MortgageWire Stories from 2003
January
30-Year Rate Sinks to Another Low
January 2, 2003
The average 30-year fixed mortgage rate sank to yet another survey-record low of 5.85% for the week ending Jan. 3 from 5.93% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
10-Year Back Above 4%
January 2, 2003
The rate-indicative benchmark 10-year Treasury yield rose back above 4% Thursday morning. (Read More)
Court Affirms RESPA Markup Ruling
January 2, 2003
In a new decision, the 7th Circuit Court of Appeals has reaffirmed a 2001 ruling that markups of closing costs, such as recordation fees, does not violate the Real Estate Settlement Procedures Act. (Read More)
HUD Hikes FHA Loan Limits
January 2, 2003
The Department of Housing and Urban Development has officially increased the limits on single-family mortgages insured by the Federal Housing Administration. (Read More)
Applications Rise
January 2, 2003
Mortgage applications rose 4.7% on a seasonally adjusted basis for the week ended Dec. 27, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
COFI Drops to Record Low
January 2, 2003
The Eleventh Federal Home Loan District Cost of Funds Index dropped 17 basis points to a record low of 2.537% in November from 2.708% in October, according to data from the Federal Home Loan Bank of San Francisco. (Read More)
Equity REITs Outperform S&P 500
January 2, 2003
Equity real estate investment trusts outperformed the Standard & Poor's 500 index in 2002 with a total return of 4.0%, compared with a total return decline of 22.2% for the S&P 500, according to SNL Financial, Charlottesville, Va. (Read More)
Citi Servicer Rating Raised
January 2, 2003
Fitch Ratings has raised the residential primary servicer rating of CitiMortgage Inc., St. Louis, from RPS1-minus to RPS1 for prime loans. (Read More)
Correction
January 2, 2003
In a recent item on management changes at Minneapolis-based Old Republic Title Insurance Group, the name of Patrick Connor was misspelled. (Read More)
GSEs Gave $4.2MM in Soft Money
January 3, 2003
Fannie Mae and Freddie Mac donated at least $4.2 million in soft money during the last election cycle, according to figures compiled by the Center for Responsive Politics. (Read More)
New MI Rises on Bulk Surge
January 3, 2003
The volume of primary new mortgage insurance written rose in November thanks to a surge in bulk insurance, according to data collected by the Mortgage Insurance Cos. of America. (Read More)
Industry Vet Named Prez of GMAC Units
January 3, 2003
David C. Smith has been named president of GMAC Commercial Holding Capital Corp., Denver, and its subsidiary, GMAC Commercial Holding Capital Markets Corp. (Read More)
Lexington Prez Named CEO
January 3, 2003
T. Wilson Eglin, president of Lexington Corporate Properties Trust, has been named chief executive officer of the New York-based real estate investment trust. (Read More)
DLJ CMBS Classes Downgraded
January 3, 2003
Three classes of DLJ Commercial Mortgage Trust 2000-CKP1 have been downgraded by Moody's Investors Service and three others are being reviewed for possible downgrade. (Read More)
Moody's Eyes COMM CMBS Classes
January 3, 2003
The ratings of classes K-WS and L-WS of COMM 2000-FL3 commercial mortgage pass-through certificates are being reviewed for possible downgrade by Moody's Investors Service. (Read More)
Brookfield to Spin Out Homebuilding Sub
January 3, 2003
Brookfield Properties Corp., has announced that it will proceed with the spin-out of its U.S. homebuilding subsidiary, Brookfield Homes Corp. (Read More)
Latin MBS/ABS Issuance Falls
January 3, 2003
The issuance of Latin American cross-border and domestic mortgage- and asset-backed securities decreased 34% in 2002, according to Moody's Investors Service. (Read More)
Feedback
January 3, 2003
Responses to our survey question on HUD's proposal to treat a yield-spread premium as a credit to the borrower on the good-faith estimate ran heavily against the idea from the outset, and finished at more than 3-to-1 against it. (Read More)
Cendant Asked to Indemnify FHA
January 6, 2003
The Department of Housing and Urban Development has asked Cendant Mortgage Corp. to indemnify the Federal Housing Administration for actual and future losses on over 1,000 loans that were improperly endorsed for federal mortgage insurance. (Read More)
Orix Makes New Bid for Criimi Mae
January 6, 2003
Orix Capital Markets LLC, Dallas, has made a new proposal to acquire Rockville, Md.-based Criimi Mae Inc. for approximately $11.50 per common share in cash. (Read More)
GAC Unveils LP Tech Upgrade
January 6, 2003
The electronic partnership platform technology under development by BCE Emergis for use on Freddie Mac's loanprospector.com website will use technology developed by General American Corp., Pittsburgh. (Read More)
Fiserv Buys Default Management Firm
January 6, 2003
Fiserv Inc., Brookfield, Wis., has acquired Lenders Financial Services, Agoura Hills, Calif., a nationally recognized provider of default mortgage management products and services. (Read More)
ARV Agrees to Merge With Prometheus
January 6, 2003
ARV Assisted Living Inc., Costa Mesa, Calif., has agreed to merge with Prometheus Assisted Living LLC, an affiliate of Lazard Freres & Co. LLC. (Read More)
Hovnanian Buys Houston Builder
January 6, 2003
Hovnanian Enterprises Inc., a homebuilder based in Red Bank, N.J., has acquired Brighton Homes, Houston, for an undisclosed cash price. (Read More)
Midwest Buys Big Foot
January 6, 2003
Midwest Banc Holdings Inc., Melrose Park, Ill., has completed the acquisition of Big Foot Financial Corp., Long Grove, Ill., the holding company for Fairfield Savings Bank FSB. (Read More)
Investors Cap Raises $3MM to Launch REIT
January 6, 2003
Investors Capital Corp., the wholly owned broker/dealer subsidiary of Investors Capital Holdings Ltd., Lynnfield, Mass., has raised the $3 million minimum needed to launch Gen-Net Lease Income Trust Inc., a real estate investment trust. (Read More)
Fidelity Sells Affordable Housing Subs
January 6, 2003
Fidelity Federal Bancorp, Evansville, Ind., has completed the sale of two affordable housing subsidiaries and related assets to Pedcor Funding Corp. for approximately $1.7 million in cash. (Read More)
Study: GSEs Had Little Effect on Revitalization
January 6, 2003
Loan purchases by Fannie Mae and Freddie Mac had very little effect on the revitalization of underserved neighborhoods in Cleveland during the 1990s, according to a research paper funded by the Department of Housing and Urban Development. (Read More)
London Bridge Creates New Interface
January 6, 2003
London Bridge Group has completed a data integration tool developed for its LenStar default management attorney referral system designed to provide a bi-directional interface between a customer’s servicing or case management system and the Internet version of LenStar. (Read More)
Info1 Partners With Transamerica Flood
January 6, 2003
Info1 Holding Co. Inc., Atlanta, a national provider of credit information for the mortgage industry, has formed an alliance with Transamerica Flood Hazard Certification that will allow Info1 to resell Transamerica's flood determination services. (Read More)
20 GE Cap MBS Classes Downgraded
January 6, 2003
Twenty classes of mezzanine and subordinate bonds in six securitizations issued by GE Capital Mortgage Services Inc. from 1996 through 1999 have been downgraded by Moody's Investors Service. (Read More)
Mortgage Spam Nearly as Annoying as Porn?
January 6, 2003
E-mail messages promoting mortgages and other loans are second only to pornography spam in the number of recipients who find them annoying, according to a recent Harris Poll. (Read More)
'All Star' Analysts Pick Finance Stocks
January 6, 2003
Analysts included in Zacks.com's All Star Analyst Survey have recommended the stocks of Fannie Mae, Freddie Mac, American Home Mortgage Holdings Inc., Federated Investors Inc., and Washington Mutual Inc. (Read More)
MBA: Delinquencies Fell in 3Q
January 7, 2003
The overall delinquency rate for home loans declined by 11 basis points to 4.66% in the third quarter, according to the Mortgage Bankers Association of America. (Read More)
Legislators Hope to Reauthorize NFIP Soon
January 7, 2003
As the 108th Congress convenes on Tuesday, banking committee leaders in the House and the Senate are working to pass a bill that reauthorizes the National Flood Insurance Program by the end of the week. (Read More)
Bankers Form Privacy Pre-emption Lobby
January 7, 2003
The Independent Community Bankers of America and America's Community Bankers have formed an alliance to lobby Congress for an extension of a federal pre-emption that currently blocks the states from imposing restrictions on the sharing of credit reports among affiliates. (Read More)
New Century Posts Production Record
January 7, 2003
Subprime lender New Century Financial Corp., Irvine, Calif., produced a record $1.74 billion in home mortgages in December, bringing its fourth-quarter production total to $4.47 billion. (Read More)
Up to $1B in Flow Servicing for Sale
January 7, 2003
Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of mortgage servicing rights on an estimated $700 million to $1 billion of mortgage loans on a "flow" basis. (Read More)
CoStar Buys UK CRE Info Firm
January 7, 2003
CoStar Group Inc., Bethesda, Md., has completed its acquisition of London-based Property Intelligence PLC. (Read More)
Fog Cutter Names Prez
January 7, 2003
Robert G. Rosen has been named president of Fog Cutter Capital Group Inc., a Portland, Ore.-based investment group specializing in mortgage and real-estate-related assets. (Read More)
Will Terror Act Spur CMBS Upgrades?
January 7, 2003
Moody's says it may upgrade the commercial mortgage-backed securities deals that were downgraded last year on terrorism insurance-related concerns if adequate insurance policies are procured on the assets following the implementation of the Terrorism Risk Insurance Act of 2002. (Read More)
Moody's Eyes CSFB CMBS Classes
January 7, 2003
The ratings on classes H-PAL and J-PAL of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series TFL1, are being reviewed for possible downgrade by Moody's Investors Service. (Read More)
Office Costs Seen Falling in Key Markets
January 7, 2003
The cost of office space will continue to fall this year in key West Coast markets such as Seattle and Silicon Valley, and to a lesser extent in New York, according to real estate services firms Grubb & Ellis Co., New York, and Knight Frank, London. (Read More)
S&P Sees RMBS Gains in Taiwan, Korea
January 7, 2003
Developing residential mortgage-backed securities markets in Taiwan and Korea may gain some ground in 2003, according to Standard & Poor's. (Read More)
Judge Upholds Anti-Radian Order
January 8, 2003
The title insurance industry has scored a second victory in California against Radian Guaranty Inc., as an administrative law judge there has upheld a cease-and-desist order barring the sale of Radian Lien Protection. (Read More)
Applications Jump
January 8, 2003
Mortgage applications jumped 24.3% on a seasonally and holiday-adjusted basis for the week ended Jan. 3, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Bank/RE Bill Reintroduced
January 8, 2003
Key senators have reintroduced a bill to stop banks from entering the real estate brokerage and property management business. (Read More)
Some Agency MBS Speeds Rise Again
January 8, 2003
Prepayment rates rose in the December reporting period for Fannie Mae and Ginnie Mae mortgage-backed securities and were mixed for Freddie Mac MBS, according to the Bear Stearns Prepayment Commentary, contrary to the analysts' expectations that speeds had peaked in November. (Read More)
10-Year Yield Falls Below 4%
January 8, 2003
The benchmark 10-year Treasury yield fell below 4% Wednesday morning. (Read More)
Rule Would Let Feds Remove Accountants
January 8, 2003
A proposal that would grant federal banking regulators the authority to immediately remove a bad accountant from an audit of a bank or thrift has been published for public comment. (Read More)
Report: Farm Credit System Largely 'Sound'
January 8, 2003
The Farm Credit Administration, regulator of the Farm Credit System network of cooperatively owned agricultural lenders, said that more than 99% of FCS institutions are rated as financially "sound in every respect." (Read More)
S&P: MBS Issuance to Remain Strong
January 8, 2003
Mortgage-backed securities issuance in 2003 is likely to fall short of 2002's record-breaking highs but remain relatively strong as subprime and second-lien volumes partially offset moderating refinancing, according to Standard & Poor's. (Read More)
S&P Cites CMBS Strength
January 8, 2003
The credit performance of commercial mortgage-backed securities has been especially strong for nearly a decade, suggesting that pooled commercial mortgages have been "carefully underwritten with unique credit performance characteristics," according to Standard & Poor's Ratings Services. (Read More)
Conti HEL Classes Downgraded
January 8, 2003
Four classes of ContiMortgage Corp. home equity loan pass-through certificates have been downgraded by Fitch Ratings and two other classes were placed on Rating Watch Negative. (Read More)
Sollen Names CEO
January 8, 2003
Michel Van Hee has been named chief executive officer of Sollen Technologies, a Dallas-based application services provider for the mortgage industry. (Read More)
UCAP Hires Financial Adviser
January 8, 2003
UCAP Inc., Denver, the parent of United Capital Mortgage Corp., has hired SBI Discovery Group, an investment banking firm, to assist in the execution of its corporate finance strategy, investor management, and the evaluation of strategic partnerships. (Read More)
Dexma Volume Grows 300%
January 8, 2003
Minneapolis-based Dexma, creator of the Transaction Director technology platform, reports that the volume of mortgage business traveling across its system tripled in 2002. (Read More)
Option One Execs Cite Strategy
January 8, 2003
H&R Block's Option One mortgage unit has an origination strategy designed to fare well regardless of whether rates rise this year, executives told attendees at a late afternoon investor conference in New York Jan. 7. (Read More)
Investcorp Cites Property Purchases, Sales
January 8, 2003
Investcorp has acquired two multifamily communities for a total purchase price of approximately $60 million and sold four multifamily and retail properties for a total of $88.5 million. (Read More)
Group Urges Funding for Affordable Housing
January 8, 2003
Joining other critics of the economic stimulus package presented by the Bush administration, the National Low Income Housing Coalition is calling upon Congress to include funding for affordable housing production and rehabilitation in any such package. (Read More)
House OKs Flood Insurance Bill
January 9, 2003
The House approved a one-year extension of the flood insurance program by voice vote Wednesday and sent the bill (H.R. 11) to the Senate for final passage. (Read More)
Fixed Rates Rise
January 9, 2003
The average 30-year fixed mortgage rate rose to 5.95% for the week ending Jan. 10 from a survey-record low of 5.85% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
10-Year Soars Back Above 4%
January 9, 2003
The 10-year Treasury yield soared back above the benchmark 4% level after positive economic statistics were released Thursday morning. (Read More)
NAR Sees 2nd-Best Year for Home Sales
January 9, 2003
Both new- and existing-home sales should decline somewhat this year while still racking up their second-best totals on record, according to the National Association of Realtors. (Read More)
Economists Expect Slowing Originations, Sales
January 9, 2003
The consensus of major industry economists who participated in a Jan. 8 Homeownership Alliance conference call seemed to be that lenders and builders are likely to see a slight slowdown in the origination and housing markets this year and a slight increase in mortgage rates. (Read More)
D.C. Thrift/Mortgage Lender For Sale?
January 9, 2003
Independence Federal Savings Bank, Washington, saw its share price shoot up more than 40% on Wednesday after the company announced that it had retained Keefe, Bruyette & Woods as its investment banker. (Read More)
MISMO Releases eMortgage 1.0
January 9, 2003
The Mortgage Industry Standards Maintenance Organization eMortgage Workgroup has released eMortgage Guidelines and Recommendations, version 1.0. (Read More)
Marshall & Swift Buys LoopNet’s AppraiserLoop
January 9, 2003
Marshall & Swift Inc., Los Angeles, a provider of residential and commercial real estate cost data and appraisal technologies, has purchased LoopNet’s Internet-based subscription service, AppraiserLoop. (Read More)
Moody's Eyes CMBS for Terror-Linked Shortfalls
January 9, 2003
The ratings on the most subordinate class from each of nine commercial mortgage-backed transactions have been placed on watch for possible downgrade by Moody's Investors Service. (Read More)
Weakening CRE Basics Worry Investors
January 9, 2003
The continued weakening of industry fundamentals even as prices for prime commercial real estate climb has raised concern among investors, according to the PricewaterhouseCoopers Korpacz Real Estate Investor Survey. (Read More)
2 DLJ CMBS Classes Downgraded
January 9, 2003
Two classes of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 2000-CKP1, have been downgraded by Fitch Ratings. (Read More)
Moody's Reports Euro CMBS Volume
January 9, 2003
European commercial mortgage-backed securities issuance totaled 29.1 billion euros (about $30.5 billion) in 2002, according to Moody's Investors Service. (Read More)
Foreign Investors Snap Up BenchNotes
January 9, 2003
Investors outside the United States bought more than 40% of Fannie Mae's January offering of $4 billion in five-year Benchmark Notes. (Read More)
Doral Now Trading on NYSE
January 9, 2003
Doral Financial Corp., San Juan, Puerto Rico, has announced that its common stock has begun trading on the New York Stock Exchange under the ticker symbol DRL. (Read More)
Mortgage Jobs Keep Rising
January 10, 2003
Employment in the mortgage industry rose 1.7% in December to a new record as lenders continue struggling to process refinancing and home purchase applications. (Read More)
Senate Passes NFIP Extension
January 10, 2003
The Senate has passed a one-year extension of the flood insurance program by unanimous consent, clearing the way for the bill (H.R. 11) to go to the White House for the president's signature. (Read More)
Lender's Service For Sale?
January 10, 2003
Lender's Service Inc., Pittsburgh, one of the largest closing services firms in the U.S., is on the auction block, MortgageWire has learned. (Read More)
Fannie's Vice Chair Stepping Down
January 10, 2003
Fannie Mae vice chair Jamie Gorelick is leaving the secondary giant in July to serve on a new bipartisan commission that will investigate the Sept. 11 terrorist attacks on New York and Washington. (Read More)
FNF Buys Flood Insurance Assets
January 10, 2003
Fidelity National Financial Inc., Irvine, Calif., has acquired certain assets of Bankers Insurance Group, including the rights to issue new and renewal flood insurance policies underwritten by Bankers Insurance and its subsidiaries. (Read More)
Alltel Unit Launches Mortgage Practice
January 10, 2003
BenchMark Consulting International has announced the launch of a mortgage practice. (Read More)
Marriott CMBS Classes Downgraded
January 10, 2003
Five classes of Host Marriott Pool Trust commercial mortgage pass-through certificates, series 1999-HMT, have been downgraded by Standard & Poor's Ratings Services. (Read More)
ESIC, Freddie Launch New AH Fund
January 10, 2003
The Enterprise Social Investment Corp., Columbia, Md., and Freddie Mac have announced a new $100 million equity fund aimed at spurring the development of affordable housing across the nation. (Read More)
First NLC Names Prez/COO
January 10, 2003
Jeffrey Henschel has been named president and chief operating officer of First NLC Financial Services, a subprime mortgage lender based in Deerfield Beach, Fla. (Read More)
Moody's: CRE Stable to Improving in 3Q
January 10, 2003
The major commercial property types were either stable or showed slight improvement in the third quarter of 2002, according to Moody's Investors Service. (Read More)
Housing Affordability Down in California
January 10, 2003
Housing affordability in California was down by five percentage points in November from the level recorded a year earlier, according to the California Association of Realtors. (Read More)
Danish Firm to Unveil Investment Tech in U.S.
January 10, 2003
The U.S. subsidiary of Danish mortgage technology provider SimCorp A/S has reported that it will introduce an investment management system that handles fixed-income products to the North American market. (Read More)
Feedback
January 10, 2003
Early responses to our new survey question have been running nearly dead-even on whether state-licensed mortgage lenders should be barred from using the Parity Act to avoid state restrictions. (Read More)
Fannie's Profits Plunge in 4Q
January 12, 2003
Fannie Mae's fourth-quarter profits plunged nearly 52% from those of a year earlier (although operating earnings increased), bringing its net income to $4.62 billion ($4.53 per share) for the year, down 21.6% from $5.89 billion ($5.72 per share) in 2001. (Read More)
Subprime Lenders Form Coalition
January 12, 2003
A group of subprime lenders have formed the Coalition for Fair and Affordable Lending in the hope that it can obtain federal legislation to establish national standards for the nonconforming market. (Read More)
ABA: State Predatory Laws Premature
January 12, 2003
State and local laws aimed at curbing abusive lending practices are premature and potentially harmful, according to a report released by the American Bankers Association. (Read More)
Applications Decline
January 12, 2003
Mortgage applications fell 2.4% on a seasonally adjusted basis for the week ended Jan. 10, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Criimi Mae Closes Recap Plan in Escrow
January 12, 2003
Criimi Mae Inc., Rockville, Md., has announced the closing in escrow of a $344 million recapitalization under which Barry S. Blattman, a managing partner of Brascan Real Estate Finance Fund, will be named chairman and chief executive officer. (Read More)
Houston Bank Forms Residential Unit
January 12, 2003
Encore Bank, Houston, has announced the formation of Encore Mortgage Co., a residential mortgage lending division that will complement its second-mortgage and construction financing operations. (Read More)
Simon Hikes Offer for Taubman
January 12, 2003
Simon Property Group, Indianapolis, has upped its offer for Taubman Centers to $20 per share from $18 a share. (Read More)
Enstar to Invest in Flowers Affiliate
January 12, 2003
The Enstar Group Inc., Montgomery, Ala., will provide up to $10 million to an affiliate of J.C. Flowers I LP as part of the latter's investment in CFN Investment Holdings LLC, the group that is looking to purchase Conseco Financial Corp. (Read More)
Peachtree Classes Downgraded
January 12, 2003
Six classes in Peachtree Franchise Loan LLC 1999-A have been downgraded by Fitch Ratings. (Read More)
Zacks Issues 'Sell' Advice on MGIC
January 12, 2003
Zacks.com, the online edition of Zacks Investment Research, Chicago, has issued a "4(Sell)" ranking to MGIC Investment Corp., Milwaukee. (Read More)
Household Reports Net Income Decline
January 12, 2003
Household International, Prospect Heights, Ill., has reported net income of $1.6 billion ($3.22 per share) for 2002, down from $1.8 billion ($3.91 per share) in 2001. (Read More)
Loan Auction Pioneer Eyes New Markets
January 12, 2003
Precept, a company that pioneered an online loan auction system for the commercial mortgage industry, is now looking at new business avenues, MortgageWire has learned. (Read More)
Netupdate Adds Features to LOS
January 12, 2003
features to Originator Pro, its flagship point-of-sale system for mortgage professionals. (Read More)
WaMu Cap to Open NYC Office
January 12, 2003
WaMu Capital Corp., a fixed-income institutional broker-dealer and subsidiary of Seattle-based mortgage lending giant Washington Mutual Inc., has reported that it will open a New York sales office in Midtown Manhattan by the end of March. (Read More)
HUD Seeks Lender Liability for Faulty Appraisals
January 13, 2003
Federal Housing Administration lenders would be held "strictly accountable for the quality of appraisals" on single-family loans under a proposal issued by the Department of Housing and Urban Development. (Read More)
REIT Proposes Settlement of Merger Suit
January 13, 2003
Center Trust Inc., Manhattan Beach, Calif., has announced a proposed settlement of litigation regarding its proposed merger with Pan Pacific Retail Properties Inc., Vista, Calif. (Read More)
Aimbridge Forms Mortgage Division
January 13, 2003
The Aimbridge Group, a Denver-based provider of financial products to credit unions, has announced an agreement with Loans at Wholesale that creates a new mortgage division, Aimbridge Home Loan. (Read More)
SASCO MBS Classes Downgraded
January 13, 2003
Seven classes of Structured Asset Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
DLJ CMBS Classes Downgraded
January 13, 2003
Two classes of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1997-CF2, have been downgraded by Standard & Poor's. (Read More)
Associates Begins MH Tender Offer
January 13, 2003
Associates First Capital Corp., New York, has announced a cash tender offer for all the outstanding original principal amount (approximately $2.02 billion) of the class A certificates of Associates Manufactured Housing Contract Trust 1999-1. (Read More)
Krupp Affiliate to Make Exchange Offers
January 13, 2003
Berkshire Income Realty Inc., Boston, a newly formed affiliate of the Krupp Funds Group, has announced that it will make exchange offers to the holders of interests in six Krupp funds for its 9% series A cumulative redeemable preferred stock. (Read More)
Greenlight Opens East Coast HQ
January 13, 2003
Greenlight Financial Services, a West Coast-based retail mortgage originator, has reported the opening of its East Coast headquarters in Green Brook, N.J., as part of an effort to expand its national presence. (Read More)
Freddie: LP Hits 25MM Mark
January 13, 2003
Freddie Mac has reported that its Loan Prospector automated underwriting service evaluated its 25 millionth loan in 2002, one of some 8.2 million loans run through the system in that period. (Read More)
UK Subservicer Touts Volume
January 13, 2003
United Kingdom third-party loan administrator Global Home Loans has expanded its total subservicing volume to over $80 billion, according to Countrywide Financial Corp., Calabasas, Calif. (Read More)
Mortgage Vet Named Sequoia Chairman
January 13, 2003
Peter T. Paul, the founder of Headlands Mortgage, has been elected chairman of the board of Sequoia National Bank, San Francisco. (Read More)
Ginnie II Program Revamped
January 14, 2003
Ginnie Mae has revamped its Ginnie Mae II securitization program in an effort to increase volume and improve the pricing of the mortgage-backed securities it guarantees. (Read More)
Bush Signs Flood Insurance Bill
January 14, 2003
Insurance companies can resume processing federal flood insurance applications now that President Bush has signed a bill reauthorizing the National Flood Insurance Program. (Read More)
Prof: Double-Dip Recession Likely
January 14, 2003
There is a 60% chance that the economy will slide back into recession this year and a 40% chance of a “slow recovery,” according to Ken Rosen, a professor at the University of California, Berkeley. (Read More)
MGIC Market Trends Index Slips
January 14, 2003
The single-family housing market was stable in the fourth quarter, but more areas of the country are showing softness, according to Mortgage Guaranty Insurance Corp.'s national Market Trends Index. (Read More)
Michigan Bank Enters Mortgage Sector
January 14, 2003
Joseph C. Shalla has joined Clarkston State Bank, Clarkston, Mich., in the newly created post of senior mortgage banker, marking the bank's entry into the mortgage sector. (Read More)
Fannie Invests $1MM in Thrift
January 14, 2003
Fannie Mae has invested $1 million in Broadway Financial Corp., a community-oriented savings bank that originates mortgages in south Los Angeles and an area known as "Mid-City." (Read More)
American Home, AIMCO Join Forces
January 14, 2003
American Home Mortgage Holdings Inc., New York, has announced an exclusive agreement with the Apartment Investment and Management Co., Denver, to offer up to a $1,500 closing cost credit for AIMCO residents who buy a home through AIMCO's HomePlanner program. (Read More)
FTC Issues Home Equity Loan Alert
January 14, 2003
The Federal Trade Commission has issued another alert to elderly and low-income homeowners about using their homes as collateral to get a loan. (Read More)
Fannie to Extend Funding Desk Hours
January 14, 2003
Fannie Mae has announced that it will extend its funding desk hours to enable international investors to execute new long-term debt securities through dealer underwriters on a real-time basis that is more closely aligned with their own trading hours. (Read More)
RMBS Dominant Asset Class in Spain
January 14, 2003
Residential mortgage-backed securities were the dominant asset class in the Spanish securitization market in 2002, the most impressive year ever for issuance, according to Standard & Poor's. (Read More)
Freddie Prices $4B of RefNotes
January 14, 2003
Freddie Mac has priced $4 billion of 1.875%, two-year Reference Notes due Jan. 15, 2005. (Read More)
Boston Properties Prices Notes
January 14, 2003
Boston Properties Inc., a Boston-based real estate investment trust, has reported that its operating partnership, Boston Properties LP, has priced an offering of $175 million of senior unsecured notes. (Read More)
Fannie's Profits Plunge in 4Q
January 15, 2003
Fannie Mae's fourth-quarter profits plunged nearly 52% from those of a year earlier (although operating earnings increased), bringing its net income to $4.62 billion ($4.53 per share) for the year, down 21.6% from $5.89 billion ($5.72 per share) in 2001. (Read More)
Subprime Lenders Form Coalition
January 15, 2003
A group of subprime lenders have formed the Coalition for Fair and Affordable Lending in the hope that it can obtain federal legislation to establish national standards for the nonconforming market. (Read More)
ABA: State Predatory Laws Premature
January 15, 2003
State and local laws aimed at curbing abusive lending practices are premature and potentially harmful, according to a report released by the American Bankers Association. (Read More)
Applications Decline
January 15, 2003
Mortgage applications fell 2.4% on a seasonally adjusted basis for the week ended Jan. 10, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Criimi Mae Closes Recap Plan in Escrow
January 15, 2003
Criimi Mae Inc., Rockville, Md., has announced the closing in escrow of a $344 million recapitalization under which Barry S. Blattman, a managing partner of Brascan Real Estate Finance Fund, will be named chairman and chief executive officer. (Read More)
Houston Bank Forms Residential Unit
January 15, 2003
Encore Bank, Houston, has announced the formation of Encore Mortgage Co., a residential mortgage lending division that will complement its second-mortgage and construction financing operations. (Read More)
Simon Hikes Offer for Taubman
January 15, 2003
Simon Property Group, Indianapolis, has upped its offer for Taubman Centers to $20 per share from $18 a share. (Read More)
Enstar to Invest in Flowers Affiliate
January 15, 2003
The Enstar Group Inc., Montgomery, Ala., will provide up to $10 million to an affiliate of J.C. Flowers I LP as part of the latter's investment in CFN Investment Holdings LLC, the group that is looking to purchase Conseco Financial Corp. (Read More)
Peachtree Classes Downgraded
January 15, 2003
Six classes in Peachtree Franchise Loan LLC 1999-A have been downgraded by Fitch Ratings. (Read More)
Zacks Issues 'Sell' Advice on MGIC
January 15, 2003
Zacks.com, the online edition of Zacks Investment Research, Chicago, has issued a "4(Sell)" ranking to MGIC Investment Corp., Milwaukee. (Read More)
Household Reports Net Income Decline
January 15, 2003
Household International, Prospect Heights, Ill., has reported net income of $1.6 billion ($3.22 per share) for 2002, down from $1.8 billion ($3.91 per share) in 2001. (Read More)
Loan Auction Pioneer Eyes New Markets
January 15, 2003
Precept, a company that pioneered an online loan auction system for the commercial mortgage industry, is now looking at new business avenues, MortgageWire has learned. (Read More)
Netupdate Adds Features to LOS
January 15, 2003
Netupdate Inc., Bellevue, Wash., has announced the addition of five features to Originator Pro, its flagship point-of-sale system for mortgage professionals. (Read More)
WaMu Cap to Open NYC Office
January 15, 2003
WaMu Capital Corp., a fixed-income institutional broker-dealer and subsidiary of Seattle-based mortgage lending giant Washington Mutual Inc., has reported that it will open a New York sales office in Midtown Manhattan by the end of March. (Read More)
Fannie Bought $1T+ in '02
January 16, 2003
How's this for a mind-boggling number: Fannie Mae acquired $1.093 trillion in home mortgages in 2002, a 60% increase from its purchase volume in 2001. (Read More)
Fixed Rates Inch Up
January 16, 2003
The average 30-year fixed mortgage rate rose to 5.97% for the week ending Jan. 17 from 5.95% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Housing Boom to Last 20 Years?
January 16, 2003
Spurred on by demographic factors, the housing boom now under way will last into the third decade of the century, according to a report co-sponsored by Masco Corp. and Pulte Homes Inc. (Read More)
Fed: Growth Sluggish, but Housing Hums
January 16, 2003
Economic growth is still "sluggish," according to the Federal Reserve Board's Beige Book, but the housing market continues to hum along. (Read More)
GSE Disclosure Study Nearly Complete
January 16, 2003
An interagency study on the adequacy of the disclosures Fannie Mae and Freddie Mac provide to mortgage-backed securities investors should be completed by the end of January, according to the supervisor of the two government-sponsored enterprises. (Read More)
PMI Forms New Sub
January 16, 2003
The PMI Group Inc., Walnut Creek, Calif., has announced the formation of PMI Capital Corp., a wholly owned subsidiary that will manage PMI's subsidiaries and investments in the areas of lender services, international mortgage insurance, and financial guaranty. (Read More)
Fitch Downgrades EMAC Franchise Loan Classes
January 16, 2003
Fourteen classes from three EMAC Owner Trust franchise loan transactions have been downgraded by Fitch Ratings. (Read More)
S&P Downgrades Conseco-Linked Classes
January 16, 2003
The ratings on three classes from various Conseco Finance Corp.-related transactions issued by Home Improvement Loan Trust and Conseco Finance Home Equity Loan Trust 2000-B have been lowered to D by Standard & Poor's Ratings Services. (Read More)
Moody's Downgrades LB CMBS Classes
January 16, 2003
Two classes of LB Commercial Mortgage Trust commercial mortgage pass-through certificates, series 1998-C4, have been downgraded by Moody's Investors Service. (Read More)
Nehemiah Raises $26MM for New RE Fund
January 16, 2003
Nehemiah Corp. of California, Sacramento, has reported raising $26 million in first-round financing for the Nehemiah Sacramento Valley Fund, a real estate equity fund formed to invest in mixed-use development projects in low- and moderate-income communities in the Sacramento Valley region. (Read More)
HanoverTrade Releases New Analytics
January 16, 2003
HanoverTrade Inc., Edison, N.J., has redesigned its Busch Analytics Valuation System and launched Hanover/Busch Analytics 6.0 servicing valuation software. (Read More)
PW Funding Launches New Website
January 16, 2003
PW Funding Inc., a subsidiary of Charter Municipal Mortgage Acceptance Co. based in Mineola, N.Y., has launched a new website that reflects the integration of PWF into CharterMac and Related Capital Co. (Read More)
Freddie Prices $5B of RefNotes
January 16, 2003
Freddie Mac has priced $5 billion of 4.50%, 10-year Reference Notes due Jan. 15, 2013. (Read More)
EOPT Issues $500MM in Notes
January 16, 2003
Equity Office Properties Trust, Chicago, has issued $500 million of 5.875% unsecured notes due January 2013. (Read More)
Ramco Expands LOC
January 16, 2003
Ramco-Gershenson Properties Trust, Southfield, Mich., has announced the renewal and expansion of its secured revolving credit facility with Fleet National Bank. (Read More)
S&P Adds iStar to REIT Index
January 16, 2003
New York-based iStar Financial Inc., which provides structured financing to owners of real estate, will replace National Golf Properties Inc. in the S&P REIT Composite Index, according to Standard & Poor's. (Read More)
S&P Bans Loans Affected by Georgia Law
January 17, 2003
Standard & Poor's is giving the cold shoulder to loans that are affected by the new Georgia Fair Lending Act. (Read More)
OMB Clears Anti-Flipping Rule
January 17, 2003
The Office of Management and Budget has cleared a final rule that is expected to put a brake on property flipping in the Federal Housing Administration single-family program. (Read More)
Cendant Mortgage to Indemnify FHA Losses
January 17, 2003
Cendant Mortgage Corp. has agreed to indemnify the Department of Housing and Urban Development for actual and future losses on approximately 1,000 Federal Housing Administration loans that were improperly endorsed for federal mortgage insurance. (Read More)
NY Fed Chief to Retire
January 17, 2003
William J. McDonough, president of the Federal Reserve Bank of New York, has announced that he plans to retire July 21. (Read More)
S&P: CMBS Surprisingly Strong
January 17, 2003
The delinquency performance of North American commercial mortgage-backed securities last year was impressive and "somewhat surprising" in view of the economic slump, according to Standard & Poor's. (Read More)
RMBS Upgrades Far Outpace Downgrades
January 17, 2003
Standard & Poor's has reported that rating actions on residential mortgage-backed securities doubled in the fourth quarter compared with those of a year earlier, but most of the news was good, as upgrades exceeded downgrades by 214 to 16. (Read More)
KeyCorp Unit Renamed KeyBank REC
January 17, 2003
Key Commercial Real Estate has been renamed Keybank Real Estate Capital to better reflect the broader scope of its operations, and several key personnel changes have been made at the commercial real estate lending company. (Read More)
Liberty Obtains New Credit Facility
January 17, 2003
Liberty Property Trust, Malvern, Pa., has replaced its $450 million credit facility due in April with a $350 million unsecured revolving credit facility arranged by Fleet Securities Inc. (Read More)
REIT to Redeem Senior Notes
January 17, 2003
Hospitality Properties Trust, Newton, Mass., has announced that it will redeem all $150 million of its outstanding 8.5% senior notes due in 2009 at par plus accrued interest. (Read More)
ARC Systems Touts Record Year
January 17, 2003
ARC Systems, a mortgage technology application service provider based in Austin, Texas, rendered decisions for a record $80 billion in loan applications in 2002, a 328% increase, the company has announced. (Read More)
Freddie Plans Euro RefNote Offering
January 17, 2003
Freddie Mac has announced that it will launch a minimum 3.5 billion euro (about $3.7 billion) offering of new five-year EuroReference Note securities due on Feb. 15, 2008. (Read More)
Entrust Completes Financing
January 17, 2003
Entrust Financial Services Inc., Denver, has reported the completion of a $2 million financing to increase its mortgage banking lending capacity. (Read More)
Feedback
January 17, 2003
Comments have been running the gamut from 'Wow!' to 'too commercial' on the new look of the Grapevine, which boasts an improved capability for searching the Grapevine archives. (Read More)
Housing Starts Rise 4.9%
January 21, 2003
Single-family housing starts rose 4.9% in December as builders ended the year with a surge in construction activity. (Read More)
Will HUD Split Bundling Proposal?
January 21, 2003
The Department of Housing and Urban Development may be looking at splitting its bundling proposal into two packages to appease the title companies and other settlement service providers. (Read More)
NAHB Backs MPF Expansion
January 21, 2003
The National Association of Home Builders has given its "strong support" to the plan by the Federal Home Loan Bank of Chicago to add a shared funding enhancement to its highly successful Mortgage Partnership Finance program. (Read More)
Raines Says Housing Shortage in the Offing
January 21, 2003
Fannie Mae chairman Franklin Raines isn't worried about a housing price bubble, which he says is nothing but a bunch of hot air. But he is concerned about the country's housing supply. (Read More)
NAHB Seeking More ADC Funding Sources
January 21, 2003
Armed for the first time with data showing the superior performance of construction loans, the National Association of Home Builders is stepping up its pursuit of additional sources of production financing. (Read More)
Harvard: Immigration Halt Wouldn't Slow Housing
January 21, 2003
Fears that a change in immigration policy could throw cold water on the hot housing market are unfounded, according to the director of the Joint Center for Housing Studies at Harvard University. (Read More)
Bush Eyeing Replacement for Falcon?
January 21, 2003
The Bush administration is vetting the chief executive of an online derivatives market as a possible successor for Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight, according to American Banker. (Read More)
Fidelity Agrees to Buy LSI
January 21, 2003
Fidelity National Financial Inc., a title insurance and real-estate-related services company based in Irvine, Calif., has agreed to acquire Lender's Service Inc., an appraisal management, residential title, and closing firm based in Coraopolis, Pa., a suburb of Pittsburgh. (Read More)
Sutter Buys Easton Mortgage
January 21, 2003
Sutter Holding Co. Inc., San Francisco, has announced the acquisition of the capital stock of Easton Mortgage Corp. for $1.0 million in cash and $2.75 million in secured promissory notes. (Read More)
Taubman Rejects Simon Offer
January 21, 2003
Taubman Centers has decisively rejected Simon Property Group's revised offer to acquire the Bloomfield Hills, Mich.-based retail real estate investment trust at $20 per share. (Read More)
Wells Fargo Touts Record Profits
January 21, 2003
Wells Fargo & Co., San Francisco, has reported record net income of $5.71 billion ($3.32 per share) for 2002, up 11% from $5.15 billion ($2.97 per share) in 2001. (Read More)
GreenPoint Reports Higher Earnings
January 21, 2003
GreenPoint Financial Corp., New York, has reported net income from continuing operations of $498 million ($5.53 per share) for 2002, compared with $410 million ($4.50 per share) in 2001. (Read More)
Fitch Eyes 3 Terror-Linked CMBS Classes
January 21, 2003
Three classes from three single-asset commercial mortgage-backed securities deals have been placed on Rating Watch Negative by Fitch Ratings due to interest shortfalls related to terrorism insurance costs. (Read More)
MBS Mortgage Adds CU Programs
January 21, 2003
MBS Mortgage Co. LLC, Grand Rapids, Mich., has announced the addition of several mortgage programs designed exclusively for credit union members. (Read More)
Moody's: UK RMBS Volume Up 16%
January 21, 2003
The volume of residential mortgage-backed securities issued in the United Kingdom climbed 16% in 2002 to 18 billion pounds (about $29 billion), according to Moody's Investors Service. (Read More)
Market Shocker: Freddie to Restate
January 22, 2003
Freddie Mac has announced that it will restate earnings for 2002, 2001, and possibly 2000 due to a reinterpretation of hedge accounting done under its prior auditor, Arthur Andersen. (Read More)
OTS Offers Relief From Georgia Law
January 22, 2003
Federally chartered thrifts operating in Georgia received good news from the Office of Thrift Supervision Wednesday regarding the Georgia Fair Lending Act, which affects "high-cost" loans and subprime lending. (Read More)
OFHEO Proposes GSE Disclosure Rule
January 22, 2003
The Office of Federal Housing Enterprise Oversight is issuing a proposed rule to facilitate Securities and Exchange Commission registration for Fannie Mae and Freddie Mac and to clearly define its regulatory authority to order additional financial disclosures and reports. (Read More)
NAHB Might Revise Forecast Upward
January 22, 2003
Buoyed by the December housing starts report, the chief economist of the National Association of Home Builders, says he's thinking about boosting his already rosy housing forecast for 2003. (Read More)
Weicher: No More MF Disruptions
January 22, 2003
Though the insurance premium to obtain the federal government's backing on apartment loans could go up in fiscal 2004, the program won't come to a grinding halt. (Read More)
Applications Fall
January 22, 2003
Mortgage applications fell 4.7% on a seasonally adjusted basis for the week ended Jan. 17, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
10-Year Yield Back Below 4%
January 22, 2003
The yield on the benchmark 10-year Treasury fell back below 4% Tuesday afternoon as signs intensified that a U.S. war with Iraq might occur, and it remained there as of midday Wednesday. (Read More)
Hanover Snags FDIC Web Auction Contract
January 22, 2003
HanoverTrade Inc., Chicago, has been selected by the Federal Deposit Insurance Corp. to be its private-label provider of website-based asset auctions. (Read More)
Simon to Proceed With Taubman Offer
January 22, 2003
Simon Property Group, Indianapolis, has announced that it is not withdrawing its $20-per-share offer for Taubman Centers (which is being made together with Westfield America) even though Taubman has rejected the new offer. (Read More)
Old Republic Boosts Risk Limit
January 22, 2003
Old Republic Title, Minneapolis, has increased its single-risk limit for commercial properties to $100 million, where permitted by state law. (Read More)
MBA to Support Bush Growth Plan
January 22, 2003
The Mortgage Bankers Association of America has pledged its full support for President Bush's economic growth plan, including its proposed tax cuts for stock dividend income. (Read More)
Liberty Names New CEO
January 22, 2003
William P. Hankowsky has been named president and chief executive officer of Liberty Property Trust, Malvern, Pa., replacing William G. Rouse III, who has resigned as CEO. (Read More)
Downpayment Group Names Chairman
January 22, 2003
Joel Pate, president of American Family Funds, Mobile, Ala., has been named chairman of the Homeownership Alliance of Nonprofit Downpayment Providers. (Read More)
Thornburg Earnings Surge
January 22, 2003
Thornburg Mortgage Inc., Santa Fe, N.M., has reported earnings of $120 million ($2.60 per share) for 2002, compared with $58.5 million ($2.09 per share) in 2001. (Read More)
Fannie Hikes Dividend
January 22, 2003
Fannie Mae's board of directors has voted to boost the quarterly dividend from $0.33 per share to $0.39 per share on the corporation's common stock, an 18% increase. (Read More)
Group Touts New CMO/ABS Format
January 22, 2003
The Bond Market Association has reported that it has facilitated the development of a new file format for monthly reporting of payment data for private-label collateralized mortgage obligations and asset-backed securities. (Read More)
Moody's: Aussie RMBS Volume Hits New High
January 22, 2003
The volume of residential mortgage-backed securities issued in Australia climbed to a new high of A$31.1 billion (approximately $18.2 billion) in 2002, Moody's Investors Service has reported. (Read More)
S&P: Fires Won't Hurt Aussie MBS
January 22, 2003
Recent bushfires across Australia have destroyed hundreds of homes, but Standard & Poor's says it believes that loan pool diversification, excess spread, and insurance will prevent the damage from affecting residential mortgage-backed securities payments. (Read More)
Would Dividend Tax Halt Kill LIHTCs?
January 23, 2003
The president's proposal to end the taxation of corporate dividends could severely undercut demand for low-income housing tax credits and possibly cut off a primary source of federal funding for the construction and renovation of affordable rental housing, according to housing advocates. (Read More)
Rates Drift Down
January 23, 2003
The average 30-year fixed mortgage rate fell to 5.91% for the week ending Jan. 24 from 5.97% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
New Twist to Simon/Taubman Tale
January 23, 2003
There is a new twist to the tale of Simon Property Group's attempt to acquire Taubman Centers, as the two real estate investment trusts have interpreted a Michigan federal court ruling in different ways. (Read More)
MPF Loans Up 68% in '02
January 23, 2003
The Federal Home Loan Bank of Chicago has reported that the Mortgage Partnership Finance program ended last year with $41.7 billion of loans outstanding, a 68% increase from 2001. (Read More)
FHA No Longer Requires PUD Approval
January 23, 2003
Effective immediately, the Federal Housing Administration will no longer require approval of an entire planned-unit development as a precondition for insuring mortgages on houses in that project. (Read More)
Moody's: Issuers Expect Decline in Jumbo MBS
January 23, 2003
A survey of major private-label issuers indicates that they expect the volume of new jumbo residential mortgage-backed securities to fall 10%-20% this year from last year's record high, Moody's Investors Service has reported. (Read More)
Fitch: LandAmerica's Outlook 'Negative'
January 23, 2003
The rating outlook for LandAmerica Financial Group Inc., Richmond, Va., has been revised from stable to negative by Fitch Ratings. (Read More)
S&P Revises Chateau Communities Outlook
January 23, 2003
The outlook for Chateau Communities Inc. and its operating partnership, CP LP, has been revised from stable to negative by Standard & Poor's. (Read More)
Golden West Reports Record EPS
January 23, 2003
Golden West Financial Corp., Oakland, Calif., has reported net earnings of $958.3 million and record earnings per share of $6.12 for 2002, compared with $812.8 million ($5.07 per share) in 2001. (Read More)
Sandalwood Announces IPO
January 23, 2003
Sandalwood Lodging Investment Corp., Potomac, Md., has announced an initial public offering of 10 million shares of common stock at $20 per share. (Read More)
Housing Conference Names Chief
January 23, 2003
Conrad Egan has been named executive director of the National Housing Conference, Washington, succeeding Robert J. Reid, who retired after 10 years on the job. (Read More)
Irwin Picks U.S. Bank as Doc Custodian
January 23, 2003
Irwin Mortgage Corp., Columbus, Ind., has announced the selection of Minneapolis-based U.S. Bank as document custodian for its mortgage files. (Read More)
Freddie to Resume MTN Ops
January 23, 2003
Freddie Mac has announced that it expects to resume its standard medium-term note operations on Jan. 23. (Read More)
Fannie Prices Callable BenchNotes
January 23, 2003
Fannie Mae has priced a $2 billion issue of five-year, 3.500% Callable Benchmark Notes due Jan. 28, 2008. (Read More)
Court Upholds Markups Despite HUD
January 24, 2003
The 8th Circuit Court of Appeals has ruled that markups of closing costs, such as credit reports, do not violate the Real Estate Settlement Procedures Act, despite a Department of Housing and Urban Development policy statement that says it is illegal for lenders to charge a consumer $30 for a credit report that only costs $15. (Read More)
Regulatory Relief Coming in Georgia?
January 24, 2003
Legislation that would provide nonconforming mortgage funders and investors with some type of regulatory relief from the Georgia Fair Lending Act is expected to be introduced on Monday. (Read More)
NovaStar Exits Georgia
January 24, 2003
NovaStar Mortgage Inc., Kansas City, Mo., has announced that the company has ceased doing business in Georgia, including conforming and nonconforming loans. (Read More)
BorrowSmart Campaign Slated for Savannah
January 24, 2003
Meanwhile, Wachovia Corp. and the BorrowSmart Public Education Foundation have announced that they will bring the BorrowSmart consumer education campaign to Savannah, Ga., Jan. 27 to combat predatory lending in Georgia. (Read More)
ABA, Freddie Form Alliance
January 24, 2003
The American Bankers Association and Freddie Mac have announced the formation of an alliance that offers ABA member banks greater access to the secondary market and a range of products and services. (Read More)
California Regulators OK New Title Pricing
January 24, 2003
The California Land Title Association has announced that state insurance regulators have approved new pricing for title insurance products that will cut the premiums of a policy to as low as $275 for a refinance or $85 for home equity line transactions. (Read More)
Group: Save LIHTC From Tax Plan
January 24, 2003
A group of 16 private foundations and corporations called Living Cities is urging the Bush administration to exclude low-income housing tax credits from the "adverse effects" of its proposed corporate dividend exemption. (Read More)
Countrywide Touts Record Earnings
January 24, 2003
Countrywide Credit Industries Inc., Calabasas, Calif., has reported record unaudited earnings of $841.8 million ($6.49 per share) for 2002, up 57% from $537.5 million ($4.34 per share) in the comparable fiscal 12-month period, which ended Nov. 30, 2001. (Read More)
Farmer Mac Earnings Cut by FAS 133
January 24, 2003
The Federal Agricultural Mortgage Corp., Washington, has reported net income of $21.3 million ($1.77 per share) for 2002, and said the figure was reduced by $2.5 million by the impact of Financial Accounting Standard 133. (Read More)
ABN Amro Originates $119B in '02
January 24, 2003
ABN Amro Mortgage Group Inc., Ann Arbor, Mich., has reported its 2002 production totaled a record-breaking $119 billion, a 44% increase over its origination volume in 2001. (Read More)
MF Builders Upbeat Despite Projections
January 24, 2003
Builders and managers of multifamily properties are "cautiously optimistic" about their prospects over the next six months, according to new indices from the National Association of Home Builders, despite NAHB projections calling for a slide in the apartment sector. (Read More)
Texan to Head Builders' Association
January 24, 2003
C. Kent Conine, a home and apartment builder from Dallas, has been elected as 2003 president of the 205,000-member National Association of Home Builders. (Read More)
GE Home Equity Classes Downgraded
January 24, 2003
Two classes of GE Home Equity 1997-HE 1 mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Fitch Eyes 3 Terror-Linked CMBS Classes
January 24, 2003
Three classes from two single-asset commercial mortgage-backed securities deals have been placed on Rating Watch Negative by Fitch Ratings due to interest shortfalls related to terrorism insurance costs. (Read More)
S&P Plans REIT-Linked Index Changes
January 24, 2003
Standard & Poor's has announced changes to the S&P MidCap 400 and S&P REIT Composite indexes that will affect the real estate investment trust sector. (Read More)
CMSA Unit Forms Joint Panel on Euro CMBS
January 24, 2003
The Commercial Mortgage Securities Association's European chapter has formed a joint commercial mortgage securitization subcommittee with the European Securitisation Forum, an affiliate of The Bond Market Association. (Read More)
German Lender Notes Downgraded
January 24, 2003
Moody's Investors Service has downgraded certain of German lender Westdeutsche Immobilienbank's obligations that are secured by notes credit-linked to a pool of commercial mortgages. (Read More)
Foreign Investors Buy 47% of Fannie Issue
January 24, 2003
Investors outside the United States bought 47% of Fannie Mae's Jan. 16 offering of 3.5% five-year callable Benchmark Notes. (Read More)
Feedback
January 24, 2003
Is it a RESPA violation if a loan consultant who does not have a broker license (but works in a broker shop) promises a consumer $100 for a referral on a new customer? (Read More)
Resales Set Record in '02
January 27, 2003
Existing-home sales rose 5.2% in December to cap a record sales year in which home prices appreciated at the highest rate since 1980. (Read More)
Industry Awaits Georgia Predatory Fix
January 27, 2003
The Georgia state legislature was scheduled to go into session Monday afternoon in anticipation of legislation that would provide nonconforming mortgage funders and investors with regulatory relief from the Georgia Fair Lending Act. (Read More)
S&P: GFLA Stance Just Credit-Related
January 27, 2003
In related news, Standard & Poor's has issued a clarification of its announcement on the Georgia Fair Lending Act, saying that declining to rate structured transactions containing loans covered by the law was based strictly on credit considerations. (Read More)
GAO Slams FHFB on Exams, Etc.
January 27, 2003
The Federal Housing Finance Board is trying to improve its examination of the 12 Federal Home Loan Banks it regulates, but it has "performed limited reviews" of functions that are "critical to managing the banks' financial and operation risks," according to a draft report by the General Accounting Office. (Read More)
ALTA Prepares for Bundling Suit
January 27, 2003
The American Land Title Association is preparing to sue the Department of Housing and Urban Development if the department issues a final rule that allows lenders to bundle all settlement services. (Read More)
Freddie Touts Record '02; To Be Restated
January 27, 2003
Freddie Mac has reported record unaudited net income of $5.76 billion ($7.95 per share) for 2002, up 39% from $4.15 billion ($5.64 per share) the year before, but the results are preliminary and will be restated. (Read More)
Freddie Breaks Purchase Record -- Again
January 27, 2003
Freddie Mac acquired $91.22 billion in home mortgages during December, yet another record month for the secondary market giant. (Read More)
VA to Halt Vendee Program
January 27, 2003
The Department of Veterans Affairs is going to stop financing sales of foreclosed single-family homes with VA-guaranteed loans at the end of January. (Read More)
Kmart-Linked CMBS Classes Downgraded
January 27, 2003
Six classes in five commercial mortgage-backed security transactions have been downgraded by Fitch Ratings in connection with recently announced Kmart store closings. (Read More)
Fitch: REITs May Face Growing Pressure
January 27, 2003
The real estate investment trust sector may face "increased negative ratings pressure" if current economic problems persist, according to Fitch Ratings. (Read More)
MH Firm Restructures LOC
January 27, 2003
Fleetwood Enterprises Inc., a Riverside, Calif., manufactured housing builder and financing company, has restructured its line of credit. (Read More)
REIT to Aid Alterra Revamp
January 27, 2003
Senior Housing Properties Trust, Newton, Mass., has announced a commitment to a sale/leaseback transaction and a first-mortgage financing to provide $67.9 million to Alterra Healthcare Corp. to facilitate Alterra's reorganization plan. (Read More)
New-Home Sales Shatter Record
January 28, 2003
Sales of new single-family homes rose 3.5% in December as 2002 turned out to be another record year for the homebuilding industry -- beating last year's record by 7.5%. (Read More)
Homeowner Rate Hits Record High
January 28, 2003
The U.S. homeownership rate jumped 0.3% in the fourth quarter to an all-time high of 68.3%, according to the Department of Housing and Urban Development. (Read More)
Senate to HUD: Protect FHA Homebuyers
January 28, 2003
The Senate has passed a $390 billion omnibus appropriations bill that directs the Department of Housing and Urban Development to consider new ways to protect Federal Housing Administration borrowers who are buying homes in neighborhoods where the FHA has high default and foreclosure rates. (Read More)
WaMu, Fannie Form 'Affordable Lending' Alliance
January 28, 2003
Washington Mutual, Seattle, and Fannie Mae have announced an "affordable lending" alliance designed to boost lending by $85 billion over five years to low- and moderate-income borrowers, minorities, immigrants, and first-time homebuyers. (Read More)
Moody's: '02 CMBS Issuance Totaled $104B
January 28, 2003
Commercial mortgage-backed securities issuance worldwide totaled $104 billion in 2002, according to Moody's Investors Service. (Read More)
Hanover Joins Forces With DMS Advisors
January 28, 2003
Hanover Capital Partners Ltd., a subsidiary of Hanover Capital Mortgage Holdings Inc. based in Edison, N.J., has announced an alliance with DMS Advisors Inc. under which DMS will market Hanover's consulting services. (Read More)
New Owner to Refocus Firm on RE
January 28, 2003
Rohit Patel of Chicago has acquired a controlling interest in Heritage Cos. Inc. and plans to refocus the company, originally an executive search firm, on real estate development, according to Heritage. (Read More)
Morgan Stanley CMBS Downgraded
January 28, 2003
Four classes of Morgan Stanley Dean Witter Capital I Inc. commercial mortgage pass-through certificates, series 2000-XLF, have been downgraded by Moody's Investors Service and placed on review for possible further downgrade. (Read More)
Bear Stearns Class Downgraded
January 28, 2003
Class B-5 of Bear Stearns Mortgage Securities Inc. series 1997-6 has been downgraded from B to D by Fitch Ratings and removed from Rating Watch Negative. (Read More)
Fitch Eyes GMAC CMBS Class
January 28, 2003
Class J of GMAC Commercial Mortgage Securities Inc. series 1997-C1 has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
GMACCM Prez Appointed
January 28, 2003
Thomas P. MacManus has been appointed president of GMAC Commercial Mortgage Corp., Horsham, Pa., and executive vice president of its parent company, GMAC Commercial Holding Corp. (Read More)
Firm Names New CEO, Okays Reverse Split
January 28, 2003
Success Financial Services Group Inc., a mortgage banking company based in Round Rock, Texas, has announced a management change and a reverse stock split. (Read More)
REIT Names SVP/COO
January 28, 2003
J. D. Carter Steele has been named senior vice president and chief operating officer of Healthcare Realty Trust Inc., Nashville, Tenn. (Read More)
Reckson Refis $500MM Facility
January 28, 2003
Reckson Associates Realty Corp., Melville, N.Y., has announced that its operating partnership, Reckson Operating Partnership LP, has refinanced its $500 million unsecured revolving credit facility with a group of 14 banks. (Read More)
Amex Now Listing Lodgian
January 28, 2003
The common and preferred stocks of Lodgian Inc., an Atlanta-based owner and operator of hotel property, have been approved for listing on the American Stock Exchange. (Read More)
Fidelity Buying Alltel Division
January 29, 2003
Fidelity National Financial, Irvine, Calif., which has been on an acquisition tear, has struck again -- this time, agreeing to buy the financial services technology division of Alltel, Little Rock. (Read More)
BofA Ends Freddie 'Alliance'
January 29, 2003
Bank of America, Charlotte, the fifth-largest seller of loans to Freddie Mac, has ended its strategic alliance with the government-sponsored enterprise. (Read More)
Tech Firms Announce eMortgage Alliance
January 29, 2003
DocuTech Corp., Idaho Falls, Idaho, and Wave Systems Corp., Lee, Mass., have announced the formation of the eMortgage Alliance, a group of companies offering a paperless mortgage system that meets guidelines established by the Mortgage Industry Standards Maintenance Organization. (Read More)
Adjusted Apps Rise
January 29, 2003
Mortgage applications rose 6.4% on a seasonally adjusted basis for the week ended Jan. 24, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Freddie Reports Record MF Volume
January 29, 2003
Freddie Mac closed 2002 with a record $14.3 billion in multifamily lending volume, according to the government-sponsored enterprise. (Read More)
CRE Firm Forms Alliances in Houston, Atlanta
January 29, 2003
Binswanger/CBB, Philadelphia, has announced the formation of alliances in Houston and Atlanta aimed at expanding the firm's coverage of office real estate markets in the two cities. (Read More)
NetBank Names New Chairman
January 29, 2003
Douglas K. Freeman, chief executive of NetBank Inc., Atlanta, has added the job of chairman to his responsibilities, replacing T. Stephen Johnson. (Read More)
Equix Names EVP/COO
January 29, 2003
Chris Hayward has been promoted to executive vice president and chief operating officer of Equix Financial Services, a Milwaukee-based company that provides outsourced origination and fulfillment services to mortgage lenders. (Read More)
Fitch Eyes RMF CMBS Classes
January 29, 2003
Classes E and F of RMF commercial mortgage pass-through certificates, series 1995-1, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
IndyMac Reports Record '02 Earnings
January 29, 2003
IndyMac Mortgage Holdings Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record net earnings of $143 million ($2.41 per share) for 2002, compared with $116.4 million ($1.84 per share) in 2001. (Read More)
American Home Reports Record 4Q Earnings
January 29, 2003
American Home Mortgage Holdings Inc. has reported record earnings of $13.5 million ($0.81 per share) for the fourth quarter, compared with $9.6 million ($0.77 per share) in the same period of 2001. (Read More)
S&P Reports Japanese Structured Deals
January 29, 2003
A total of ¥5 trillion (about $42 billion) came to market in Japan's structured finance market last year, including a number of residential mortgage-backed securities issued by the Government Housing Loan Corp., Standard & Poor's has reported. (Read More)
Baker: GSE Legislation Still Possible
January 30, 2003
In seeking to strengthen supervision of Fannie Mae and Freddie Mac, Rep. Richard Baker, R-La., says he wants to create a discussion among regulators, government-sponsored enterprises, and others that could lead to legislation later this year. (Read More)
ARM Rate Hits Record Low
January 30, 2003
The average rate for adjustable-rate mortgages hit a record low of 3.89% for the week ending Jan. 31, while the average 30-year fixed mortgage rate fell slightly from 5.91% the previous week to 5.90%, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
GAO: FHA Program Still 'High-Risk'
January 30, 2003
Citing the Federal Housing Administration's vulnerability to mortgage fraud, its poor oversight of lenders and appraisers, and outdated information systems, the General Accounting Office says it is continuing to list the FHA single-family program as a "high-risk" government program. (Read More)
OTS Pre-empts NY Predatory Law
January 30, 2003
The Office of Thrift Supervision has pre-empted New York's anti-predatory-lending law so that federally chartered thrifts and their operating subsidiaries will not be bound by the state's lending restrictions. (Read More)
Fitch Downgrades PMI Industry Outlook
January 30, 2003
Fitch Ratings has revised its rating outlook for the U.S. private mortgage insurance industry from Stable to Negative. (Read More)
Firm to Shut Branches, Focus on Direct Lending
January 30, 2003
Principal Residential Mortgage Inc., Des Moines, Iowa, has announced that it will close its retail branch offices by Feb. 28 and concentrate its loan origination business in its Mortgage Direct telephone and online operation. (Read More)
Raines: Mortgages Can Be Customized
January 30, 2003
Fannie Mae chairman Franklin Raines has told investors that he wants to move away from the view that mortgages are a commodity and toward the notion that loan products can be custom-made. (Read More)
Fuego Launches BPM System
January 30, 2003
Fuego Inc., Dallas, has released Fuego for Banking, a business process management system banks can use to adapt to changing operating conditions to improve performance and customer-facing processes. (Read More)
10-Year Above 4% Again
January 30, 2003
The benchmark 10-year Treasury yield rose back above 4% Wednesday afternoon and was still more or less at the same level as of noon Thursday. (Read More)
Fannie Gets a 9 on Corporate Governance
January 30, 2003
Fannie Mae has received a corporate governance rating of 9 from Standard & Poor's. The rating system ranges from 1 to 10. (Read More)
Atlanta FHLBank Gets OK to Expand MF Program
January 30, 2003
The Atlanta Federal Home Loan Bank has received regulatory approval to expand its Affordable Housing Multifamily Participation program so it can invest up to $100 million in multifamily loan participations. (Read More)
Prof: War Could Hurt CRE
January 30, 2003
If a war with Iraq turns into a protracted conflict, consumer confidence and stock prices could fall, tipping the U.S. economy into recession and causing commercial property markets to decline further, according to a University of Southern California professor. (Read More)
Fitch Downgrades BRE Notes, Stock
January 30, 2003
The senior unsecured notes and preferred stock of BRE Properties Inc., a San Francisco-based real estate investment trust, have been downgraded by Fitch Ratings. (Read More)
WaMu to Expense Stock Options
January 30, 2003
Washington Mutual Inc., Seattle, has announced that it will begin expensing employee stock options. (Read More)
Fitch Assigns 1st Canadian Special Servicer Rating
January 30, 2003
Fitch Ratings has assigned its first Canadian commercial mortgage special servicer rating. (Read More)
ARIT Stock Moving to Amex
January 30, 2003
American Residential Investment Trust Inc., San Diego, has announced that the trading of its common stock will move from the New York Stock Exchange to the American Stock Exchange Jan. 31 as a result of its plan to relinquish its status as a real estate investment trust. (Read More)
Ney to Head Housing Subcommittee
January 31, 2003
The House Financial Services Committee has chosen Rep. Bob Ney, R-Ohio, to chair the housing subcommittee, which will provide the congressman with a good platform to move his predatory-lending bill. (Read More)
FM Watch Raps OFHEO RBC Rule
January 31, 2003
The risk-based capital rule developed by the Office of Federal Housing Enterprise Oversight is "flawed" and allows Fannie Mae and Freddie Mac to continue to grow with less capital than banks, FM Watch says in a letter to the Federal Reserve Board. (Read More)
FirstAm RES Unveils Freddie Link
January 31, 2003
First American Real Estate Solutions, Anaheim, Calif., has announced the successful implementation of a high-speed, secured direct connection to Freddie Mac's valuation platform, including Home Value Explorer and Home Value Calibrator. (Read More)
Chase Commits $500B to Underserved
January 31, 2003
Chase Home Finance, the mortgage division of JPMorgan Chase Bank, has announced a $500 billion commitment through 2010 to increase home financing to minorities, immigrants, and low- to moderate-income borrowers. (Read More)
10-Year's See-Saw Continues
January 31, 2003
The benchmark 10-year Treasury yield fell back below 4% Thursday afternoon and, despite some upward pressure Friday morning, was still around that level at noon. (Read More)
Firm Names Secondary Marketing Chief
January 31, 2003
Steven Chiou has been named executive vice president and head of secondary marketing at Market Street Mortgage, a retail residential mortgage banking firm based in Clearwater, Fla. (Read More)
NMHC: Apartment Sector Remains Soft
January 31, 2003
Market conditions in the apartment sector remain soft, although investor demand for apartment properties is still high, according to a quarterly survey by the National Multi Housing Council. (Read More)
Fitch Eyes BofA Large-Loan Classes
January 31, 2003
The ratings on two classes of Banc of America Large Loan Inc.'s series 2002-FLT1 have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Feedback
January 31, 2003
Responses to our survey question are running nearly 2-to-1 against barring state-licensed mortgage lenders from using the Parity Act to avoid state restrictions on prepayment penalties and late fees. (Read More)
February
Citing GFLA, Moody's Hikes Scrutiny of Liability
February 3, 2003
Moody's Investors Service has announced that it will give heightened scrutiny to investor liability for securitized residential mortgages as a result of the Georgia Fair Lending Act. (Read More)
Bush Proposes New FHA Subprime Loan
February 3, 2003
Federal Housing Administration lenders would be able to offer a new loan product that is specifically designed to reach subprime borrowers under a proposal contained in the president's budget for fiscal year 2004. (Read More)
Fed: Mortgage Loan Standards Tightening
February 3, 2003
A Federal Reserve Board survey is picking up indications that some lenders are beginning to tighten their underwriting standards on residential mortgage loans for the first time in over 10 years. (Read More)
COFI Hits Another Record Low
February 3, 2003
Once again, the Eleventh Federal Home Loan District Cost of Funds Index has fallen to a record low. (Read More)
Hearing Set on Conseco Asset Sale
February 3, 2003
A hearing on the sale of the assets of Conseco Financial Corp., St. Paul, Minn., has been scheduled for March 5 by the U.S. Bankruptcy Court in Chicago. (Read More)
MART Closes $100MM LOC
February 3, 2003
Mid-Atlantic Realty Trust, Lutherville, Md., has closed a $100 million, three-year, unsecured revolving credit agreement with a six-bank syndicate led by Allfirst Bank. (Read More)
CU Picks FICS Commercial Servicing System
February 3, 2003
Financial Industry Computer Systems Inc., Dallas, has announced that Desert Schools Federal Credit Union, Phoenix, has chosen the FICS commercial mortgage loan servicing system. (Read More)
S&P Eyes Fidelity National
February 3, 2003
The counterparty credit ratings on members of the Fidelity National Title Insurance Cos. Group and the parent company, Fidelity National Financial Inc., Irvine, Calif., have been placed on Credit Watch with developing implications by Standard & Poor's. (Read More)
GSEs to Disclose More MBS Pool Data
February 4, 2003
Fannie Mae and Freddie Mac have announced that by spring they will begin making additional "pool-specific" mortgage-backed security disclosures on six key data points: servicer identity; loan purpose; original loan-to-value ratio; credit scores of borrowers; property type; and occupancy status. (Read More)
Ex-PinnFund Chief Gets 10 Yrs for Fraud
February 4, 2003
Former subprime chief executive Michael J. Fanghella was sentenced to 10 years in prison Monday for his role in the collapse of PinnFund USA, a San Diego-based mortgage banker. (Read More)
Treasury: No Exclusion for Housing Tax Credits
February 4, 2003
In sending Congress its proposal to eliminate taxes on corporate dividends, the Bush administration did not provide an exclusion for housing tax credits. (Read More)
CRE Ends Year on Positive Note
February 4, 2003
Commercial real estate lending in the final quarter of 2002 jumped 18% above that of the same period a year ago, according to the Mortgage Bankers Association of America. (Read More)
Delta Reports '02 Profits
February 4, 2003
Delta Financial Corp., Woodbury, N.Y., has reported net income of $17.6 million ($1.04 per share) for 2002, compared with a net loss of $80.5 million ($5.07 per share) in 2001. (Read More)
NAR: Housing Affordability Rises
February 4, 2003
The typical American family's ability to purchase a median-priced existing home increased in the fourth quarter, according to the National Association of Realtors. (Read More)
Greenlight Offers Flat Fee Refi
February 4, 2003
Greenlight Financial Services, Irvine, Calif., is now offering a guaranteed price to borrowers for settlement services related to mortgage refinancings. (Read More)
Republic Names CRE Finance Chief
February 4, 2003
Albert L. Jones has been named executive vice president of real estate finance at Republic First Bank, Philadelphia, where he will lead the bank's Commercial Real Estate Finance Group. (Read More)
RBS Sub Hires ABS Chief
February 4, 2003
Peter DiMartino has been hired as a managing director and head of asset-backed securities strategy by RBS Greenwich Capital, the U.S. fixed-income investment banking subsidiary of the Royal Bank of Scotland. (Read More)
AmeriDream Charity Changes Name
February 4, 2003
The AmeriDream Charity Inc., Gaithersburg, Md., a nonprofit provider of downpayment assistance to low- and moderate-income homebuyers, has changed its name to AmeriDream Inc. (Read More)
Ex-JPM Exec Tapped to Head OFHEO
February 5, 2003
The White House said late Tuesday it would nominate investment banker Mark C. Brickell to head the Office of Federal Housing Enterprise Oversight, the overseer of Fannie Mae and Freddie Mac. (Read More)
Falcon Calls for New OFHEO Authority
February 5, 2003
Meanwhile, the departing OFHEO director has called for the legal authority to close and appoint a receiver for a government-sponsored enterprise in the event that one becomes insolvent. (Read More)
Fitch Won't Rate Deals With GFLA Loans
February 5, 2003
Fitch Ratings has announced that it will not rate mortgage-backed securities deals containing mortgage loans covered by the Georgia Fair Lending Act, but said it would, under certain circumstances, rate deals with loans covered by predatory lending laws in other states. (Read More)
HUD to Propose FHA Hybrid ARMs
February 5, 2003
The Department of Housing and Urban Development is very close to issuing a proposed rule that would allow lenders to originate Federal Housing Administration-insured hybrid adjustable-rate mortgages for the first time. (Read More)
Countrywide Pledges $600B for Affordable Housing
February 5, 2003
Countrywide Home Loans Inc., Calabasas, Calif., has announced that it will extend its $100 Billion Challenge and expand it to a $600 billion commitment to increase homeownership among low-income and minority homebuyers by 2010. (Read More)
Principal to Sell Retail Offices
February 5, 2003
Instead of closing its 78 retail production offices, Principal Financial Group, Des Moines, Iowa, has agreed to sell them to American Home Mortgage Inc., New York. (Read More)
GE Unit to Buy UK Lending Biz
February 5, 2003
GE Consumer Finance, the consumer credit services business of the General Electric Co., has agreed to acquire the United Kingdom-based First National's secured and unsecured lending business from Abbey National plc for £848 million (about $1.39 billion). (Read More)
Adjusted Apps Fall
February 5, 2003
Mortgage applications fell 2.5% on a seasonally adjusted basis for the week ended Jan. 31, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
MISMO to Add CMSA Data to Dictionary
February 5, 2003
The Mortgage Industry Standards Maintenance Organization has been authorized to incorporate the contents of the Commercial Mortgage Securities Association's Investor Reporting Package into its data dictionary. (Read More)
GMACCM Tops Commercial Servicer Ranking
February 5, 2003
GMAC Commercial Mortgage Corp., Horsham, Pa., tops the Mortgage Bankers Association of America's annual ranking of commercial loan servicers. (Read More)
Affinity Cites High-Fraud States
February 5, 2003
The four states that have consistently recorded higher "Fraud Index" levels over several quarters are California, Georgia, Missouri, and Nevada, according to a report on mortgage fraud by Affinity Corp., West Hills, Calif. (Read More)
Colliers: 'Anemic' Office Demand to Persist
February 5, 2003
Citing the results of a fourth-quarter survey, Boston-based Colliers International is projecting that demand for office space will remain "anemic" for the next few quarters. (Read More)
Bear Stearns Expands REIT Coverage
February 5, 2003
Bear, Stearns & Co. Inc., New York, has announced that it is expanding its coverage of real estate investment trusts to include some of the biggest owners of strip shopping centers in the United States. (Read More)
LaFalce Joins Household Advisory Panel
February 5, 2003
Former Congressman John LaFalce of New York has joined the Consumer Advisory Board of Household International Inc., Prospect Heights, Ill. (Read More)
FelCor Reports $205MM Loss
February 5, 2003
FelCor Lodging Trust Inc., Irving, Texas, has reported a net loss of $204.9 million ($3.78 per share) for 2002, compared with a net loss of $63.9 million ($1.21 per share) in 2001, and says it plans to sell 33 "nonstrategic" hotels over the next three years. (Read More)
Freddie Prices $3B of RefNotes
February 5, 2003
Freddie Mac has priced $3 billion of 2.375% three-year Reference Notes due April 15, 2006. (Read More)
RAIT Prices Stock Offering
February 5, 2003
RAIT Investment Trust, Philadelphia, has priced an offering of 1.75 million common shares at $20.75 per share. (Read More)
CA Threatens Wells' Mortgage Lending License
February 6, 2003
The California Department of Corporations has issued a letter of intent to revoke the residential mortgage lending license of Wells Fargo Home Mortgage Inc., citing the lender's refusal to refund what the department alleges were excessive loan fees charged in violation of state law. (Read More)
BofA Buys Framework
February 6, 2003
Framework Inc., a Tarrytown, N.Y.-based technology firm and developer of the LendWare credit fulfillment platform, has been acquired by Bank of America, its biggest client. (Read More)
Ney Promises Predatory Bill, With Pre-emption
February 6, 2003
Rep. Bob Ney, R-Ohio, the new chairman of the House Financial Services subcommittee on housing, has pledged to make a "150% effort" to pass a predatory lending bill that provides consumer protections but also pre-empts state predatory lending laws. (Read More)
Condo, Co-op Sales Set Another Record
February 6, 2003
Sales of existing condominiums and cooperatives totaled 824,000 in 2002, a 10.5% increase that set a record for the seventh straight year, according to the National Association of Realtors. (Read More)
Fannie Exceeds HUD AH Goals
February 6, 2003
More than 50% of the loans Fannie Mae purchased last year provided financing for low- and moderate-income families, enabling it to exceed its federally mandated affordable housing goals for the ninth consecutive year, according to the giant secondary market agency. (Read More)
ACB: Community Banks Selling More Loans
February 6, 2003
More community banks and thrifts sold residential mortgage loans into the secondary market last year, but the sales still represented only 45% of their loan production, according to an annual survey by America's Community Bankers. (Read More)
iStar's '02 Profits Slip
February 6, 2003
New York-based iStar Financial, a diversified real estate investment trust, has reported net income of $215.3 million ($1.93 per share) for 2002, down from $229.9 million ($2.19 per share) in 2001. (Read More)
Aames Quarterly Earnings Rise
February 6, 2003
Aames Financial Corp., Los Angeles, has reported net income of $2.1 million for the quarter ended Dec. 31, compared with $1.5 million a year earlier. (Read More)
MuniMae Completes Stock Offering
February 6, 2003
Municipal Mortgage & Equity LLC, Baltimore, has completed an offering of 2.8 million shares of common stock at $23.60 per share. (Read More)
Thornburg Prices Stock Offering
February 6, 2003
Thornburg Mortgage Inc., Santa Fe, N.M., has priced an offering of 3.2 million shares of common stock at $20 per share. (Read More)
Wow! 4Q Fundings Near $1T
February 7, 2003
The nation's residential lenders funded close to $1 trillion worth of home loans in the fourth quarter, according to preliminary (but almost final) survey data collected by National Mortgage News and its affiliate, the Quarterly Data Report. (Read More)
Mortgage Jobs Rise Yet Again
February 7, 2003
Employment in the mortgage banking and brokerage sectors rose 1% in December from the previous month as lenders added workers to handle the tidal wave of loan applications. (Read More)
Fixed Rates Dip
February 7, 2003
The average 30-year fixed mortgage rate dipped to 5.88% for the week ending Feb. 7 from 5.90% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fannie/Freddie MBS Speeds Slow
February 7, 2003
Prepayment rates for agency mortgage-backed securities slowed down in January for most conventional 30-year coupons and vintages, according to the Bear Stearns Prepayment Commentary. (Read More)
Trade Groups May Seek CRA Relief
February 7, 2003
Frustrated by regulators' seeming inability to provide guidance on important Community Reinvestment Act questions, some banking trade groups may approach Congress for relief this year. (Read More)
Paragon Buys Paragon
February 7, 2003
Paragon Financial Corp., Ponte Vedra Beach, Fla., has announced the acquisition of Paragon Homefunding Inc., an unaffiliated company based in Orlando, Fla., for an undisclosed amount. (Read More)
AmeriServ Financial Sells MSRs
February 7, 2003
AmeriServ Financial Inc., Johnstown, Pa., has announced the sale of servicing rights on approximately $450 million of mortgage loans being serviced through its Standard Mortgage Corp. of Georgia subsidiary. (Read More)
Prime Group Ends Northland Talks
February 7, 2003
Prime Group Realty Trust, a troubled real estate investment trust based in Chicago, has announced the termination of discussions with Northland Capital Partners LP and its affiliates about a recapitalization proposal. (Read More)
Ocwen Reports $66.5MM Loss
February 7, 2003
Ocwen Financial Corp., West Palm Beach, Fla., has reported a net loss of $66.5 million ($0.99 per share) for 2002, compared with a loss of $124.8 million ($1.86 per share) in 2001. (Read More)
Michigan Lenders Elect New Prez
February 7, 2003
Michael J. Fontana, a senior mortgage consultant responsible for originating loans for the Troy, Mich., office of the Royal Bank of Canada's RBC Mortgage Co., has been elected president of the Michigan Mortgage Lenders Association. (Read More)
Wilmington Tops UGC Mortgage Index
February 7, 2003
Wilmington, N.C., has grabbed the top spot in the latest ranking of housing markets showing signs of improvement over the next two years based on a mortgage risk index maintained by United Guaranty Corp., Greensboro, N.C. (Read More)
Pru: Economic Gains Could Boost RE
February 7, 2003
Economic recovery should strengthen this year and might lead to improvements in the real estate sector in the second half, according to Prudential Real Estate Investors, Parsippany, N.J. (Read More)
Housing Affordability Down in CA
February 7, 2003
Housing affordability in California was down by five percentage points in December from a year earlier, according to the California Association of Realtors. (Read More)
Feedback
February 7, 2003
Who is responsible for making Truth in Lending disclosures? (Read More)
FDIC Sells Southern Pacific Assets
February 10, 2003
The Federal Deposit Insurance Corp. has sold the insured deposits of the failed Southern Pacific Bank, Torrance, Calif., and 20% of its assets to a Texas savings bank. (Read More)
Keystone to Form New Joint Venture
February 10, 2003
Keystone Property Trust, a real estate investment trust based in West Conshohocken, Pa., has announced its intention to form a joint venture with the Mercantile Safe Deposit and Trust Co. as trustee for the AFL-CIO Building Investment Trust. (Read More)
Insignia Admits to Merger Talks
February 10, 2003
Insignia Financial Group Inc., New York, has acknowledged that it is engaged in merger talks with CBRE Richard Ellis Inc. (Read More)
S&P Cites Possible Fixes for GFLA
February 10, 2003
The liability provisions of the Georgia Fair Lending Act could be changed in one of several different ways to address the credit concerns recently cited by Standard & Poor's Rating Services, according to the rating agency. (Read More)
Firm Launches 1st RE-Backed Synthetic GIC
February 10, 2003
A nonconforming mortgage specialist and investment manager has launched what it says is the first real estate-backed synthetic guaranteed investment contract in the market. (Read More)
Mortgage Exec Touts Client Referrals
February 10, 2003
The best and cheapest times for client acquisition is to ask a current client for referral business during or after the origination process, according to a speaker at the 2003 Turn On Your Million Dollar Brain workshop in Delray Beach, Fla. (Read More)
Cap Trust to Elect REIT Status
February 10, 2003
Capital Trust Inc., New York, has announced that it will elect to be taxed as a real estate investment trust for the current year and that it has modified its investment management venture with Citigroup Inc. (Read More)
CarrAmerica to Redeem Preferred Stock
February 10, 2003
CarrAmerica Realty Corp., Washington, has called for the redemption of 2.0 million shares of its 8.57% series B cumulative redeemable preferred stock at $25 per share plus accrued and unpaid dividends. (Read More)
S&P Reports REIT Index Change
February 10, 2003
Ramco-Gershenson Properties Trust, Southfield, Mich., will replace IRT Property Co. in the S&P REIT Composite Index after the close of trading Feb. 12, Standard & Poor's has announced. (Read More)
FNF Gets New S&P Servicer Rankings
February 10, 2003
First National Financial Corp., Toronto, has been added to the Standard & Poor's Select Servicer List as a master, special, and primary servicer of commercial mortgages. (Read More)
Coalition Backs Greater FHA/Ginnie Authority
February 11, 2003
A coalition of nine housing organizations is calling on the Bush administration and Congress to help revitalize the Federal Housing Administration and Ginnie Mae and allow the two agencies to operate with more independence. (Read More)
MBS Disclosure Raises Privacy Questions
February 11, 2003
Ginnie Mae is facing possible privacy questions if it discloses credit scores on individual loans to mortgage-backed securities investors as recommended by a federal interagency task force on MBS disclosures. (Read More)
New Century to Sell $2.6B of Loans
February 11, 2003
New Century Financial Corp., Irvine, Calif., has entered into three forward commitments to sell $2.6 billion of its production. (Read More)
Industry Vet Retires as IndyMac Chairman
February 11, 2003
Mortgage industry veteran David S. Loeb, a co-founder of IndyMac Bancorp Inc., Pasadena, Calif., has retired as chairman of IndyMac as a result of health concerns. (Read More)
NAR: Rates Should Keep Housing Strong
February 11, 2003
Favorable mortgage interest rates should help maintain a strong housing market this year, according to the National Association of Realtors. (Read More)
ASC CMBS Classes Downgraded
February 11, 2003
Two classes of Asset Securitization Corp.'s commercial mortgage pass-through certificates, series 1997-D5, have been downgraded by Fitch Ratings and will remain on Rating Watch Negative. (Read More)
Countrywide Reports Banner Month
February 11, 2003
January was the third-best month ever in terms of loan production for Countrywide Financial Corp., Calabasas, Calif. (Read More)
Radian to Sell $250MM of Notes
February 11, 2003
Radian Group Inc., Philadelphia, has announced that it plans to sell $250 million of senior unsecured notes. (Read More)
Farmer Mac Declares Dividend
February 11, 2003
The board of the Federal Agricultural Mortgage Corp., Washington, has declared a dividend of $0.80 per share on the corporation's 6.40% cumulative preferred stock, series A. (Read More)
Quicken Sues CA Over Interest Statute
February 12, 2003
Quicken Loans Inc., Livonia, Mich., has filed suit against the commissioner of the California Department of Corporations, contending that federal law takes priority over a state law that allows borrowers to use the mortgage lender's funds without interest until the mortgage is recorded. (Read More)
Greenspan Implies Support for Strong GSE Oversight
February 12, 2003
In Senate testimony on Feb. 11, Federal Reserve Board Chairman Alan Greenspan said proposals to strengthen oversight of Fannie Mae and Freddie Mac would not lead to significantly higher mortgage rates. (Read More)
ABA Sub to Offer MPF Pool Insurance
February 12, 2003
A for-profit subsidiary of the American Bankers Association is going to provide a form of pool insurance for Mortgage Partnership Finance loans so that small community banks selling loans to the Federal Home Loans Banks can earn more fee income. (Read More)
Applications Decline
February 12, 2003
Mortgage applications fell 5.1% on a seasonally adjusted basis for the week ended Feb. 7, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Former HUD Official Killed
February 12, 2003
Robert L. Woodson Jr., a former presidential adviser and housing official, was killed recently in an automobile accident. (Read More)
Taubman Reports Investment Pact
February 12, 2003
Taubman Centers Inc., Bloomfield Hills, Mich., has announced that Sheldon M. Gordon and certain affiliates will invest $50 million in Taubman after selling the group's stake in The Forum Shops at Caesars in Las Vegas. (Read More)
G&E Forms Financial Services Group
February 12, 2003
Grubb & Ellis Co., New York, has announced the formation of a Financial Services Group to manage its commercial and multifamily housing investment sales and services. (Read More)
NAR: Resale Price Gains Strong in 4Q
February 12, 2003
The median prices of existing homes increased at "well above historic norms" during the fourth quarter in most metropolitan areas, according to the National Association of Realtors. (Read More)
Year-Over-Year 4Q Resales Rise
February 12, 2003
Total existing-home sales -- including condominiums and co-operatives -- rose in 45 states in the fourth quarter from levels recorded a year earlier, according to the National Association of Realtors. (Read More)
Ellie Adds Appraisal Tool to ePASS
February 12, 2003
Ellie Mae Inc., Pleasanton, Calif., has launched ePASS Appraisal Connection, which it says will allow mortgage brokers and loan officers to locate any licensed appraiser in the United States and then order and receive appraisals directly from their desktop. (Read More)
Morgan Stanley CMBS Classes Downgraded
February 12, 2003
Four classes of Morgan Stanley Dean Witter Capital I Inc. commercial mortgage pass-through certificates, series 2000-XLF, have been downgraded by Standard & Poor's and removed from CreditWatch negative. (Read More)
CMBS Classes Removed From Watch
February 12, 2003
Classes D and E of 1211 Avenue of the Americas Trust's commercial mortgage pass-through certificates, series 2000-1211, have been removed from Rating Watch Negative by Fitch Ratings. (Read More)
Equity One Obtains $340MM LOC
February 12, 2003
Equity One Inc., North Miami Beach, Fla., has entered into a $340 million unsecured revolving credit facility in connection with the closing of its merger with IRT Property Co. (Read More)
Euro Mortgage Group Names Chief
February 12, 2003
Claude Sadoun, president of Credit Immobilier De France, a French real estate credit and mortgage company, has been named president of the European Mortgage Federation. (Read More)
Countrywide Exits Georgia Subprime Market
February 13, 2003
Countrywide Home Loans, Calabasas, Calif., has announced that, along with its sister company Full Spectrum Lending, it will no longer accept subprime loan applications in Georgia for amounts under $322,700. (Read More)
Ney Offers 'National' Predatory Bill
February 13, 2003
Rep. Bob Ney, R-Ohio, has introduced a predatory lending bill aimed at allaying lenders' fears about onerous state laws while still protecting consumers. (Read More)
Greenspan Spurs Talk of GSE Debt Registration
February 13, 2003
Recent congressional testimony by Federal Reserve Board Chairman Alan Greenspan has given new impetus to advocates of repealing the exemption of Fannie Mae and Freddie Mac from federal securities laws. (Read More)
Freddie: Disclosures Not a Privacy Issue
February 13, 2003
Freddie Mac has provided new details and formats for six new items it will disclose to investors in its mortgage participation certificates, and says the inclusion of borrower credit scores should not raise concern about privacy rights. (Read More)
Fixed Rates Inch Lower
February 13, 2003
The average 30-year fixed mortgage rate dipped to 5.86% for the week ending Feb. 14 from 5.88% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
FirstAm Launches New RE Unit
February 13, 2003
The First American Corp., Santa Ana, Calif., has launched a new business unit, First American Residential Real Estate Group Inc., and named Stephen C. Roney as its president and chief executive officer. (Read More)
Fannie Purchases Near Record
February 13, 2003
Fannie Mae started the new year right by purchasing a near-record $163.9 billion of loans in January. (Read More)
Euro Mortgage Group Eyes HEL Provision
February 13, 2003
The European Mortgage Federation has voiced concerns about the European Commission's consumer credit directive that includes a request that home equity loans be excluded from it. (Read More)
REIT Names EVP/Counsel
February 13, 2003
Julian E. Whitehurst has been named executive vice president and general counsel at Commercial Net Lease Realty Inc., Orlando, Fla. (Read More)
Fannie Prices Callable BenchNotes
February 13, 2003
Fannie Mae has priced a $2 billion issue of 10-year, 4.750% Callable Benchmark Notes due Feb. 21, 2013. (Read More)
NAR Temporarily Blocks Bank/RE Rule
February 14, 2003
The National Association of Realtors has out-lobbied the commercial bankers and succeeded in temporarily blocking a rulemaking process that could lead to the entry of national banks into the real estate brokerage business. (Read More)
6 FHLBanks Oppose Multi-Membership
February 14, 2003
Six of the 12 Federal Home Loan Banks are opposed to multidistrict membership, according to letters submitted to the Federal Housing Finance Board. (Read More)
Fitch Sees Rising CMBS Delinquencies
February 14, 2003
Delinquencies of loans in commercial mortgage-backed securities monitored by Fitch Ratings rose to 1.31% in the fourth quarter, and Fitch is forecasting rising delinquencies over the coming year, according to the rating agency. (Read More)
PHH to Issue $1B in Notes
February 14, 2003
PHH Corp., a subsidiary of Cendant Corp. based in Parsippany, N.J., has announced a $1 billion public offering of senior unsecured notes, of which $600 million will be issued as 10-year notes and the remainder as five-year notes. (Read More)
REIT's Prez/CFO to Depart
February 14, 2003
Universal Health Realty Income Trust, King of Prussia, Pa., has announced that its president and chief financial officer, Kirk Gorman, will leave the company after a transition period due to concerns voiced by its independent auditor about a communication from Mr. Gorman. (Read More)
Keystone Prices Public Offering
February 14, 2003
Keystone Property Trust, a real estate investment trust based in West Conshohocken, Pa., has priced a public offering of 2.4 million shares of preferred stock at $25 per share. (Read More)
MFA Mortgage Chair Plans Stock Sale
February 14, 2003
The chairman of MFA Mortgage Investments Inc., New York, has told fellow stockholders that he plans to have an entity that he controls sell up to 400,000 shares of MFA stock in the next year. (Read More)
TradeWeb Adds BoA to MBS Group
February 14, 2003
Banc of America Securities LLC has joined the to-be-announced mortgage-backed securities dealer group of TradeWeb LLC, bringing the number of dealers using the fixed-income trading platform to 12. (Read More)
Feedback
February 14, 2003
The issue of compensation splitting between mortgage brokers and loan officers drew a good deal of comment in a recent Grapevine posting. (Read More)
GSEs Back National Lending Standard
February 18, 2003
Freddie Mac has joined Fannie Mae in supporting legislative efforts to deal with predatory lending and to establish a national lending standard. (Read More)
Freddie Enhances Servicer Incentive Program
February 18, 2003
Freddie Mac is increasing the financial incentives it offers to servicers for using technology, completing workouts with borrowers to avoid foreclosure, and sustaining superior performance under its system of rating servicers by tiers. (Read More)
Conferees Seek FHA Evaluations
February 18, 2003
House and Senate conferees who put together the $397.4 billion appropriations bill that was approved by Congress Feb. 13 want the Federal Housing Administration to evaluate the effect its lending policies and nonperforming loan sales are having on certain neighborhoods. (Read More)
Limit Concentrations of GSE Debt?
February 18, 2003
Rep. Richard Baker, R-La., wants the Federal Reserve Board to conduct a study on federally insured depository institutions holding large concentrations of Fannie Mae and Freddie Mac debt securities and whether limits should be placed on those investments. (Read More)
CB Richard Ellis to Buy Insignia
February 18, 2003
CB Richard Ellis, Los Angeles, has announced an agreement to acquire New York-based Insignia Financial Group Inc. for $11 per share of common stock in an all-cash transaction valued at approximately $415 million. (Read More)
Subprime Lender Goes Public
February 18, 2003
Accredited Home Lenders Holding Co., a San Diego-based subprime lender and servicer, has announced an initial public offering of 9.65 million shares of common stock at $8 per share. (Read More)
New SEC Chief Sworn In
February 18, 2003
President Bush has sworn in William H. Donaldson to be the new chairman of the Securities and Exchange Commission, replacing Harvey Pitt. (Read More)
Schwab Launches Ginnie Fund
February 18, 2003
Charles Schwab & Co. Inc., San Francisco, has announced the introduction of a mutual fund that invests primarily in Ginnie Mae mortgage-backed securities. (Read More)
SASCO MBS Classes Downgraded
February 18, 2003
Two classes of Structured Asset Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Kimco to Aid in Sale of Closing Kmarts
February 18, 2003
Kmart Corp., the bankrupt retailer based in Troy, Mich., has reached an agreement with Kimco Realty Corp., New Hyde Park, N.Y., for the joint marketing of about 317 Kmart locations and related properties that Kmart has received court approval to close. (Read More)
Mexican RE Firm Completes Capitalization
February 18, 2003
Real estate investor Corporate Properties of the Americas LLC has reported the completion of a $250 million equity capitalization that it will use to expand its industrial property activity throughout Mexico. (Read More)
SF Housing Starts Up 2.1%
February 19, 2003
Single-family housing starts rose 2.1% in January to start off the new year with the highest number of new homes under construction since 1978. (Read More)
Countrywide Unveils Skip-Pay Loan
February 19, 2003
Countrywide Home Loans Inc., Calabasas, Calif., has introduced a new loan that allows qualified homeowners to skip up to two monthly payments per year and up to 10 payments over the life of the loan. (Read More)
Pacific Northwest to Launch Web Loan Program
February 19, 2003
Pacific Northwest Bancorp, Seattle, has announced that it will introduce a new Web-based mortgage loan program in March in partnership with MortgageBot LLC. (Read More)
RBC Mortgage Allies With First United
February 19, 2003
The Royal Bank of Canada's RBC Mortgage Co. has entered a marketing alliance with Colorado's First United Bank. (Read More)
Bank One Commits $12.5B to Low-Mod Projects
February 19, 2003
Phoenix-based Bank One has announced a $12.5 billion commitment to finance, in partnership with Fannie Mae, affordable housing and rehabilitation projects in Arizona's rural areas, Indian reservations, and trust lands. (Read More)
Stewart Mortgage Info Names SVP
February 19, 2003
Kyle Chaney has been named senior vice president and product manager at Stewart Mortgage Information, Houston. (Read More)
PMI Europe Names UK Manager
February 19, 2003
The PMI Group's PMI Europe has reported the appointment of Eddie Smith as United Kingdom country manager. (Read More)
Airline to Award Miles for Mortgages
February 19, 2003
America West Airlines, Phoenix, and Nationwide Advantage Mortgage Co., Des Moines, Iowa, have launched an incentive program that offers frequent-flyer miles for program members who borrow from Nationwide Advantage. (Read More)
Rates Set Records Again
February 20, 2003
The average 30-year fixed mortgage rate dipped to a survey-record low of 5.84% for the week ending Feb. 21 from 5.86% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fitch Eyes Countrywide, Citing MSR Risk
February 20, 2003
Fitch Ratings has placed the debt of Countrywide Financial Corp. on Rating Watch Negative, citing the risk of impairment to the company's balance sheet. (Read More)
FHA Insurance Fund's Cap Ratio Rises
February 20, 2003
The performance of the Federal Housing Administration single-family insurance fund improved in fiscal year 2002, and the capital ratio of the fund jumped to 4.52% from 3.75% in fiscal 2001. (Read More)
Merry Land, Cornerstone to Merge
February 20, 2003
Cornerstone Realty Income Trust Inc., Richmond, Va., and Merry Land Properties Inc., Augusta, Ga., have entered into an agreement valued at approximately $136 million under which Merry Land will merge into a wholly owned subsidiary of Cornerstone. (Read More)
Adjusted Apps Dip Slightly
February 20, 2003
Mortgage applications declined 0.1% on a seasonally adjusted basis for the week ended Feb. 14, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Thrifts Post Record 4Q Originations
February 20, 2003
Thrifts have posted a record $159.6 billion in one- to four-family originations in the fourth quarter, although delinquencies and loan chargeoffs increased in the last quarter, according to the Office of Thrift Supervision. (Read More)
LION Reports '02 Loss
February 20, 2003
LION Inc., Seattle, has reported a net loss of $109,000 for 2002, compared with net income of $42,000 in 2001. (Read More)
iStar Prez to Take Over at Sub
February 20, 2003
Spencer Haber, president of New York-based iStar Financial, has been named president and a director of iStar Strategic Capital Inc., a wholly owned subsidiary of iStar Financial, effective March 31. (Read More)
Triad Elects EVP
February 20, 2003
Kenneth N. Lard has been elected executive vice president of Triad Guaranty Inc., Winston-Salem, N.C., and of the company's mortgage insurance subsidiary, Triad Guaranty Insurance Corp. (Read More)
Euro MBS Issuance Up 21%
February 20, 2003
European mortgage-backed securities issuance climbed 21% in 2002 to 78.5 billion euros (about $84.9 billion), the European Securitisation Forum has reported. (Read More)
OCC Eyes GFLA Pre-emption Bid
February 21, 2003
National banks may be in line for relief from the Georgia state predatory lending law now that the Office of the Comptroller of the Currency is considering a request by the National City Bank, Cleveland, for federal pre-emption. (Read More)
Fannie Bids on Conseco Servicing Op
February 21, 2003
Fannie Mae has made a $70 million "floor bid" on the servicing platform of Conseco Finance, a subprime/manufactured housing subsidiary of the bankrupt financial services giant. (Read More)
Freddie Purchases Plunge in January
February 21, 2003
Loan purchases by Freddie Mac plunged by almost 40% in January from the total of the previous month, according to figures released Feb. 21. (Read More)
FNB to Buy Dover Mortgage
February 21, 2003
FNB Corp., Asheboro, N.C., has agreed to acquire Dover Mortgage Co., Charlotte, N.C., for an undisclosed amount. (Read More)
GMAC-RFC Touts MBS/ABS Record
February 21, 2003
Residential Funding Corp., Minneapolis, has reported a record $34.5 billion issuance of mortgage- and asset-backed securities in 2002, up 30.7% from its issuance the year before. (Read More)
Mortgage Banker Unveils CreditRight
February 21, 2003
American Equity Mortgage, St. Louis, has introduced CreditRight, a new credit information service aimed at helping customers ensure the accuracy of their credit history. (Read More)
Freddie Expands Housing Partnership
February 21, 2003
To expand on its 10-year affordable housing partnership with the Neighborhood Reinvestment Corp. of Atlanta, Freddie Mac is offering a new five-year, $2 million grant, part of which will be used by the NRC Training Institute to research housing issues. (Read More)
Conseco-Related Trusts Downgraded
February 21, 2003
The ratings on 11 classes from various Conseco Finance Corp.-related securitizations have been downgraded from CCC-minus to D (default) by Standard & Poor's Ratings Services. (Read More)
DLJ CMBS Classes Downgraded
February 21, 2003
Two classes of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1997-CF1, have been downgraded by Standard & Poor's Ratings Services. (Read More)
Michigan Bank Names SVP/CFO
February 21, 2003
J. Grant Smith has been named senior vice president and chief financial officer of Clarkston State Bank, a Clarkston, Mich.-based bank that plans to enter the mortgage banking business. (Read More)
BCE Emergis Names Board Member
February 21, 2003
Mortgage technology provider BCE Emergis, Montreal, has appointed J. Spencer Lanthier to its board of directors. (Read More)
Impac Prices Stock Offering
February 21, 2003
Impac Mortgage Holdings Inc., Newport Beach, Calif., has priced an offering of 3.0 million shares of its common stock at $11.60 per share that produced estimated net proceeds of $33 million. (Read More)
Feedback
February 21, 2003
Does being HUD/FHA approved exempt a nondepository lender from state licensing in any states? (Read More)
MPP Purchases Total $17.2 Billion
February 24, 2003
The three Federal Home Loan Banks participating in the Mortgage Purchase Program acquired $17.2 billion on single family loans from their member bank and thrifts in 2002. (Read More)
4 FHA Lenders Suspended
February 24, 2003
The Department of Housing and Urban Development has suspended four Federal Housing Administration single-family lenders for violations of agency requirements. (Read More)
Bush Signs FY '03 Omnibus Bill
February 24, 2003
President Bush has signed the $397.4 billion omnibus appropriations bill for fiscal year 2003 that directs the Department of Housing and Urban Development to consider new ways to protect Federal Housing Administration borrowers who are buying homes in distressed neighborhoods. (Read More)
Former MBA Executive Dies
February 24, 2003
Warren Lasko, who served as the Mortgage Bankers Association top executive for 12 years, has died of cancer. (Read More)
Survey: Home Buyers Confused by Process
February 24, 2003
A survey conducted for LandAmerica Financial Group, Richmond, Va., found that 86% of homebuyers said they had "difficulty and confusion" during the process. (Read More)
New Century Completes Buyback
February 24, 2003
New Century Financial Corp., Irvine, Calif., has repurchased its second million-share allocation under the company's stock repurchase program using corporate liquidity. (Read More)
PMI to Repurchase $100 Million
February 24, 2003
The PMI Group, Walnut Creek, Calif., has been authorized to repurchase up to $100 million of its stock. (Read More)
Fitch Publishes Servicer Rating Criteria
February 24, 2003
Fitch Ratings has released a report detailing its new criteria for rating residential mortgage servicers. (Read More)
Fannie Clarifies Raines Remarks
February 24, 2003
Fearing that an interview with Reuters had been misconstrued, Fannie Mae issued a statement saying Chairman and CEO Franklin Raines did not comment on the company's earnings or business results for the first quarter of 2003. (Read More)
Moody's Adds Asian CMBS Reports
February 24, 2003
Moody's Investors Service has reported that it will begin releasing performance reports on Asian commercial mortgage backed securities transactions it rates. (Read More)
CWMBS Classes Downgraded
February 24, 2003
Thirteen classes in six CWMBS (IndyMac) Inc. mortgage pass-through deals have been downgraded by Fitch Ratings. (Read More)
NovaStar Gets Servicer Rating
February 24, 2003
NovaStar Mortgage Inc., Kansas City, Mo., has been assigned a residential primary servicer rating of RPS3 for subprime loans by Fitch Ratings. (Read More)
Existing Home Sales Rise 3.04%
February 25, 2003
Sales of existing homes jumped 3.04% in January from the previous month as the housing market continued to roar and set new records. (Read More)
MSR Runoff Under Scrutiny
February 25, 2003
Concerns about the incredible runoff of mortgage servicing rights have prompted the Federal banking agencies to step up their examinations of large servicing shops. (Read More)
10-Year Treasury Yield Falls
February 25, 2003
The rate-indicative benchmark 10-year Treasury had dropped below the trading range just below 4% it has been in for weeks to levels near 3.8% as of Feb. 25. (Read More)
MBA Proposes "Guaranteed" Rate
February 25, 2003
The Mortgage Bankers Association believes it has found a way to offer a "guaranteed" interest rate that will satisfy the Department of Housing and Urban Development's requirements for reforming the mortgage application process. (Read More)
Academics: Revive Shays-Markey Bill
February 25, 2003
Now that Fannie Mae and Freddie Mac's scare tactics have been discounted, Congress should reconsider legislation known as the Shays-Markey bill that would require the two government-sponsored enterprises to register all their securities with the Securities and Exchange Commission, according to a group of academics. (Read More)
Radian Bidding for FGIC?
February 25, 2003
Radian Group Inc., Philadelphia, a major player in mortgage insurance, is said to be one of a handful of bidders that is interested in Financial Guaranty Insurance Co., a bond insurer owned by General Electric. (Read More)
Option One Earns $262.5 Mil
February 25, 2003
The Option One mortgage operations of H&R Block Inc., Kansas City, Mo., posted pre-tax earnings of $262.5 million for the company's third fiscal quarter. (Read More)
Tokyo Bank to Dissolve Mortgage Co.
February 25, 2003
Mitsubishi Tokyo Financial Group, Inc. has reported that The Bank of Tokyo-Mitsubishi Ltd. plans to formally dissolve The Diamond Mortgage Co., Ltd. on Feb. 28. (Read More)
S&P: ABS Volatility 'Highest Ever'
February 25, 2003
A record number of defaults and downgrades on asset-backed securities demonstrated the sector's vulnerability to economic cycles in 2002, according to Standard & Poor's. (Read More)
Rating Agency Won't Ban Loans Covered by New York Law
February 25, 2003
Standard & Poor's has reported that it will continue to rate structured finance transactions that include mortgage loans originated under the recently-passed New York City Local Law No. 36 (2002). (Read More)
New Swedish Law Could Affect MBS
February 25, 2003
A pending Swedish law regarding covered bonds could have implications for mortgage companies in that country, Moody's Investors Service here has reported. (Read More)
Fannie's Conseco Bid May Be Low
February 26, 2003
It appears as though Fannie Mae will not be the winning bidder on Conseco's servicing platform. (Read More)
Apps Rise Slightly
February 26, 2003
Mortgage applications climbed 5.5% on a seasonally adjusted basis for the week ended Feb. 21, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Small Biz Concerns in HUD Reform?
February 26, 2003
House Small Business Committee chairman Donald Manzullo, R-Ill., is concerned that the Department of Housing and Urban Development's proposal to allow lenders to package settlement services will hurt small businesses and he is planning to hold a hearing on the mortgage reform proposal. (Read More)
ACB Pushing for HUD Broker Fee Move
February 26, 2003
America's Community Bankers is calling on the Department of Housing and Urban Development to move ahead with improved mortgage broker fee disclosures while it works on a larger proposal to reform the mortgage application and settlement process. (Read More)
E&Y: Dividend Plan Hurting LIHTCs
February 26, 2003
The President's proposal to end double taxation of corporate dividends is already undermining the market for low-income housing tax credits, according to a report by Ernst & Young. (Read More)
NYC Mayor Delays Ordinance
February 26, 2003
New York City Mayor Michael Bloomberg has obtained a temporary restraining order preventing the city's anti-predatory lending ordinance from taking effect as scheduled on Feb. 24th. (Read More)
Countrywide MSRs "Conservative"
February 26, 2003
Countrywide chairman, chief executive and president Angelo Mozilo told investors on Feb. 25 that the company has met with regulators and is confident that it is using a conservative approach in valuing its mortgage servicing rights. (Read More)
Wells Allies with Paramount
February 26, 2003
Wells Fargo Home Mortgage, Inc. and Paramount Construction, Inc., have formed a strategic relationship that allows the latter company to offer its customers home financing products and services through the former. (Read More)
Sales of New Homes Fall 15.1%
February 27, 2003
New home sales plunged 15.1% in January when economic problems, a possible war with Iraq and falling consumer confidence apparently cooled the hot housing market. (Read More)
Rates Hit Another Record Low
February 27, 2003
The average 30-year fixed mortgage rate slipped to yet another a survey-record low of 5.79% for the week ending Feb. 28 from 5.84% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
New Mortgage Lobbying Group Sought?
February 27, 2003
Three mega-servicers -- Washington Mutual, Wells Fargo, and Chase Manhattan Mortgage, among others -- have reportedly asked the Financial Services Roundtable to launch a mortgage banking subsidiary to serve the lobbying needs of the nation's largest depository-owned mortgage bankers. (Read More)
MBA: Refis May Stay at 23%-25% After Rates Rise
February 27, 2003
Refinancing is likely to account for 23 -25% of loan origination activity even after interest rates start rising, according to Doug Duncan, the Mortgage Bankers Association of America's chief economist. (Read More)
Fannie Sees Callable Debt as a "Cornerstone"
February 27, 2003
Callable securities have become a "cornerstone" in Fannie Mae's strategies, chief financial officer Timothy Howard said in a Webcast conference the morning of Feb. 27 that, among other things, highlighted efforts the company has undertaken to manage its risk and provide assurance to global debt investors. (Read More)
New Settlement Services Brand Launched
February 27, 2003
First American Title Insurance Co., Santa Ana, Calif., has created a new brand, The Talon Group, to provide title and settlement services. (Read More)
Insurers Blocking Homeownership?
February 27, 2003
The president of the National Association of Realtors blamed homeowner insurance underwriters for creating new barriers to homeownership. (Read More)
Laureate Stages Executive Reorg
February 27, 2003
Laureate Capital has reorganized its executive team, making changes in response to Laureate's "rapid growth since formation in August 1994," according to Thomas Denard, president and CEO of the Charlotte, N.C.-based commercial mortgage banking/servicing firm. (Read More)
Strategic Gets "Groundbreaking" Hotel Loan
February 27, 2003
Strategic Hotel Capital has obtained financing of $1.17 billion from Deutsche Bank in a transaction that Strategic believes is "the largest loan ever made to a privately held hotel company." (Read More)
Credit Woes, Accounting Contribute to Abbey Loss
February 27, 2003
Credit-impaired assets and accounting changes during 2002 have contributed to a loss at United Kingdom mortgage lending giant Abbey National. (Read More)
MCAP Assigned S&P Servicer Rankings
February 27, 2003
MCAP Financial Corp., Toronto has been added to the Standard & Poor's Select Servicer List as an "above average" primary servicer and as an "average" special servicer. (Read More)
Spitzer Threatens OCC
February 28, 2003
New York State attorney general Eliot Spitzer has signaled that he is prepared to fight the supervisor of national banks in order to enforce the laws against predatory lending. (Read More)
Goldman Suspends Fannie/Freddie Coverage
February 28, 2003
Goldman Sachs has dropped its coverage of Fannie Mae and Freddie Mac but expects to resume coverage of the two government-sponsored enterprises in the future, a spokesman for the Wall Street firm has confirmed. (Read More)
Conseco Auction Delayed, Buffet Involved?
February 28, 2003
The auction of Conseco's manufactured housing and subprime division, scheduled for Feb. 28, has been delayed until the following week due to the number and complexity of the bids submitted, the company said. (Read More)
Subprime Lenders Break Volume Record
February 28, 2003
Subprime funders originated a record $241 billion of home mortgages in 2002, according to figures compiled by National Mortgage News and its affiliate, the Quarterly Data Report. (Read More)
GMP Subprime
February 28, 2003
Consumer groups are pressing the Department of Housing and Urban Development not to allow lenders to offer guaranteed mortgage packages on subprime loans or high cost loans that fall under the Home Ownership and Equity Protection Act. (Read More)
The High Cost of Churning
February 28, 2003
The portfolio churning associated with refinancing appears to be reducing the productivity of loan servicing shops, according to research from the Mortgage Bankers Association of America. (Read More)
Fitch: NY Predatory Law Won't Hurt RMBS
February 28, 2003
Although the New York City Local Law No. 36 does prohibit the City of New York from entering into any form of business with a financial institution or an affiliate of a financial institution where either entity is deemed a predatory lender as defined by the ordinance, the liability for violation of this ordinance does not flow through to assignees, Fitch Ratings has noted. (Read More)
Fannie Prices $4 Billion in Benchmark Notes
February 28, 2003
Fannie Mae has priced $4 billion of three-year Benchmark Notes with a 2.125% coupon at 99.707. (Read More)
First Republic Buys MBS with CBO Proceeds
February 28, 2003
First Republic Bank, San Francisco and its subsidiary, Trainer Wortham & Co., has reported that they have completed a $300 million collateralized bond obligation, the net proceeds of which have been used to purchase a portfolio of mortgage-related securities. (Read More)
Municipal Mortgage Reports Earnings
February 28, 2003
Municipal Mortgage & Equity has reported earnings per share of $1.16 for 2002, up from earnings per share of $1.12 per share for 2001. (Read More)
S&P Comments on Rumored Sale of FGIC
February 28, 2003
Standard & Poor's here says it has have received numerous calls and expressions of concern regarding the possible sale of Financial Guaranty Insurance Co. by General Electric Capital Co. (Read More)
Feedback
February 28, 2003
Do you place more value on your AE or your lender? (Read More)
March
GAO Links Conflicts to Power of FHFB Chair
March 3, 2003
The Federal Housing Finance Board will continue to be plagued by "bitter conflicts" unless a 1993 delegation of authority that gives the Finance Board's chairman autocratic powers is modified, according to a General Accounting Office report. (Read More)
OFHEO: Home Prices Rose 6.9% in '02
March 3, 2003
Average home prices appreciated at an annual rate of 6.89% in 2002, but the appreciation slowed considerably in the second half of the year, according to the Office of Federal Housing Enterprise Oversight. (Read More)
COFI Hits Another Record Low
March 3, 2003
The Eleventh Federal Home Loan Bank District Cost of Funds Index set another new low in January, declining by 7 basis points from the previous low in December. (Read More)
Matrix Sells Wholesale Platform
March 3, 2003
Matrix Bancorp Inc., Denver, has reported the sale of the wholesale platform of Matrix Financial Services Corp. to an undisclosed "third-party purchaser." (Read More)
AFRT Files Paperwork for IPO
March 3, 2003
American Financial Realty Trust, Jenkintown, Pa., has filed a registration statement for an initial public offering. (Read More)
Prudential Deal Downgraded
March 3, 2003
Two classes of Prudential Securities Secured Financing Corp.'s commercial mortgage pass-through certificates, series 1995-MCF2, have been downgraded by Fitch Ratings. (Read More)
MegaPlex Deal Securitized
March 3, 2003
Entertainment Properties Trust has announced that its subsidiary has issued a deal consisting of $155.5 million worth of commercial mortgage pass-through certificates. (Read More)
WaMu Cap to Expand NY Office
March 3, 2003
Washington Mutual Inc.'s fixed-income institutional broker-dealer has reported that it plans to expand its sales office in New York to include trading, compliance, and support functions. (Read More)
Foreigners Snap Up 56% of BenchNote
March 3, 2003
Fannie Mae has reported that investors outside the United States bought 56% of its 2.125% three-year Benchmark Notes, and it has revised the pricing information for the offering. (Read More)
Bill Would OK Radian Lien Product in CA
March 4, 2003
A key California legislator has introduced a bill that would allow private mortgage insurers to sell a form of low-cost title insurance in California that would cover refinancing transactions. (Read More)
Freddie: Home Price Rises Continue Slowdown
March 4, 2003
Home prices increased at an annualized rate of 3.9% nationwide in the fourth quarter, down from a revised rate of 5.3% in the third quarter, according to Freddie Mac. (Read More)
Fed Issues HMDA Guidance
March 4, 2003
The Federal Reserve Board has issued guidance to help lenders make the transition to the new Home Mortgage Disclosure Act reporting requirements that go into effect Jan. 1, 2004. (Read More)
Reperforming FHA/VA Market Growing Fast
March 4, 2003
The securitization of nonperforming and reperforming government-guaranteed loans is a fast-growing segment of the residential mortgage-backed securities market, according to Moody's Investors Service. (Read More)
Senator Calls for Boost in Indian Housing Aid
March 4, 2003
The amount of federal housing assistance to American Indian tribes should be increased "significantly," according to Sen. Tim Johnson, D-S.D. (Read More)
Treasury Names Bank/Thrift/GSE Official
March 4, 2003
The Treasury Department has appointed Gregory P. J. Zerzan to be deputy assistant secretary for financial institutions policy. (Read More)
Catellus to Reorganize as REIT
March 4, 2003
Catellus Development Corp., San Francisco, is going to reorganize its operations to qualify as a real estate investment trust effective Jan. 1, 2004, the company has reported. (Read More)
BoA Large-Loan Classes Downgraded
March 4, 2003
Two classes of Banc of America Large Loan Inc.'s series 2002-FLT1 have been downgraded and removed from Rating Watch Negative by Fitch Ratings. (Read More)
REIT Completes Refi
March 4, 2003
Mid-America Apartment Communities, Memphis, has reported the completion of a refinancing of $147 million of debt. (Read More)
iStar Announces Debt Offering
March 4, 2003
New York-based iStar Financial, a real estate investment trust, has announced a $150 million offering of five-year senior notes. (Read More)
RealEC Touts Volume
March 4, 2003
The RealEC e-commerce exchange has announced that it processed a million orders resulting in 5 million related vendor transactions during a recent three-month period. (Read More)
FBI Joins Probe of FHFB
March 5, 2003
The Federal Bureau of Investigation has joined the probe of alleged fundraising improprieties at the Federal Housing Finance Board, according to American Banker. (Read More)
Apps Rise as Refi Index Jumps
March 5, 2003
Mortgage applications rose 10.8% on a seasonally adjusted basis for the week ended Feb. 28 as the Refinance Index surged well above 6000, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Only 1% of HMDA Loans Low-Mod?
March 5, 2003
The top 25 U.S. lenders made nearly half of all loans reported under the Home Mortgage Disclosure Act in 2001, but only 1% of those conventional loans went to low- and moderate-income borrowers who reside in low-mod census tracts, according to a report by the National Training and Information Center. (Read More)
HUD to Seek OK for FHA Subprime Loan
March 5, 2003
The Department of Housing and Urban Development will seek congressional approval later this year to launch a Federal Housing Administration loan product designed specifically for subprime borrowers, according to HUD Secretary Mel Martinez. (Read More)
AH Trust Fund Bill Reintroduced
March 5, 2003
Rep. Bernie Sanders, Ind.-Vt., has reintroduced a bill to create a National Affordable Housing Trust Fund that would help finance the construction of affordable rental housing. (Read More)
Stonehaven to Change Name, Relocate
March 5, 2003
Stonehaven Realty Trust, Minneapolis, has announced the adoption of a corporate repositioning plan in concert with Paragon Real Estate Development LLC, Cleveland, under which Stonehaven would change its name and relocate to Cleveland. (Read More)
NHEMA, AppIntell Join Forces
March 5, 2003
The National Home Equity Mortgage Association and AppIntell Inc., based in the St. Louis suburb of Weldon Spring, Mo., have announced "a partnership to fight mortgage fraud." (Read More)
Prime Retail Discloses Lapsed M&A Talks
March 5, 2003
Prime Retail Inc., Baltimore, has disclosed that it recently held exclusive negotiations, now lapsed, with an unnamed party about a possible acquisition of Prime Retail, a real estate investment trust. (Read More)
Lowe Creates Hotel Fund
March 5, 2003
Lowe Enterprises, Los Angeles, has announced the establishment of a new investment fund targeting the subordinated debt of existing hotels and resorts. (Read More)
Citi Commits $105MM to AH for Hispanics
March 5, 2003
Citigroup has entered into a $105 million partnership with the National Council of La Raza, Washington, D.C., committing $100 million to affordable housing and community revitalization in Hispanic neighborhoods across the country. (Read More)
Taubman Again Refuses Simon Offer
March 5, 2003
Taubman Centers has again refused to consider Simon Property Group's $20 per share offer for the Bloomfield Hills, Mich.-based retail real estate investment trust. (Read More)
Freddie Prices $3B of RefNotes
March 5, 2003
Freddie Mac has priced $3 billion of 2.75%, five-year Reference Notes due March 15, 2008. (Read More)
GM Eyes Sale of GMACCM
March 6, 2003
General Motors is considering a sale of GMAC Commercial Mortgage Corp., the No. 1 commercial mortgage lender and servicer in terms of lending and servicing volume. (Read More)
Rates Set More Records
March 6, 2003
The average 30-year fixed mortgage rate dropped to another survey-record low of 5.67% for the week ending March 7 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
CFN Wins Bidding for Conseco Assets
March 6, 2003
After a marathon bidding session, the winning bidder for the majority of Conseco Finance Corp.'s assets was CFN Investment Holdings LLC. (Read More)
Tax Proposal's Effect on LIHTCs Downplayed
March 6, 2003
Under persistent questioning by Senate Democrats, Housing Secretary Mel Martinez said a recent study found that the president's proposal to end the taxation of most corporate dividends would have "no major effect" on the low-income housing tax credit program. (Read More)
Fed: Housing Still Strong, Economy 'Subdued'
March 6, 2003
The 12 Federal Reserve district banks have reported that economic growth was "subdued" in late February, but home sales and demand for residential mortgage loans remain strong. (Read More)
Fannie Helps Launch Security Info Group
March 6, 2003
Fannie Mae is one of the founding members of the Financial Services Sector Coordinating Council LLC, which has been formed to give a legal structure to a group created last June to help disseminate critical information related to homeland security. (Read More)
Giuliani Teams Up With CB Richard Ellis
March 6, 2003
Giuliani Partners LLC, New York, and CB Richard Ellis, Los Angeles, have announced the formation of a strategic alliance that will marry the crisis management and the real estate expertise of the two companies. (Read More)
Citi Forms New Int'l Biz Region
March 6, 2003
Citigroup has announced the creation of a new business region consisting of Europe, the Middle East, and Africa and the appointment of two chief executive officers to run the EMEA businesses, which include mortgage-related endeavors. (Read More)
Criimi Mae Boosts CMBS Loss Estimate
March 6, 2003
Criimi Mae Inc., Rockville, Md., has announced that it expects to raise the estimated losses over the life of its commercial mortgage-backed securities portfolio from $448 million to approximately $500 million and, as a result, to report an impairment charge for the fourth quarter. (Read More)
Realty Income Prices Notes
March 6, 2003
Realty Income Corp., Escondido, Calif., has priced $100 million of 5-3/8% senior unsecured notes at 99.509. (Read More)
Block Gets Top Zacks Rating
March 6, 2003
H&R Block Inc., Kansas City, Mo., has received a "#1 Strong Buy" rating from Zacks.com largely on the strength of the company's mortgage operations. (Read More)
Mortgage Employment Still Roaring
March 7, 2003
In February the U.S. economy suffered its worst employment drop since the aftermath of the Sept. 11 terrorist attacks -- but the mortgage industry continued to add jobs like there's no tomorrow. (Read More)
10-Year Falls Near 3.6%
March 7, 2003
The rate-indicative benchmark 10-year Treasury yield had fallen to trading levels close to 3.6% as of midday Friday due to the release of the weak employment data, which followed a week of bond yield erosion due to continuing geopolitical uncertainty. (Read More)
WaMu Eyeing GMACCM?
March 7, 2003
Washington Mutual, Seattle, is being mentioned as a leading candidate to buy the commercial mortgage operations of GMAC Commercial Mortgage Corp., sources have told MortgageWire. (Read More)
Georgia Senate OKs GFLA Revision
March 7, 2003
The Georgia State Senate has approved legislation that amends or repeals certain parts of the Georgia Fair Lending Act, including the assignee liability provisions. (Read More)
MBA, Treasury to Meet on Terror Rule
March 7, 2003
The Mortgage Bankers Association of America has told MortgageWire that it will meet March 11 with a top Treasury official to discuss an interim Treasury rule interpreting the provisions of the Terrorism Risk Insurance Act. (Read More)
MBS Speeds Mixed in February
March 7, 2003
Prepayment rates for agency mortgage-backed securities rose for 30-year coupons below 6.5% in the February reporting period, but speeds generally held steady or slowed for coupons at and above that level, according to the Bear Stearns Prepayment Commentary. (Read More)
First Horizon Launches Builder Program
March 7, 2003
First Horizon Home Loans, Irving, Texas, has announced a program offering homebuilders in Baltimore and Washington, and eventually nationwide, features such as combined construction and mortgage financing and various forward commitment options. (Read More)
CMAC CMBS Classes Downgraded
March 7, 2003
Three classes of Commercial Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1997-ML1, have been downgraded by Moody's Investors Service. (Read More)
C-BASS Completes REMIC
March 7, 2003
C-BASS, New York, has completed a real estate mortgage investment conduit deal backed by approximately $276 million of residential mortgages. (Read More)
Weingarten Reports Note Sales
March 7, 2003
Weingarten Realty Investors, Houston, has reported the sale of $136 million of medium-term notes in seven transactions so far this year. (Read More)
Structured Finance Growing Fast in India
March 7, 2003
India's structured finance market, which includes securitized mortgages, has increased 48% on an annualized basis from the previous year, according to Moody's Investors Service and the India-based ICRA Ltd. (Read More)
Feedback
March 7, 2003
More than 60% of the responses to our survey question on barring state-licensed mortgage lenders from using the Parity Act to avoid state restrictions on prepayment penalties and late fees were against the idea. (Read More)
Tougher GSE Cap Rules Proposed
March 10, 2003
St. Louis Federal Reserve Bank president William Poole is urging Washington policymakers to consider a plan that would require Fannie Mae and Freddie Mac to increase their capital over a number of years and eventually cut off their lines of credit from the U.S. Treasury. (Read More)
HUD Mulls GSE Product Clearance
March 10, 2003
The Department of Housing and Urban Development is working on procedures for the review and clearance of new products by Fannie Mae and Freddie Mac as part of its oversight of the two government-sponsored enterprises for charter and mission compliance. (Read More)
Fannie, Berkadia Reach Pact on Conseco
March 10, 2003
Fannie Mae has confirmed that it has reached an agreement with Berkadia Equity Holdings Inc. to service the manufactured housing securities the agency owns or guarantees from Conseco Finance, St. Paul, Minn. (Read More)
AARP Georgia Blasts GFLA Revision
March 10, 2003
AARP Georgia has blasted the newly enacted revision of the Georgia Fair Lending Act, terming the March 7 bill signing "the culmination of a seven-week misinformation campaign against Georgia consumers." (Read More)
2 Midwest Brokers Merge
March 10, 2003
Simplicity Mortgage Corp., a Midwest residential mortgage broker, has announced the completion of its merger with DMI Mortgage, Des Moines, Iowa. (Read More)
Tax Proposal's LIHTC Impact Understated?
March 10, 2003
An Ernst & Young study is too conservative in its estimates of the adverse impact the president's proposal to end the taxation of corporate dividends would have on the low-income housing tax credit program, according to a consultant who specializes in financing affordable housing. (Read More)
PMI Unveils Split-Premium MI Rates
March 10, 2003
The PMI Group is rolling out a new rate structure for mortgage insurance that will allows homebuyers to finance or pay part of the premium up front. (Read More)
Dorado, FirstAm Launch SourceMaster
March 10, 2003
Dorado Corp. and First American have released SourceMaster, a comprehensive tool that will help lenders source products across various vendors and electronic partner networks and bundle those mortgage services into guaranteed mortgage packages. (Read More)
DocuTech, Dorado Launch Doc Web Service
March 10, 2003
Idaho Falls, Idaho-based DocuTech and San Mateo, Calif.-based Dorado have announced a new Web service that speeds the use of SMART Docs. (Read More)
Netupdate, Ignition Link Pricing, POS Tools
March 10, 2003
Netupdate Inc., Bellevue, Wash., and Ignition Mortgage Technology Solutions Inc., Sausalito, Calif., have announced that Netupdate will add Ignition's LockPoint Xtra pricing and distribution tool to its Originator Pro point-of-sale system. (Read More)
MBA Launches New Tech Subsidiary
March 10, 2003
The Mortgage Bankers Association of America has launched a new subsidiary corporation to provide documentation and guidelines to accredit and certify Public Key Infrastructure and secure identity providers. (Read More)
Thornburg Outsources Retail to Nexstar
March 10, 2003
Thornburg Mortgage Inc., Santa Fe, N.M., has outsourced its retail origination function to Nexstar Financial Corp., St. Louis. (Read More)
IndyMac MH Classes Downgraded
March 10, 2003
Eight classes of IndyMac Manufactured Housing Contract Trust pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Moody's Eyes 13 Citi MBS Classes
March 10, 2003
Thirteen classes of senior and subordinated mortgage-backed securities issued by Citicorp Mortgage Securities Inc. from 1989 through 1994 have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
GHR Hires Canadian Tech Chief
March 10, 2003
GHR Systems Inc., an origination technology provider based in Wayne, Pa., has reported hiring an executive from the Canada-based Basis100 to build and manage mortgage automation for the Canadian market. (Read More)
Legacy Names Prez/CEO
March 10, 2003
The Toronto-based Legacy Hotels real estate investment trust has reported changes in its management structure, including the appointment of president/chief operating officer Neil J. Labatte to the post of president/chief executive officer. (Read More)
Freddie Declares 1Q Dividends
March 10, 2003
Freddie Mac's board of directors has announced a quarterly dividend of $0.26 per share on the corporation's voting common stock. (Read More)
Wells Gets Prelim Order Against CA
March 11, 2003
Wells Fargo & Co., San Francisco, has received a preliminary injunction barring the commissioner of the California Department of Corporations from taking action against its mortgage lending subsidiary. (Read More)
GSE Selloff Seen as 'Buy' Opportunity
March 11, 2003
Fannie Mae and Freddie Mac lost almost 7% of their value in trading Monday, but some analysts who follow the companies say now's the time to buy into the two mortgage giants. (Read More)
HUD Plans New Hybrid ARM Loans
March 11, 2003
Federal Housing Administration borrowers will have a choice of four different hybrid adjustable-rate mortgages under a proposal by the Department of Housing and Urban Development. (Read More)
SEC Still Eyeing GSE Small-Note Sales
March 11, 2003
The Securities and Exchange Commission is still reviewing the way Fannie Mae and Freddie Mac sell small-denomination notes through retail securities brokerage firms, according to America's Community Bankers. (Read More)
Chicago FHLBank Doing 'Shared Funding' Deal
March 11, 2003
The Chicago Federal Home Loan Bank should be completing its first "shared funding" deal soon, according to the FHLBank's regulator. (Read More)
Proposal's Effect on LIHTCs Called Minor
March 11, 2003
The effect of the Bush administration's economic stimulus package on the popular low-income housing tax credit would be insignificant, according to analysts at the Mortgage Bankers Association of America, who say that failing to adopt the plan could be even more damaging. (Read More)
Fannie Enhances DU
March 11, 2003
Fannie Mae has announced a new design for Desktop Underwriter as well as new features that include an online help center and consolidated access to DU for wholesale lenders. (Read More)
ComplianceEase, Dorado Form Partnership
March 11, 2003
ComplianceEase, San Francisco, and Dorado Corp., San Mateo, Calif., have announced the formation of a strategic partnership that they say will accelerate the delivery of automated compliance systems, especially in predatory lending compliance. (Read More)
REsolve Unveils New CRE Module
March 11, 2003
REsolve Technology, a Boston-based custom programming and financial consulting firm for the commercial real estate industry, has unveiled a new tracking and reporting module for its REquest product. (Read More)
VMP Releases Updated Forms Design Tool
March 11, 2003
VMP Mortgage Solutions, Fraser, Mich., has released the latest version of a forms design tool boasting features that the company says simplify and speed the process of designing documents. (Read More)
Fannie Introduces FX Discount Notes
March 11, 2003
Fannie Mae has introduced a new foreign currency-denominated short-term debt issuance vehicle. (Read More)
PREIT Exits MF Sector
March 11, 2003
Pennsylvania Real Estate Investment Trust, Philadelphia, has sold its multifamily portfolio to Morgan Properties for $420 million in a deal that will seal the company's exit from the multifamily sector and transform it into a retail REIT. (Read More)
MGIC Finds Lender Retention Rates Rising
March 11, 2003
A study by MGIC Investor Services Corp., Milwaukee, has found that lenders increased their retention rates slightly between November 2001 and November 2002. (Read More)
PNC: RE Won't Hit Bottom Till Late '03
March 11, 2003
Real estate markets are not likely to hit bottom until late this year, but the worst of the market contraction is past, according to a forecast by PNC Real Estate Finance, Pittsburgh. (Read More)
S&P to Add REIT to Small Cap Index
March 11, 2003
Standard & Poor's is adding Gables Residential, a Boca Raton, Fla.-based multifamily real estate investment trust, to its S&P Small Cap 600 Index. (Read More)
Stewart Sub to Operate in Australia
March 11, 2003
A subsidiary of Stewart Title Guaranty Co., Houston, has received its license to issue title insurance in Australia. (Read More)
AmeriDream Touts Aid to Women
March 11, 2003
AmeriDream, Gaithersburg, Md., has joined the month-long international celebration of women's role in the workforce, announcing that it has helped about 35,000 women become homeowners by providing downpayment gift assistance. (Read More)
Refi Index Soars to Record
March 12, 2003
The Refinance Index skyrocketed to a record high during the week ended March 7, surpassing the previous record by 2000 points, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
HUD Under Fire on Reform/Small Biz
March 12, 2003
Department of Housing and Urban Development officials came under heavy fire March 11 from House Small Business Committee members who maintain that HUD has failed to document how its mortgage reform proposal might hurt small businesses. (Read More)
Shelby Plans GSE, RESPA Hearings
March 12, 2003
Senate Banking Committee Chairman Richard Shelby, R-Ala., says he plans to hold hearings on the housing government-sponsored enterprises and on reform of the Real Estate Settlement Procedures Act. (Read More)
Mortech: Large Lenders Pessimistic
March 12, 2003
Is the current mortgage boom living on borrowed time? It's hard to say, but according to the new Mortech study, large residential lenders are "growing increasingly pessimistic" about their business prospects and anticipate "serious" declines in production as well as profits. (Read More)
S&P Will Rate Deals With Georgia Loans
March 12, 2003
Standard & Poor's has announced that it will resume rating structured finance transactions that include Georgia loans, based on the recently enacted amendment to the Georgia Fair Lending Act. (Read More)
Moody's: NYC Law No Risk to MBS
March 12, 2003
New York City's predatory lending statute does not increase the risk to residential mortgage securitizations, according to Moody's Investors Service. (Read More)
Conseco-Linked ABS Downgraded
March 12, 2003
Fourteen corporate-guaranteed classes of Conseco Finance Corp.-related transactions have been downgraded from CCC-minus to D (default) by Standard & Poor's Ratings Services. (Read More)
LendingTree Boosts Outlook
March 12, 2003
LendingTree Inc., Charlotte, N.C., has boosted its earnings forecast for the first quarter from $0.10 per share to $0.14 per share. (Read More)
REIT LP Prices $300MM of Notes
March 12, 2003
Boston Properties Inc., Boston, has reported the pricing of $300 million of 5.625% senior unsecured notes by its operating partnership, Boston Properties LP. (Read More)
S&P 500 to Include AIMCO
March 12, 2003
Standard & Poor's is adding Apartment Investment & Management Co. to the S&P 500 Index. (Read More)
Rates Still Shattering Records
March 13, 2003
The average 30-year fixed mortgage rate fell to yet another survey-record low of 5.61% for the week ending March 14 from 5.67% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Martinez Vows to Press on With Reform
March 13, 2003
Despite congressional efforts to "derail" his efforts to reform the mortgage application and settlement process, the secretary of Housing and Urban Development told the National Community Reinvestment Coalition March 12 that he still plans to issue a final rule in a few months. (Read More)
FHA to Relax Terror Insurance Rules
March 13, 2003
Insurance coverage against acts of terrorism would not be required on multifamily mortgages of less than $50 million under a rule the Federal Housing Administration intends to publish "in the coming months." (Read More)
Fannie Purchases Fall, But ...
March 13, 2003
Mortgage purchases by Fannie Mae fell in February to $106 billion, the secondary giant's weakest purchase month since November, but the decline will likely be short-lived. (Read More)
Georgia Lending Status Still in Doubt?
March 13, 2003
It remains questionable whether the revised Georgia Fair Lending Act clears up all the concerns that have caused lenders to flee the market. (Read More)
CA Financial Privacy Law Proposed
March 13, 2003
A ballot measure that would require financial institutions to obtain explicit consent before sharing a consumer's personal information with affiliates or third parties has been proposed in California by a coalition that includes an online mortgage lender. (Read More)
Moody's: CRE Cap Rates 'Out of Synch'
March 13, 2003
A disconnect between the price of commercial real estate and its revenue stream is on the verge of becoming a problem for commercial mortgage-backed securities, according to Moody's Investors Service. (Read More)
LB CMBS Classes Downgraded
March 13, 2003
Two classes of LB Commercial Conduit Mortgage Trust II's commercial pass-through certificates, series 1996-C2, have been downgraded by Fitch Ratings. (Read More)
S&P to Accept NextGen FICO Scores
March 13, 2003
Standard & Poor's will accept Fair, Isaac and Co.'s Next Generation FICO credit risk score in its forthcoming mortgage analytics model, Fair Isaac has announced. (Read More)
Trump Plans Mortgage Note Offering
March 13, 2003
Trump Hotels & Casino Resorts, New York, is offering $485 million in mortgage notes for private placement through its subsidiaries Trump Casino Holdings and Trump Casino Funding. (Read More)
Firm Touts Frisco AH Funding
March 13, 2003
Related Capital Co. of New York has announced that, together with San Francisco-based Bridge Housing Corp., it is providing $48 million in equity financing for the development of a $102 million mixed-use affordable housing complex in San Francisco. (Read More)
Fannie Prices Preferred Stock
March 13, 2003
Fannie Mae has priced an offering of $350 million of variable-rate, noncumulative preferred stock. (Read More)
Fannie Prices Callable BenchNotes
March 13, 2003
Fannie Mae has priced a $2 billion issue of three-year, 2.375% Callable Benchmark Notes due March 17, 2006. (Read More)
Health Care REIT Prices Notes
March 13, 2003
Health Care REIT, Toledo, Ohio, has priced the sale of $100 million of senior unsecured notes due Sept. 12, 2012, at an effective yield of 7.40%. (Read More)
Senator Asks HUD for Fairbanks Probe
March 14, 2003
A key U.S. senator has asked the Department of Housing and Urban Development to investigate the business practices of Fairbanks Capital Corp., Salt Lake City, the nation's largest servicer of subprime mortgages. (Read More)
Martinez: FHA Attacking Predatory Lending
March 14, 2003
The Federal Housing Administration is mounting a vigorous attack on predatory lending, according to the secretary of Housing and Urban Development. (Read More)
Morgan Stanley Plans Jumbo, Alt-A Conduit
March 14, 2003
Morgan Stanley plans to launch a jumbo and alternative-A credit mortgage conduit in June that will expand the Wall Street firm's range of loan products in this area, sources have told MortgageWire. (Read More)
Stocks Extend Gains
March 14, 2003
Mortgage-related stocks extended their gains from Thursday's 270-point Dow rally in early trading Friday. (Read More)
Moody's to Rate MBS With Georgia Loans
March 14, 2003
Citing recent revisions to the Georgia Fair Lending Act, Moody's Investors Service has announced that it will rate residential mortgage-backed securities that include Georgia loans. (Read More)
S&P Eyes Reverse Mortgage Deals
March 14, 2003
Standard & Poor's has announced that it will "closely monitor" S&P-rated securitizations that contain reverse mortgage loans as a result of the pending settlement of a class action lawsuit. (Read More)
SASCO MBS Classes Downgraded
March 14, 2003
Four classes of Structured Asset Securities Corp. mortgage pass-through certificates, series 1997-2, have been downgraded by Fitch Ratings. (Read More)
Lenders Ranked on Loans to Underserved
March 14, 2003
The National Community Reinvestment Coalition has issued a report that ranks mortgage lenders on their record in making loans to minorities, women, and low- and moderate-income borrowers and neighborhoods. (Read More)
Apex to Consider Possible Sale
March 14, 2003
Apex Mortgage Capital Inc., Los Angeles, has announced the appointment of a special committee by its board of directors to consider strategic options, including the sale of the company. (Read More)
Treasury Awards 'New Markets' Tax Credits
March 14, 2003
The Treasury Department has awarded $2.5 billion in tax credit allocations under the New Markets program, which is designed to promote economic development and job creation in low-income communities. (Read More)
Feedback
March 14, 2003
The vast majority of early responses to our new survey question indicate that responders don't believe there is a "housing bubble." (Read More)
Court OKs Conseco Sale
March 17, 2003
The Bankruptcy Court in Chicago has approved the sale of Conseco Finance Inc., St. Paul, Minn., to CFN Investment Holdings LLC, New York, for $1.1 billion. (Read More)
10-Year Yield Jumps
March 17, 2003
The rate-indicative 10-year Treasury yield shot up to around 3.8% Monday morning from a trading range of 3.6%-3.7%. (Read More)
Fitch to Rate Deals With Georgia Loans
March 17, 2003
Fitch Ratings has announced that it will resume rating residential mortgage-backed securitizations that include mortgage loans originated after the recent amendments to the Georgia Fair Lending Act. (Read More)
Fannie Bought $60B of 'Expanded Access' Loans
March 17, 2003
Last year, Fannie Mae purchased over $60 billion in subprime loans under its expanded access program, which also includes Timely Payment Rewards mortgages. (Read More)
Bank One, Fannie Join Forces
March 17, 2003
Bank One of Detroit and Fannie Mae have joined in a $12.5 billion community lending alliance -- of which about 25% is earmarked for minorities -- to serve underserved borrowers from the extended Michigan area. (Read More)
ACS Launches eRX
March 17, 2003
ACS, Dallas, has announced what it says is the first secure Internet-based exchange connecting organizations and counties to facilitate the electronic recording of land records such as deeds and mortgages. (Read More)
Zacks Picks Top Mortgage Stocks
March 17, 2003
Countrywide Financial Corp., Fannie Mae, Freddie Mac, American Home Mortgage Holdings Inc., and New Century Financial Corp. have snagged the top stock recommendations in the mortgage and real estate industry from Zacks.com, Chicago. (Read More)
Bedford Names Prez/COO
March 17, 2003
James Moore has been named president and chief operating officer of Bedford Property Investors Inc., Lafayette, Calif. (Read More)
Fitch Adds MH to RMBS Deal Tracker
March 17, 2003
Fitch Ratings has announced the addition of manufactured housing-related transactions to its RMBS Deal Tracker, a Web-based product that identifies original collateral attributes for Fitch-rated residential mortgage-backed securities and mortgage-related asset-backed securities. (Read More)
SF Housing Starts Plunge
March 18, 2003
Single-family housing starts plunged 13.7% in February, and the red-hot housing market may be settling down to a lower level of activity. (Read More)
Lenders Seek Fix for RESPA Reform
March 18, 2003
Some mortgage lenders have suddenly become concerned that other players may have more control over homebuyers and packaging, and they are urging Department of Housing and Urban Development officials to insert restrictive language in HUD's mortgage reform proposal. (Read More)
HUD Urged to Drop Appraiser Proposal
March 18, 2003
The Department of Housing and Urban Development should drop its proposal to hold Federal Housing Administration lenders responsible for the quality of appraisals, according to six lender groups. (Read More)
Fannie Touts Progress on $2T Pledge
March 18, 2003
Fannie Mae has completed two-thirds of its 10-year pledge to give $2 trillion in financing to historically underserved families in less than a third of the time, the big secondary market company says in its annual progress report. (Read More)
Mortgage Vet to Form Wholesale Firm
March 18, 2003
Peter T. Paul, the founder and former chief executive officer of Headlands Mortgage, has announced that he will launch Paul Financial this summer in San Rafael, Calif., as a niche wholesale lender. (Read More)
Decade, Equix Form Alliance
March 18, 2003
Decade Systems Corp., Jacksonville, Fla., and Equix Financial Services, Menomonee Falls, Wis., have announced an alliance under which they will offer mortgage lenders a "rapid, cost-effective" integration system for leveraging Equix's origination and fulfillment capabilities. (Read More)
Conseco-Related Classes Downgraded
March 18, 2003
Four classes from various Conseco Finance Corp.-related securitizations have been downgraded from CCC-minus to D (default) by Standard & Poor's Ratings Services. (Read More)
Moody's Eyes Aussie RE Trust Rating
March 18, 2003
Moody's Investors Service has placed the A1 issuer rating of AMP Shopping Centre Trust, Sydney, Australia, on review for possible downgrade. (Read More)
Aegis Issues Merger Guidance
March 18, 2003
Aegis Realty Inc., New York, has announced that its planned merger with Phillips Edison Ltd. will become effective during the week of March 24 if it is approved at a special meeting of stockholders scheduled for March 21. (Read More)
Oak Street Hires Development Chief
March 18, 2003
Richard S. Dennen has been hired as director of corporate development at Oak Street Mortgage LLC, Carmel, Ind. (Read More)
GMACCM Cites $650MM Golf Course Funding
March 18, 2003
GMAC Commercial Mortgage, the nation's largest commercial lender, has announced a $650 million financing for the acquisition of 253 golf courses in the United States, the United Kingdom, and Japan. (Read More)
United Dominion Closes on LOC
March 18, 2003
United Dominion Realty Trust Inc., Richmond, Va., has closed on a new $500 million unsecured revolving credit facility. (Read More)
Apps Set More Records
March 19, 2003
The Refinance Index climbed to another record high during the week ended March 14, as did the index measuring the overall mortgage application market, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
S&P Eyes Fairbanks’ Servicer Rankings
March 19, 2003
Citing "increased regulatory scrutiny" of Fairbanks Capital Corp.'s servicing practices, Standard and Poor's Ratings Services has placed the company's residential subprime servicer and residential special servicer rankings on CreditWatch with negative implications. (Read More)
Industry Icon Sees 'Spectacular' 1st Half
March 19, 2003
Mortgage industry icon Felix Beck says the industry will see "spectacular volume" in the first six months of this year. (Read More)
MI Tax Deduction Bill Introduced
March 19, 2003
A bill that would allow consumers to deduct mortgage insurance payments from their federal income taxes has been introduced by two congressmen. (Read More)
NovaStar to Resume Ops in Georgia
March 19, 2003
NovaStar Mortgage Inc., Kansas City, Mo., has announced that it will resume business operations in Georgia with its full product line, citing recent developments related to the Georgia Fair Lending Act. (Read More)
S&P Eyes Floating-Rate CMBS
March 19, 2003
Standard & Poor's Ratings Services has announced "an intensive review" of floating-rate commercial mortgage-backed securities deals that were issued during the peak real estate years of 2000 and 2001. (Read More)
S&P: Bankruptcies May Test CMBS
March 19, 2003
Though many commercial mortgage-backed securities proved to be resilient last year, Standard & Poor's says it has identified numerous deals involving properties once leased to Kmart and other bankrupt retailers that may soon face downgrades. (Read More)
Fitch Plans No Ahold-Linked CMBS Downgrades
March 19, 2003
Fitch Ratings has announced that it does not plan to downgrade any of the 77 U.S. commercial mortgage-backed securities deals linked to Koninklijke Ahold NV despite its recent downgrade of the retail grocer. (Read More)
Simon Completes Note Offering
March 19, 2003
Simon Property Group Inc., Indianapolis, has reported the sale of $500 million of senior unsecured notes by its partnership subsidiary, Simon Property Group LP. (Read More)
HUD IG Probing Fairbanks
March 20, 2003
The inspector general of the Department of Housing and Urban Development has launched an investigation into allegations that a subprime servicing company, Fairbanks Capital Corp., is mishandling accounts and overcharging homeowners. (Read More)
House Passes Bankruptcy Reform
March 20, 2003
The House has passed a bankruptcy reform bill by a 315-to-113 vote, but the snake-bitten measure faces a more turbulent ride in the Senate. (Read More)
Fixed Rates Jump
March 20, 2003
The average 30-year fixed mortgage rate jumped to 5.79% for the week ending March 21 from a survey-record low of 5.61% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Household Enters SEC Consent Decree
March 20, 2003
Household International Inc. has announced a consent decree with the Securities and Exchange Commission under which the company agreed to end violations of certain federal securities laws but will not be required to pay fines or restate earnings. (Read More)
RESPA Reform Inevitable, Mortgage Banker Says
March 20, 2003
The political reality is that the Department of Housing and Urban Development will deliver a final RESPA reform rule, probably by this summer, according to Jack Konyk, vice president of National City Corp., Cleveland. (Read More)
S&P Won't Rate Interim Georgia Loans
March 20, 2003
Standard & Poor's Ratings Services has announced that it will not rate structured finance transactions that include Georgia loans originated between Oct. 1, 2002 and March 7, 2003. (Read More)
Treasury: Don't Ban Loan Instruments
March 20, 2003
Treasury Assistant Secretary Wayne Abernathy contends that predatory lending should be addressed by examining lenders rather than banning certain loan instruments, which can reduce access to credit. (Read More)
Freddie Names EVP for Finance
March 20, 2003
Martin F. Baumann, a 30-year veteran of PricewaterhouseCoopers, has been named executive vice president for finance at Freddie Mac. (Read More)
Malan Cuts Estimate of Liquidation Proceeds
March 20, 2003
Malan Realty Investors Inc., a real estate investment trust based in Bingham Farms, Mich., has announced a reduction in its estimate of the expected net proceeds of its liquidation plan. (Read More)
ARIT Ends REIT Status
March 20, 2003
American Residential Investment Trust Inc., San Diego, has announced the termination of its status as a real estate investment trust, effective Jan. 1, 2003. (Read More)
Hibernia Offers Skip-Pay Loan
March 20, 2003
Hibernia National Bank, Baton Rouge, La., has become one of only 12 banks in the nation offering a Fannie Mae-sponsored mortgage loan that allows qualified borrowers to skip up to two monthly payments per year and up to 10 payments over the life of the loan. (Read More)
GMAC Names SVP for RE Unit
March 20, 2003
Jim Toulon has been named senior vice president of franchise development for the GMAC Real Estate division of GMAC Home Services, Oak Brook, Ill. (Read More)
WaMu Reports $5.8B in '02 MF Activity
March 20, 2003
Washington Mutual Inc., Seattle, has reported $5.8 billion in multifamily portfolio acquisition and loan originations for 2002. (Read More)
Mack-Cali Joins S&P MidCap 400
March 20, 2003
Mack-Cali Realty Corp., Cranford, N.J., will replace McCormick & Co. Inc. in the S&P MidCap 400 Index after the close of trading March 20, Standard & Poor's has announced. (Read More)
Wells on Zacks 'Buy' List
March 20, 2003
Zacks.com, a unit of Zacks Investment Research, Chicago, has reported that Wells Fargo & Co. is one of the publicly traded firms on its Brokerage Firm Buy List. (Read More)
Shelby Warns Martinez on Pace of Reform
March 21, 2003
Senate Banking Committee Chairman Richard Shelby, R-Ala., has warned Housing Secretary Mel Martinez that moving ahead with a final rule to reform the mortgage application and settlement process in the next few months would be a "mistake." (Read More)
Fairbanks Cites Cooperation With HUD Probe
March 21, 2003
Fairbanks Capital Corp. says it is cooperating with an inquiry by the Department of Housing and Urban Development into the company's servicing practices. (Read More)
10-Year Yield Climbs Above 4%
March 21, 2003
The rate-indicative yield of the 10-year Treasury had risen just above 4.00% and was hovering there at midday Friday as the U.S. invasion of Iraq proceeded. (Read More)
Thornburg Plans Big Push for 'Financial Adviser' Biz
March 21, 2003
Thornburg Mortgage is ramping up efforts to market adjustable-rate, jumbo mortgage loans through financial advisers who counsel the wealthy. (Read More)
Paragon Forms Alliance With Signature GMAC
March 21, 2003
Paragon Financial Corp., Ponte Vedra Beach, Fla., has announced the formation of an alliance with Signature GMAC Real Estate, a locally owned real estate company in Central Florida that is the state's largest GMAC franchise. (Read More)
FHLBanks Buy MBS Tranches
March 21, 2003
Three Federal Home Loan Banks have purchased the senior tranches of a $475 million mortgage-backed securities deal as part of a new program called Shared Funding that is designed to meet the secondary market needs of the FHLBanks' largest members. (Read More)
Moody's: Short War Won't Hurt Most Hotel Ratings
March 21, 2003
Moody's Investors Service says the ratings of most large lodging corporations and commercial mortgage-backed securities should hold if the war in Iraq is short, although certain highly leveraged hotel companies and real estate investment trusts "could come under more rating pressure." (Read More)
Fitch: Limit CMBS Servicer Advances
March 21, 2003
Limiting advances of principal and interest to 12 months for delinquent loans should remedy the growing problem of interest shortfalls in investment-grade commercial mortgage-backed securities, according to Fitch Ratings. (Read More)
Fannie Reports $1.1B Benchmark Repo
March 21, 2003
Fannie Mae has reported the repurchase of $1.1 billion of outstanding noncallable Benchmark Notes, according to the government-sponsored enterprise. (Read More)
XFormic Unveils Credit Report Software
March 21, 2003
XFormic Inc., Burlingame, Calif., has announced the introduction of Direct Credit Solution, a software product that it says "revolutionizes" the way small to medium-size mortgage companies retrieve merged credit reports. (Read More)
REIT Closes $472MM Debt Offering
March 21, 2003
Newcastle Investment Corp., a New York-based real estate investment trust, has closed a $472 million nonrecourse debt offering issued by Newcastle CDO II Ltd. and Newcastle CDO II Corp. (Read More)
Feedback
March 21, 2003
According to a recent visitor to the Grapevine, there is a predatory lending bill pending in Oregon that is similar to the controversial Georgia Fair Lending Act. (Read More)
Late Pays Fell in '02 Despite Foreclosure Record
March 24, 2003
The percentage of homeowners who were delinquent on their mortgage payments dropped late last year despite a modest increase in the share of loans that were in foreclosure, according to the Mortgage Bankers Association of America. (Read More)
Sarbanes Sends HUD Transcripts on Fairbanks
March 24, 2003
Sen. Paul Sarbanes, D-Md., has sent to the Department of Housing and Urban Development transcripts of WBAL-TV news stories on the problems homeowners are facing with subprime servicer Fairbanks Capital Corp. (Read More)
Middleburg Agrees to Buy Stake in Mortgage Banker
March 24, 2003
Middleburg Financial Corp., the Middleburg, Va.-based holding company for Middleburg Bank, has reported signing a letter of intent to acquire a stake in Southern Trust Mortgage LLC, a regional mortgage banker based in Norfolk, Va. (Read More)
OTS Seeks to Change Data
March 24, 2003
The Office of Thrift Supervision is proposing to change the data it collects for measuring interest rate risk as part of an effort to "comprehensively enhance" its IRR modeling capabilities. (Read More)
Fitch: RMBS Insulated From War Impact
March 24, 2003
The market for residential mortgage-backed securities is "well protected" from the potential economic impact of the war in Iraq, according to Fitch Ratings. (Read More)
TRO Issued Against REIT
March 24, 2003
A temporary restraining order has been issued against Post Properties, enjoining certain activities of the Atlanta-based multifamily real estate investment trust and its board of directors for 30 days. (Read More)
DDR Prices Stock Sale
March 24, 2003
Developers Diversified Realty Corp., Cleveland, has priced the sale of $160 million of preferred stock based on a liquidation value of $25 per depositary share. (Read More)
Starwood Withdraws Earnings Guidance
March 24, 2003
Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., has withdrawn its earnings guidance for the first quarter and the year, citing the effects of Iraq-related developments since January. (Read More)
Asian-American Group Awards Freddie
March 24, 2003
Asian Americans for Equality has awarded Freddie Mac its Dream of Equality Award for the company's record in supporting affordable housing, community development, and philanthropy. (Read More)
Resales Fall 4.3%
March 25, 2003
Existing-home sales fell 4.3% in February from a record high of 6.1 million in January, according to the National Association of Realtors. (Read More)
Freddie Delays 1Q Earnings Report
March 25, 2003
Freddie Mac has announced that it will delay the release of its first-quarter earnings until previously announced financial restatements are completed so the results can be reported on a consistent basis with the restated periods. (Read More)
Ginnie to Launch Hybrid ARM Program
March 25, 2003
Ginnie Mae has announced that it will create a new securitization program to pool hybrid adjustable-rate mortgages and will disclose new data on the loans underlying its mortgage-backed securities. (Read More)
Ginnie Expands Lending Program to Colonias
March 25, 2003
Ginnie Mae has also announced that it will expand its Targeted Lending Initiative to new portions of U.S. states along the Mexican border. (Read More)
Martinez Downplays LIHTC Worries
March 25, 2003
The secretary of housing and urban development says Treasury analysts and the Bush administration disagree with those who have voiced concern that the elimination of taxation on most dividends would be overly harmful to the low-income housing tax credit program. (Read More)
Group Challenges MBA Study on LIHTCs
March 25, 2003
Meanwhile, the National Council of State Housing Agencies is warning the chairman of the House tax-writing panel that a Mortgage Bankers Association study underestimates the harm the low-income housing tax credit program would suffer if the president's proposal to end the taxation of most dividends is enacted. (Read More)
Appeals Court Affirms YSP Ruling
March 25, 2003
The Ninth Circuit Court of Appeals has affirmed a lower court ruling that the payment of yield-spread premiums to mortgage brokers does not violate a Federal Housing Administration limit on origination fees. (Read More)
Block Accused of Misusing IRS Program
March 25, 2003
The Consumer Federation of America and other consumer groups have accused H&R Block, Kansas City, Mo., of using the Internal Revenue Service's Free File program to sell consumers subprime mortgages. (Read More)
Fitch Launches Review of Subprime Deals
March 25, 2003
Fitch Ratings has announced that it is undertaking a comprehensive review of subprime mortgage securitizations that it plans to complete by the end of the year. (Read More)
Moody's Lowers Chateau's Ratings
March 25, 2003
The ratings of Chateau Communities Inc., Greenwood Village, Colo., and its affiliate CP LP have been lowered by Moody's Investors Service. (Read More)
a la mode, Dynatek Team Up on Plug-In
March 25, 2003
Oklahoma City-based a la mode inc. and Dynatek Inc., Livonia, Mich., have announced plans for the joint development of a software plug-in that would connect Dynatek lender clients to a la mode's Mercury Network. (Read More)
Countrywide Names Chief Privacy Officer
March 25, 2003
Christine Frye has been named chief privacy officer at Countrywide Financial Corp., Calabasas, Calif. (Read More)
S&P Removing Household From S&P 500
March 25, 2003
Household International Inc., Prospect Heights, Ill., will be removed from the S&P 500 Index following the close of trading on March 28. (Read More)
New-Home Sales Fall
March 26, 2003
Sales of new single-family homes fell 8.1% in February for the second month in row as weather and concerns about the economy kept homebuyers away from new subdivisions. (Read More)
Applications Slide
March 26, 2003
The Market Composite Index, an overall measure of mortgage applications, fell to 1520.9 on a seasonally adjusted basis during the week ended March 21 from a record high of 1673.4 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Treasury Eyes Risk of GSE MBS Concentrations
March 26, 2003
The risk to federally insured depository institutions of holding large concentrations of Fannie Mae and Freddie Mac mortgage-backed and corporate debt securities is being monitored by the Treasury Department, according to a Treasury official. (Read More)
Ginnie Aims to Securitize Non-FHA Loans in MF Pools
March 26, 2003
Ginnie Mae is looking to securitize non-Federal Housing Administration loan products in multifamily pools for the first time in an effort to serve a large, unmet demand for affordable housing in rural areas. (Read More)
Merrill Unveils Int'l Guide to Mortgages, MBS
March 26, 2003
Merrill Lynch has introduced a guide to international mortgage and mortgage-backed securities markets that it says will allow investors to compare such markets in Europe, Asia, and Australia for the first time. (Read More)
Treasury Names Terror Insurance Chief
March 26, 2003
The Treasury Department has appointed Jeffrey S. Bragg to be the first executive director of the Terrorism Risk Insurance Program, which Congress created last year. (Read More)
Moody's to Rate RMBS With NY Loans
March 26, 2003
Moody's Investors Service has announced that New York State home loans originated after April 1, 2003 -- the effective date of the state's predatory lending act -- may be included in residential mortgage-backed securitizations without increasing risk to investors as long as they are not "high-cost" loans. (Read More)
Fitch Sees Rising CMBS Late Pays
March 26, 2003
Delinquencies in commercial mortgage-backed securities will rise in the next 12 months, but more as a result of declining real estate fundamentals than the war with Iraq, according to Fitch Ratings. (Read More)
HUD Picks PCi Fair-Lending Product
March 26, 2003
The Department of Housing and Urban Development has licensed PCi Corp. of Boston, a provider of compliance risk-management systems, to assist HUD in identifying market segments with higher risk of exposure to fair-lending violations and predatory lending practices. (Read More)
Aussie Firm Eyes CRE Venture in U.S.
March 26, 2003
Lend Lease Corp., the Australian parent of Lend Lease US Real Estate Investments, is looking into the possibility of a joint venture with Morgan Stanley for Lend Lease US REI's equity advisory business. (Read More)
FHA Lenders Reminded on Military Relief
March 26, 2003
The Department of Housing and Urban Development is reminding Federal Housing Administration lenders that active-duty military personnel are entitled to special relief during their service in the war on Iraq. (Read More)
Pollock Named to Allied Capital Board
March 26, 2003
Alex J. Pollock, president and chief executive officer of the Federal Home Loan Bank of Chicago, has been named to the board of directors of Allied Capital, Washington. (Read More)
CMSA Names Japanese Co-Chairs
March 26, 2003
The Commercial Mortgage Securities Association has appointed co-chairs for its Japanese chapter. (Read More)
HUD to Slow RESPA Reform?
March 27, 2003
Following congressional warnings, Housing Secretary Mel Martinez is expected to slow down his march toward issuing a final rule on mortgage reform and possibly release a revised proposal for another round of comments. (Read More)
Rates Climb
March 27, 2003
The average 30-year fixed mortgage rate rose to 5.91% for the week ending March 28 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
TransUnion Buys Atlantic Assurance
March 27, 2003
TransUnion Settlement Solutions Inc., Chicago, has announced the acquisition of Atlantic Assurance Group, a national mortgage information and vendor management company based in Charlotte, N.C. (Read More)
ABA: Home Equity Delinquencies Rise
March 27, 2003
The delinquency rate on credit card and home equity loans rose late last year, suggesting that consumer debt remains soft, according to the American Bankers Association. (Read More)
S&P to Rate Deals With NY Loans
March 27, 2003
Standard & Poor's Ratings Services has announced that it will rate structured finance transactions that include New York loans governed by the state's predatory lending law (which takes effect April 1), provided that any potential assignee liability is covered in full under S&P criteria. (Read More)
Ocean West Touts Pact With Fidelity
March 27, 2003
Ocean West Holding Corp., a mortgage banking company based in Tustin, Calif., has entered into a strategic agreement with Fidelity National Title Insurance Co. to streamline the closing process for its more than 100 offices nationwide. (Read More)
Meristar CMBS Classes Downgraded
March 27, 2003
Three classes of Meristar Commercial Mortgage Trust commercial mortgage pass-through certificates, series 1999-C1, have been downgraded by Standard & Poor's Ratings Services. (Read More)
Criimi Mae Reports $64.2MM '02 Loss
March 27, 2003
Criimi Mae Inc., Rockville, Md., has reported a net loss of $64.2 million ($4.69 per share) for 2002, compared with a net loss of $24.2 million ($2.18 per share) for 2001. (Read More)
Auto REIT Sub Issues $228MM Deal
March 27, 2003
A subsidiary of Capital Automotive REIT, McLean, Va., has issued $228 million of triple-net-lease mortgage notes, series 2003-1. (Read More)
Fannie Reports $2.5B BenchNote Buyback
March 27, 2003
Fannie Mae has reported the repurchase of approximately $2.5 billion of outstanding noncallable Benchmark Notes, according to the government-sponsored enterprise. (Read More)
FTC Also Eyeing Fairbanks
March 28, 2003
Fairbanks Capital Corp. has revealed that the Federal Trade Commission is conducting a review of its policies and practices in response to allegations that it is mishandling accounts and overcharging homeowners. (Read More)
Shelby Questions SEC Registration for FHLBanks
March 28, 2003
Senate Banking Committee Chairman Richard Shelby, R-Ala., is raising doubts about the wisdom of Treasury Department efforts to get Federal Home Loan Banks to register their stock with the Securities and Exchange Commission, as Fannie Mae and Freddie Mac are now doing. (Read More)
Stockholders OK HSBC/Household Deal
March 28, 2003
Stockholders of both HSBC Holdings PLC Inc. and Household International Inc. have voted to approve the acquisition of Household by HSBC. (Read More)
PMC Comm, PMC Cap to Merge
March 28, 2003
PMC Commercial Trust and PMC Capital Inc., both headquartered in Dallas, have announced a merger agreement under which PMC Capital will be merged into PMC Commercial. (Read More)
GHR Forms Alliance With ValuAmerica
March 28, 2003
GHR Systems Inc., Wayne, Pa., has formed a strategic alliance with ValuAmerica, Pittsburgh, under which it will add ValuAmerica's mortgage settlement services to its Entelligent Lender mortgage origination and transaction processing platform. (Read More)
Simon, Westfield Nominate 4 for Taubman Board
March 28, 2003
Simon Property Group and Westfield America have nominated four individuals for election to the Taubman Centers board at Taubman's 2003 annual meeting. (Read More)
NAR: CRE Recovery Linked to War
March 28, 2003
The timing of recovery in the commercial real estate market will depend largely on the length of the war in Iraq, according to the National Association of Realtors. (Read More)
NY Bank Superintendent Departing
March 28, 2003
Elizabeth McCaul, the New York superintendent of banks, is leaving the post. (Read More)
Orlando Joins Anti-Predatory Campaign
March 28, 2003
Orlando and the Central Florida area have launched a local version of Freddie Mac's "Don't Borrow Trouble" campaign to help families avoid falling prey to unscrupulous lending practices. (Read More)
Moody's: Euro Office Markets Sank in '02
March 28, 2003
European office markets underwent a dramatic downward shift in 2002 compared with year-end 2001, according to Moody's Investors Service. (Read More)
Feedback
March 28, 2003
Responses to our survey question are running 6-to-1 against the proposition that there is a "housing bubble." (Read More)
Fed Finalizes TILA Revisions
March 31, 2003
The Federal Reserve Board has finalized revisions to its Truth in Lending Act staff commentary that addresses disclosures of mortgage insurance premiums and the selection of Treasury security yields for determining whether a subprime mortgage loan is covered by the Home Ownership and Equity Protection Act. (Read More)
Bond Group Files Brief Against NYC Law
March 31, 2003
The Bond Market Association has filed a friend-of-the-court brief in opposition to New York City's predatory lending ordinance in a case involving the temporarily suspended law. (Read More)
OFHEO: Fannie Boosts RBC Position
March 31, 2003
Increased hedging activities enabled Fannie Mae to improve its risk-based capital position in the fourth quarter, according to a report by the Office of Federal Housing Enterprise Oversight. (Read More)
Chase MBS Class Downgraded
March 31, 2003
Class B4 of Chase Mortgage Finance Trust mortgage pass-through certificates series 1999-S12 has been downgraded from B to B-minus by Fitch Ratings and removed from Rating Watch Negative. (Read More)
Simon/Westfield Extend Taubman Bid
March 31, 2003
Simon Property Group, Indianapolis, and Westfield America, Los Angeles, have extended the deadline for their $20-per-share bid for Taubman Centers shares to May 30, as expected. (Read More)
Settlement Firm Names Chairman
March 31, 2003
Bert B. Corkill has been named chairman of the board at National Closing Solutions, a real estate settlement, vendor management, and post-close servicing company with regional hubs in California and Texas. (Read More)
Survey: Most Poor Risks Seek Credit Repair
March 31, 2003
In a survey by American Business Financial Services Inc., the majority of potential borrowers with blemished credit records said they are taking steps to repair their credit rating and are using home equity loans for debt consolidation. (Read More)
EuroServicing Conference Rescheduled
March 31, 2003
The EuropeServicing 2003 mortgage industry conference has been relocated to the Dutch village of Naarden Vesting and has been rescheduled for some time in June. (Read More)
April
Will HUD Issue Interim RESPA Rule?
April 1, 2003
Rumors are circulating that the Department of Housing and Urban Development may push ahead with its mortgage reform proposal by issuing an interim final rule while seeking another round of public comments. (Read More)
HomeGold Files for Ch. 11
April 1, 2003
Subprime mortgage and home equity lender HomeGold Financial Inc., Columbia, S.C., and one of its subsidiaries, HomeGold Inc., have announced filings for reorganization under Chapter 11 of the U.S. bankruptcy code. (Read More)
HUD Seeks Wholesaler Credit Watch
April 1, 2003
The Department of Housing and Urban Development is proposing to hold wholesalers responsible for the performance of Federal Housing Administration loans originated by mortgage brokers. (Read More)
SEC Filing: Raines 'In the Money'
April 1, 2003
Fannie Mae chairman Franklin Raines is "in the money" on stock options that have a current market value of $21.6 million, according to records filed with the Securities and Exchange Commission. (Read More)
Bankers Want OCC to Pre-empt GFLA
April 1, 2003
Bankers want the Office of the Comptroller of the Currency to take a broad view of its pre-emptive powers so that national banks can make mortgage loans in Georgia without any interference from the state's predatory lending law. (Read More)
FHLBank Earnings Fell in '02
April 1, 2003
Consolidated earnings for the Federal Home Loan Bank System fell by 16.5% in 2002 to $1.80 billion, down from $2.15 billion in 2001, as expenses rose and interest income declined due to low interest rates. (Read More)
Epic Buys Mortgage Banker/Broker
April 1, 2003
Epic Financial Corp., Newport Beach, Calif., has announced the acquisition of American National Mortgage Services, a mortgage banking and mortgage brokerage company that operates as both a wholesale and retail originator. (Read More)
AmeriServ Consolidates Ops Management
April 1, 2003
AmeriServ Financial Inc., Johnstown, Pa., has announced a move to consolidate the management of its mortgage servicing operation in Atlanta with that of its mortgage lending operations in Western Pennsylvania. (Read More)
GMACCM Sub, Apollo Close RE Fund
April 1, 2003
GMAC Institutional Advisors, a subsidiary of Horsham, Pa.-based GMAC Commercial Mortgage, and Apollo Real Estate Advisors, a private real estate investment company, have closed a real estate mezzanine fund with an investment capacity of $200 million. (Read More)
Fitch Unveils RMBS Performance Indexes
April 1, 2003
Fitch Ratings has introduced a new set of indexes for residential mortgage-backed securities designed to offer performance analysis based on loan-level data. (Read More)
Fitch: No Change Expected in Fairbanks Ratings
April 1, 2003
Fitch Ratings has announced that it "does not currently expect" to change its servicer ratings of Fairbanks Capital Corp. as a result of federal regulatory reviews of Fairbanks' subprime servicing practices or potential liability from existing lawsuits. (Read More)
COFI Hits Another New Low
April 1, 2003
The Eleventh Federal Home Loan Bank District Cost of Funds Index set another new low in January as it declined by 7 basis points from the previous low in December. (Read More)
S&P Lowers Ratings on Lehman CMBS
April 1, 2003
The ratings on 10 classes of Lehman Brothers Floating Rate Commercial Mortgage Trust 2000-LLF C7 multiclass pass-through certificates have been lowered by Standard & Poor's Ratings Services. (Read More)
HUD Urgently Seeking YSP Compromise
April 2, 2003
The Department of Housing and Urban Development is urgently trying to work out a compromise with the National Association of Mortgage Brokers over the disclosure of yield-spread premiums. (Read More)
Sarbanes Asks GSEs to Review Fairbanks
April 2, 2003
Sen. Paul Sarbanes of Maryland, the ranking Democrat on the Senate Banking Committee, has asked Fannie Mae and Freddie Mac to review allegations regarding the servicing practices of Fairbanks Capital Corp., Salt Lake City. (Read More)
Applications Fall
April 2, 2003
The Market Composite Index, an overall measure of mortgage applications, fell to 1262.5 on a seasonally adjusted basis during the week ended March 28 from 1520.9 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Fannie Fulfills MBS Disclosure Pledge
April 2, 2003
Fannie Mae has announced that all new issuances of its mortgage-backed securities will be accompanied by the six additional "pool-specific" disclosures it recently pledged to provide, and that the same information will be provided for existing MBS beginning in June. (Read More)
Conseco Files Revamp Plan
April 2, 2003
Conseco Finance Corp., St. Paul, Minn., has filed its proposed plan of reorganization with the U.S. Bankruptcy Court in Chicago. (Read More)
Berkshire to Buy MH Company
April 2, 2003
Berkshire Hathaway Inc., the Omaha, Neb.-based firm controlled by Warren Buffett, may have lost its bid to buy Conseco Finance Inc., but that doesn't mean it is shying away from the manufactured housing business. (Read More)
ABFS Closes $450MM Deal
April 2, 2003
American Business Financial Services Inc., Bala Cynwyd, Pa., has closed a $450 million fixed-rate mortgage loan securitization via three subsidiaries. (Read More)
2 RE Firms Get Thumbs Down From Zacks
April 2, 2003
The stocks of Apartment Investment and Management Co., Denver, and AMB Property Corp., San Francisco, have received "strong sell" ratings from Zacks.com. (Read More)
Piper Jaffray Launches REIT Coverage
April 2, 2003
U.S. Bancorp Piper Jaffray has initiated coverage of nine office and industrial real estate investment trusts and published the first edition of The REIT Desk Reference. (Read More)
REITs Outperform S&P 500 in 1Q
April 2, 2003
Equity real estate investment trusts easily outperformed the S&P 500 in the first quarter, according to SNL Financial, a Charlottesville, Va.-based research firm. (Read More)
Ocean West Hires COO
April 2, 2003
Richard L. Burr has been hired as chief operating officer at Ocean West Holding Corp., Tustin, Calif. (Read More)
Abington Seeks 10-K Extension
April 2, 2003
Abington Bancorp, Weymouth, Mass., has reported requesting an extension for filing its 2002 Form 10-K in order to revise previously reported results to account for changed prepayment assumptions and errors in accounting related to mortgage-backed securities. (Read More)
REIT Renews $300MM LOC
April 2, 2003
Pan Pacific Retail Properties Inc., San Diego, has renewed a $300 million unsecured revolving credit facility and reduced the interest rate on the line of credit. (Read More)
Rates Decline
April 3, 2003
The average 30-year fixed mortgage rate fell to 5.79% for the week ending April 4 from 5.91% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Sallie Buys Another Mortgage Company
April 3, 2003
SLM Corp., Reston, Va., commonly known as Sallie Mae, has announced the acquisition of Pioneer Mortgage, Novi, Mich., for an undisclosed price. (Read More)
FCRA Suit Against Freddie to Proceed
April 3, 2003
A U.S. district court in Philadelphia has denied Freddie Mac's motion to dismiss a lawsuit alleging that the secondary market agency is violating the Fair Credit Report Act through the use of its automated underwriting system. (Read More)
Volt to Buy Heritage Mortgage
April 3, 2003
Volt Inc., a power provider and marketer of financial services based in Oakhurst, Calif., has announced an agreement to acquire Heritage Mortgage for cash and restricted securities. (Read More)
UGC Reports Corporate Revamp
April 3, 2003
United Guaranty Corp., Greensboro, N.C., has reported a corporate reorganization under which four new operating groups have been established to increase the company's flexibility in adding businesses and diversifying its products and services. (Read More)
Multiyear OK Sought for Flood Insurance
April 3, 2003
Lender groups are calling on Congress to approve a multiyear reauthorization of the National Flood Insurance Program so the housing market does not have to worry about another lapse in the program. (Read More)
MPF Loans Reach $50B
April 3, 2003
The Federal Home Loan Banks' portfolio of Mortgage Partnership Finance loans reached $50 billion in the first quarter as originations jumped nearly 33% and the first securitization of MPF loans was completed. (Read More)
AMCO, Appraiser Guild Form Alliance
April 3, 2003
AMCO, a Cleveland-based appraisal management company, has formed an alliance with the American Guild of Appraisers to advance the interests of independent appraisers "while promoting safety and soundness in collateral valuations for mortgage lending." (Read More)
REIT Pioneer Pooh-Poohs Dividend Tax Issue
April 3, 2003
Sam Zell, chairman of Equity Office Properties Trust and Equity Residential Properties Trust, has characterized reports the Bush administration's dividend tax cut proposal would hurt real estate investment trusts as nothing more than "a red herring." (Read More)
DLJ CMBS Classes Downgraded
April 3, 2003
Three classes of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 1998-STF2, have been downgraded by Moody's Investors Service, and four classes have been placed on review for possible downgrade. (Read More)
Moody's Eyes Bear Stearns CMBS
April 3, 2003
Classes C, D, and E of Bear Stearns Commercial Mortgage Securities Inc. commercial mortgage pass-through securities, series 2000-LCON, have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Fitch Eyes COMM Classes
April 3, 2003
Classes K-QA and L-QA of COMM 2000-FL3’s commercial mortgage pass-through certificates have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Fannie Names CountryBank CEO to Advisory Council
April 3, 2003
Terry J. Jorde, president and chief executive officer of CountryBank USA, Cando, N.D., has been named to Fannie Mae's National Advisory Council. (Read More)
Radian Names EVP/Risk Management
April 3, 2003
Paul F. Fischer has been promoted to executive vice president for risk management at Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., Philadelphia. (Read More)
Weingarten Prices Share Offering
April 3, 2003
Weingarten Realty Investors, a Houston-based real estate investment trust, has priced $75 million of depositary shares, each representing one-thirtieth of a series D cumulative redeemable preferred share. (Read More)
Mortgage Industry Still Adding Jobs
April 4, 2003
The U.S. job engine continues to stall -- but not in the mortgage industry. According to figures released April 4 by the Bureau of Labor Statistics, the mortgage banking and brokerage sectors added 3,300 full-time positions during March. (Read More)
'Regulatory Mistake' Worries Raines
April 4, 2003
Given its size, Fannie Mae, the nation's largest mortgage investor, has a lot to worry about -- but is a potential mistake by its regulator one of them? (Read More)
FHLB-SF: MBS Issuance & Consolidation Likely
April 4, 2003
The Federal Home Loan Bank of San Francisco has seen the future of the system, and says it will likely entail securitization by the banks and consolidation into one "very powerful" government-sponsored enterprise. (Read More)
Commercial Cap Realigns Lending Ops
April 4, 2003
Commercial Capital Bancorp Inc., Irvine, Calif., has reported a realignment of its lending operations under which the origination, underwriting, and processing functions have been shifted from its commercial mortgage banking subsidiary to its banking subsidiary. (Read More)
Oak Street Plans to Diversify
April 4, 2003
Oak Street Mortgage LLC, Carmel, Ind., has announced that it plans to invest in companies in the nonmortgage areas of the financial services sector in order to diversify and create a long-term, sustainable business. (Read More)
PwC: Cap Flows to RE Despite Weakening Market
April 4, 2003
Capital flowed into real estate "at a brisk pace" in the first quarter despite the fact that fundamentals weakened in all sectors of the market, according to a quarterly investor survey by PricewaterhouseCoopers. (Read More)
BankAtlantic to Spin Off RE Sub
April 4, 2003
BankAtlantic Bancorp, Ft. Lauderdale, Fla., is planning to separate Levitt Corp., its real estate development subsidiary, in a tax-free spinoff under which Levitt would become a separate publicly traded company. (Read More)
Many Nations Creating Secondary Markets
April 4, 2003
Approximately 30 countries are creating secondary-market programs to increase access to residential mortgage financing. (Read More)
Merrill MBS Classes Downgraded
April 4, 2003
The ratings on four classes of Merrill Lynch Mortgage Investors Inc.'s mortgage pass-through certificates, series 1998-C2, have been lowered by Standard & Poor's Ratings Services and removed from CreditWatch with negative implications. (Read More)
German CMBS Classes Downgraded
April 4, 2003
Moody's Investors Service has downgraded select notes from two synthetic commercial mortgage-backed security transactions linked to a German bank's public-sector pfandbriefe. (Read More)
CharterMac Subs Close Securitization, LOC
April 4, 2003
Charter Municipal Mortgage Acceptance Co., New York, has announced that a subsidiary has closed a $100 million bond securitization and another subsidiary has closed a $75 million revolving credit facility. (Read More)
AMAC Announces Equity Offering
April 4, 2003
American Mortgage Acceptance Co., a New York City-based multifamily real estate investment trust, has announced a public offering of 1.7 million common shares of beneficial interest at a price of $15 per share. (Read More)
FelCor Reports Debt Refi
April 4, 2003
FelCor Lodging Trust Inc., Irving, Texas, has refinanced $16 million of secured debt scheduled to mature in October at a rate of 285 basis points above the London interbank offered rate. (Read More)
Feedback
April 4, 2003
A recent Grapevine posting on using a report from a single credit bureau, instead of a tri-bureau merged credit report, drew numerous responses. (Read More)
MI Volume Down, But Cures Rise
April 7, 2003
In February, mortgage insurers underwrote $26 billion of new, primary MI coverage and the performance of existing policies improved, according to the Mortgage Insurance Cos. of America. (Read More)
Fannie Offers Hybrid Pooling Option
April 7, 2003
Responding to the "groundswell for standardization," Fannie Mae is offering a new pooling option for conventional five-year hybrid adjustable rate mortgages. (Read More)
Banks Optimistic About CRE Business
April 7, 2003
Over 85% of banks are expecting to generate commercial real estate loan volume for 2003 equal or greater to their 2002 volume, according to a survey of senior loan officers at 119 banks conducted by Bridger Commercial Funding. (Read More)
PMI Boosts Stake in RAM Re
April 7, 2003
The PMI Group Inc., Walnut Creek, Calif., has reported making an additional $24.4 million investment in RAM Reinsurance Co. Ltd., a Bermuda-based financial reinsurer. (Read More)
FNIS Adds Property Value Predictor
April 7, 2003
Fidelity National Information Solutions, Santa Barbara, Calif., has unveiled FNIS HQ score, a property valuation tool that evaluates current and future price risk and provides an instantaneous risk score. (Read More)
LandSafe Available via Calyx Point
April 7, 2003
LandSafe Inc., a subsidiary of Countrywide Financial Corp., will provide access to flood determinations through the users of Calyx' Point loan origination software. (Read More)
Rhombic Changes Name and Direction
April 7, 2003
Rhombic Corp., Campbell, Calif., has changed its name to Silverado Financial Inc. and announced a new strategic direction focused on the mortgage and real estate industries. (Read More)
CSFB CMBS Ratings Lowered
April 7, 2003
The ratings of five classes of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 2001-FL2, have been lowered by Standard & Poor's Ratings Services. (Read More)
MBA Hikes Origination Forecast to $2.6 Trillion
April 8, 2003
Six months ago at its annual convention, the Mortgage Bankers Association was looking for $1.8 trillion in loan originations in 2003. (Read More)
Congressman Threatens to Block RESPA Changes
April 8, 2003
If the Department of Housing and Urban Development moves ahead and finalizes a rule to reform the mortgage settlement process, House Small Business Committee chairman Donald Manzullo, R-Ill., said he would sponsor legislation to block implementation. (Read More)
Treasury Official Supports GSE Registration with SEC
April 8, 2003
The Treasury Department's decision to conduct a major study of the Federal Home Loan Bank System is not going to stop department officials from continuing to push the FHLBanks to register with the Securities and Exchange Commission. (Read More)
Moody's Sees Bottom for CRE
April 8, 2003
In an indication that U.S. commercial real estate may be bottoming out, the performance of more individual markets showed improvement in the fourth quarter of 2002 than in the third quarter, according to a study by Moody's Investors Service. (Read More)
RESPA May Increase Outsourcing Demand
April 8, 2003
Proposed changes to the Real Estate Settlement Procedures Act will likely put more pressure on lenders to automate decision-making in the loan application process so that they can meet disclosure deadlines, according to a speaker at the MBA National Secondary Market Conference in New York. (Read More)
NY Names Acting Bank Superintendent
April 8, 2003
Barbara Kent has been named as Acting Superintendent of the New York State Banking Department, replacing Elizabeth McCaul, who recently resigned from the post. (Read More)
GMAC Adds Firms to Assetwise Direct
April 8, 2003
GMAC Residential Funding, Minneapolis, has added three new credit data providers to its Assetwise Direct automated underwriting system, giving originators more choice in their evaluation process. (Read More)
FCA Approves Capital Rule
April 8, 2003
The Farm Credit Administration has approved a final rule that "updates and clarifies" capital adequacy regulations for the Farm Credit System, a government-sponsored enterprise that finances agricultural business and real estate lending. (Read More)
Kennedy Wilson Eyes West Coast
April 8, 2003
Kennedy Wilson, an international real estate investment fund management and real estate services firm, has created a division of Kennedy Wilson Properties that will focus on "value added and opportunistic commercial real estate investments" on the West Coast, the company said. (Read More)
MBA: Weekly Loan Apps Slip
April 9, 2003
The Market Composite Index, an overall measure of mortgage applications, fell to 1246.1 on a seasonally adjusted basis during the week ended April 4 from 1262.5 the week before, according to the Mortgage Bankers of America's Weekly Mortgage Applications Survey. (Read More)
Ney Backs Call to Reissue HUD Reform
April 9, 2003
The chairman of the House Financial Services subcommittee on housing has added his voice to the chorus of legislators who want the Department of Housing and Urban Development to reissue its mortgage reform proposal for another round of public comments. (Read More)
FHLBs' 2ndary Moves Hurting Advances?
April 9, 2003
Rep. Chris Cannon, R-Utah, is circulating a letter among members of the Western Caucus that raises concerns about the Federal Home Loan Banks' developing secondary mortgage market programs while neglecting their advance business. (Read More)
GreenPoint Buys Stake in Winter Group
April 9, 2003
GreenPoint Financial Corp. here and its A/alternative A credit mortgage subsidiary have made a "substantial" equity investment in The Winter Group, formalizing a strategic relationship the bank holding company has had with the secondary market loan platform/broker-dealer. (Read More)
Freddie to Issue Reference Notes
April 9, 2003
Freddie Mac announced yesterday that it will issue two Reference Notes securities offerings in April. (Read More)
Hysan Rating Report Cites SARS Concern
April 9, 2003
Moody's Investors Service has revised its outlook for the rating of Hong Kong real estate investor Hysan Development Co. Ltd. to negative due to concerns about the local property sector that include the recent outbreak of severe acute respiratory syndrome in the region. (Read More)
Post Founder Mounts Proxy Effort
April 9, 2003
John Williams, founder and director of Post Properties, has initiated a proxy effort to elect his nominees to the Atlanta-based multifamily real estate investment trust's board of directors. (Read More)
Prudential Names Portfolio Manager
April 9, 2003
Prudential Mortgage Capital Co., the commercial mortgage lending business of Newark-based Prudential Financial, has named Paige Hood, a managing director, the company's new general account portfolio manager. (Read More)
Caucus Defends FHLBanks
April 10, 2003
Three Republicans from Washington have taken up the defense of Federal Home Loan Bank against claims the banks have strayed from their mission. (Read More)
Freddie: Volumes Will Inch Up
April 10, 2003
Freddie Mac chief economist Frank Nothaft has predicted a slight growth in the mortgage market for 2003, with originations of $2.54 billion. (Read More)
Convergence in the Bond Market
April 10, 2003
Consolidation between the buy side and the sell side is one of the trends currently shaping the mortgage market, a speaker told attendees at the Bond Market Association's annual meeting in New York on Thursday. (Read More)
Cohen Takes Control of Precept
April 10, 2003
Precept Mortgage, the commercial mortgage loan origination and online loan auction dot-com that has been seeking business partners, has entered into a 10-year licensing agreement with Cohen Financial. (Read More)
TBMA Suggests Holiday Trading Schedules
April 10, 2003
The Bond Market Association has recommended an early market close at 2:00 p.m. EST on Thursday, April 17 and a full market close for Friday, April 18 for the trading of mortgage-backed securities in the United States and also has announced separate holiday weekend schedule recommendations for the United Kingdom and Asia. (Read More)
First Federal to Buy Liberty Bancshares
April 10, 2003
First Federal Capital Corp., La Crosse, Wisc., parent company of First Federal Capital Bank, and St. Paul, Minn.-based Liberty Bancshares Inc., parent company of Liberty State Bank, have signed a definitive merger agreement in which First Federal will acquire Liberty for about $78 million in stock and cash. (Read More)
NASA Federal Chooses Single Technology Platform
April 10, 2003
Financial Industry Computer Systems Inc., Dallas, reports that NASA Federal Credit Union has purchased and successfully implemented both FICS' loan origination solution, Loan Producer, and its servicing system, Mortgage Servicer. (Read More)
Integra Uses QuestSoft's Geocoding
April 10, 2003
Laguna Hills, Calif.-based QuestSoft reports that Integra Software Systems, Franklin, Tenn., has integrated QuestSoft's geocoding and compliance solutions into its Destiny loan origination system. (Read More)
MountainBank, CNB Holdings Merger Approved
April 10, 2003
The shareholders of Pulaski, Vir.-based CNB Holdings Inc. have approved its merger with MountainBank Financial Corp., Hendersonville, N.C. (Read More)
HUD Ready to Enforce RESPA
April 11, 2003
The Department of Housing and Urban Development is placing more resources into investigating violations of the Real Estate Settlement Procedures Act, according to HUD's acting director of RESPA enforcement Ivy Jackson. (Read More)
Freddie Sees Rates Creeping Up
April 11, 2003
In Freddie Mac's Primary Mortgage Market Survey for the week ending April 11, 2003, interest rates for fixed-rate loans crept up while rates for ARMs were down slightly. (Read More)
Fannie Program Grows Quickly
April 11, 2003
Volumes in Fannie Mae's new foreign exchange discount note program have grown to over $600 million in a matter of days, an official from the GSE told attendees at The Bond Market Association's annual meeting. (Read More)
NYC Pred Bill Stonewalled
April 11, 2003
A restraining order on the New York City predatory lending bill has been extended indefinitely, pending the resolution of a lawsuit brought against the Comptroller and Council of New York City by the city's Mayor, Michael Bloomberg, and the American Financial Services Association. (Read More)
Fairbanks Hires HomEq Compliance Officer
April 11, 2003
Fairbanks Capital Corp. -- the subject of a Federal investigation into its servicing practices -- has hired Valorie Kacherian of HomEq Servicing, Sacramento, Calif., to serve as its chief compliance officer, MortgageWire has learned. (Read More)
CSFB's Hamilton Leaving for Platinum
April 11, 2003
Credit Suisse First Boston executive vice president Zan Hamilton is leaving Wall Street for California-based mortgage banker Platinum Capital, MortgageWire has learned. (Read More)
International Investors Buy Fannie Notes
April 11, 2003
Fannie Mae has reported that investors outside of the United States bought 42% of its recent $2 billion issue of three-year Callable Benchmark Notes due April 13, 2006 and 27% of its $1 billion reopening of 10-year callable notes due Feb. 21, 2012. (Read More)
Fitch Eyes GMAC-RFC Transactions
April 11, 2003
After evaluating a new technique employed by GMAC-RFC's servicer that originally appeared to pose new risks, Fitch determined that it was not necessary to increase credit enhancement levels for the company's March transactions, the rating agency said in a report released April 10. (Read More)
New Bond Industry Website
April 11, 2003
The Fixed Income Clearing Corp., which processes mortgage-backed security bond trades, has launched a new website. (Read More)
Zacks: Sell Host Marriott Now
April 11, 2003
Host Marriott Corp. has been targeted by Zacks & Co. as a strong sell based on the fact that the company's earnings estimates for this year and next remain at reduced levels from months ago. (Read More)
A New Brand Coming Soon
April 11, 2003
GMAC Mortgage officers told MortgageWire on April 10 that the company intends to create a new brand for mortgage originations on the West Coast within a month. (Read More)
California REIT Moves to NYSE
April 11, 2003
Anworth Mortgage Asset Corp., Santa Monica, Calif., plans to transfer the listing of its common stock from the American Stock Exchange, where it currently trades under the symbol "ANH," to the New York Stock Exchange. (Read More)
OFHEO Seeks Greater GSE Comparability
April 14, 2003
The Office of Federal Housing Enterprise Oversight is looking at ways to make the numbers Fannie Mae and Freddie Mac disclose more comparable and to develop new measures for the interest rate risk the two enterprises manage. (Read More)
NM Enacts Anti-Predatory Law
April 14, 2003
New Mexico Gov. Bill Richardson has signed into law the New Mexico Home Loan Protection Act, after both houses of the state legislature passed the anti-predatory-lending measure. (Read More)
Fannie 1Q Earnings Exceed Expectations
April 14, 2003
Fannie Mae beat analysts' estimates for the first quarter, reporting net income of $1.94 billion, up 60.5% from the earnings recorded a year earlier. (Read More)
Cendant, Northern Trust Join Forces
April 14, 2003
Cendant Mortgage Corp., Mt. Laurel, N.J., and the Northern Trust Co., Chicago, have announced an alliance under which Cendant Mortgage will provide residential mortgage processing services on a private-label basis to the clients of Northern Trust's main bank and its federal savings bank affiliate. (Read More)
Law Firm Forming CRE Cap Market Group
April 14, 2003
The Detroit law firm of Miller, Canfield, Paddock and Stone is setting up a capital markets lending group for commercial real estate-related transactions. (Read More)
Terror-Linked CMBS Deals Upgraded
April 14, 2003
Moody's Investors Service has upgraded 12 classes in two commercial mortgage-backed securities deals that were downgraded in September as a result of concerns about terrorism insurance. (Read More)
Sun Issues Senior Notes
April 14, 2003
Sun Communities Inc., Farmington Hills, Mich., a real estate investment trust that owns and operates manufacturing housing communities, has announced that it placed $150 million of 5.75% senior unsecured notes through Sun Communities Operating LP. (Read More)
S&P Affirms Midland Rating
April 14, 2003
Standard & Poor's Rating Services, New York, has affirmed its Strong rating on Midland Loan Services Inc., a servicer, master servicer, and special servicer of commercial mortgages. (Read More)
Growth Seen for Euro Structured Market
April 14, 2003
The European structured covered bond market is set for considerable expansion because the low-cost funding it offers is a priority for most originators involved in mortgage and public sector lending, according to Moody's Investors Service. (Read More)
HUD Tripling RESPA Enforcement Staff
April 15, 2003
While industry groups are focused on the RESPA rulemaking process, the Department of Housing and Urban Development has been beefing up its enforcement of the Real Estate Settlement Procedures Act, which prohibits kickbacks and referral fees between lenders, real estate agents, and settlement service providers. (Read More)
Hawke: Laws Curbing Legit Subprime Loans
April 15, 2003
Comptroller of the Currency John Hawke Jr., who is mulling over a request to pre-empt the Georgia anti-predatory-lending law, says he believes the Georgia law and similar ones in other states are reducing the availability of legitimate subprime loans. (Read More)
Wells Reports Record 1Q Profits
April 15, 2003
Wells Fargo & Co., San Francisco, has reported record net income of $1.49 billion ($0.88 per share) in the first quarter, up 8% from $1.38 billion ($0.80 per share) a year earlier. (Read More)
Alpha Changing Name, Focus
April 15, 2003
Alpha Hospitality Corp. has announced that it is changing the focus of its business, relocating its corporate headquarters, and changing its name to Empire Resorts. (Read More)
Zacks Boosting New Century
April 15, 2003
Zacks.com, the online unit of Zacks Investment Research Inc., Chicago, has reiterated its #1 Strong Buy ranking of New Century Financial Corp., Irvine, Calif. (Read More)
GMACCM Provides $150MM LOC
April 15, 2003
GMAC Commercial Mortgage Corp., Horsham, Pa., has provided a $150 million revolving credit facility for Kaplan Cos., Highland Park, N.J. (Read More)
1st Nationwide Servicer Ranking Withdrawn
April 15, 2003
Standard & Poor's Ratings Services has withdrawn its Strong residential servicer ranking on First Nationwide Mortgage Corp., Frederick, Md., as a result of First Nationwide's recent name change to CitiMortgage Inc. (Read More)
REIT Touts Governance Ranking
April 15, 2003
Capital Automotive REIT, McLean, Va., has announced that it outperformed 99.8% of the companies in the S&P SmallCap 600 under a corporate governance ranking system used by Institutional Shareholder Services. (Read More)
Housing Starts Rebound
April 16, 2003
Single-family housing starts rebounded 7.7% in March after a sharp dropoff in February, as demand for new homes appears to be holding up better than expected. (Read More)
Applications Fall
April 16, 2003
The Market Composite Index, an overall measure of mortgage applications, fell to 1134.6 on a seasonally adjusted basis during the week ended April 11 from 1246.1 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
HUD IG: No Briefing on Fairbanks Probe
April 16, 2003
In letters to Sens. Barbara Mikulski and Paul Sarbanes, both Democrats from Maryland, HUD Inspector General Kenneth Donohue says he cannot brief them on the progress of an investigation into the servicing practices of Fairbanks Capital Corp. (Read More)
Do Bush, Clinton GSE Policies Differ?
April 16, 2003
Rep. Richard Baker, R-La., wants to know how the Bush administration's policies toward the government-sponsored enterprises differ from those of the Clinton administration. (Read More)
Fannie Names 4 New Veeps
April 16, 2003
Fannie Mae has named four new vice presidents, including two who have worked at the Department of Justice and another who was involved in developing Mexico's mortgage industry. (Read More)
Master Financial Adds 'Predatory' Module
April 16, 2003
Master Financial Inc., Orange, Calif., has announced that a Predatory Lending Profile module has been added to the automated decision engine of its Internet-based loan origination system, 30Second Desk. (Read More)
REIT Pioneer Named Prez at Colony
April 16, 2003
Richard Saltzman, who has been credited with introducing the real estate investment trust to Wall Street, has been named president of Colony Capital LLC, a Los Angeles-based investment firm focused chiefly on real-estate-related assets. (Read More)
Community 1st Names Prez
April 16, 2003
Paul H. Olson has been named president of Community First Mortgage LLC, a Fargo, N.D.-based joint venture of Community First Bancshares Inc. and Wells Fargo Home Mortgage Inc. (Read More)
Pru CBO Classes Downgraded
April 16, 2003
Seven classes of notes issued by Prudential Structured Finance CBO I, which are supported in part by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
MH Classes Downgraded
April 16, 2003
The ratings on four classes of Manufactured Housing Contract Trust series 2000-3 and one class of Manufactured Housing Contract Trust pass-through certificates series 2001-1 have been lowered by Standard & Poor's Ratings Services. (Read More)
Conseco-Linked Classes Downgraded
April 16, 2003
The ratings on three classes from various Conseco Finance Corp.-related securitizations issued by Home Improvement & Home Equity Loan Trust have been lowered from CCC-minus to D (default) by Standard & Poor's Ratings Services. (Read More)
WaMu Reports Record 1Q Earnings
April 16, 2003
Washington Mutual Inc., Seattle, has reported record earnings of $1.0 million ($1.07 per share) for the first quarter, up from $956 million ($0.99 per share) a year earlier. (Read More)
Freddie Prices RefNotes
April 16, 2003
Freddie Mac has priced $3 billion of 1.75% two-year Reference Notes due May 15, 2005, and a $1 billion reopening of 4.5% 10-year Reference Notes due Jan. 15, 2013. (Read More)
Fannie Announces Dividends
April 16, 2003
Fannie Mae has announced a common stock dividend of $0.39 per share. (Read More)
REIT Reports Property Sales
April 16, 2003
Equity Office Properties Trust, Chicago, has sold four commercial properties, comprising 383,246 square feet, and 32 residential units for a total price of approximately $67.6 million. (Read More)
Rates Dip
April 17, 2003
The average 30-year fixed mortgage rate fell to 5.82% for the week ending April 18 from 5.85% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fitch: CMBS Delinquencies Up 14%
April 17, 2003
Delinquencies in commercial mortgage-backed securities rose more than 14% in the first quarter from levels in the last quarter of 2002, according to Fitch Ratings. (Read More)
Fannie, REIT Launch $100MM AH Initiative
April 17, 2003
A $100 million multifamily housing initiative to finance small, affordable properties in major markets has been announced by Fannie Mae and the Community Development Trust, the first real estate investment trust created for the sole purpose of acquiring community development assets. (Read More)
Silverado Adopts New Biz Model
April 17, 2003
Silverado Financial Inc., Campbell, Calif., has announced the adoption of a new business model focused on the acquisition of established, profitable mortgage brokerage and banking operations in Northern California. (Read More)
CSFB CMBS Classes Downgraded
April 17, 2003
The ratings on three classes of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1997-C1, have been lowered by Standard & Poor's Ratings Services. (Read More)
Kmart-Linked Pass-Thrus Downgraded
April 17, 2003
Six classes of CNC's series 1994-1 pass-through certificates, secured in part by Kmart Corp. leases, have been downgraded by Fitch Ratings and removed from Rating Watch Negative. (Read More)
Nexstar Adding 2nd Ops Center
April 17, 2003
Nexstar Financial Corp., Creve Coeur, Mo., has announced the leasing of an 80,000-square-foot building in St. Charles, Mo., that it plans to establish as its second national operations center. (Read More)
Credit Reporting Firms Step Up ID Fraud Effort
April 17, 2003
A new effort to combat identity fraud by simplifying the way victims notify credit reporting companies has been announced by the Consumer Data Industry Association, which includes companies in the mortgage reporting services industry. (Read More)
Golden West Reports Record EPS
April 17, 2003
Golden West Financial Corp., Oakland, Calif., has reported net earnings of $260.1 million ($1.67 per share) for the first quarter, up from $238.1 million ($1.51 per share) a year earlier. (Read More)
Hibernia Cites MSR Charge in Earnings Drop
April 17, 2003
Hibernia Corp., New Orleans, has reported net income of $56.2 million ($0.36 per share) for the first quarter, down 5% from $59.2 million ($0.37 per share) a year earlier, citing a temporary impairment of its mortgage servicing rights as a factor in the decline. (Read More)
JP Morgan's 1Q Earnings Rise
April 17, 2003
J.P. Morgan Chase, the corporate parent of Chase Home Finance, has reported earnings of $1.4 billion ($0.69 per share) for the first quarter, up from $982 million ($0.48 per share) a year earlier. (Read More)
Fannie Prices Sub BenchNotes
April 17, 2003
Fannie Mae has priced $1.5 billion of 4.625% 10-year Subordinated Benchmark Notes at 99.089. (Read More)
Weingarten Files $1B Shelf
April 17, 2003
Weingarten Realty Investors, Houston, has filed a universal shelf registration statement with the Securities and Exchange Commission to permit the sale of up to $1 billion of securities to the public. (Read More)
First Mortgage Company Adopts ESOP
April 17, 2003
New Jersey-based Garden State Mortgage Corp. has announced the establishment of a corporate employee stock ownership plan, making it the first mortgage company in the United States to do so. (Read More)
CFA: Terror Insurance Premiums Too High
April 18, 2003
Insurance companies are still charging high premiums for terrorism insurance despite a federal backstop that covers nearly 90% of all claims, according to a report by the Consumer Federation of America. (Read More)
AmeriServ, Bank Sub Downgraded
April 18, 2003
AmeriServ Financial Inc., Johnstown, Pa., which recently sold the servicing rights on $450 million of mortgage loans, has been downgraded by Fitch Ratings, along with its banking subsidiary, AmeriServ Financial Bank. (Read More)
Optimum Opens Regional Origination Center
April 18, 2003
Optimum Mortgage Group, Charlotte, N.C., has announced the opening of a regional origination center in Charlotte to seek new mortgage customers in several states. (Read More)
BNY Trust to Buy Trust Biz of Intrust
April 18, 2003
The Bank of New York Co. Inc. has reported that BNY Trust Co. of Missouri, an indirect subsidiary based in St. Louis, has agreed to acquire the corporate trust business of Intrust Bank NA, Wichita, Kan. (Read More)
Synergistic Adds Veros AVM to EPN
April 18, 2003
Veros Software's VeroValue automated valuation model will become an integrated tool in Synergistic Software Systems' SharperLending online platform, allowing lenders to order an AVM through the Electronic Partner Network. (Read More)
Centex Homes Names New Chair, Prez
April 18, 2003
Andrew J. Hannigan has been promoted to chairman of Centex Homes, a Dallas-based homebuilder, and Robert D. Hillman has been promoted to president of the company. (Read More)
HOPE VI Returned to Puerto Rican Control
April 18, 2003
The Department of Housing and Urban Development has entered into an agreement with Puerto Rico's Department of Housing to return Puerto Rico's HOPE VI program to local control after a nearly two-year HUD receivership. (Read More)
Feedback
April 18, 2003
Should all loan officers be licensed and bonded? (Read More)
FASB Okays New View on Purchased Loans
April 21, 2003
The Financial Accounting Standards Board has approved a new accounting regime for mortgage companies that purchase loans with impaired credit. (Read More)
SouthTrust Reports Management Shuffle
April 21, 2003
SouthTrust Corp., Birmingham, Ala., has announced several organizational changes at the holding company level and at SouthTrust Bank, the parent company of SouthTrust Mortgage. (Read More)
Fannie Names 29 New Advisory Panel Members
April 21, 2003
Fannie Mae has announced the appointment of 29 new members to its 61-member Housing Impact Advisory Council, which meets three times a year with the company's senior management to discuss affordable housing issues. (Read More)
ABN Amro Renames Wholesale MF Unit
April 21, 2003
ABN Amro Apartment Lending, Ann Arbor, Mich., has changed the name of its wholesale lending division to InterFirst Wholesale Apartment Lending. (Read More)
OCC Pre-emption Proposal Draws Fire
April 21, 2003
The Conference of State Bank Supervisors is "strongly" urging the Office of the Comptroller of the Currency to withdraw a proposed rule that would shield the mortgage lending subsidiaries of national banks from state regulation and licensing. (Read More)
RBS Sub Expands MBS/ABS Unit
April 21, 2003
Royal Bank of Scotland subsidiary RBS Greenwich Capital has reported the expansion of its mortgage- and asset-backed securities department. (Read More)
Berkshire Completes Exchange Offers
April 21, 2003
Berkshire Income Realty Inc., Boston, an affiliate of the Krupp Funds Group, has announced the completion of the last of six exchange offers for its 9% series A cumulative redeemable preferred stock. (Read More)
NIC: Seniors Loan Volume Rose in 4Q
April 21, 2003
Loan volume placed for the fourth quarter on senior housing and care properties was up 53% compared with that of a year ago, according to the National Investment Center for the Seniors Housing & Care Industries. (Read More)
Cendant Takes Servicing Hit -- Again
April 22, 2003
The refi boom is continuing to cause problems for Cendant Mortgage, Mt. Laurel, N.J. In the first quarter, the nondepository's parent reported that it took a $196 million servicing impairment charge. (Read More)
CNL Invests in Hersha Op Unit
April 22, 2003
Hersha Hospitality Trust, Harrisburg, Pa., and CNL Hospitality Properties Inc., Orlando, Fla., have announced that CNL has invested $10 million in convertible preferred partnership units of Hersha Hospitality LP. (Read More)
Study: Many Older Homebuyers 'Buying Up'
April 22, 2003
One-fourth of homebuyers aged 50 and older are paying more for their latest home than for their previous one, and the new home likely features amenities like structured wiring and exterior maintenance services, according to a study by the National Association of Home Builders and Countrywide Home Loans. (Read More)
MICA: Downpayment Top Ownership Barrier
April 22, 2003
For a majority of prospective homebuyers, coming up with enough money for a downpayment is the biggest barrier to homeownership, according to a survey sponsored by the Mortgage Insurance Cos. of America. (Read More)
United Financial Names Prez/CEO, CFO
April 22, 2003
Steve Khoshabe has been named president and chief executive officer of United Financial Mortgage Co., Oak Brook, Ill., and Matt Kauffman has been promoted to chief financial officer. (Read More)
Tarragon Adds 5 Execs
April 22, 2003
Tarragon Realty Investors, New York, has reported the addition of five executives to its management team. (Read More)
Nehemiah Cites New Hires
April 22, 2003
The Nehemiah Corp. of California, Sacramento, has announced a series of new hires in key markets aimed at strengthening the company's "strategic national and local outreach" in the nonprofit downpayment assistance industry. (Read More)
Michigan Extends Lowest Mortgage Rate
April 22, 2003
The Michigan State Housing Development Authority has extended a deal in which it offers first-time homebuyers the lowest interest rate the agency has ever offered. (Read More)
FHLBanks Eye Compromise on SEC Registration
April 23, 2003
In resisting immediate securities registration, the Federal Home Loan Banks are apparently rallying around a possible compromise that would set up a three-year trial to test how registration with the Securities and Exchange Commission might work. (Read More)
Applications Fall
April 23, 2003
The Market Composite Index, an overall measure of mortgage applications, fell to 1055.8 on a seasonally adjusted basis during the week ended April 18 from 1134.6 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
FNF to Buy Flood Insurance Biz
April 23, 2003
Fidelity National Financial Inc., Irvine, Calif., has announced an agreement to acquire the flood insurance business of Omaha Property and Casualty Insurance Co., a subsidiary of Mutual of Omaha. (Read More)
Moody's: Home Equity Late Pays Decline
April 23, 2003
The delinquency rate on securities backed by home equity loans declined by 25 basis points in the fourth quarter, according to Moody's Investors Service. (Read More)
MBA Seeks Hearings on 'Predatory' Laws
April 23, 2003
The Mortgage Bankers Association of America is calling on House and Senate banking committee leaders to hold hearings on the proliferation of state and local laws concerning predatory lending. (Read More)
Will Int'l Standards Reshape U.S. Mortgage Market?
April 23, 2003
Proposed international capital standards slated to be implemented at year-end 2006 appear likely to reshape the U.S. mortgage market, according to a recent report by Tower Group. (Read More)
Basis100 Sells Canadian Biz to FiLogix
April 23, 2003
In a move that will further focus Basis100, Toronto, on the U.S. marketplace, the company has agreed to sell its Canadian Lending Solutions division to FiLogix Inc., another Canadian firm. (Read More)
Fiserv Completes Scalability Testing
April 23, 2003
In recent testing, a single copy of Fiserv's MortgageServ system on a single-image IBM hardware platform successfully processed 10 million loans during a single nightly window, according to Fiserv. (Read More)
Bear Stearns Class Downgraded
April 23, 2003
Class B-5 of Bear Stearns Mortgage Securities Inc. mortgage pass-through certificates, series 1996-3, has been downgraded from B to CCC by Fitch Ratings. (Read More)
GEMI Names SVP
April 23, 2003
Kevin Schneider has been named senior vice president and chief commercial officer at GE Mortgage Insurance, Raleigh, N.C. (Read More)
Moody's Hires New RE Analyst
April 23, 2003
Karen Nickerson has been hired to join the Real Estate Finance Group of Moody's Investors Service. (Read More)
Freddie's 'Catch the Dream' Now in Utah
April 23, 2003
A statewide effort to make homeownership more affordable to minorities in Utah has been launched by Freddie Mac, the Community Development Corp. of Utah, and Far West Bank. (Read More)
Thornburg Reports Record Profits
April 23, 2003
Thornburg Mortgage Inc., Santa Fe, N.M., has reported record net income of $39.1 million ($0.67 per share) for the first quarter, compared with $24.3 million ($0.62 per share) a year earlier. (Read More)
Fiserv Reports Record 1Q Earnings
April 23, 2003
Fiserv Inc., Brookfield, Wis., has reported record earnings of $624.8 million ($0.38 per share) for the first quarter, up 11% from $560.7 million ($0.33 per share) a year earlier. (Read More)
MuniMae Earnings Down in 1Q
April 23, 2003
Municipal Mortgage & Equity LLC, Baltimore, has reported net income of $13.9 million ($0.50 per share) for the first quarter, down 7% from $14.9 million ($0.62 per share) a year earlier. (Read More)
S&P SmallCap 600 to Add Republic
April 23, 2003
Republic Bancorp Inc., Ann Arbor, Mich., is being added to the Standard & Poor's SmallCap 600 Index. (Read More)
Freddie Reports $603MM Note Buyback
April 23, 2003
Freddie Mac has reported the repurchase of $603 million of outstanding callable notes. (Read More)
Freddie Reports Loss of Market Share
April 24, 2003
Freddie Mac has reported that its total market share (vis-a-vis that of Fannie Mae) fell from 41% to 32% in the first quarter and its total mortgage portfolio declined at a 1% annualized rate. (Read More)
FNF, BoA Form New Companies
April 24, 2003
Fidelity National Financial Inc., Santa Barbara, Calif., and Bank of America Corp. have announced that they will combine their resources to create two new companies with the goal of providing end-to-end mortgage fulfillment outsourcing. (Read More)
30-Year Rate Drifts Lower
April 24, 2003
The average 30-year fixed mortgage rate fell to 5.79% for the week ending April 25 from 5.82% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Moody's: Terror Insurance Act Working
April 24, 2003
The Terrorism Risk Insurance Act has begun to have its intended effect, with rates dropping and policies offering broader coverage, according to Moody's Investors Service. (Read More)
S&P: CMBS Downgrades Rise, Hit High-Rated Bonds
April 24, 2003
Downgrades of North American commercial mortgage-backed securities rose in the first quarter and, contrary to recent experience, many stemmed from real estate performance and applied to investment-grade bonds, according to Standard & Poor's Ratings Services. (Read More)
S&P: Upgrades Dominate RMBS 1Q Activity
April 24, 2003
Upgrades continued to represent the bulk of rating activity involving U.S. residential mortgage-backed securities in the first quarter, according to Standard & Poor's Ratings Services. (Read More)
BoA Large-Loan Classes Downgraded
April 24, 2003
Two classes of Banc of America Large Loan Inc.'s commercial mortgage pass-through certificates, series 2002-FLT1, and two classes in a related transaction have been downgraded by Standard & Poor's Rating Services. (Read More)
Impac MBS Class Downgraded
April 24, 2003
Class B2 of Impac SAC mortgage pass-through certificates, series 1999-2, has been downgraded from B to CCC by Fitch Ratings, and class B1 has been placed on Rating Watch Negative. (Read More)
4 States Top UGC Mortgage Index
April 24, 2003
The housing markets in Colorado, Oregon, and the Carolinas show the highest probability of improvement over the next two years among those of the 50 states, according to a mortgage risk index maintained by United Guaranty Corp., Greensboro, N.C. (Read More)
MBA Holds 1st Homeownership Roundtable
April 24, 2003
The first in a series of roundtable discussions on increasing minority homeownership in America, sponsored by the Mortgage Bankers Association of America, was held April 23 in Gary, Ind. (Read More)
Fannie Prices BenchNotes
April 24, 2003
Fannie Mae has priced $4 billion of 2.250% three-year Benchmark Notes at 99.941. (Read More)
Flagstar Declares Stock Split
April 24, 2003
Flagstar Bancorp, Troy, Mich., the holding company for mortgage lender Flagstar Bank, has declared a 2-for-1 split of its common stock in the form of a stock dividend. (Read More)
New-Home Sales Rebound
April 25, 2003
Sales of new single-family homes rebounded in March to above the 1.0 million sales pace after dropping for two consecutive months. (Read More)
Resales Decline
April 25, 2003
Existing-home sales fell 5.6% in March to a more sustainable level as the best-ever three-month period for resales came to an end. (Read More)
1Q Production Close to $900B
April 25, 2003
First-quarter residential loan production will total between $860 billion and $890 billion, according to preliminary survey figures being collected by National Mortgage News. (Read More)
Greenspan Warns on GSE Cap Adequacy
April 25, 2003
Federal Reserve Board Chairman Alan Greenspan is warning legislators that standard measures of capital adequacy may not be enough when it comes to large government-sponsored enterprises like Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. (Read More)
Title Giant Fidelity May Relocate
April 25, 2003
Title insurance giant Fidelity National Financial, Irvine, Calif., is contemplating leaving the "golden state" for Florida. (Read More)
S&P Sees Huge Impact of Regs, Tech on RMBS
April 25, 2003
Significant growth in residential mortgage-backed securities volume is being accompanied by regulatory changes and technological advances that will have "a lasting, monumental effect" on the future of that market, according to Standard & Poor's Ratings Services. (Read More)
Fed: Economy Weak, Housing Strong
April 25, 2003
While general economic activity remained "lackluster" in March and early April, homebuilding and refinancings remained "strong" across the entire nation, according to the Federal Reserve Board's Beige Book. (Read More)
Subprime Giant Promotes Pollock to CEO
April 25, 2003
Subprime giant First Franklin, San Jose, Calif., has named Andrew Pollock president and chief executive officer. (Read More)
NMHC: Apartment Sector Remains Soft
April 25, 2003
While the pace of renters leaving to pursue homeownership is slowing down, conditions in the apartment sector remain soft as a result of the slack job market, according to the National Multi Housing Council. (Read More)
RBS Names Origination Chief
April 25, 2003
The Royal Bank of Scotland has appointed Steve Fitzpatrick head of primary markets origination for North America. (Read More)
Fannie Prices Preferred Stock
April 25, 2003
Fannie Mae has priced an offering of $300 million of 5.125% noncumulative preferred stock. (Read More)
Acadia Files $75MM Shelf
April 25, 2003
Acadia Realty Trust, New York, has filed a shelf registration statement with the Securities and Exchange Commission to permit the sale of up to $75 million of common or preferred shares of beneficial interest. (Read More)
Correction
April 25, 2003
The Treasury Department says it has not shifted its policy in regard to Federal Home Loan Bank registration with the Securities and Exchange Commission. (Read More)
Feedback
April 25, 2003
What is the origin of the mortgage broker concept? (Read More)
Schwab Enters Mortgage Biz With Guarantees
April 28, 2003
The Charles Schwab Corp., the San Francisco-based parent of discount broker Charles Schwab & Co., has announced that it will offer best-price and service guarantees on home mortgage loans through its newly established Charles Schwab Bank. (Read More)
HUD Creating Closing-Cost Database
April 28, 2003
The Department of Housing and Urban Development is putting together a database on closing costs as part of its effort to reform the mortgage application and settlement process. (Read More)
CBC Expands Mortgage, RE Services
April 28, 2003
CBC Cos., Columbus, Ohio, has announced an expansion of its mortgage and real estate services with the acquisition of Nationwide Document Service, Scottsdale, Ariz., and Denali Ventures Inc., Cheyenne, Wyo. (Read More)
LandAm to Buy Centennial Bank
April 28, 2003
LandAmerica Financial Group Inc., Richmond, Va., has agreed to acquire Orange County Bancorp and its wholly owned subsidiary, Centennial Bank, Fountain Valley, Calif., for $27.6 million. (Read More)
Appraisers Rap Vet Proposal
April 28, 2003
Appraisal groups have written to the sponsor of the Veterans' Appraiser Choice Act contending that the proposal could leave veterans vulnerable to possible fraud. (Read More)
Post Founder Launches Proxy Fight
April 28, 2003
John Williams, the founder and largest equity shareholder of Atlanta-based Post Properties Inc., has mailed proxy materials and is urging shareholders to vote for his favored nominees to be independent directors on the Post board. (Read More)
Brookfield Seeks Merger of Sub, BPO
April 28, 2003
Brookfield Properties Corp., New York, has proposed to merge a subsidiary with BPO Properties Ltd., which owns, manages, and develops commercial properties in the downtowns of select Canadian cities. (Read More)
Fitch Challenges Basel Cap Charge Proposal
April 28, 2003
Capital charges for certain tranches in mortgage transactions (and other securities deals) should be increased, but not as much as proposed by the tentative Basel II international policy guidelines, according to Fitch Ratings. (Read More)
ACB Touts 'Mortgage Solutions' Program
April 28, 2003
Nearly 450 members of America's Community Bankers are selling mortgages to Fannie Mae, Freddie Mac, and private wholesalers participating in the trade group's Mortgage Solutions program. (Read More)
REIT Names Interim COO
April 28, 2003
Alan P. Hirmes has been named interim chief operating officer of American Mortgage Acceptance Co., a New York-based real estate investment trust that specializes in multifamily housing finance. (Read More)
Seacoast Takes Hit From REIT Law
April 28, 2003
A recently enacted Massachusetts law pertaining to real estate investment trusts has resulted in an $11.2 million charge to the earnings of Seacoast Financial Services Corp. for the first quarter, the company has announced. (Read More)
Median Home Prices Still Rising in California
April 28, 2003
The median home price in California posted year-over-year double-digit gains for the 16th consecutive month, according to the California Association of Realtors. (Read More)
Moody's Cites 2nd Mexican Housing GSE Deal
April 28, 2003
Mexico has now seen its second take-out securitization with a partial guaranty from Sociedad Hipotecaria Federal, a relatively new housing government-sponsored enterprise, according to Moody's Investors Service. (Read More)
Countrywide's 1Q Earnings Up 95%
April 29, 2003
Countrywide Financial Corp., Calabasas, Calif., has reported record earnings of $326 million ($2.44 per share) for the first quarter, up 95% from $168 million ($1.32 per share) a year earlier. (Read More)
Exec: Chase Has Avoided 'High-Cost Loans'
April 29, 2003
An executive at Chase Home Finance says the company has stayed completely out of the "high-cost loan" market despite the fact that one of its goals is to invest more heavily in high-margin loan channels. (Read More)
UFMC to Buy Portland Mortgage
April 29, 2003
United Financial Mortgage Corp., Oak Brook, Ill., has announced an agreement to acquire Portland Mortgage Co., a privately held retail and wholesale mortgage banker based in Portland, Ore. (Read More)
Framework, DocuTech Join Forces
April 29, 2003
Framework Inc., Tarrytown, N.Y., and DocuTech Corp., Idaho Falls, Idaho, have announced the formation of a strategic partnership that will provide an automated, universal mortgage fulfillment and documentation system for lenders. (Read More)
Fitch Eyes Large-Loan CMBS With 'Rakes'
April 29, 2003
The performance of large loans in certain commercial mortgage-backed securities deals is a matter of growing concern, especially for CMBS transactions with so-called rake structures, according to Fitch Ratings. (Read More)
Biggest REIT Reports 1Q Earning Decline
April 29, 2003
Equity Office Properties Trust, the largest real estate investment trust by market capitalization, has reported net income of $141.7 million ($0.35 per share) for the first quarter, down from $201.4 million ($0.48 per share) for the first quarter of 2002. (Read More)
REIT Proposes Stock Offering
April 29, 2003
Urstadt Biddle Properties, a Greenwich, Conn.-based real estate investment trust, has announced that it is proposing to offer up to $40 million of a new series C of senior cumulative preferred stock in a private offering. (Read More)
Berkshire Stock Added to Amex
April 29, 2003
Berkshire Income Realty Inc., Boston, a recently formed real estate investment trust, has announced that its 9% series A cumulative redeemable preferred stock is now trading on the American Stock Exchange. (Read More)
Applications Fall
April 30, 2003
The Market Composite Index, an overall measure of mortgage applications, fell to 1050.8 on a seasonally adjusted basis during the week ended April 25 from 1055.8 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Earnings Boost Countrywide Despite MSR Hit
April 30, 2003
Countrywide Financial Corp., Calabasas, Calif., which has reported taking a nearly $1 billion writedown to the value of its mortgage servicing rights in the first quarter, says those MSRs are poised to generate earnings when rates rise. (Read More)
Data-Vision Expands Dynatek Alliance
April 30, 2003
Data-Vision Inc., Mishawaka, Ind., has expanded its relationship with Lavonia, Mich.-based Dynatek Inc. and will now fully integrate its RemoteDocs electronic data exchange services into Dynatek's MORvision loan origination system. (Read More)
WellFound Unveils Mortgage Integration System
April 30, 2003
WellFound Technology Inc., Marietta, Ga., has announced the release of its Mortgage Integration Framework, which enables disparate software systems, within and between enterprises, to communicate with one another and share data in real time. (Read More)
Fitch Eyes Fairbanks Servicer Ratings
April 30, 2003
The residential primary servicer and special servicer ratings of Fairbanks Capital Corp. have been placed on Rating Watch Negative by Fitch Ratings pending a review of certain reporting and remittance practices. (Read More)
HUD Launches Ad Campaign on Housing Bias
April 30, 2003
The Department of Housing and Urban Development is launching a television and newspaper advertising campaign to fight housing discrimination. (Read More)
FFA: Basel Draft Seems to Disfavor GSEs
April 30, 2003
The third consultative paper issued by the Basel Committee -- like an earlier draft of the proposed international capital rules -- appears to eliminate the more favorable regulatory risk weighting currently afforded to government-sponsored enterprises for their debt, equity and mortgage-backed securities, according to Federal Financial Analytics Inc. (Read More)
Weingarten to Expense Stock Options
April 30, 2003
Weingarten Realty Investors, Houston, has announced the adoption of several governance initiatives, including the expensing of stock options. (Read More)
IndyMac Reports Record EPS
April 30, 2003
IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported net earnings of $36.9 million for the first quarter and record earnings per share of $0.66. (Read More)
NHP Reports Private Placement
April 30, 2003
Nationwide Health Properties Inc., Newport Beach, Calif., has priced a private placement of $115.5 million of common stock to a number of large institutional investors on behalf of certain client accounts and the Teachers Insurance and Annuity Association of America. (Read More)
REIT Plans Stock Sale
April 30, 2003
Lexington Corporate Properties Trust, New York, has announced an agreement to sell 4.5 million of its common shares to Wachovia Securities, with net proceeds of $16.44 per share. (Read More)
MFA Prices Stock Offering
April 30, 2003
MFA Mortgage Investments Inc., New York, has announced the pricing of 6.75 million shares of MFA stock at $9.20 per share. (Read More)
May
HUD Issues Long-Awaited Flipping Rule
May 1, 2003
Department of Housing and Urban Development has issued a long-awaited rule that is supposed to stop the Federal Housing Administration from financing property "flips." (Read More)
Trade Groups: Reform Si, Cost Itemization No
May 1, 2003
Mortgage lenders will continue to support reform of the mortgage application and settlement process, provided that the Department of Housing and Urban Development allows lenders to offer guaranteed mortgage packages without itemizing costs, according to a letter by six trade groups. (Read More)
Raines: GSE Charter Brings 'Pluses & Minuses'
May 1, 2003
Fannie Mae's charter as a government-sponsored enterprise is "a balancing of pluses and minuses," according to Franklin D. Raines, the GSE's chairman and chief executive officer. (Read More)
Fannie 5.5s Hit Record High
May 1, 2003
A key U.S. mortgage-backed security price hit an all-time high April 30 as a Treasury rally brought the benchmark 10-year government bond yield into a lower trading range close to 3.8% and month-end buying boosted the market's appetite for MBS, a Nomura Securities International researcher said. (Read More)
Rates Decline
May 1, 2003
The average 30-year fixed mortgage rate fell to 5.70% for the week ending May 2 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Freddie: Equity-Tapping Refis Rose in 1Q
May 1, 2003
Forty-three percent of the homeowners who refinanced their homes in the third 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)
COFI Falls to New Low
May 1, 2003
A decline of nearly 4 basis points sent the Eleventh Federal Home Loan District Cost of Funds Index to a new record low in March. (Read More)
S&P Lowers Fairbanks Servicer Ratings
May 1, 2003
The residential subprime and residential special servicer ratings of Fairbanks Capital Corp. have been lowered from Strong to Below Average and removed from CreditWatch negative by Standard & Poor's. (Read More)
Wells Offers Jumbo Reverse Mortgage
May 1, 2003
Wells Fargo Home Mortgage Inc., Des Moines, Iowa, has teamed up with Financial Freedom Senior Funding Corp., Irvine, Calif., to offer what the companies say is the only reverse mortgage product specifically designed for high-value homes. (Read More)
Exec Sees Trend Toward Bundling
May 1, 2003
Mortgage reform may be uncertain, but the trend toward offering one-fee mortgages and bundled services will continue, according to Tom DellaTorre, president of Transamerica Vendor Management and Consulting, a recently formed joint venture. (Read More)
MBA to Host Fraud Summit
May 1, 2003
The Mortgage Bankers Association of America has announced that it will host an "enforcement summit" focused on improving the enforcement of existing laws to combat mortgage fraud and predatory lending. (Read More)
Simon Alleges Fiduciary Breach by Taubman
May 1, 2003
In an attempt to add further claims to their Michigan lawsuit against Taubman Centers, the Indianapolis-based Simon Property Group and Westfield America, the U.S. subsidiary of an Australian property trust, are alleging a "breach of fiduciary duties" by the Bloomfield Hills, Mich.-based Taubman. (Read More)
Colonial Offers Group Mortgage Program
May 1, 2003
Colonial National Mortgage, a division of Fort Worth, Texas-based Colonial Savings, has announced the introduction of a corporate mortgage program that companies can offer employees who are buying or refinancing a home. (Read More)
Block Mortgage Names 2 Veeps
May 1, 2003
H&R Block Mortgage Corp., Kansas City, Mo., has announced the appointment of David J. Vida Jr. as vice president of prime secondary marketing and finance and Wilbur A. McKesson Jr. as vice president of affordable housing. (Read More)
LION Reports 1Q Profits
May 1, 2003
LION Inc., Seattle, has reported net income of $156,000 for the first quarter, compared with a net loss of $41,000 a year earlier. (Read More)
Mortgage Job Boom Continues
May 2, 2003
Mortgage companies added 3,000 new employees to their payrolls in the month of April as the mortgage boom shows few signs of slowing anytime soon. (Read More)
CA Revokes Wells' Mortgage License
May 2, 2003
The residential mortgage and finance lender licenses of Wells Fargo Home Mortgage have been revoked by the California Department of Corporations, but the company can still sell mortgages under federal law, according to the department. (Read More)
Countrywide Unit Sees Rise in Fraud
May 2, 2003
The subprime division of Countrywide Home Loans, Calabasas, Calif., is beginning to see an increase in mortgage fraud. (Read More)
Subprime Lender Linking to Fannie
May 2, 2003
Saxon Mortgage, Glen Allen, Va., which has been funding nonconforming product for as long as anyone can recall, is jumping into the 'A' paper market by aligning itself with Fannie Mae. (Read More)
NAR: Housing Affordability at 30-Year High
May 2, 2003
The typical American family's ability to purchase a median-priced existing home increased in the first quarter to the highest level in 30 years, according to the National Association of Realtors. (Read More)
MICA: Private MI Sets Record
May 2, 2003
Private mortgage insurance companies had a record month in March in primary new insurance written and the number of applications received, according to data from the Mortgage Insurance Cos. of America. (Read More)
Simon, Taubman Dispute Gist of Ruling
May 2, 2003
A Michigan judge has issued a ruling in the Simon Property Group/Westfield America case against Taubman Centers, and both sides are interpreting the ruling as favorable to their own case. (Read More)
NCLC Raps Ney Bill's Blanket Pre-emption
May 2, 2003
The federal pre-emptive powers contained in a bill that would create a national mortgage lending standard go far beyond the pre-emption of state predatory lending laws, according to the National Consumer Law Center. (Read More)
NJ Court Nixes OTS Pre-emption
May 2, 2003
A New Jersey Appellate court ruled recently that the Office of Thrift Supervision does not have the right to pre-empt state laws forbidding prepayment penalties on residential mortgages. (Read More)
GMAC Mortgage Launches CalDirect
May 2, 2003
GMAC Mortgage has launched a new division, CalDirect Home Loans, that will be focused exclusively on the California market. (Read More)
ATM, Mortgage Co-op Form Settlement Firm
May 2, 2003
ATM Corp. of America, Pittsburgh, has announced a joint venture with America's Mortgage Cooperative Vendor Services LLC to form a national settlement services company. (Read More)
Fairbanks Responds to Lowering of Servicer Ratings
May 2, 2003
Fairbanks Capital Corp., Salt Lake City, has responded to the lowering of its servicer ratings by Standard & Poor's, disagreeing with the extent of the rating change and calling attention to S&P's statement that the company has made "significant progress" in handling customer complaints. (Read More)
Mortgage Vet OK'd as PA Banking Chief
May 2, 2003
A. William Schenck III, a former chairman and chief executive officer of Fleet Mortgage Group, has been confirmed as Pennsylvania's secretary of banking. (Read More)
Countrywide Promotes 7 Execs
May 2, 2003
Countrywide Financial Corp., Calabasas, Calif., has announced the promotions of seven executives. (Read More)
Encore Adds 3 CRE Veeps
May 2, 2003
Encore Bank, Houston, has announced the expansion of its commercial real estate division with the addition of three lending officers. (Read More)
Wilshire EVP/CFO Resigns
May 2, 2003
Wilshire Financial Services Group Inc., Beaverton, Ore., has announced the resignation of Bruce A. Weinstein as executive vice president and chief financial officer. (Read More)
Raines Honored as 'Captain of Industry'
May 2, 2003
Fannie Mae chairman and CEO Franklin D. Raines addressed a New York City audience Thursday night as one of the speakers in a "Captains of Industry" series forum sponsored by Business Week magazine. (Read More)
Freddie Reports $2.3B Note Buyback
May 2, 2003
Freddie Mac has reported the repurchase of approximately $2.3 billion of outstanding Reference Notes. (Read More)
Freddie Prices Notes With Bermudan Call
May 2, 2003
Freddie Mac has priced $1 billion of new 4.75% syndicated notes with a Bermudan call option beginning May 6, 2005. (Read More)
Ratings Firm Reports RE Web Traffic
May 2, 2003
More than 12 million visitors, nearly 10% of the active online population, accessed real estate and rental websites in March as part of the homebuying and apartment rental process, according to Nielsen/NetRatings, New York. (Read More)
Feedback
May 2, 2003
Responses to our survey question on whether there is a "housing bubble" were overwhelmingly against the proposition at the outset, but finished with slightly over 40% in support of the idea. (Read More)
LendingTree Sells to USA Interactive
May 5, 2003
Barry Diller's USA Interactive, New York, has signed a deal to buy LendingTree, Charlotte, N.C., for a price of between $626 million and $735 million in stock, Mr. Diller said in a May 5 conference call. (Read More)
Ney: Bill Only Pre-empts 'Predatory' Regs
May 5, 2003
Rep. Bob Ney, R-Ohio, has carefully drafted his predatory lending bill so it would only pre-empt efforts by state and local governments to regulate lenders who make high-cost mortgages, according to the congressman's office. (Read More)
ACORN Targets Wells Fargo
May 5, 2003
ACORN is targeting Well Fargo & Co., San Francisco, to get the well-known banking company to reform the lending practices of its two finance companies. (Read More)
NCRC: Half Predatory 'Victims' Not Duped
May 5, 2003
Half the people who have asked for relief under a program to aid borrowers victimized by predatory lenders were not duped at all, according to the National Community Reinvestment Coalition. (Read More)
Strict NJ Predatory Bill Signed Into Law
May 5, 2003
An anti-predatory-lending bill that contains among the strictest limits on high-cost loans in the country has been signed into law by New Jersey Gov. James McGreevey. (Read More)
S&P to Bar Some NJ Loans From Rated Deals
May 5, 2003
Meanwhile, Standard & Poor's has decided to exclude from its rated structured finance deals those New Jersey loans for which the new law allows assignee liability. (Read More)
Homestar Buys Mortgage Studio
May 5, 2003
Homestar Mortgage Services, Atlanta, has acquired the assets of The Mortgage Studio, a privately held mortgage broker based in midtown Atlanta. (Read More)
Nomura CMBS Class Downgraded
May 5, 2003
The rating on class B-2 of Nomura Asset Securities Corp.'s commercial mortgage pass-through certificates, series 1995-MDIII, has been lowered from B to CCC by Standard & Poor's. (Read More)
S&P Revises PMI Outlook to 'Negative'
May 5, 2003
The outlook for The PMI Group Inc., which owns 57% of Fairbanks Capital Corp., has been revised from stable to negative by Standard & Poor's following S&P's lowering of Fairbanks' residential subprime and residential special servicer rankings. (Read More)
Leader of Proxy Fight Proposes Post CEO
May 5, 2003
John Williams, former chief executive officer of Atlanta-based Post Properties, is proposing Edward Lowenthal for the position of president and CEO of the multifamily real estate investment trust if Mr. Williams' director nominees are elected to the Post board. (Read More)
GMACCM Names Specialty Lending Chief
May 5, 2003
Jerry Earnest has been promoted to executive vice president of GMAC Commercial Mortgage Corp., Horsham, Pa., where he will head the newly formed Specialty Lending Group. (Read More)
Nomura Cites Risk Variations in Ginnie REMICs
May 5, 2003
Ginnie Mae real estate mortgage investment conduit securities with relatively high percentages of health care loans appear to have less call risk for investors than REMICs with lower percentages of such loans, according to a researcher at Nomura Securities International Inc. (Read More)
Wells Fund Closes $500MM LOC
May 5, 2003
Wells Real Estate Funds, Atlanta, has closed on a new $500 million unsecured revolving credit facility with a group of 20 lenders. (Read More)
WaMu Bank Assigned Servicer Ratings
May 5, 2003
Fitch Ratings has assigned primary, master, and special servicer ratings to Washington Mutual Bank FA for its servicing of commercial mortgage-backed securities. (Read More)
Conservative Groups Back Mortgage Reform
May 6, 2003
Jack Kemp's Empower America and other conservative interest groups are voicing their support for the Department of Housing and Urban Development's efforts to reform the mortgage application and settlement process. (Read More)
Market St. Mortgage Buys Houston Lender
May 6, 2003
Market Street Mortgage, Clearwater, Fla., has acquired Memorial Park Mortgage Ltd., a Houston-based mortgage lender. (Read More)
UFMC Acquires Portland Mortgage
May 6, 2003
United Financial Mortgage Corp., Oak Brook, Ill., has purchased Portland (Ore.) Mortgage Co. (Read More)
Analysts: Jumbo, Alt-A RMBS More Vulnerable
May 6, 2003
Jumbo and alternative-A residential mortgage-backed securities appear more vulnerable to a rise in unemployment than do subprime RMBS, Wall Street researchers told attendees at a Standard & Poor's conference in Orlando. (Read More)
Condo, Co-op Sales Set Record
May 6, 2003
Sales of existing condominiums and cooperatives reached a record seasonally adjusted annual rate of 846,000 in the first quarter, up 3.4% from 818,000 a year earlier, according to the National Association of Realtors. (Read More)
NY Conforms Regs to 'Predatory' Law
May 6, 2003
The New York State Banking Board has revised Part 41 of the board’s General Regulations -- the restrictions and limitations on high-cost home loans -- to make it consistent with the state's recently passed predatory lending law. (Read More)
Post Reports 1Q Loss
May 6, 2003
Amidst an ongoing fight for control of the company, Atlanta-based Post Properties has reported a net loss of $23.5 million ($0.63 per share) for the first quarter, compared with net income of $14.2 million ($0.38 per share) a year earlier. (Read More)
Champion Prez Resigns
May 6, 2003
James M. Goryeb has resigned as president of Champion Mortgage, KeyCorp has announced. (Read More)
Mills Issues Preferred Stock
May 6, 2003
The Mills Corp., a retail and entertainment real estate investment trust based in Arlington, Va., has issued 6.44 million shares of 8.75% series E cumulative redeemable preferred shares at $25 per share. (Read More)
MERS Registration Hits 15MM
May 6, 2003
MERS, an electronic loan registry based in Vienna, Va., has reported the registration of its 15 millionth loan. (Read More)
Apps Surge as Purchase Index Sets Record
May 7, 2003
The Market Composite Index, an overall measure of mortgage applications, surged to 1246.6 on a seasonally adjusted basis during the week ended May 2 from 1050.8 the week before, while the Purchase Index hit a record high, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
CBO: SEC Registration Would Little Affect GSEs
May 7, 2003
Requiring Fannie Mae and Freddie Mac to register their debt and mortgage-backed securities with the Securities and Exchange Commission would have little effect on the pricing of their securities, according to a Congressional Budget Office report. (Read More)
Korsmo Wants Study of GSEs' AH Efforts
May 7, 2003
John Korsmo, chairman of the Federal Housing Finance Board, wants to conduct a study that compares the affordable housing initiatives of the three biggest housing government-sponsored enterprises -- Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. (Read More)
E-Loan Shares Rally to 52-Week High
May 7, 2003
Online lender E-Loan Inc., Dublin, Calif., saw its shares trade up as much as 11% on Wednesday, reaching a new 52-week high of $4.14 a share. (Read More)
Habib: Fed Statement May Lower Rates
May 7, 2003
The statement accompanying the Federal Reserve's decision Tuesday to leave short-term rates unchanged opened the door to speculation about the strength of the economy, causing mortgage-backed securities prices to rise and making lower mortgage rates more likely, according to origination consultant Barry Habib. (Read More)
NAR: Housing on Track for 2nd-Best Year
May 7, 2003
The housing market is still on track for its second-best year on record, according to the National Association of Realtors. (Read More)
S&P: Focus on Payments, Not Prices
May 7, 2003
The concept of a housing bubble is "fundamentally misguided," but an interest-rate-driven rise in mortgage payments may be somewhat of a concern, the chief economist at Standard & Poor's said May 6 at S&P's annual Structured Finance Seminar in Orlando, Fla. (Read More)
Speakers: RMBS Issuance to Abate
May 7, 2003
The rapid growth in the issuance of residential mortgage-backed securities cannot be sustained much longer, according to speakers at S&P's annual structured finance seminar in Orlando. (Read More)
Delta OK'd for Listing on Amex
May 7, 2003
Delta Financial Corp., Woodbury, N.Y., has reached another milestone in its turnaround with the approval of its common stock for listing on the American Stock Exchange. (Read More)
PFF Forms Builder Services Sub
May 7, 2003
PFF Bancorp, Pomona, Calif., the holding company for PFF Bank & Trust and Glencrest Investment Advisors Inc., has announced the formation of a subsidiary that will arrange construction and equity financing and originate bridge and mezzanine loans for builders. (Read More)
Salomon CMBS Classes Downgraded
May 7, 2003
The ratings on four classes of Salomon Brothers Commercial Mortgage Trust 2000-C3's commercial mortgage pass-through certificates have been lowered by Standard & Poor's. (Read More)
UniMortgage Names Prez/COO
May 7, 2003
H. Curtis Jordan has been appointed president and chief operating officer of UniMortgage LLC, a subprime residential lender based in Jacksonville, Fla. (Read More)
Simon Reports Surge in Earnings
May 7, 2003
Simon Property Group, Indianapolis, has reported net income of $55.1 million for the first quarter, an 84% rise from $30.0 million in the corresponding period of 2002. (Read More)
Rates Fall; ARMs Hit Record Low
May 8, 2003
The average 30-year fixed mortgage rate fell to 5.62% for the week ending May 9 from 5.70% the previous week, and the one-year ARM rate hit a new record low, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
10-Year Yield Enters New Range
May 8, 2003
The rate-indicative 10-year yield fell to just above 3.6% at midday Thursday, bringing the market for the bond, which had been trading at levels somewhat below 3.8%, into a new, lower trading range. (Read More)
GSEs to Ease Forbearance for Military
May 8, 2003
Fannie Mae and Freddie Mac announced May 7 that they have taken steps to ease the forbearance process for borrowers called to active military duty. (Read More)
MBS Speeds Surge; Freddies Faster Than Fannies
May 8, 2003
Prepayment rates for agency mortgage-backed securities shot up for new 30-year coupons at and below 6.5% in April, with Freddie Mac MBS speeds outpacing those of Fannie Mae, according to the Bear Stearns Prepayment Commentary. (Read More)
WaMu Touts Sales of 1/4-Coupon MBS
May 8, 2003
Washington Mutual Inc., Seattle, has announced that year-to-date sales by its subsidiaries of Fannie Mae 1/4-coupon mortgage-backed securities have exceeded $10 billion. (Read More)
RE Site Adds Mortgage Service
May 8, 2003
A rapidly growing Internet site for do-it-yourself owners who want to avoid paying hefty real estate commissions has added a mortgage shopping service aimed at homebuyers also looking to save a few bucks. (Read More)
GMACCM to Buy 3 Aussie RE Group Units
May 8, 2003
GMAC Commercial Mortgage Corp., Horsham, Pa., has announced that it plans to acquire three businesses from Lend Lease Corp. Ltd., an Australian global real estate group. (Read More)
GMACCM, Lend Lease Servicer Rankings Eyed
May 8, 2003
In response to the GMACCM announcement, Standard & Poor's placed its commercial mortgage servicer rankings for GMACCM and two Lend Lease business units on CreditWatch. (Read More)
GE HEL Classes Downgraded
May 8, 2003
Seven classes from four home equity securitizations issued by GE Capital Mortgage Services Inc. have been downgraded by Fitch Ratings. (Read More)
Merrill MBS Classes Downgraded
May 8, 2003
Three classes of Merrill Lynch Mortgage Investors Inc.'s mortgage pass-through certificates, series 1999-C1, have been downgraded by Fitch Ratings. (Read More)
Hotel Trust Rating Off CreditWatch
May 8, 2003
The rating of the Times Square Hotel Trust's mortgage and lease amortizing certificates has been lowered from BBB-minus to BB-plus and removed from CreditWatch with negative implications by Standard & Poor's. (Read More)
WaMu Names SVP for Emerging Markets
May 8, 2003
Susan Jackson has been named senior vice president of emerging markets in Washington Mutual Inc.'s Home Loans and Insurance Services Group. (Read More)
ALTA Reports '02 Title Claim Total
May 8, 2003
The title insurance industry paid approximately $582.7 million in claims in 2002, compared with $465.1 million in 2001, according to the American Land Title Association. (Read More)
Sunrise Cites $564MM Property Sale
May 8, 2003
Sunrise Assisted Living, McLean, Va., has announced that it is selling a senior-living portfolio for $345 million and 16 Sunrise joint venture communities for $219 million. (Read More)
HUD Settles With 13 NY Attorneys
May 9, 2003
The Department of Housing and Urban Development has settled a civil complaint it brought against 13 New York attorneys for violating the Real Estate Settlement Procedures Act. (Read More)
CNL to Buy Another Hotel REIT
May 9, 2003
CNL Hospitality Properties Inc., Orlando, Fla., and RFS Hotel Investors Inc., Memphis, have announced an agreement under which a wholly owned subsidiary of CNL will acquire RFS for a total consideration of approximately $687.6 million. (Read More)
Fairbanks Shakes Up Management
May 9, 2003
Fairbanks Capital Holding Corp., a subprime servicer based in Salt Lake City, has announced that Brad Shuster has been named chairman of the company and James Ozanne will take over as chief executive officer. (Read More)
Mavent: Tech Can Cut Assignee Liability Risk
May 9, 2003
Mavent Inc., Irvine, Calif., has announced that its 2comply Expert System can help lenders assure secondary market investors that assignee liability risks are limited and quantifiable. (Read More)
Court Clarifies Taubman Ruling
May 9, 2003
A Michigan court has clarified its ruling on the Simon/Westfield takeover case, declaring that the management of Taubman Centers cannot vote its entire 33.6% block of shares in Taubman without getting permission from the majority of disinterested shareholders. (Read More)
Will Moody's Proposal Boost Pfandbriefe Market?
May 9, 2003
A Moody's Investors Service proposal to put a ratings floor beneath pfandbriefe under certain conditions should improve the market for the mortgage-related German bonds, speakers said May 8 at an investor conference in New York. (Read More)
Starwood Agrees to $300MM Private Placement
May 9, 2003
Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., has announced an agreement to sell $300 million in aggregate principal amount of convertible senior notes due 2023 in a private placement. (Read More)
Kimco Completes Depositary Offering
May 9, 2003
Kimco Realty Corp., New Hyde Park, N.Y., has completed the sale of 7.0 million depositary shares, each representing a one-tenth interest in a share of the company's 6.65% class F cumulative redeemable preferred stock. (Read More)
NovaStar Prices Stock Offering
May 9, 2003
NovaStar Financial Inc., Kansas City, Mo., has priced a public offering of 525,000 shares of common stock at $44.25 per share. (Read More)
Feedback
May 9, 2003
A big majority of early responses to our new survey question favor the adoption of a pre-emptive federal standard for curbing predatory lending. (Read More)
Wells Claims Victory in California
May 12, 2003
Wells Fargo & Co., San Francisco, has claimed victory for the bank and its mortgage subsidiary over the California Department of Corporations. (Read More)
Moody's: Euro RE Lenders May Turn to CP
May 12, 2003
European real estate lenders under pressure to improve the efficiency of their portfolios may be able to relieve that pressure by financing commercial RE assets through asset-backed commercial paper programs, according to Moody's Investors Service. (Read More)
REIT Plans Stock Offering
May 12, 2003
Federal Realty Investment Trust, Rockville, Md., has agreed to sell approximately 2.81 million common shares of beneficial interest in a public offering underwritten by Wachovia Securities. (Read More)
G&E Chair to Buy Credit Facility
May 12, 2003
Grubb & Ellis Co., Northbrook, Ill., has announced an agreement under which an entity affiliated with its chairman, C. Michael Kojaian, will acquire the company's outstanding $32 million senior credit facility. (Read More)
Hispanic Group Allies With Credit Network
May 12, 2003
The Dallas-based National Hispanic Mortgage Bankers & Brokers Association has entered into an alliance with the Credit Network of Framingham, Mass., to increase the availability of Spanish-language credit reports. (Read More)
NOAAH, AmeriDream Join Forces
May 12, 2003
The National Organization of African Americans in Housing has announced a partnership with AmeriDream Inc., Gaithersburg, Md., to pursue activities aimed at boosting minority homeownership nationwide. (Read More)
Bid4Assets Awarded Auction Contract
May 12, 2003
California's San Bernardino County has awarded Bid4Assets Inc., Silver Spring, Md., a three-year contract to auction tax-defaulted properties on its website. (Read More)
FM Watch Hires Ex-Congressman as Chair
May 13, 2003
FM Watch, a group dedicated to fighting the alleged "charter creep" of Fannie Mae and Freddie Mac, has hired former Republican Congressman J.C. Watts as its new chairman. (Read More)
NTIC to Help Citi Set Lending Standards
May 13, 2003
CitiFinancial, New York, has entered into a partnership with the National Training and Information Center that will set lending standards for the subprime mortgage company. (Read More)
NAR Seeks Faster Credit Corrections
May 13, 2003
A National Association of Realtors task force on the insurance crisis has called for requiring credit repositories to move faster in correcting errors in applicants' credit files. (Read More)
Congressman Plans Credit Score Sunshine Bill
May 13, 2003
Rep. William "Lacy" Clay, D-Mo., is "a couple of weeks away" from introducing comprehensive legislation that would require lenders and insurance companies to reveal the credit scores on which they base their decisions. (Read More)
CC Pace Inks Pact With Dorado
May 13, 2003
Technology consulting firm CC Pace, Fairfax, Va., has entered a reseller agreement with Dorado Corp., a demand chain management firm based in San Mateo, Calif., to deliver CC Pace's LGXpress as a Dorado .MOR Web Service. (Read More)
24 PNC MBS Classes Downgraded
May 13, 2003
Twenty-four classes of PNC Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings, and 15 of them have been removed from Rating Watch Negative. (Read More)
Global Hotel CMBS Classes Downgraded
May 13, 2003
Moody's Investors Service has downgraded certain classes of notes that were originally issued by Global Hotel One Ltd. on June 15, 2001 in a transaction credit-linked to a reference pool of commercial mortgages. (Read More)
Fitch Eyeing Floating-Rate Deals
May 13, 2003
Fitch Ratings has expressed concerns about the loans in several floating-rate transactions based on their "alarming real estate fundamentals" and high leverage. (Read More)
WaMu Creates New Community Unit
May 13, 2003
Washington Mutual Inc., Seattle, has announced that it is expanding and strengthening its community-related activity through a newly created Community and External Affairs Division. (Read More)
WaMu OKs Neighborhood Gold Grants
May 13, 2003
Neighborhood Gold, Provo, Utah, the marketer of downpayment assistance grants by The Buyers Fund, has announced the approval of the gift program by Washington Mutual. (Read More)
Mortgage Dynamics Hires Ex-MBA IT Chief
May 13, 2003
James W. Horne, a former chief information technology officer with the Mortgage Bankers Association of America, has been named manager of the technology consulting division of Mortgage Dynamics Inc., McLean, Va. (Read More)
LNR Promotes 4 Execs
May 13, 2003
LNR Property Corp., a Miami Beach-based real estate investment, finance, and management company, has announced the promotions of several key officers. (Read More)
Korean REIT Advisory Firm Established
May 13, 2003
American Realty Investors, Dallas, has announced the formation of a joint venture with Korea Exchange Bank and WOORI Securities to act as an advisory company in the emerging Korean market for real estate investment trusts. (Read More)
Equity REIT Amends LOC
May 13, 2003
Commercial Net Lease Realty Inc., an equity real estate investment trust based in Orlando, Fla., has increased its $200 million unsecured credit facility to $225 million and extended its maturity to May 2006. (Read More)
1Q Resales Break Record
May 14, 2003
Total existing-home sales -- including condominiums and co-operatives -- set a new record in the first quarter, reaching a seasonally adjusted annual rate of 6.68 million, according to the National Association of Realtors. (Read More)
Apps Jump Again
May 14, 2003
The Market Composite Index, an overall measure of mortgage applications, jumped to 1417.8 on a seasonally adjusted basis during the week ended May 9 from 1246.6 the week before, while the Refinance Index rose above the 7000 level, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
PREIT to Buy Crown American
May 14, 2003
Pennsylvania Real Estate Investment Trust, Philadelphia, is acquiring Crown American Realty Trust, Johnstown, Pa., in a merger that is expected to position PREIT as a major mid-Atlantic shopping mall REIT. (Read More)
GAO: 'Few Referrals' on Problem Appraisers
May 14, 2003
State regulators have told the General Accounting Office that they have received "few referrals" on problem appraisers from real estate lenders and banking regulators. (Read More)
Ocwen Wins VA Foreclosure Contract
May 14, 2003
Ocwen Financial Corp. has won a competition to take over responsibility for managing and selling Department of Veterans Affairs foreclosures. (Read More)
VA to Lift Counseling Requirement
May 14, 2003
The Department of Veterans Affairs will retract its requirement that first-time borrowers who purchase homes with government-backed financing go through pre-purchase counseling as a condition of approval. (Read More)
HUD Nears End of SF Program Review
May 14, 2003
The Department of Housing and Urban Development is "pretty close" to completing the long-awaited review of its single-family property disposition program and has only "a couple of more points to button down" before publishing for comment a new request for proposal. (Read More)
S&P Adds REITs to Ranking System
May 14, 2003
Real estate investment trusts have been added to a group of more than 4,000 companies ranked according to a Standard & Poor's system that appraises the growth and stability of earnings and dividends. (Read More)
Fitch Lowers Fairbanks Servicer Ratings
May 14, 2003
Fitch Ratings has joined other rating agencies in downgrading the servicer ratings of Fairbanks Capital Corp., Salt Lake City, in the aftermath of a controversy regarding the company's loan administration practices. (Read More)
RBS Unit Hires Regional Chief
May 14, 2003
The Real Estate Finance Group of RBS Greenwich Capital, a subsidiary of Royal Bank of Scotland, has hired Thomas Aschmeyer as managing director and head of its Atlanta office. (Read More)
Delta Trading on Amex
May 14, 2003
The common stock of Delta Financial Corp., Woodbury, N.Y., began trading Wednesday on the American Stock Exchange. (Read More)
Freddie Prices RefNote Reopening
May 14, 2003
Freddie Mac has priced a $1 billion reopening of its 2.375% three-year Reference Notes due April 15, 2006. (Read More)
Boston Properties Prices Notes
May 14, 2003
Boston Properties Inc., a Boston-based real estate investment trust, has reported that its operating partnership, Boston Properties LP, has priced an offering of $250 million of senior unsecured notes. (Read More)
Equity One Announces Stock Offering
May 14, 2003
Equity One Inc., North Miami Beach, Fla., has announced a public offering of 3.0 million shares of common stock that is expected to net approximately $48.7 million. (Read More)
30-Year Rate Shatters Survey Record
May 15, 2003
The average 30-year fixed mortgage rate fell to a survey-record low of 5.45% for the week ending May 16 from 5.62% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Bill Would Allow States to Tax GSEs
May 15, 2003
States would be permitted to tax the enormous profits earned by Fannie Mae and Freddie Mac under legislation introduced May 15 by Rep. Pete Stark, D-Calif. (Read More)
MuniMae to Buy LIHTC Syndicator
May 15, 2003
Municipal Mortgage & Equity, Baltimore, has announced an agreement to acquire the Housing and Community Investing unit of Lend Lease Real Estate Investments, New York, for $102 million in cash. (Read More)
10-Year Yield Hits Low
May 15, 2003
The rate-indicative 10-year Treasury yield hit a low not seen in decades on Wednesday, according to Peter McTeague, a Treasury researcher at RBS Greenwich Capital. (Read More)
Gorelick Joining DC Law Firm
May 15, 2003
Jamie Gorelick, who previously announced her intention to leave her post as vice chairman of Fannie Mae to head up the National Commission on Terrorist Attacks, is planning to join a Washington law firm. (Read More)
UCAP Elects Prez/CEO
May 15, 2003
James G. Farmer has been elected president and chief executive officer of UCAP Inc., the Denver-based parent company of United Capital Mortgage Corp. (Read More)
S&P Eyes Shiloh-Linked CMBS Classes
May 15, 2003
The ratings on seven classes from three commercial mortgage-backed securities deals containing loans secured by Shiloh Inn lodging properties have been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
Entrust Reports 1Q Loss
May 15, 2003
Entrust Financial Services Inc., the Denver-based holding company for Entrust Mortgage Inc., has reported a net loss of $319,267 ($0.13 per share) for the first quarter, compared with net income of $183,728 ($0.09 per share) a year earlier. (Read More)
Abington Reports MBS-Linked Earnings Revisions
May 15, 2003
Abington Bancorp, Abington, Mass., has announced a revision of its 2002 financial results and a restatement of its 2001 results to correct certain accounting errors related to prepayments on mortgage-backed securities, among other things. (Read More)
Fannie Prices Callable BenchNotes
May 15, 2003
Fannie Mae has priced a $2 billion issue of five-year, 2.875% Callable Benchmark Notes due May 19, 2008. (Read More)
Countrywide Sells 2.2MM Shares
May 15, 2003
Countrywide Financial Corp., Calabasas, Calif., has announced the sale of approximately 2.2 million newly issued shares of its common stock. (Read More)
Anworth Prices Stock Offering
May 15, 2003
Anworth Mortgage Asset Corp., a real estate investment trust based in Santa Monica, Calif., has priced a follow-on public offering of 3.85 million shares of common stock at $14.10 per share. (Read More)
REIT Prices Note Offering
May 15, 2003
New Plan Excel Realty Trust, New York, has priced a public offering of $100 million of 3.75% senior unsecured convertible notes due 2023. (Read More)
Housing Starts Decline
May 16, 2003
Single-family housing starts fell 3.0% in April after a strong rebound in March, continuing a see-saw pattern that has prevailed so far this year. (Read More)
MBA Now Sees $3T in Originations
May 16, 2003
For the fourth time since October and the second time in less than two months, the Mortgage Bankers Association of America has upped its estimate for mortgage originations in 2003 -- to $3 trillion. (Read More)
MI-Premium Deductibility Passes Senate
May 16, 2003
The tax bill cleared by the Senate May 15 contains a provision that would make mortgage-insurance premiums tax deductible. (Read More)
Study: Phase Out FHA Property Standards
May 16, 2003
A study sponsored by the Department of Housing and Urban Development has recommended that the Federal Housing Administration's minimum property standards be phased out. (Read More)
Banks at Risk From Heavy Mortgage Investments?
May 16, 2003
Commenting on an observation that Fannie Mae's mortgage-related growth has been slow relative to that of banks, Fannie Mae chairman Franklin Raines said he considers the company's growth strong enough and thinks banks are exposing themselves to some risk by investing so heavily in mortgage products. (Read More)
Predatory Bill Passes Oklahoma House
May 16, 2003
The Oklahoma House of Representatives has passed the Oklahoma Home Ownership and Equity Protection Act, a predatory lending bill, by a 73-26 vote. (Read More)
TBMA: MBS Issuance Up 44% in 1Q
May 16, 2003
Mortgage-backed securities issuance continued to climb in the first quarter, increasing 44% to $786.7 billion from $547.0 billion a year earlier, according to The Bond Market Association. (Read More)
NAR: Speakers Tout CRE Sales
May 16, 2003
Sales of commercial property remain very active, in spite of a decline in market leasing fundamentals, according to speakers at a National Association of Realtors commercial real estate forum. (Read More)
Fitch Eyes DLJ CMBS Class
May 16, 2003
Class B-1 of DLJ Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates series 1997-MF1 has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Equity Office Gets New $1B LOC
May 16, 2003
Equity Office Properties Trust, a Chicago-based owner and manager of office properties, has received a new $1 billion line of credit to replace its expiring $1 billion facility. (Read More)
REIT Expands Credit Facility
May 16, 2003
Health Care REIT, Toledo, Ohio, has expanded its primary unsecured credit facility from $175 million to $225 million. (Read More)
Citizens Financial Gets Top FHLBank Grant
May 16, 2003
Citizens Financial Group Inc., Providence, R.I., has announced that its New England banks have been awarded more than $335,000 by the Federal Home Loan Bank of Boston to support lending for affordable housing. (Read More)
Clarification
May 16, 2003
The 24 classes of PNC Mortgage Securities Corp. mortgage pass-through certificates that were recently downgraded by Fitch Ratings are not affiliated with PNC Financial Services Group, Fitch has reported (Read More)
Feedback
May 16, 2003
If you're concerned about the proliferation of state and local predatory lending laws, take note: California cities and counties are now enacting their own privacy laws. (Read More)
PMI Seeks Fairbanks-Linked Amendment
May 19, 2003
The PMI Group Inc., Walnut Creek, Calif., has announced a consent solicitation regarding certain debentures that would exclude the beleaguered Fairbanks Capital Holding Corp. as a "designated subsidiary" of PMI. (Read More)
Freddie Prepay Move Lifts MBS
May 19, 2003
The performance of Freddie Mac mortgage-backed securities improved slightly Friday after the government-sponsored enterprise announced that it was taking "immediate action" to address market concerns about prepayment rates. (Read More)
HUD Makes 1st Rural 'Critical Access' Pledge
May 19, 2003
HUD has made the first-ever commitments under the Federal Housing Administration Sec. 242 Hospital Insurance program for rural Critical Access Hospitals. (Read More)
S&P: Office REITs Poised for Limited Recovery
May 19, 2003
Office and industrial real estate investment trusts should be ready for growth when the economy rebounds, but the sector's recovery is likely to be limited, according to Standard & Poor's. (Read More)
Oakwood MBS Classes Downgraded
May 19, 2003
The ratings on 27 classes of Oakwood Mortgage Investors Inc. and OMI Trust manufactured housing transactions have been lowered and removed from CreditWatch with negative implications by Standard & Poor's. (Read More)
Conseco-Linked MBS Classes Default
May 19, 2003
Two classes from two Conseco Finance Corp.-related securitizations by Home Improvement & Home Equity Loan Trust have been downgraded to default status by Standard & Poor's. (Read More)
JPMorgan CMBS Downgraded
May 19, 2003
Two classes of J.P. Morgan Commercial Mortgage Finance Corp.'s mortgage pass-through certificates, series 2000-FL1, have been downgraded by Fitch Ratings. (Read More)
JPMorgan Chase CMBS Class Downgraded
May 19, 2003
Fitch Ratings has also downgraded class N of J.P. Morgan Chase Commercial Mortgage Securities Corp.'s mortgage pass-through certificates, series 2001-C1, from B-minus to CCC. (Read More)
Shurgard to Restate '01, '02 Earnings
May 19, 2003
Shurgard Storage Centers Inc., a Seattle-based real estate investment trust, has reported that it will restate its financial results for 2001 and 2002. (Read More)
'Path to Diversity' Awards Scholarships
May 19, 2003
Thirty-one minority professionals have been awarded scholarships to the Mortgage Bankers Association of America's School of Mortgage Banking under a joint MBA/Freddie Mac diversity program. (Read More)
GSE Critic Asks HUD to Block Fannie Product
May 20, 2003
FM Policy Focus has asked the Department of Housing and Urban Development to block a Fannie Mae pilot program, contending that the product (Payment Power) creates a "new loan obligation" between the consumer and the secondary market giant. (Read More)
Freddie: Community Banks Face Risk on $300B
May 20, 2003
Freddie Mac believes that community-based mortgage lenders hold roughly $300 billion in loans that could be at risk if interest rates tick up by as little as 25 to 50 basis points. (Read More)
ICBA, Freddie Form Alliance
May 20, 2003
Meanwhile, the Independent Community Bankers of America and Freddie Mac have announced an agreement that gives ICBA member banks improved access to the secondary mortgage market. (Read More)
MBA: Commercial Volume Strong in 1Q
May 20, 2003
Commercial and multifamily mortgage originations got off to a strong start in the first quarter, totaling $18.9 billion, up 38% from the volume recorded a year earlier, according to a quarterly survey of "key commercial members" by the Mortgage Bankers Association of America. (Read More)
Last-Gasp Effort Under Way to Save Tax Credit
May 20, 2003
A Washington, D.C.-based developer group is making a last-ditch attempt to save the 10% investment tax credit for the rehabilitation of commercial buildings put into service prior to 1936. (Read More)
Foreclosures Rising in NYC, Firm Says
May 20, 2003
Foreclosure activity is increasing in the New York City metropolitan area due to "dismal" economic conditions, according to Foreclosures.com, a property investment advisory firm based in Sacramento, Calif. (Read More)
COMM CMBS Classes Downgraded
May 20, 2003
The ratings on eight classes in COMM 2000-FL3 and COMM 2001-FL5 commercial mortgage pass-through certificates have been lowered by Standard & Poor's Ratings Services. (Read More)
Salomon CMBS Class Downgraded
May 20, 2003
Class N of Salomon Brothers Mortgage Securities VII Inc.'s series 2000-C2 commercial mortgage pass-through certificates has been downgraded from B-minus to CCC by Fitch Ratings. (Read More)
REIT Gets New Credit Line
May 20, 2003
AMLI Residential Properties Trust, Chicago, has announced the closing of a $200 million primary unsecured line of credit with a three-year term and a one-year extension option. (Read More)
EastGroup Prices Stock Offering
May 20, 2003
EastGroup Properties, a real estate investment trust based in Jackson, Miss., has priced a direct offering of 571,429 shares of common stock at $26.25 per share. (Read More)
Monmouth Closes New LOC
May 20, 2003
Monmouth Real Estate Investment Corp., Freehold, N.J., has announced the closing of a new line of credit that will total $10 million in the first year and $15 million thereafter. (Read More)
Refi-Driven App Surge Continues
May 21, 2003
The Market Composite Index, an overall measure of mortgage applications, climbed to 1562.8 on a seasonally adjusted basis during the week ended May 16 from 1417.8 the week before, as falling interest rates continued to spur refinancings, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Howard Named Fannie Vice Chair
May 21, 2003
Timothy Howard, Fannie Mae's chief financial officer, has been named vice chairman of the government-sponsored enterprise, replacing the departing Jamie Gorelick. (Read More)
10-Year Yield Keeps Falling
May 21, 2003
The rate-indicative 10-year Treasury bond yield, which stood at about 3.34% at midday Wednesday, has been falling almost continuously and setting new record lows. (Read More)
MAF Bancorp to Buy St. Francis Capital
May 21, 2003
MAF Bancorp Inc., Chicago, has agreed to acquire St. Francis Capital Corp., a Milwaukee-based thrift holding company, in a deal valued at $264 million. (Read More)
NAR Plans to Create Home Sales Indices
May 21, 2003
The National Association of Realtors plans to launch national and local indices that are designed to be six- to nine-month leading indicators of home sales, according to NAR chief economist David Lereah. (Read More)
MBA: Members Back New CRE Insurance Form
May 21, 2003
The members of the Mortgage Bankers Association of America have endorsed MBA-recommended changes to a standardized commercial insurance form aimed at providing more accurate property coverage information, according to the MBA. (Read More)
Countrywide Debt Off Rating Watch
May 21, 2003
Fitch Ratings has removed the senior unsecured debt ratings of Countrywide Financial Corp. and Countrywide Home Loans Inc. from Rating Watch Negative. (Read More)
COMM CMBS Classes Downgraded
May 21, 2003
The ratings on eight classes in COMM 2001-FL4 commercial mortgage pass-through certificates have been lowered by Standard & Poor's Ratings Services. (Read More)
S&P Eyes ASC CMBS Class
May 21, 2003
Class A-6 of Asset Securitization Corp.'s commercial mortgage pass-through certificates series 1996-MDVI has been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
Fitch Eyes Morgan Stanley CMBS Classes
May 21, 2003
Classes G and H of Morgan Stanley Capital I Inc.'s commercial mortgage pass-through certificates series 1997-XL1 have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Bank Reports RE-Linked Loan-Loss Provision
May 21, 2003
Monroe Bancorp., Bloomington, Ind., has made a special provision to its loan-loss reserve of $2.3 million in connection with loans to a real estate developer who recently filed for bankruptcy, according to the bank holding company. (Read More)
Fannie Prices BenchNotes
May 21, 2003
Fannie Mae has priced $4 billion of 2.500% five-year Benchmark Notes at 99.593. (Read More)
REIT Prices Depositary Shares
May 21, 2003
Equity Residential Properties Trust, Chicago, has priced a $150 million offering of 6.0 million depositary shares, each representing a one-tenth interest in a share of the company's 6.48% series N cumulative redeemable preferred stock. (Read More)
COPT Sells 4.6MM Common Shares
May 21, 2003
Corporate Office Properties Trust, Columbia, Md., has announced the sale of 4.6 million common shares of beneficial interest to Legg Mason Wood Walker Inc. and McDonald Investments Inc. (Read More)
Rates Fall Still Further
May 22, 2003
The average 30-year fixed mortgage rate fell to a yet another survey-record low of 5.34% for the week ending May 23 from 5.45% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
MI Deductibility Dropped From Tax Bill?
May 22, 2003
In reaching an agreement on a $350 billion tax-cut bill, it appears that leaders on the House and Senate tax-writing committees have dropped a provision that would make mortgage insurance premiums tax deductible. (Read More)
House Panel Passes Downpayment Bill
May 22, 2003
The House Financial Services Committee has passed the American Dream Downpayment Act, a measure that would provide $200 million in grant funds for low-income, first-time homebuyers. (Read More)
Freddie Purchases Strong in April, But...
May 22, 2003
Freddie Mac acquired $64.3 billion worth of mortgages in April, its second-best purchase month of the year, but its retained portfolio continued to suffer from the refinancing boom. (Read More)
Post Nominees Claim Big Victory
May 22, 2003
The management-backed nominees for the board of directors of Post Properties have apparently been re-elected by a wide margin, defeating nominees proposed by John A. Williams, the founder and largest shareholder of the Atlanta-based real estate investment trust. (Read More)
Thrifts Post Record 1Q Profits
May 22, 2003
The thrift industry posted record profits of $3.3 billion in the first quarter even though one- to four-family originations declined slightly from the record set in the fourth quarter. (Read More)
Hilton, Delta Ally With RE Award Firm
May 22, 2003
Hilton HHonors and Delta Air Lines have announced partnerships with Awards for Mortgage and Real Estate, a company that offers rewards for mortgage- and relocation-related expenditures. (Read More)
AIMCO Modifies Credit Pacts
May 22, 2003
Apartment Investment and Management Co., Denver, has announced modifications to its revolving credit facility and term loan. (Read More)
Mortgage Bankers Invade Indy 500
May 22, 2003
Mortgage bankers will have a presence on the track during this weekend's Indianapolis 500 -- not in the cars, but on the cars. (Read More)
Tax Bill Passes, Minus MI Deductibility
May 23, 2003
The Senate has passed the $350 billion tax-cut bill -- without the provision that would have made mortgage insurance premiums tax deductible -- and sent the measure to the president for his signature. (Read More)
Flipping Rule Takes Effect Soon
May 23, 2003
The Department of Housing and Urban Development has issued a mortgagee letter to remind Federal Housing Administration lenders that its property-flipping rule goes into effect June 2. (Read More)
Fitch Downgrades CWMBS IndyMac Classes
May 23, 2003
Eight classes in three CWMBS (IndyMac) Inc. mortgage pass-through deals have been downgraded by Fitch Ratings. (Read More)
CWMBS Countrywide Classes Downgraded
May 23, 2003
Five classes in three CWMBS (Countrywide Home Loans) Inc. mortgage pass-through deals have been downgraded by Fitch Ratings and five classes in three other deals have been placed on Rating Watch Negative. (Read More)
S&P Downgrades Salomon MBS Class
May 23, 2003
Class B-3 of Salomon Brothers Mortgage Securities VII Inc.'s series 1998-AQ1 mortgage pass-through certificates has been downgraded from BB to B by Standard & Poor's. (Read More)
S&P Updates CMBS Legal Criteria
May 23, 2003
Standard & Poor's Ratings Services has released a report containing its updated legal and structured finance criteria for U.S. commercial mortgage-backed securities. (Read More)
Public Storage to Redeem Preferred Stock
May 23, 2003
Public Storage Inc., Glendale, Calif., has announced that it will call for the redemption of its series C adjustable-rate cumulative preferred stock on June 30. (Read More)
Feedback
May 23, 2003
Ever wondered what some of the Grapevine regulars look like? (Read More)
Resales on Record Pace?
May 27, 2003
Sales of existing single-family homes may be on track for another record year, as resales jumped 5.6% in April. (Read More)
New-Home Sales Rise
May 27, 2003
Sales of newly constructed single-family homes rose 1.7% in April, and the peak homebuying months -- March and April -- have now posted equally strong results. (Read More)
FNF Seeks to Buy FNIS
May 27, 2003
Fidelity National Financial Inc., Irvine, Calif., which owns approximately 66% of Fidelity National Information Solutions, Santa Barbara, Calif., has announced a proposal to acquire all the remaining outstanding shares of FNIS. (Read More)
Feds to Ask If RBC Changes Needed
May 27, 2003
New international risk based-capital rules could place small and midsize mortgage lenders at a competitive disadvantage vis-a-vis the largest U.S. banks, so federal regulators plan to ask the industry whether any changes are needed to the current RBC rules that apply to domestic banks and thrifts. (Read More)
Texas House Passes HELOC Bill
May 27, 2003
The Texas House of Representatives passed a bill May 25 allowing home equity lines of credit. (Read More)
Lodgian Completes Financial Revamp
May 27, 2003
Lodgian Inc., an Atlanta-based owner and operator of hotel property, has announced the completion of an $80 million financing that brings 18 of its hotels out of bankruptcy. (Read More)
Simon Extends Taubman Tender Offer
May 27, 2003
Simon Property Group, Indianapolis, and Westfield America Inc., the U.S. subsidiary of an Australian property trust, have announced the extension until June 27 of their all-cash offer of $20 per share for common shares of Taubman Centers Inc. (Read More)
New Finnish Laws, Regs Prompt Rating Update
May 27, 2003
New legal amendments to the Finnish Mortgage Bank Act, combined with additional regulation by Finland's Financial Supervisory Authority, have prompted Moody's Investors Service to update its rating methodology for Finnish covered bonds. (Read More)
Applications Climb Further
May 28, 2003
The Market Composite Index, an overall measure of mortgage applications, climbed to 1634.6 on a seasonally adjusted basis during the week ended May 23 from 1562.8 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
Fed Issues HMDA Reporting Rules
May 28, 2003
The Federal Reserve Board has issued final transition rules for the new Home Mortgage Disclosure Act reporting requirements that go into effect Jan. 1, 2004. (Read More)
Fairbanks Cites Financing Extension Pact
May 28, 2003
Fairbanks Capital Corp., Salt Lake City, has announced an agreement in principle under which its committed financing for servicing advances and working capital would be extended through Sept. 30, 2004. (Read More)
HFN to Form 3 Builder Mortgage Companies
May 28, 2003
Homebuilders Financial Network, Miami Lakes, Fla., has announced new development deals to create builder-based mortgage companies for three regional builders. (Read More)
Study Raises Homeownership Policy Questions
May 28, 2003
A new study raises serious questions about the viability of policies that promote homeownership for very-low-income families. (Read More)
New Eaton Vance Fund to Invest in MBS
May 28, 2003
Eaton Vance Corp., Boston, has announced a $2 billion initial public offering of common shares of a closed-end fund that will invest in mortgage-backed securities, among others. (Read More)
Willard Rouse Dead at 60
May 28, 2003
Willard G. Rouse, the founder and former chairman, president, and chief executive officer of Liberty Property Trust, has died of lung cancer at the age of 60, according to the company. (Read More)
Express Financial Names Sales Veep
May 28, 2003
Bernie Ockrim was been named vice president of national sales at Express Financial Services, an appraisal, title, and closing management company based in Pittsburgh. (Read More)
30-Year Rate Keeps Sliding
May 29, 2003
The average 30-year fixed mortgage rate fell to another survey-record low of 5.31% for the week ending May 30 from 5.34% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Bank One Exiting Wholesale, Sells to RBC
May 29, 2003
RBC Mortgage, Chicago, has inked a deal to purchase the wholesale lending division of Bank One Corp., Chicago. No purchase price was disclosed. (Read More)
CB Richard Ellis to Buy Insignia
May 29, 2003
Insignia Financial Group Inc., New York, and CB Richard Ellis, Los Angeles, have announced an agreement with Island Fund I LLC under which Island Fund will buy all Insignia's real estate investment assets and CBRE will increase the purchase price for Insignia stock in their previously announced merger. (Read More)
Mortgage Biz a Growth Industry, Says FNIS Exec
May 29, 2003
Despite its cyclical nature, the mortgage lending business is really a growth industry, the chief executive officer of Fidelity National Information Solutions told an FNIS conference May 28. (Read More)
Critics Make Peace With Fairbanks
May 29, 2003
Two consumer critics of Fairbanks Capital Corp. and its servicing practices have made peace with the nation's largest subprime servicer after getting commitments from the company and its major investors that they will work to resolve consumer disputes. (Read More)
Fitch Downgrades UCFC MH Classes
May 29, 2003
Eighteen classes from eight UCFC manufactured housing transactions have been downgraded by Fitch Ratings, which cited uncertainty surrounding the servicing operation since UCFC's chapter 11 bankruptcy filing in 1999. (Read More)
S&P Downgrades Chase CMBS Classes
May 29, 2003
The ratings on six classes of Chase Commercial Mortgage Securities Corp.'s commercial mortgage pass-through certificates series 2000-1 have been lowered by Standard & Poor's. (Read More)
Paragon Hires Industry Vet as COO
May 29, 2003
Mortgage industry veteran Joseph P. Bryant has been hired as chief operating officer of Paragon Financial Corp., a residential mortgage lender based in Ponte Vedra Beach, Fla. (Read More)
ShoreBank Names CEO
May 29, 2003
Anne Arvia, president of ShoreBank Corp., has been promoted to chief executive officer of the Chicago-based community development and environmental bank. (Read More)
RE Firms Face Cost-Cutting Challenges
May 29, 2003
Real estate companies will need to carry out aggressive cost-containment programs over the next 12 months as a result of regulatory changes and other factors, according to a report from Deloitte & Touche, a New York-based professional services firm. (Read More)
Colonial Announces Stock Offering
May 29, 2003
Colonial Properties Trust, Birmingham, Ala., has agreed to sell 2.11 million common shares to Merrill Lynch & Co. in a public offering. (Read More)
Luxe Home Values Up in LA, Down in Frisco
May 29, 2003
Values for luxury homes rose in Los Angeles but dropped in San Francisco and San Diego during the first quarter, according to First Republic Bank. (Read More)
FiNet, Monument File for Bankruptcy
May 30, 2003
FiNet.com Inc., San Francisco, and its wholly owned subsidiary, Monument Mortgage Inc., have filed separate petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. (Read More)
Hometown to Buy Chateau
May 30, 2003
Two owners and operators of manufactured housing communities --Hometown America LLC, Chicago, and Chateau Communities Inc., Greenwood Village, Colo. -- have announced a merger pact under which Hometown will acquire Chateau in a transaction valued at about $2.2 billion. (Read More)
RESPRO Plans White Paper on Reform
May 30, 2003
The Real Estate Services Providers Council plans to release a white paper soon on how a two-package approach to RESPA reform would work in the marketplace. (Read More)
HUD Reveals AU Scorecard Plans
May 30, 2003
The Department of Housing and Urban Development has telegraphed its plans to deploy its long-awaited automated underwriting scorecard for Federal Housing Administration single-family loans this year. (Read More)
New MI Plunged in April
May 30, 2003
The amount of primary new private mortgage insurance written in April totaled $30.9 billion, down 29% from March's record $43.3 billion, according to the Mortgage Insurance Cos. of America. (Read More)
FNF Offers 1st Pool Title Insurance
May 30, 2003
Fidelity National Financial Inc., Irvine, Calif., has filed a "Master Lien Protection Loan Policy of Title Insurance" with the California Department of Insurance. (Read More)
Interstate, Northridge Form Hotel Fund
May 30, 2003
Interstate Hotels & Resorts, a hotel management company based in Washington, D.C., and Northridge Capital Inc., a D.C.-based real estate investment firm, have announced the formation of a hospitality fund to acquire up to $400 million of hotel assets. (Read More)
Health Facility Bonds Downgraded
May 30, 2003
Two series of Illinois Health Facilities Authority revenue bonds issued on behalf of Bethesda Home and Retirement Center have been downgraded from A-minus to BBB by Fitch Ratings. (Read More)
Brookfield Reports Management Shuffle
May 30, 2003
Brookfield Properties Corp., New York, has announced senior management changes in its U.S. and Canadian operations. (Read More)
Fairbanks Excluded as 'Designated' PMI Sub
May 30, 2003
The PMI Group Inc., Walnut Creek, Calif., has announced the approval of an amendment to the indenture for certain of its debt securities that excludes Fairbanks Capital Holding Corp. as a "designated subsidiary" of PMI. (Read More)
Amex Trading Options on Impac, Public Storage
May 30, 2003
The American Stock Exchange launched trading Friday in options on Impac Mortgage Holdings Inc., a mortgage real estate investment trust based in Newport Beach, Calif., and Public Storage Inc., a storage facility REIT based in Glendale, Calif. (Read More)
Feedback
May 30, 2003
Responses to our survey question are running in favor of a pre-emptive federal standard on predatory lending. (Read More)
June
Berson Raises Estimate to $3.7 Trillion for '03
June 2, 2003
Fannie Mae chief economist David Berson has once again upped his origination estimates for 2003 as mortgage rates continue to decline to record low levels. (Read More)
Home Prices Up 6.5% in First Quarter
June 2, 2003
Home prices continued to rise in the first quarter of this year, but the pace of appreciation is slowing down, according to the Office of Federal Housing Enterprise Oversight. (Read More)
Lender Group Seeks Delay in OTS Rule Change
June 2, 2003
With far-ranging Parity Act charges due to go into effect July 1 and a legal challenge still before a federal court in Washington, the National Home Equity Mortgage Association plans to ask the Office of Thrift Supervision this week to again postpone the effective date of the changes. (Read More)
COFI Remains Stable
June 2, 2003
The Eleventh Federal Home Loan District Cost of Funds Index for April is 2.208%, virtually unchanged from the previous month. (Read More)
Moody's: Law Fails to Boost Terrorism Coverage
June 2, 2003
The Terrorism Risk Insurance Act of 2002, which created a federal government backstop for terrorism insurance, has not increased terrorism insurance coverage at reasonable prices according to a report from Moody's Investors Service. (Read More)
Analyst Gives WaMu High Marks
June 2, 2003
Zacks.com, a Chicago-based stock rating firm, has given a "buy" rating to Washington Mutual. (Read More)
Japan Earthquake Spares CMBS Deals
June 2, 2003
An earthquake that struck the northern part of Japan had "only a limited direct impact" on commercial mortgage securitizations and other transactions backed by assets in that country, Moody's Investors Service has reported. (Read More)
Flood Services Firm will Use BridgeLink
June 2, 2003
Burnham Insurance Group of Battle Creek, Mich., will use London Bridge's BridgeLink network to provide flood determination services to London Bridge customers. (Read More)
S&P Eyes Chateau Ratings
June 2, 2003
The BBB-minus ratings of Chateau Communities Inc., Greenwood Village, Colo., and a subsidiary have been placed on CreditWatch with negative implications by Standard & Poor's. (Read More)
Supreme Court Ruling Shields National Banks
June 3, 2003
The U.S. Supreme Court has ruled that lawsuits filed against national banks that involve violations of state usury laws can be removed to a federal court. (Read More)
Fannie Finds Fairbanks Servicing Inadequate
June 3, 2003
Fairbanks Capital Corp., the nation's largest subprime subservicer, charged borrowers "improper fees" on Fannie Mae-owned loans, according to a new audit conducted by the secondary market giant. (Read More)
More Evidence Home Price Gains Are Slowing
June 3, 2003
Following on the heels of a similar report from OFHEO, Freddie Mac reported that its conventional home price index slowed in the first quarter. (Read More)
Moody's: Excess Support Helping Home Equity Deals
June 3, 2003
Moody's Investors Service says that a build up of excess credit support is benefiting subordinate certificates in home equity securitizations. (Read More)
GE Going into Medical Office Market
June 3, 2003
GE Commercial Finance and Health Care Property Investors have formed a $600 million joint venture, HCP Medical Office Portfolio, to acquire medical office buildings nationwide. (Read More)
Parent of Quicken Launching Bank
June 3, 2003
Rock Holdings, the parent company of Quicken Loans and Rock Financial, has filed applications with federal banking regulators to operate "Rock Bank" as an FDIC-insured, community and Internet-based bank. (Read More)
Housing Trust Gains 200th Sponsor
June 3, 2003
Rep. Peter Visclosky, D-Ind., is the 200th member of Congress to co-sponsor a bill that would create a National Housing Trust Fund to help finance the construction of affordable rental housing. (Read More)
Over-Regulated? Drop a Line to the FDIC
June 3, 2003
Led by the FDIC, banking regulatory agencies are publishing a joint notice and request for comments on a plan to identify and eliminate "outdated, unnecessary or unduly burdensome" regulations that have been imposed on depository institutions. (Read More)
HUD Launches Annual Homeownership Month
June 3, 2003
Housing and Urban Development Secretary Mel Martinez joined members of Congress and the founder of Habitat for Humanity to launch the second annual "National Homeownership Month" today. (Read More)
Fannie Extends Funding Desk Hours
June 3, 2003
Fannie Mae has permanently extended its long-term funding desk hours to 5 a.m. EST for the benefit of international investors. (Read More)
S&P Lowers Ratings on Aussie Deal
June 3, 2003
Standard & Poor's Ratings Services has lowered the ratings on certain subordinated tranches of Australia
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