. Richard Baker, R-La., is telling Fannie Mae and Freddie Mac that they have gone too far in their attacks on a Congressional Budget Office report, and that if they want a fight he is ready for them. (Read More)

Collateral Mortgage Buys KC Firm

May 21, 2001

Collateral Mortgage, Birmingham, Ala., has acquired Charter American Mortgage Co., Kansas City, Mo., forming Collateral Mortgage Capital, a privately owned commercial mortgage banking firm. (Read More)

ACB: Cut Capital on Low-LTV Loans

May 21, 2001

America's Community Bankers wants the Office of Thrift Supervision to go further in its proposal to reduce capital requirements on mortgage loans and create a new risk weighting for highly collateralized real estate loans. (Read More)

Title Searches Dip

May 21, 2001

The AFS Title Search Index fell slightly to 186.2 in the week ended May 18, a 0.5% decrease from 187.1 the previous week, according to Mortgage Maxx LLC's Advance Factor Service. (Read More)

LendingTree Forges Partnerships

May 21, 2001

Costco, The Motley Fool, and HGTV have incorporated co-branded loan centers into their sites using the LendingTree technology, Lend-X. (Read More)

Fiserv Unit Unveils New Product

May 21, 2001

RF/Spectrum Decision Science Corp., a unit of Fiserv Inc., has released ASAP/Spectrum, the latest addition to its suite of portfolio management applications. (Read More)

Finance Industry Security Seen as Vulnerable

May 21, 2001

Because the finance industry is an early adopter of new technologies, it is more susceptible to security breaches, according to IDC, Framingham, Mass. (Read More)

Gables Extends Credit Facility

May 21, 2001

Gables Residential, Atlanta, has extended the maturity of its $225 million unsecured revolving credit facility from May 2003 to May 2004. (Read More)

LaSalle Streamlines Loan Approval

May 21, 2001

LaSalle Home Mortgage, Chicago, has adopted a program that expedites the loan approval process by authorizing loan consultants to approve loan applications without the standard follow-up conditions. (Read More)

Roukema Seeks Restart of FHA MF Program

May 22, 2001

Congressional demands for Housing Secretary Mel Martinez to restart the Federal Housing Administration multifamily program are growing louder. (Read More)

Controversial HUD Proposals in Limbo

May 22, 2001

The Department of Housing and Urban Development has withdrawn or placed on the back burner several proposals by the previous administration that drew fire from lenders and secondary market agencies. (Read More)

Gramm Staying Out of GSE Debate

May 22, 2001

Senate Banking Committee Chairman Phil Gramm, R-Texas, says he is staying on the sidelines of the debate over the regulation of Fannie Mae and Freddie Mac. (Read More)

Equity One Buying Canadian RE Firm

May 22, 2001

Equity One, North Miami Beach, Fla., is acquiring Centrefund Realty (U.S.) Corp., a wholly owned subsidiary of Canadian real estate firm Centrefund Realty Corp., in a stock-for-stock transaction. (Read More)

Digital Dialogue, PHH Form CU Alliance

May 22, 2001

Digital Dialogue, an Internet-based call center based in Taylor, Mich., has formed an alliance with PHH Mortgage Services, a New Jersey-based company that serves credit unions. (Read More)

CampusMBA Offers Subscription Plan

May 22, 2001

The Mortgage Bankers Association of America is now offering online education courses through an annual subscription plan. (Read More)

RE/MAX to Offer No-Cost Loan Decision

May 22, 2001

HomeSide Lending Inc., Jacksonville, Fla., has formed a strategic alliance with RE/MAX of New York to offer homebuyers a mortgage decision at no upfront cost. (Read More)

Leader Names New CEO

May 22, 2001

Lawrence A. Ball has been named president and chief executive officer of Leader Mortgage Co., Cleveland, a subsidiary of First Defiance Financial Corp. (Read More)

S&P Eyeing Aussie Firm's Servicing Sub

May 22, 2001

An Australian company's plan to possibly outsource mortgage processing has prompted Standard and Poor's to begin "monitoring" the ranking of that company's servicing subsidiary. (Read More)

Kennedy-Wilson Japan Buys 5 Office Properties

May 22, 2001

Kennedy-Wilson Japan has completed the purchase of five Japanese office properties for about $80 million, according to its parent real estate firm, Kennedy-Wilson, Beverly Hills, Calif. (Read More)

Emerging Mortgage Markets Program Launched

May 22, 2001

Societas, the Washington, D.C.-based international institute for real estate finance, has launched a series of initiatives and a redesigned website. (Read More)

California Software Picked for Mortgage System

May 22, 2001

California Software Corp., Irvine, Calif., has won a contract with American Home Bank to provide a mortgage loan production system. (Read More)

WaMu Eyeing Dime?

May 23, 2001

Washington Mutual, Seattle, is getting more serious about its intentions to purchase Dime Bancorp,New York, the ninth-ranked residential lender in the U.S. (Read More)

HUD Rejects Quick Fix for MF Shutdown

May 23, 2001

The Department of Housing and Urban Development has rejected a quick-fix approach, suggested byRep. John LaFalce, D-N.Y., that could restart the Federal Housing Administration multifamily program without appropriatingnew funds. (Read More)

Gramm on His Way Out?

May 23, 2001

If Sen. James Jeffords, R-Vt., bolts the Republican party as expected, power in the U.S. Senatewould shift, leaving the Democrats in control of the chamber and all its committees. (Read More)

CBO: No Doubt on GSE Subsidies

May 23, 2001

Congressional Budget Office Director Dan Crippen told a House panel May 23 there is no doubt thatthe housing GSEs receive federal subsidies due to their charters, retaining a portion of that subsidy for theirshareholders. (Read More)

Bingham to Sell Bloomfield Assets to Wells

May 23, 2001

Bingham Financial Services Corp., Birmingham, Mich., has agreed to sell the assets of its subsidiariesBloomfield Acceptance Co. LLC and Bloomfield Servicing Co. LLC to Wells Fargo & Co., San Francisco. (Read More)

Pru Allies With H&R Block

May 23, 2001

Prudential Referral Services, Irvine, Calif., has formed an alliance with H&R Block MortgageCorp., Burlington, Mass., to handle the home shopping services for the latter's pre-approved, first-time and move-uphomebuyer clients. (Read More)

Applications Drop

May 23, 2001

Mortgage applications fell 15.2% on a seasonally adjusted basis during the week ended May 18, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Pru Mortgage Completes 1st Solo CMBS Deal

May 23, 2001

Prudential Mortgage Capital, Newark, N.J., has reported the completion of its first solo securitizationof commercial mortgage-backed securities in a $908 million deal composed of 119 Prudential-originated loans. (Read More)

ABN Amro Tops Among Wholesalers in 1Q

May 23, 2001

The mortgage industry has a new wholesale volume leader: ABN Amro Mortgage, Troy, Mich. (Read More)

S&P Updates Subprime RMBS Default Curve

May 23, 2001

Standard & Poor's has updated its default and loss curves for subprime residential mortgage-backedsecurities. (Read More)

Beazer Sells $200MM in Notes

May 23, 2001

Builder and mortgage originator Beazer Homes USA Inc. has closed on the sale of $200 million in8.625% senior notes due 2011 and plans to use part of the proceeds to redeem its 9% senior notes due 2004. (Read More)

REIT Renews LOC

May 23, 2001

Bedford Property Investors Inc., Lafayette, Calif., has renewed its secured line of credit witha five-bank lending group headed by Bank of America. (Read More)

New Home Sales Down 9.5%

May 24, 2001

Sales of new single-family homes fell 9.5% in April as a slowing economy finally caught up with prospective homebuyers. (Read More)

GSE Stocks Rally on Jeffords News

May 24, 2001

The share prices of Fannie Mae and Freddie Mac rallied on Wednesday and early Thursday in the wake of news that Sen. Jim Jeffords of Vermont was leaving the Republican Party, tipping the balance of power in the Senate to the Democrats. (Read More)

Rates Rise

May 24, 2001

The average 30-year fixed mortgage rate rose to 7.20% for the week ending May 25 from 7.14% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Supplemental Bill May Become FHA Vehicle

May 24, 2001

The Bush administration is expected to send a $6.5 billion supplemental funding request to Congress after the Memorial Day recess, and it may become a vehicle for getting additional credit subsidy funds for the FHA multifamily program. (Read More)

FEMA Chief Promotes Mitigation

May 24, 2001

The director of the Federal Emergency Management Agency has told flood insurance officials meeting in Minneapolis that the agency will encourage efforts to mitigate flood damage and widen flood insurance coverage. (Read More)

LoopNet Launches New CRE Service

May 24, 2001

LoopNet, an online commercial real estate marketplace, has launched FinanceNow, a service that integrates financial term sheets and real-time loan rate information with the dot-com's commercial property listings. (Read More)

HomeGold Consolidating Operations

May 24, 2001

HomeGold Financial Inc., Greenville, S.C., has announced that it will consolidate its corporate support functions into its Lexington, S.C., offices within 90 days. (Read More)

GMAC-RFC Enters Japanese Venture

May 24, 2001

GMAC-RFC has entered Japan and plans to develop mortgage-related opportunities there, but meanwhile it has taken on a 13.5% share in a consumer finance company as its first investment in the country. (Read More)

Fannie Prices Benchmark Notes

May 24, 2001

Fannie Mae has priced $5 billion of 4.625% two-year Benchmark Notes and $5.0 billion of 6.000% 10-year Benchmark Notes. (Read More)

Golf Trust Lenders Demand Payment

May 24, 2001

Golf Trust of America Inc., Charleston, S.C., has announced that lenders to its operating partnership say they plan to accelerate the outstanding debt under two credit agreements. (Read More)

CharterMac Cites Exercise of Overallotment Option

May 24, 2001

Charter Municipal Mortgage Acceptance Co., New York, has reported that the underwriters of its public offering of 7.9 million common shares have purchased an additional 480,000 shares under their overallotment option. (Read More)

Resales Down 4%

May 25, 2001

Sales of existing single-family homes fell 4.2% in April, but resales out West fell 10%, mainly due to the slowdown in the technology sector. (Read More)

Lenders Nervous Over Ascent of Sarbanes

May 25, 2001

Predatory lending will be a major issue for the Senate Banking Committee with Sen. Paul Sarbanes, D-Md., as the new chairman, and it is making lenders nervous. (Read More)

Senate Confirms 4 at HUD

May 25, 2001

By unanimous consent, the U.S. Senate has confirmed four of the president's nominees to fill top positions at the Department of Housing and Urban Development, including John Weicher to be commissioner of the Federal Housing Administration. (Read More)

OTS Okays Superior Bank Cap Plan

May 25, 2001

The Office of Thrift Supervision has approved a capital restoration plan for Superior Bank FSB, Oakbrook Terrace, Ill., which is owned by two powerful financial families: the Pritzkers of Chicago and the Dwormans of New York. (Read More)

1st Union, Wachovia Make $35B Pledge

May 25, 2001

First Union Corp., Charlotte, N.C., and Wachovia Corp., Winston-Salem, N.C., have announced a Community Commitment of at least $35 billion -- including $9 billion in affordable mortgages -- in states where both companies reside. (Read More)

SSB Trims Lehman EPS Estimate

May 25, 2001

Lehman Brothers' residential and commercial mortgage securitizations "appear to have improved" as the second quarter has gotten under way, but a separate development has caused analysts at Salomon Smith Barney to "trim" SSB's estimate for the company. (Read More)

Irwin Delays 10-Q Filing

May 25, 2001

Irwin Financial Corp., Columbus, Ind., has delayed the filing of its Form 10-Q financial report for the first quarter while it reviews its revenue recognition policy for all periods since the second quarter of 1999. (Read More)

Firm Sees Rising Office Vacancies

May 25, 2001

Grubb & Ellis, a Northbrook, Ill., commercial real estate services firm, has published research suggesting a deterioration in the U.S. office market during the first quarter. (Read More)

Feedback

May 25, 2001

How can brokers stop banks from letting Realtors "play broker" and originate direct to the public? (Read More)

HomeSide Denies Sale Report

May 29, 2001

Standard & Poor's has reported that it "has learned that National Australia Bank Ltd. may contemplate the sale of HomeSide Lending Inc.," but a HomeSide spokeswoman denies that the Australian financial institution may eventually put its U.S.-based mortgage bank subsidiary up for sale. (Read More)

HUD Eyes Lender Accountability for Appraisals

May 29, 2001

The Department of Housing and Urban Development is working on a mortgagee letter that addresses the issue of lender responsibility for shoddy appraisals. (Read More)

FiNet Revamp to Reduce Wholesale Ops

May 29, 2001

FiNet.com, San Ramon, Calif., has announced a restructuring of its operations to reduce its dependence on wholesale mortgage banking and to slash operating expenses. (Read More)

WaMu Issues $1.1B Negative-Amortization Deal

May 29, 2001

Washington Mutual Inc., Seattle, has issued a $1.1 billion securitization backed by negative-amortization adjustable-rate mortgage loans, according to Moody's Investors Service. (Read More)

REITs Hike Portfolio Returns, Firm Says

May 29, 2001

Real estate investment trusts represent a "strong source of diversification" for many investment portfolios, increasing returns and lowering risk, according to Chicago-based Ibbotson Associates. (Read More)

Mortgage Lenders Pressured in UK

May 29, 2001

Pressures in the United Kingdom's mortgage market are jeopardizing the ratings of lenders there, according to Standard & Poor's. (Read More)

S&P: Lebanon's RE Loans Suffering

May 29, 2001

Lebanon's real estate/construction-dominated loans are suffering from asset quality problems in the wake of economic troubles in the republic, Standard & Poor's has noted in revising its ratings outlook on three Lebanese banks. (Read More)

California Resales Decline

May 29, 2001

Sales of existing single-family detached homes in California fell 4.4% in April, but they were up 0.5% from a year earlier, according to the California Association of Realtors and Real Estate Solutions. (Read More)

LaFalce Seeks Homebuyer Tax Benefit

May 30, 2001

Rep. John LaFalce, D-N.Y., has introduced a first-time homebuyer bill that would provide tax-freeborrowing from individual retirement accounts. (Read More)

Applications Rise

May 30, 2001

Mortgage applications rose 4.3% on a seasonally adjusted basis during the week ended May 25, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

Banyan Announces Liquidating Distribution

May 30, 2001

Banyan Strategic Realty Trust, Chicago, has announced that the initial distribution under its liquidationplan will be $4.75 per share. (Read More)

GMAC to Use MindBox Tech

May 30, 2001

MindBox, Greenbrae, Calif., has announced an agreement with GMAC Mortgage Corp., Horsham, Pa., tobuild the company's end-to-end automated underwriting system. (Read More)

Home-Link Enters Canadian Market

May 30, 2001

Home-Link Services Canada Ltd., Toronto, has made its home-related products and services availablenorth of the border. (Read More)

LandSafe Names New Veep

May 30, 2001

Dave Worthington has been named first vice president of business development for the National Defaultunit of LandSafe Services Inc., Plano, Texas. (Read More)

Triad to Join Nasdaq Financial-100

May 30, 2001

Triad Guaranty Inc., Winston-Salem, N.C., will become a component of the Nasdaq Financial-100 Indexeffective June 6. (Read More)

Glenborough Boosts LOC

May 30, 2001

Glenborough Realty Trust Inc., San Mateo, Calif., has increased its bank line of credit to $180million and extended its maturity date to June 2003. (Read More)

GMAC to Close California Platform

May 31, 2001

GMAC Mortgage Corp., Horsham, Pa., has announced that it will consolidate its four mortgage servicing centers into three locations, closing its National City, Calif. platform. (Read More)

Mortgagebid Calls It Quits

May 31, 2001

Yet another promising Internet technology has become available as St. Louis-based Mortgagebid.com announced that it has ceased all retail operations. (Read More)

Genesis Prez Resigns

May 31, 2001

In a move that many industry observers had anticipated, Genesis 2000 president Kami Tafreshi has resigned. (Read More)

Rates Rise Again

May 31, 2001

The average 30-year fixed mortgage rate rose to 7.24% for the week ending June 1 from 7.20% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Cresleigh Buys Lending Factory

May 31, 2001

Cresleigh Financial Services, Carmel, Ind., has acquired The Lending Factory, a mortgage bank based in Bay City, Mich., and opened a loan production center in Canton, Mich., a suburb of Detroit. (Read More)

FHA Originations Lag Overall Market

May 31, 2001

Federal Housing Administration single-family originations are only slightly ahead of last year's pace, although refinancings have nearly doubled, according to data on the first seven months of the 2001 fiscal year. (Read More)

Private MI Drops

May 31, 2001

The seven active private mortgage insurance firms wrote $20.4 billion in primary new insurance during April, down over 14% from March's record $23.8 billion, according to data collected by the Mortgage Insurance Cos. of America. (Read More)

Freddie Unveils Global RefNote Calendar

May 31, 2001

Freddie Mac has introduced its first multicurrency fixed-income financing calendar. (Read More)

Freddie Issues Preferred Stock

May 31, 2001

Freddie Mac has issued $175 million of variable-rate perpetual preferred stock and $172.5 million of fixed-rate perpetual preferred stock. (Read More)

REIT Announces Joint Venture Pact

May 31, 2001

Nationwide Health Properties Inc., Newport Beach, Calif., has entered into a preliminary agreement with an unnamed institutional investor that would make available at least $130 million for new investments in the long-term care field. (Read More)

(back to top)

June

Mortgage Employment Rises Again

June 1, 2001

The mortgage banking and brokerage sectors gained 6,200 jobs in May as refinancings kept lendersbusy. (Read More)

Relief Coming for FHA MF Program?

June 1, 2001

The Bush Administration is sending up a $5.6 billion supplemental funding request to Congress andit is expected to include $40 million in credit subsidy funds to restart the FHA multifamily program, sources havetold MortgageWire. (Read More)

MBA Calls for Subsidies to Spur MF Production

June 1, 2001

The Mortgage Bankers Association of America wants the federal government to subsidize mortgage interestrates as a way to increase production of multifamily housing for working families with incomes of 60%-100% of thearea median income. (Read More)

Bush Taps Nominee for Treasury Post

June 1, 2001

President Bush has announced his intention to nominate Sheila Bair to be Treasury assistant secretaryfor financial institutions. (Read More)

Conseco Rebuffs Charge of Hiding Bad Loans

June 1, 2001

Conseco has issued a news release vigorously denying an online report that its "loss mitigation"practices could cause a spike in bad loan problems down the road. (Read More)

AFSA Challenges Predatory Ordinance

June 1, 2001

The American Financial Services Association, Washington, D.C., is challenging Philadelphia's recentlypassed predatory lending ordinance by suing the city. (Read More)

Shopping Center REITs Agree to Merge

June 1, 2001

United Investors Realty Trust, Houston, has agreed to merge with Equity One Inc., North Miami Beach,Fla. (Read More)

COFI Dips Below 5%

June 1, 2001

For the first time since February 2000, the Eleventh Federal Home Loan District Cost of Funds Indexis below 5%. (Read More)

Freddie Purchases Soar in April

June 1, 2001

Freddie Mac purchased $41.09 billion in mortgages during April, a whopping 264% gain over the totalfor the same month a year ago. (Read More)

Freddie Speeds Rise Further

June 1, 2001

Prepayment rates for Freddie Mac mortgage-backed securities continued to speed up in the mid-Aprilto mid-May reporting period, with larger increases among seasoned issues, according to the Bear Stearns Prepayment Commentary. (Read More)

Title Searches Fall

June 1, 2001

The AFS Title Search Index fell slightly to 167.5 in the week ended May 25, a 10% decrease from186.2 the previous week, according to Mortgage Maxx LLC's Advance Factor Service. (Read More)

SSR Realty Buys Pension Fund RE Manager

June 1, 2001

SSR Realty Advisors, White Plains, N.Y., has acquired the assets of GE Capital Investment Advisors,a pension fund real estate management business affiliated with GE Capital Real Estate. (Read More)

GHR Touts Radian Transaction

June 1, 2001

GHR Systems Inc., Wayne, Pa., plans to provide a contract loan underwriting system for Radian Guarantyand, separately, to explore international business opportunities. (Read More)

Mortgage Futures Contracts Continue to Rise

June 1, 2001

The Chicago Board of Trade has reported that mortgage futures set an open interest record on May30 with 3,675 contracts. (Read More)

Moody's: Canadian RE Market Stronger Than U.S.'s

June 1, 2001

The Canadian real estate market is "considerably stronger" than the United States' marketin all property sectors except retail, according to a commercial mortgage-backed securities report by Moody's InvestorsService. (Read More)

Canadian, Italian RE Firms Sign Pact

June 1, 2001

Canadian real estate company TrizecHahn Corp., Toronto, has entered into an agreement with RisanamentoNapoli SpA, a property company listed on the Milan Stock Exchange. (Read More)

Feedback

June 1, 2001

Responses to our survey question on whether Freddie Mac was acting within its charter when it boughtTuttle Decision Systems are now running nearly 2-1 against Freddie Mac. (Read More)

HUD Raising MF Premiums

June 4, 2001

The Department of Housing and Urban Development has decided to raise FHA multifamily insurance premiumsby 30 basis points, despite the opposition from mortgage bankers and homebuilders. (Read More)

Study Foresees GSE Control of 91.5% of Market

June 4, 2001

By the end of 2003 Fannie Mae and Freddie Mac will control 91.5% of the conforming loan market,according to a new study. (Read More)

Mozilo Inks 10-Year Pact

June 4, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has announced that Angelo R. Mozilo, itschairman and chief executive officer, has signed a 10-year agreement with the company. (Read More)

FNB Buys Airlie Mortgage

June 4, 2001

FNB Southeast, Reidsville, N.C., has acquired Airlie Mortgage Co. Inc., Wilmington, N.C., and isestablishing a new mortgage subsidiary, FNB Southeast Mortgage Corp., that will house the company. (Read More)

Conseco Removed From Rating Watch

June 4, 2001

Carmel, Ind.-based Conseco Inc. and its subprime and manufactured housing lending unit, ConsecoFinance, have been removed from Rating Watch Negative by Fitch. (Read More)

Housing Prices Up 8.8%

June 4, 2001

U.S. housing prices rose 8.8% from the first quarter of 2000 through the first quarter of 2001,according to the Office of Federal Housing Enterprise Oversight. (Read More)

Freddie Declares 2Q Dividends

June 4, 2001

Freddie Mac's board of directors has announced a quarterly dividend of $0.20 per share on the corporation'svoting common stock, unchanged from the previous quarter. (Read More)

S&P Adds Japanese Servicers to 'Select' List

June 4, 2001

Standard & Poor's has named two commercial loan companies in Japan to its "select servicer"list. (Read More)

Groups Frown on Basel Cap Proposal

June 4, 2001

The European Securitisation Forum and The Bond Market Association have expressed concerns abouthow the Basel Committee on Banking Supervision's risk-weighting proposal may affect European originators. (Read More)

Alliance Kicks Off Homeowners Week

June 4, 2001

Members of the Homeownership Alliance have kicked off National Homeowners Week (June 3-10) by pledgingto do more to increase homeownership opportunities for minorities. (Read More)

HUD Issues HECM Proposal

June 5, 2001

The Department of Housing and Urban Development has issued a proposed rule to expedite the refinancing of home equity conversion mortgages and to allow a waiver of upfront premiums if the mortgages are used to pay for long-term care insurance. (Read More)

Bush Seeks Tripling of HUD Line Item

June 5, 2001

President Bush is promising to triple funding for faith-based organizations like Habitat for Humanity to improve housing opportunities. (Read More)

Fed Governor Plans to Resign

June 5, 2001

Edward Kelley Jr. has announced that he plans to step down after serving 14 years on the board of governors of the Federal Reserve System. (Read More)

GreenPoint Unveils Permanent-Rate Buydowns

June 5, 2001

GreenPoint Mortgage, New York, has introduced RateXchange, a permanent-rate buydown program that allows homebuyers to qualify for a larger home by reducing their mortgage rate in exchange for a 6-point fee financed into the loan at closing. (Read More)

ABMS Adds Comerica to Network

June 5, 2001

American Business Mortgage Services Inc., Bala Cynwyd, Pa., has added Comerica Bank to its Bank Alliance Program network, which enables banks to make home equity loans to customers who otherwise wouldn't meet their credit standards. (Read More)

REIT Prices Public Offering

June 5, 2001

Universal Health Realty Income Trust, King of Prussia, Pa., has priced its public offering of 2.6 million trust shares of beneficial interest at $21.57 per share. (Read More)

Banks Speed Up Distressed Debt Chargeoffs

June 5, 2001

Banks are selling nonperforming loans faster than they have in the past, according to Standard & Poor's. (Read More)

Study: Homeownership Should Be Sustainable

June 5, 2001

Programs that promote homeownership among low-income families should also help them sustain it, according to the Research Institute for Housing America. (Read More)

Friedman Billings Touts Office, Industrial REITs

June 5, 2001

Office and industrial real estate investment trusts offer moderate growth and stable dividends despite a softened real estate market, according to Friedman, Billings, Ramsey & Co. (Read More)

Metropolitan Buys Columbus Lender

June 6, 2001

Metropolitan Financial Corp., Highland Hills, Ohio, has acquired Market Street Lending, a residentialmortgage lender based in Columbus, Ohio. (Read More)

MortgageRamp to Buys Inspection Firm

June 6, 2001

MortgageRamp, Charlotte, N.C., has announced plans to acquire FASRE Field Services Inc., a nationalproperty inspection firm based in Salt Lake City. (Read More)

NAR Sees New-Home Sales Record

June 6, 2001

Home sales are likely to maintain an "exceptionally strong" pace in coming months, withnew-home sales setting a new record, according to the National Association of Realtors. (Read More)

Thrift Originations Boomed in 1Q

June 6, 2001

Thrifts originated a near-record $74.3 billion in one- to four-family mortgages in the first quarter,up 34% from the fourth quarter, according to the Office of Thrift Supervision. (Read More)

Low Rates Fuel Surge of MBS Issuance

June 6, 2001

The volume of mortgage-backed securities brought to market rose sharply in the first quarter, andlow interest rates also fueled record issuance in the asset-backed market, according to The Bond Market Association. (Read More)

13 FMAC Classes Downgraded

June 6, 2001

Thirteen classes from three FMAC Loan Receivables Trust transactions have been downgraded by Fitch. (Read More)

Franchise Loan Classes Downgraded

June 6, 2001

Three classes of Franchise Loan Trust 1998-1 have been downgraded by Fitch, and all classes in thedeal have been placed on Rating Watch Negative. (Read More)

Ellie Mae Names 2 Execs

June 6, 2001

Ellie Mae Inc., Pleasanton, Calif., has announced the appointment of Dave Hershman as vice presidentof sales and training and Jeff Benjamin as director of business development. (Read More)

Freddie Prices $6B of RefNotes

June 6, 2001

Freddie Mac has priced $6 billion of 6.00%, 10-year Reference Notes due June 15, 2011. (Read More)

REIT Lands $50MM Credit Facility

June 6, 2001

Entertainment Properties Trust, Kansas City, Mo., has obtained a $50 million multidraw secured creditfacility from iStar Financial. (Read More)

Polestar Raises $9.4MM in Equity

June 6, 2001

Polestar Capital Group LLC, New York, has reported raising $9.4 million in preferred equity in aprivate placement and has obtained a $20 million revolving credit facility from iStar Financial Inc. (Read More)

Criimi Mae's 'Select Servicer' Status Reinstated

June 6, 2001

Standard & Poor's has reinstated the servicing subsidiary of commercial mortgage lender CriimiMae Inc. to its Select Servicer list for commercial mortgages. (Read More)

Study: Philippine Housing Gap Widening

June 6, 2001

A Philippines real estate and development consulting company has completed a study of low-incomehousing needs in the Southern Philippines showing that the gap between supply and demand for housing has widenedto an estimated 3.9 million housing units. (Read More)

HUD Proposes Downpayment Aid

June 7, 2001

Low-income families receiving housing assistance may soon be able to get downpayment assistancefrom the Department of Housing and Urban Development to purchase a home. (Read More)

Chateau to Buy Another MH REIT

June 7, 2001

Chateau Communities, Greenwood Village, Colo., has agreed to acquire CWS Communities Trust, a Dallas-basedprivate real estate investment trust, for a total consideration of approximately $570 million. (Read More)

WHY Buys 2 Phoenix Mortgage Bankers

June 7, 2001

WHY USA Financial Group Inc., Bloomington, Minn., has completed the acquisition of two Phoenix-basedmortgage bankers, First National MortgageBanc LLC and Valley Financial Funding LLC. (Read More)

Rates Dip

June 7, 2001

The average 30-year fixed mortgage rate fell to 7.20% for the week ending June 1 from 7.24% theweek before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

Title Searches Fall

June 7, 2001

The AFS Title Search Index fell to a holiday-adjusted 164.2 in the week ended June 1, a 2.0% decreasefrom 167.5 the previous week, according to Mortgage Maxx LLC's Advance Factor Service. (Read More)

Fannie Speeds Rise for Seasoned Issues

June 7, 2001

Prepayment rates for seasoned Fannie Mae mortgage-backed securities continued to rise in May, whilenew-issue speeds were nearly flat, according to the Bear Stearns Prepayment Commentary. (Read More)

Banks Posted Record 1Q Earnings

June 7, 2001

Commercial banks posted record earnings of $19.5 billion in the first quarter despite an increasein noncurrent loans and chargeoffs, according to the Federal Deposit Insurance Corp. (Read More)

OTS Still Fixing Parity Act Regs

June 7, 2001

The Office of Thrift Supervision continues to work on fixing its Parity Act regulations that allowstate-licensed mortgage lenders to take advantage of federal pre-emptions and avoid having to comply with stateconsumer protection laws. (Read More)

MBS Share of Debt Market Growing Fast

June 7, 2001

Mortgage-related securities account for over a third of the fixed-income market and will continueto grow, according to the head of mortgage-backed securities research at Credit Suisse First Boston. (Read More)

Martinez Cites Housing Needs at UN

June 7, 2001

More than 60% of the world's population will live in urban settings, most of them in developingcountries that are ill-equipped to handle the housing needs of so many people, Housing Secretary Mel Martinez hastold a special session of the U.N. General Assembly. (Read More)

Freddie Prices 2-Year RefNotes

June 7, 2001

Freddie Mac has priced, via online auction, $4 billion of 4.50% two-year Reference Notes due June15, 2003. (Read More)

Rising GSE MF Funding Stirs Fears

June 8, 2001

Fannie Mae and Freddie Mac have captured nearly one-third of the multifamily financing market, and some participants are concerned about the growing dominance of the two government-sponsored enterprises, according to a research paper by a former Freddie Mac executive. (Read More)

Parity Act Pre-emption Goes to High Court

June 8, 2001

The Virginia state commissioner of financial institutions has petitioned the U.S. Supreme Court to overturn an Office of Thrift Supervision interpretation pre-empting states from enforcing limits on prepayment penalties. (Read More)

California REIT Cancels LoanCity Deal

June 8, 2001

American Residential Investment Trust Inc., Del Mar, Calif., has cancelled its planned acquisition of a controlling interest in LoanCity.com, San Jose, Calif. (Read More)

OnePipeline Announces Tech Deal

June 8, 2001

OnePipeline Inc., a Salt Lake City-based provider of automated underwriting technology, has announced that it will partner with MorningstarAdvisor.com to make its technology available to financial advisors that use the site. (Read More)

Countrywide Touts Record Month, Quarter

June 8, 2001

Countrywide Credit Industries Inc., Calabasas, Calif., has reported that fundings totaled a record $10.9 billion in May -- its third consecutive record month -- and a record $30.6 billion in the first fiscal quarter. (Read More)

Home Prices Up at 7.2% Rate in 1Q

June 8, 2001

Home prices increased at an annualized rate of 7.2% nationwide in the first quarter of 2001, according to the Conventional Mortgage Home Price Index released by Freddie Mac. (Read More)

Freddie Joins Forces With Hispanic Groups

June 8, 2001

Freddie Mac and the National Council of La Raza, along with the National Association of Hispanic Real Estate Professionals and RealEstateEspanol.com, have announced a Web-based tool designed to increase access to homeownership among Latino families. (Read More)

Ryland to Sell $150MM in Notes

June 8, 2001

The Ryland Group Inc., a homebuilder and lender based in Calabasas, Calif., has reported that it plans to sell $150 million in senior subordinated notes under a shelf registration on file with the Securities and Exchange Commission. (Read More)

Ginnie Flow Servicing for Sale

June 8, 2001

The Prestwick Mortgage Group, Alexandria, Va., is managing the sale of servicing rights on an estimated $60 to $120 million of Ginnie Mae loans to be originated over a 12-month period. (Read More)

MI Rising in UK

June 8, 2001

An increasing number of United Kingdom homebuyers are taking steps to counter declining state support for homeownership by taking out insurance to cover their mortgage payments, according to the Council of Mortgage Lenders and the Association of British Insurers. (Read More)

Feedback

June 8, 2001

A class action lawsuit against brokers in California for charging more for credit reports than their actual costs has drawn considerable comment on The Grapevine. (Read More)

Martinez: Cool the Rhetoric on FHA Shutdown

June 11, 2001

Housing Secretary Mel Martinez has told a homebuilders group to cool the rhetoric with regard tothe shutdown of the FHA multifamily insurance program. (Read More)

HUD Still Looking for Policy Official

June 11, 2001

Secretary Martinez also told the NAHB conference that he is still looking for an assistant secretaryfor policy development and research. (Read More)

Ultraprise, LoanTrader Merge

June 11, 2001

Ultraprise Corp., Frederick, Md., and LoanTrader Inc., Irvine, Calif., have merged to form UltrapriseLoan Technologies Inc. (Read More)

Analyst Sees Major Disruption in Hotel Biz

June 11, 2001

A major disruption in the hotel business is in the offing because Wall Street "has lost interest"in the hospitality sector, a key analyst has warned. (Read More)

Cisneros Calls for FHA Loan Limit Hike

June 11, 2001

Former Housing Secretary Henry Cisneros has called for raising Federal Housing Administration loanlimits even higher than the ceiling on loans that can be purchased by Fannie Mae and Freddie Mac. (Read More)

Bush Announces Fed Nominee

June 11, 2001

President Bush has announced his intention to nominate banker Susan Schmidt Bies to be a FederalReserve Board governor. (Read More)

Mortgage Delinquencies Decline

June 11, 2001

Despite a slight rise in the number of loans in the foreclosure process, the overall mortgage delinquencyrate decreased in the first quarter, according to the Mortgage Bankers Association of America. (Read More)

RealtyLogix Unveils CRE Software

June 11, 2001

RealtyLogix, Atlanta, has introduced software to automate and streamline the risk surveillance andorigination process for commercial mortgage portfolios. (Read More)

Red Mountain CMBS Class Downgraded

June 11, 2001

Fitch has downgraded class H of Red Mountain Funding LLC's Series 1997-1 from B-minus to CCC, andplaced class G on Rating Watch Negative. (Read More)

Strand Index Licensing Comments Due Soon

June 11, 2001

Strand Research LLC, Seattle, has announced that bidders must submit comments by June 18 on theterms of a license agreement for a June 25-29 auction of U.S. license rights for the use of the Strand Index inthe residential real estate market. (Read More)

FHLBank Affordable Housing Funding Cited

June 11, 2001

Federal Home Loan Banks funded a thousand affordable housing projects last year, according to figurescited by the Council of Federal Home Loan Banks. (Read More)

Champion Creates New KeyCorp Unit

June 12, 2001

Champion Mortgage Co., a KeyCorp subsidiary based in Parsippany, N.J., has spun off its servicing division and other back-office functions into a new division called Key Consumer Real Estate Services. (Read More)

Tanoue Resigns at FDIC

June 12, 2001

Federal Deposit Insurance Corp. Chairman Donna Tanoue has announced that she will leave the agency July 11. (Read More)

OCC Hiking Certain Loan Limits

June 12, 2001

The comptroller of the currency is selectively increasing the lending limits for small national banks to give them parity with state-chartered banks in residential mortgage and small business lending. (Read More)

Fitch Unveils MBS, ABS Trustee Criteria

June 12, 2001

Fitch has introduced review and assessment criteria for structured finance trustees involved in commercial and residential mortgage-backed securities and asset-backed securities transactions. (Read More)

NJ Homeownership Initiative Launched

June 12, 2001

First Union National Bank, New Jersey Citizen Action, and Fannie Mae have launched a new homeownership initiative offering second mortgages that are forgivable after five years to low- and moderate-income families in New Jersey. (Read More)

DLJ CMBS Class on Watch

June 12, 2001

Class B4 of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates Series 1995-CF2 has been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)

Fannie Buys Back $1.95B of Securities

June 12, 2001

Fannie Mae has repurchased $1.95 billion of noncallable Benchmark Securities from four issues. (Read More)

REIT Closes $140MM Freddie Financing

June 12, 2001

AMLI Residential Properties Trust, a Chicago-based multifamily real estate investment trust, has closed on a $140 million Freddie Mac mortgage financing for seven of its apartment communities. (Read More)

LoanCity Touts Positive Cash Flow

June 13, 2001

Following the collapse of a planned merger with a Southern California real estate investment trust,LoanCity.com has announced that it has a positive cash flow and has the backing of its current investors to continueits national expansion. (Read More)

FM Watch Lobbies Int'l Panel About GSEs

June 13, 2001

FM Watch has asked the Switzerland-based Basel Committee on Banking Supervision to permit U.S. regulatorsto treat Fannie Mae and Freddie Mac as private corporations for the purpose of assigning capital requirements totheir debt and mortgage securitizations. (Read More)

Raines Lauds Tech Alliances

June 13, 2001

Technology investment is a long-term proposition, and partnerships are the key to success, accordingto Fannie Mae chief executive officer Franklin Raines. (Read More)

Applications Rise

June 13, 2001

Mortgage applications rose 6.1% on a seasonally adjusted basis during the week ended June 8, accordingto the Mortgage Bankers Association of America's weekly Mortgage Application Survey. (Read More)

LendingTree Originates $1B in May

June 13, 2001

LendingTree Inc., Charlotte, N.C., has announced that it generated more than $1 billion worth ofclosed loans in May for lenders that participate in its online lending exchange. (Read More)

MBA: MF Loans Led Commercial Output

June 13, 2001

Commercial mortgage bankers responding to a recent survey reported origination volume of $22.8 billionfor the fourth quarter of 2000 and $62 billion for the year, with multifamily loans leading the way, accordingto the Mortgage Bankers Association of America. (Read More)

Provident Expands Columbus CRE Ops

June 13, 2001

Provident Bank, Cincinnati, has expanded its commercial real estate banking activities in Columbus,Ohio, with the appointment of three new vice presidents. (Read More)

Cresleigh Enters Tennessee

June 13, 2001

Cresleigh Financial Services, Carmel, Ind., has opened a loan production center in Brentwood, Tenn.,near Nashville, marking the company's expansion into its 15th state. (Read More)

Gramlich Elected NRC Chairman

June 13, 2001

Edward Gramlich, a member of the Federal Reserve Board, has been elected chairman of the board ofNeighborhood Reinvestment Corp., replacing Ellen Seidman. (Read More)

Freddie to Reopen Euro RefNote Issues

June 13, 2001

Freddie Mac has reported that it plans to reopen each of its original, outstanding EuroReferenceNotes issued over the past year. (Read More)

3 Firms to Develop Ottawa Project

June 13, 2001

Canada's RioCan Real Estate Investment Trust, Trinity Development Corp., and First ProfessionalManagement have jointly agreed to acquire 43 acres of land in Ottawa. (Read More)

FDIC Plans Joint CRA Review

June 14, 2001

The Federal Deposit Insurance Corp. plans to lead an interagency review of the Community Reinvestment Act. (Read More)

Rates Ease Again

June 14, 2001

The average 30-year fixed mortgage rate fell to 7.14% for the week ending June 8 from 7.20% the week before, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)

JPMorgan Chase to Buy Bank One Facility

June 14, 2001

J.P. Morgan Chase & Co., New York, has agreed to acquire Bank One's mortgage document custody operations in Monroe, N.J. (Read More)

Fannie Raps FM Watch Int'l Lobbying

June 14, 2001

A Fannie Mae spokesman has called its critic FM Watch "disingenuous" in its lobbying of Europe's Basel Committee on Banking Supervision regarding Fannie Mae's regulatory status. (Read More)

MGIC: Debt Consolidation Spurring Refi Boom

June 14, 2001

Borrowers who refinanced home mortgages during the current refinancing boom raised their first mortgage balances, interest rates, and loan-to-value ratios, according to the MGIC Capital Markets Group. (Read More)

Fed: Lending Conditions Mixed

June 14, 2001

Lending conditions were mixed and economic activity was little changed or decelerating in April and May, according to the Federal Reserve's "Beige Book" report. (Read More)

Homeowner Rates Rose Nationwide in '90s

June 14, 2001

Homeownership rates in the United States increased in 49 of the 50 states in the 1990s, a broader increase than in any decade since the 1950s, according to the Fannie Mae Foundation. (Read More)

Mortgage.com Offers Consumers Single Fee

June 14, 2001

ABN AMRO, Ann Arbor, Mich., is offering consumers a "one-fee" approach through its Mortgage.com portal that will tell prospective borrowers the total cost to complete the processing and closing of their home loan at application. (Read More)

Phoenix Brokering Flow Servicing

June 14, 2001

Phoenix Capital Inc., Denver, is brokering the sale of servicing rights on $65 to $130 million per month of Fannie Mae, Freddie Mac, and Ginnie Mae home loans on a co-issue basis. (Read More)

New Mortgage Company Names CFO

June 14, 2001

Malcolm McAlpine has been appointed chief financial officer of the recently formed Invvision Mortgage Inc., Dallas. (Read More)

Fannie: Credit Costs Under Control

June 15, 2001

Fannie Mae's chief credit officer says credit losses should have no negative effect on the company's net income growth in 2001. (Read More)

Michigan Bank Forms Mortgage Company

June 15, 2001

Community Central Bank, Mount Clemens, Mich., has announced the formation of Community Central Mortgage Co. LLC, which will begin operations on July 2. (Read More)

Calyx Dominates Broker LOS Market

June 15, 2001

Calyx Software, San Jose, Calif., is touting a recent study indicating that Calyx dominates the broker-serving loan origination system market. (Read More)

New York, California Deemed Top MF Markets

June 15, 2001

The best places to invest in multifamily properties over the next five years are mostly in the New York/New Jersey metropolitan area and in California, according to research from Lend Lease Real Estate Investments, New York. (Read More)

Fannie Servicing for Sale

June 15, 2001

The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $10 million portfolio of Fannie Mae loans. (Read More)

FirstMerit Takes Rule-Related Writedown

June 15, 2001

FirstMerit, Akron, Ohio, has reported that it will take a nonrecurring after-tax charge of $6.3 million in the second quarter related to manufactured housing residual interest assets. (Read More)

Health Care REIT Prices Stock Offering

June 15, 2001

Health Care REIT Inc., Toledo, Ohio, has priced a public offering of three million shares of common stock at $22.75 per share, yielding gross proceeds of approximately $68 million. (Read More)

Feedback

June 15, 2001

What is the level of advertising competition among local brokers/lenders in the nation's top 15 media markets? (Read More)

Offering Book Ready Soon on HomeSide

June 18, 2001

An offering "book" on HomeSide Lending Inc. of Jacksonville, Fla., the nation's sixth largest residential servicer, should be ready in a few weeks, industry sources have told MortgageWire. (Read More)

Freddie Unveils Prelim E-Mortgage Specs

June 18, 2001

Freddie Mac has announced the publication of its preliminary specifications for electronic single-family mortgages. (Read More)

Bush to Designate FHFB Chair

June 18, 2001

The White House is expected to designate Timothy O'Neill to chair the Federal Housing Finance Board. (Read More)

Mezz Finance Replacing CRE Refis?

June 18, 2001

Mezzanine financing has replaced refinancing in the commercial loan market, according to a speaker at the National Association of Mortgage Brokers annual convention in Honolulu. (Read More)

Interlinq Names New CEO

June 18, 2001

Michael Jackman has been named president and chief executive officer of Interlinq Software Corp., Bellevue, Wash. (Read More)

E-Trade Rebrands LoansDirect

June 18, 2001

Reaching what it called a major integration milestone, E-Trade Group Inc., Menlo Park, Calif., has announced the rebranding of LoansDirect, an online mortgage originator it acquired last February, to E-Trade Mortgage. (Read More)

Ellie Mae Launches eSuite Package

June 18, 2001

In a move it says will make it easier for originators to ensure compatibility between websites and loan origination systems, Ellie Mae has created a bundle of integrated products consisting of websites, an LOS, and an Internet transaction platform. (Read More)

Wells Fargo Picks Tech Partners

June 18, 2001

Wells Fargo Home Mortgage, Des Moines, Iowa, will work with MicroStrategy Inc. and Cytek Inc. to implement an integrated banking intelligence system based on Cytek's Bankers Edge information management application. (Read More)