MortgageWire Stories from 2005
January
Private MI Continues Decline
January 3, 2005
Business at the nation's private mortgage insurance firms continued to shrink in November, as the dollar volume of primary new insurance written declined by over 5% from the previous month's level and the number of new applications fell by over 12%, according to data from members of the Mortgage Insurance Cos. of America. (Read More)
Ginnie Urged to Beef Up Disclosures, Products
January 3, 2005
Mortgage-backed securities researchers and traders in New York have suggested that Ginnie Mae beef up its disclosures, loan products, and bond structures and give borrowers who warrant it a break on some mortgage insurance premium requirements, according to The Bond Market Association. (Read More)
COFI Rises Above 2%
January 3, 2005
The Eleventh Federal Home Loan District Cost of Funds Index for November 2004 stood at 2.025%, marking the first time since July 2003 the index has been above 2%. (Read More)
FHLBank Public Directors' Terms Extended
January 3, 2005
The Federal Housing Finance Board has extended the terms of the public interest directors that serve on the boards of the 12 Federal Home Loan Banks for up to six months. (Read More)
HUD Updates TOTAL Guidance
January 3, 2005
The Federal Housing Administration has updated its user guide for its TOTAL underwriting scorecard, according to Mortgagee Letter 2004-47. (Read More)
REIT Index Shows 30% Return for '04
January 3, 2005
The NAREIT Composite REIT Index closed 2004 with a total return of 30.4% for the year, according to the National Association of Real Estate Investment Trusts. (Read More)
Quicken Chair Buying Stake in NBA's Cavaliers
January 3, 2005
The chairman and founder of Rock Financial/Quicken Loans, Dan Gilbert, is heading up an investment group that is purchasing majority ownership in the Cleveland Cavaliers of the National Basketball Association. (Read More)
MBA, PMI Tout Habitat Grants
January 3, 2005
The Mortgage Bankers Association and The PMI Foundation have announced a partnership with Habitat for Humanity under which each will provide $50,000 in grants to local Habitat affiliates to build homes. (Read More)
WLO Forms Tsunami Relief Fund
January 3, 2005
Wholesale Lending Online has reported the establishment of a relief fund for victims of the Indian Ocean tsunami. (Read More)
HUD Raises FHA Loan Limits 7%
January 4, 2005
The Department of Housing and Urban Development has raised the loan limits on Federal Housing Administration single-family loans by more than 7% to keep up with the rising price of housing. (Read More)
Freddie: MF Originations May Have Peaked
January 4, 2005
Freddie Mac is raising concerns that multifamily originations may have "peaked," make it harder for the government-sponsored enterprise to meet its affordable housing goals. (Read More)
Freddie Names Exec to Boost MF, LIHTC Biz
January 4, 2005
Freddie Mac has placed vice president Paul McDermott in charge of increasing the company's affordable multifamily loan business and investments in low-income housing tax credits. (Read More)
Massachusetts Clarifies 'Borrower's Interest'
January 4, 2005
The Massachusetts Division of Banks has issued final regulations to clarify the implementation of the controversial "borrower's interest" standard, according to the Massachusetts Mortgage Bankers Association. (Read More)
Hyland, Bisys Form Alliance
January 4, 2005
Hyland Software Inc., Westlake, Ohio, and New York-based Bisys have formed a strategic alliance, positioning Hyland's OnBase as one of Bisys's preferred enterprise content management systems. (Read More)
QuestSoft Updates Compliance Tool
January 4, 2005
Laguna Hills, Calif.-based QuestSoft, a provider of Home Mortgage Disclosure Act and Community Reinvestment Act compliance systems and geocoding services for lenders, has announced the release of Instant Geocoder 1.8 Plus. (Read More)
Trizec Names EVP/CIO
January 4, 2005
Brian K. Lipson has been named executive vice president and chief investment officer of Trizec Properties Inc., a Chicago-based real estate investment trust. (Read More)
Moody's Eyes Morgan Stanley CMBS
January 4, 2005
Ten classes of Morgan Stanley Capital I Inc. commercial mortgage pass-through certificates, series 2003-TOP11, have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Fannie Hires OFHEO Contractor as Auditor
January 5, 2005
Fannie Mae has hired Deloitte & Touche LLP as its independent auditor, a firm that has been working for its regulator conducting a special forensic investigation of the troubled government-sponsored enterprise. (Read More)
Is Fed Policy Spurring Excess Risk-Taking?
January 5, 2005
The Federal Reserve's accommodative monetary policy is generating "excessive risk-taking" in the financial markets and possibly fueling speculative demand for single homes and condominiums, according to some members of the Fed's interest rate-setting group. (Read More)
Applications Drop
January 5, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 677.4 to 605.7 on a seasonally adjusted basis during the holiday week ended Dec. 31, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Oak Hill Sells Portfolio, Shuts Action Finance
January 5, 2005
Oak Hill Financial Inc., Jackson, Ohio, has reported the sale of the consumer loan portfolio (including second-mortgage loans) of its Action Finance Co. subsidiary for $9.2 million and the closing of its Action Finance operations. (Read More)
Inland REIT Buys 4 Affiliates
January 5, 2005
Inland Retail Real Estate Trust Inc., Oak Brook, Ill., has reported the acquisition of four affiliated companies that have provided it with advice and property management services. (Read More)
Treasury Appoints Acting Undersec'y
January 5, 2005
The Treasury Department has appointed Donald V. Hammond to be acting undersecretary for domestic finance to replace Brian Roseboro, who left Dec. 31. (Read More)
ComUnity Names CreditFlex Chief
January 5, 2005
Scott Coburn has been promoted to vice president and division manager of CreditFlex Funding, the nonprime lending division of ComUnity Lending, a mortgage lender based in Morgan Hill, Calif. (Read More)
AFSA Hires Chief Lobbyist
January 5, 2005
The American Financial Services Association has hired Matthew J. Gannon to run its lobbying operation. (Read More)
Foreign Investors Planning to Cut U.S. RE Buys?
January 5, 2005
Foreign investors are planning to reduce their U.S. real estate acquisitions to 55% of their global real estate investments for 2005, down from 71% of the total allocation for 2004, according to the Association of Foreign Investors in Real Estate. (Read More)
Wells Renames Trans Canada Credit
January 5, 2005
Wells Fargo has reported the renaming of its Trans Canada Credit Corp. business, which is now called Wells Fargo Financial Corp. Canada. (Read More)
1LoanCenter Makes Tsunami Relief Offer
January 5, 2005
1LoanCenter, Long Beach, Calif., has reported that it will respond to the Indian Ocean tsunami disaster by donating $2,000 to the American Red Cross and $250 from the fees of every new loan it completes for a borrower with a goal of contributing a total of $10,000. (Read More)
Fannie Execs Liable for $22M in Bonuses?
January 6, 2005
Fannie Mae executives may have to return at least $22 million worth of bonuses dating back to 2001 if Rep. Richard Baker, R-La., gets his way. (Read More)
FBR Forms MBS Biz With Freddie Alumni
January 6, 2005
Friedman, Billings, Ramsey Group Inc., Arlington, Va., has announced the formation of an institutional mortgage-backed securities trading business based on a team of MBS professionals from Freddie Mac. (Read More)
Rates Fall; Hybrid ARM Tracking Begins
January 6, 2005
The average 30-year fixed mortgage rate fell to 5.77% for the week ending Jan. 7 from 5.81% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Survey: Hybrid ARMs Popular, Discounts Bigger
January 6, 2005
Growing demand for hybrid adjustable-rate mortgages and greater lender discounts for introductory ARM rates were among the findings of Freddie Mac's 21st annual ARM survey. (Read More)
1st Franklin Unveils NationPoint Brand
January 6, 2005
First Franklin Direct, a retail division of mortgage lender National City Bank of Indiana, has unveiled a new consumer brand, NationPoint, designed to reflect its nationwide presence. (Read More)
FHFB Rescinds Director Term Extensions
January 6, 2005
The Federal Housing Finance Board has dismissed one third of the public interest directors who serve on the boards of the 12 Federal Home Loan Loans after learning that it exceeded its powers in extending their terms. (Read More)
Chamber Pushing Bankruptcy Reform
January 6, 2005
The U.S. Chamber of Commerce is urging Congress to pass a consumer bankruptcy reform bill early this year before the legislators get involved in more "divisive" issues. (Read More)
Prime Group Cites Suit Over Merger Pact
January 6, 2005
Prime Group Realty Trust, a Chicago-based office real estate investment trust, has reported that Prime/Mansur Investment Partners has filed a lawsuit against it in connection with the recent termination of a merger agreement between the two parties. (Read More)
HEL Delinquencies Rise at Banks
January 6, 2005
Home equity loan delinquencies increased to 2.82% in the third quarter of last year, up from 2.50% three months earlier, according to the American Bankers Association. (Read More)
Firm Reports Year-End Foreclosure Spike
January 6, 2005
Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla., says the number of foreclosure properties available for sale in the U.S. reached a 2004 peak in December. (Read More)
Fitch Nixes Indiana High-Cost Loans
January 6, 2005
Fitch Ratings says it will not rate any residential mortgage-backed securities that contain Indiana high-cost home loans under the state's new High Cost Home Loan Law because assignee liability for such loans is unquantifiable. (Read More)
Freddie Names Tech SVP
January 6, 2005
James P. Witkins has been named senior vice president for technology and chief information officer at Freddie Mac, replacing William I. Ledman, who is retiring on April 1. (Read More)
Broker Review Enhancements Unveiled
January 6, 2005
First Line Data Inc., Boulder, Colo., has announced the launch of its exclusive Alert! Summary and Firstline Score on the company's Broker Verification Review reports. (Read More)
Lehman MH Class Downgraded
January 6, 2005
Class B-1 of Lehman ABS manufactured housing contracts, series 2001-B, has been downgraded from BBB-minus to BB by Fitch Ratings. (Read More)
Jackson Vows New RESPA Effort
January 7, 2005
The Department of Housing and Urban Development has reconvened its team to draft new rules simplifying the real estate closing process, but HUD's approach will be different this time, Secretary Alphonso Jackson has told MortgageWire. (Read More)
Mortgage Jobs Rose in November
January 7, 2005
Mortgage lenders added 4,300 full-time employees to their payrolls in November, according to the December employment report released Jan. 7 by the U.S. Bureau of Labor Statistics. (Read More)
eMortgage Alliance Elects Chair
January 7, 2005
Roger Gudobba, senior principal for strategic business development at VMP Mortgage Solutions Inc., has been named chairperson of the eMortgage Alliance, replacing Dave Williamson of the Performance Group. (Read More)
Forecasters See a 10%-20% Fall in Originations
January 7, 2005
Expect single-family mortgage originations to decline by 10% to 20% in 2005, according to two secondary-market economists. (Read More)
Fannie to Remedy MBS Payoff Delays
January 7, 2005
Fannie Mae has announced that it will pass through mortgage-backed securities payoffs (involving 169 MBS pools) that were delayed due to a servicer's failure to report and remit payments to Fannie Mae. (Read More)
PMAC Launches Home Loan Website
January 7, 2005
PMAC, West Covina, Calif., has launched a website that provides information and services aimed at consumers, mortgage brokers, and other groups affiliated with the mortgage banking industry. (Read More)
ComUnity Lending Names SVP
January 7, 2005
Chito Schnupp has been named senior vice president for capital markets at ComUnity Lending, a mortgage company based in Morgan Hill, Calif. (Read More)
Consumer Direct Expands Warehouse Lines
January 7, 2005
Consumer Direct of America, a Las Vegas-based mortgage banker/broker, has announced an agreement to expand its mortgage banking warehouse lines of credit by $15 million. (Read More)
PMI to Match Tsunami Donations 5-to-1
January 7, 2005
The PMI Group Inc. has reported that it will contribute a matching grant of $5 for every dollar donated by its employees for disaster relief to areas damaged by the Indian Ocean tsunami. (Read More)
Feedback
January 7, 2005
Responses to our survey question on privatizing Fannie Mae and Freddie Mac finished almost neck and neck, with a slight majority opposed to the idea. (Read More)
HUD Proposes Release of Proprietary GSE Data
January 10, 2005
The Department of Housing and Urban Development is proposing to create a new procedure for the public release -- after five years -- of GSE loan-level information that is now considered proprietary by Fannie Mae and Freddie Mac. (Read More)
FHLBank Mortgage Purchases Under Review
January 10, 2005
The Federal Housing Finance Board and its supervisory staff are reviewing and analyzing the risks the Federal Home Loan Banks take in purchasing mortgages from their members and holding them in portfolio. (Read More)
Treasury Official Resigns to Join ABA
January 10, 2005
Treasury Assistant Secretary Wayne Abernathy is stepping down from his government post Jan. 31 to take a top-level position at the American Bankers Association. (Read More)
Demos: Refi Boom Could Spell Disaster
January 10, 2005
The mortgage refinancing boom has resulted in a fiscal crunch for many homeowners, and could spell disaster for millions if home prices plunge, according to Demos, a New York-based public policy organization. (Read More)
HEL Growth Seen in 1st Liens, Seniors
January 10, 2005
Growth in first-lien home equity loans and in borrowing by senior citizens were among the findings of the annual Consumer Bankers Association Home Equity Lending Study, according to BenchMark Consulting International. (Read More)
Fannie Speeds Flat; Freddie's Rise
January 10, 2005
Prepayment rates for 30-year Fannie Mae mortgage-backed securities were little changed in December, while 30-year Freddie Mac MBS speeds rose modestly, according to Bear Stearns. (Read More)
UK Lender to Buy Korean Bank
January 10, 2005
United Kingdom mortgage lender Standard Chartered has reported that it plans to acquire Korea First Bank for $3.3 billion. (Read More)
Pulte Sells Argentine Ops
January 10, 2005
Pulte Homes Inc., a builder based in Bloomfield Hills, Mich., has sold its Argentina operations to Grupo Farallon SA, an Argentine company involved in residential and commercial real estate development. (Read More)
FNF Unit Updates RE Management System
January 10, 2005
The Real Estate Solutions division of Jacksonville, Fla.-based Fidelity National Financial Inc. has updated its TransactionPoint Suite, a Web-based real estate transaction management platform and ordering system. (Read More)
CMSA Forms PAC
January 10, 2005
The Commercial Mortgage Securities Association has formed a federal political action committee to deal with issues affecting the commercial mortgage-backed securities industry on Capitol Hill. (Read More)
Fitch Comments on Super-Senior Bonds
January 10, 2005
The presence of super-senior bonds does not change the total amount of a commercial mortgage-backed securities deal that can be rated triple-A, according to Fitch Ratings. (Read More)
CSFB MBS Classes Downgraded
January 10, 2005
Eleven mezzanine and subordinated tranches from five fixed-rate mortgage securitizations issued by Credit Suisse First Boston Mortgage Securities Corp. in 2002 have been by Moody's Investors Service. (Read More)
IndyMac HEL Classes Downgraded
January 10, 2005
Nine classes from three IndyMac Home Equity Mortgage Loan Asset Backed Trust securitizations have been downgraded by Moody's Investors Service. (Read More)
Ryland Sells $250M in Notes
January 10, 2005
The Ryland Group Inc., a homebuilder based in Calabasas, Calif., has announced the sale of $250 million of 5 3/8% senior notes due 2015. (Read More)
Amex Trading Options on REIT
January 10, 2005
The American Stock Exchange has launched trading in options on American Home Mortgage Investment Corp., a Melville, N.Y.-based real estate investment trust. (Read More)
FBR to Buy First NLC
January 11, 2005
Friedman, Billings, Ramsey Group Inc., Arlington, Va., has agreed to acquire nonprime lender First NLC Financial Services, Deerfield Beach, Fla., in a deal valued at $88 million. (Read More)
Are Low-Income Families Better Off Renting?
January 11, 2005
Many low-income families will not benefit from buying a home at today's inflated prices and would be much better off renting, according to an economist who believes some markets will see substantial price declines in the years ahead. (Read More)
TA Associates Invests $50M in Tech Firm
January 11, 2005
TA Associates, a Boston-based private equity and buyout firm, has announced the investment of $50 million in C&S Marketing, a provider of mortgage lending information and technology based in Sacramento, Calif. (Read More)
FLDI, Western Reliance Form Alliance
January 11, 2005
First Lenders Data Inc., an Austin, Texas-based technology, data, and bundled services provider, has formed an alliance with Western Reliance Corp., Portland, Ore., to provide bundled services to financial institutions. (Read More)
eMagic, WellFound Join Forces
January 11, 2005
Milwaukee-based eMagic.com has formed a strategic alliance with WellFound Decade, Jacksonville, Fla., to allow users to integrate the eMagic portal and their back-end systems. (Read More)
Fitch Hikes CMBS Enhancement Levels
January 11, 2005
Fitch Ratings has increased the credit enhancement levels required to obtain ratings on commercial mortgage-backed securities as a result of the declining quality of CMBS loans in recent months, according to the rating agency. (Read More)
Firm Hires Partner for Mortgage Reputation Risk
January 11, 2005
Rob Cone has been hired as managing partner of the reputation risk practice in the mortgage origination and servicing areas for Imag, a New York-based consulting firm. (Read More)
Ashford Announces Stock Offering
January 11, 2005
Ashford Hospitality Trust, Dallas, is making a follow-on public offering of 7.5 million shares of common stock in the wake of its recent initial public offering. (Read More)
RASC HEL Classes Downgraded
January 11, 2005
Two classes of Residential Asset Securities Corp. home equity transactions have been downgraded by Fitch Ratings and removed from Rating Watch Negative. (Read More)
Will NAHB Back Independent GSE Regulator?
January 12, 2005
A National Association of Homebuilders task force will recommend this weekend that the politically powerful group support the creation of an independent regulator for the housing government-sponsored enterprises. (Read More)
Fed to Offer No HMDA Cover
January 12, 2005
The mortgage industry should not expect Federal Reserve Board governors to come to their aid if the new Home Mortgage Disclosure Act information on subprime loans stirs up public criticism about their lending practices. (Read More)
Gramlich Warns of Homebuying Risk
January 12, 2005
With the rise in home prices in some markets, it is getting "risky" for housing advocates to be urging low-income families to purchase a home, according to Federal Reserve Board Governor Edward Gramlich. (Read More)
Freddie: IO Loans Could Have Credit Woes
January 12, 2005
The hot interest-only residential loan market could be headed for a fall. (Read More)
New Members Slated for Financial Panel
January 12, 2005
It appears that the House Financial Services Committee will have at least 11 new members, although the exact makeup of the committee has not been finalized. (Read More)
Naqvi Named DeepGreen CEO
January 12, 2005
DeepGreen Financial, a Cleveland-based home equity lender and business process outsourcer, has announced the hiring of well-known industry veteran Saiyid (Sy) T. Naqvi as chief executive officer. (Read More)
Firms Unveil Servicing Tech System
January 12, 2005
LoanPerformance, San Francisco, and Intelligent Results, Bellevue, Wash., have announced the introduction of ScoreText, a predictive modeling system the companies say has wide application for mortgage servicers. (Read More)
MEM Financial Agrees to Buy Title Agent
January 12, 2005
MEM Financial Solutions Inc., a mortgage broker based in Half Moon, N.Y., has announced the signing of a letter of intent to acquire Integrity Research Inc., a title agent based in Clifton Park, N.Y. (Read More)
Lime Cracked $1B Mark in 2004
January 12, 2005
Lime Financial, Lake Oswego, Ore., cracked the $1 billion market in residential fundings in 2004 -- a record for the fast-growing nonconforming lender. (Read More)
Liberty Bond Funding OK'd for 7 WTC
January 12, 2005
The New York City Industrial Development Agency has authorized $475 million in Liberty Bond funding for reconstruction of 7 World Trade Center, the first Ground Zero building on which rebuilding activity has begun. (Read More)
Mortgage Tech Firm Opens London Office
January 12, 2005
Exstream Software, a U.S.-based company that offers customizable document-related automation for the mortgage industry and other businesses, has opened a London office. (Read More)
Sizeler Names New CFO
January 12, 2005
Guy M. Cheramie has been named chief financial officer of New Orleans-based Sizeler Property Investors Inc., replacing Charles E. Miller Jr., who has resigned. (Read More)
Zacks Ranks Accredited 'Strong Buy'
January 12, 2005
Accredited Home Lenders Holding Co., San Diego, has received a "#1 (Strong Buy)" ranking from Zacks.com, Chicago. (Read More)
Orchard CDO Class Downgraded
January 12, 2005
One class of notes issued by Orchard Park CDO Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, has been downgraded by Fitch Ratings. (Read More)
Fed: GSE Interest-Rate Benefit 'Negligible'
January 13, 2005
Federal Reserve Board economists have released a long-anticipated study that says the giant mortgage portfolios retained by Fannie Mae and Freddie Mac "clearly benefit" shareholders but have a "statistically negligible" effect on the mortgage rates homebuyers pay. (Read More)
Congress Kills Most FHA MI Refunds
January 13, 2005
Congress has eliminated refunds of upfront mortgage insurance premiums on Federal Housing Administration loans endorsed on or after Dec. 8, except for FHA streamline refinancings. (Read More)
Adjusted Apps Decline
January 13, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 605.7 to 587.8 on a seasonally adjusted basis during the week ended Jan. 7, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Global TransNet Cites Acquisition Goals
January 13, 2005
Global TransNet Corp., Severna Park, Md., has announced its 2005 financial services business plan, which includes a goal of acquiring businesses in three distinct segments, two of them involving mortgages. (Read More)
Home123 Becomes New Century's Retail Brand
January 13, 2005
New Century Financial Corp., Irvine, Calif., has announced the launch of Home123 as the new brand identity of its retail division. (Read More)
Bank Unveils New CTP Loan
January 13, 2005
American Home Bank, Lancaster, Pa., has announced an expansion of its home mortgage business with a new construction-to-permanent loan called Home One. (Read More)
Texas County Launches Lease-to-Own Program
January 13, 2005
Freddie Mac and the Strategic Housing Finance Corp. of Travis County (Texas) have announced a new lease-to-own homeownership program offered by Freddie Mac. (Read More)
Transnational Closes Private Placement
January 13, 2005
Transnational Financial Network Inc., a wholesale and retail mortgage bank based in San Francisco, has announced the closing of a private placement of approximately $2.69 million of 8.5% convertible subordinated debt. (Read More)
Fannie Prices BenchNotes
January 13, 2005
Fannie Mae has priced $3 billion of 3.875% five-year Benchmark Notes at 99.519. (Read More)
FHA, VA Eye New Homes
January 14, 2005
The Federal Housing Administration and the Department of Veterans Affairs have new initiatives in the works that will allow them to dig deeper into the new home market. (Read More)
Countrywide Hikes Low-Mod Pledge
January 14, 2005
Countrywide Home Loans, Calabasas, Calif., is once again raising the bar on its efforts to put more minorities and lower-income families into homes of their own. (Read More)
Fixed Rates Dip
January 14, 2005
The average 30-year fixed mortgage rate fell to 5.74% for the week ending Jan. 14 from 5.77% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Study Disputes Subprime Prepay Claims
January 14, 2005
A new study has found that, contrary to subprime industry claims, subprime borrowers subjected to prepayment penalties are given higher interest rates on purchase loans, with minority neighborhood homeowners being 35% more likely to get a prepayment penalty than their nonminority counterparts. (Read More)
BNP Paribas Expands U.S. MBS Biz
January 14, 2005
A Paris-based company has expanded its U.S. mortgage-backed securities business. (Read More)
New Service Focuses on Occupied REO
January 14, 2005
Jackson & Associates, an Irvine, Calif.-based provider of legal services and legal process management to the real-estate owned industry, has launched a new platform for managing recovery of occupied REO. (Read More)
BB&T Sees Lower MSR Recapture
January 14, 2005
In what may be a harbinger for other banks, BB&T Corp. has reported a net recapture of valuation for its mortgage servicing rights in the fourth quarter totaling $4 million. (Read More)
Mortgage Lender Offers Charity Angle
January 14, 2005
Los Angeles-based HCS Funding, a full-service independent mortgage banker and broker owned by United Pacific Mortgage, has announced an agreement with the charitable Web-portal, CauseYouCare.com, to offer residential mortgages that feature a philanthropic component. (Read More)
JPMorgan Launches New CMBS Brand
January 14, 2005
JPMorgan Chase & Co., New York, has introduced a new brand of commercial mortgage-backed security called LDP, for "large diverse pools." (Read More)
Housing Affordability Leveling Off in CA?
January 14, 2005
Housing affordability in California was unchanged in November from the level recorded in October, although it was down by six percentage points from that of a year earlier, according to the California Association of Realtors. (Read More)
IndyMac HEL Class Downgraded
January 14, 2005
Class BV of IndyMac ABS Inc. Home Equity series SPMD 2000-C, group 2, has been downgraded from B to CCC by Fitch Ratings. (Read More)
Moody's Eyes CSFB MBS Classes
January 14, 2005
Ten classes of mezzanine and subordinated tranches from four mortgage-backed securitizations issued by Credit Suisse First Boston Mortgage Securities Corp. have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Feedback
January 14, 2005
Early responses to our latest survey question have been running against the likelihood of RESPA reform this year. (Read More)
NAHB Adopts New GSE Policies
January 18, 2005
The National Association of Home Builders has adopted more accommodative positions toward GSE regulatory reform, but it still opposes legislative efforts that would strip Fannie Mae and Freddie Mac of their special privileges. (Read More)
OFHEO Eyeing GSE G-Fees
January 18, 2005
The Office of Federal Housing Enterprise Oversight started looking at the way Fannie Mae and Freddie Mac set loan guarantee fees for different sellers several months ago, according to a recently released letter to Congress. (Read More)
St. Louis Fed Prez Calls for GSE Capital Hike
January 18, 2005
St. Louis Federal Reserve Bank president William Poole is calling for higher capital requirements for Fannie Mae and Freddie Mac because of the interest rate risk and operational risk posed by their huge mortgage portfolios. (Read More)
FBR Finds Home Price Bubble in 27 Areas
January 18, 2005
Twenty-seven "urbanized" areas are facing a home price bubble because housing costs are growing faster than personal income, according to a new research report by Friedman, Billings, Ramsey & Co., Arlington, Va. (Read More)
Wells Earnings Up Despite Lower Mortgage Volume
January 18, 2005
Wells Fargo & Co. earned a record $1.8 billion ($1.04 per share) in the fourth quarter, up 10% from its earnings in the fourth quarter of 2003. (Read More)
Astoria to Take Hit on Freddie Stock
January 18, 2005
Astoria Financial Corp., Lake Success, N.Y., has reported that it expects to record a nontemporary after-tax impairment charge of $9.6 million for the fourth quarter related to $120 million of perpetual preferred stock issued by Freddie Mac. (Read More)
Chase Home Finance Names Co-CEOs
January 18, 2005
Thomas Wind and Scott Powell have been promoted to the positions of co-chief executive officers of JPMorgan Chase & Co.'s home finance business. (Read More)
Nexstar Touts Customized Outsourcing
January 18, 2005
Nexstar Financial, St. Louis, has announced the introduction of NexChoice, which it says brings a new level of client customization to business process outsourcing in the mortgage industry. (Read More)
Colliers: Office Occupancy Rebounds Strongly
January 18, 2005
Occupancy levels in the national office market have rebounded nearly to their pre-recession levels, according to Colliers International, a Boston-based commercial real estate manager. (Read More)
Prime Alliance Becomes a Top Lender
January 18, 2005
Customers of Prime Alliance, Tukwila, Wash., originated over $22.5 billion in loan volume in 2004, or about the size of the 11th largest U.S. retail mortgage lender. (Read More)
Moody's: CMBS Issuance Up in EMEA Region
January 18, 2005
The issuance volume of commercial mortgage-backed securities in Europe, the Middle East, and Africa recovered in 2004 from its first-ever decline in 2003, Moody's Investors Service has reported. (Read More)
Housing Starts Jump 13%
January 19, 2005
Single-family housing starts jumped 13.1% in December to a seasonally adjusted annual rate of 1.678 million units, according to figures released Jan. 19 by the Commerce Department. (Read More)
Fannie: Regional Execs Suspected Fraud
January 19, 2005
A Fannie Mae internal review has verified that regional officials suspected that a North Carolina lender was engaged in fraudulent loan sales to Ginnie Mae but did nothing to stop it, the company has admitted in a letter to Congress. (Read More)
Fannie Slashes Dividend to Boost Capital
January 19, 2005
Fannie Mae has announced a 50% reduction in its common stock dividend, from $0.52 per share to $0.26, for the first quarter to "accelerate an increase in the company's capital." (Read More)
Freddie Says Market Share Up
January 19, 2005
Freddie Mac says it now has a market share of 40%, a sign that the government-sponsored enterprise is perhaps benefiting, at least a little, from the woes of its chief competitor, Fannie Mae. (Read More)
Shelby Plans February GSE Hearings
January 19, 2005
Senate Banking Committee Chairman Richard Shelby, R-Ala., plans to start hearings on GSE regulatory reform in February, but he has not set a timetable for quick action on a bill this year. (Read More)
Applications Jump
January 19, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 587.8 to 682.9 on a seasonally adjusted basis during the week ended Jan. 14, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
FDIC Clashes With OCC, OTS
January 19, 2005
The Federal Deposit Insurance Corp. is seeking to get a look at the risk models and accounting assumptions of the 20 largest banks despite the objections of their primary regulators. (Read More)
REIT to Buy Nat'l Properties
January 19, 2005
Commercial Net Lease Realty Inc., Orlando, Fla., and National Properties Corp., Des Moines, Iowa, have announced a merger agreement under which CNLR will acquire National Properties for an estimated total consideration of $61 million. (Read More)
Wells Launches New Broker Site
January 19, 2005
Wells Fargo has launched an improved website for brokers to interface with Wells, giving them the freedom to tap into various resources. (Read More)
NJ Proposes to Amend Collateral Ban
January 19, 2005
The New Jersey Department of Banking and Insurance has issued a proposed rule that would amend the prohibition on the use of personal items as collateral for first-lien mortgages, according to the Washington law firm Lotstein Buckman LLP. (Read More)
BayNorth Closes RE Fund
January 19, 2005
BayNorth Capital, a Boston-based asset manager for Charlesbank's real estate investments, has reported the closing of its BayNorth Realty Fund VI with $430 million. (Read More)
BoA Reports '04 Profits
January 19, 2005
Bank of America Corp., Charlotte, N.C., has reported net income of $14.14 billion ($3.69 per share) for 2004, up from $10.81 billion ($3.57 per share) in 2003. (Read More)
First American Promotes 2 Execs
January 19, 2005
The First American Corp., Dallas, has promoted Chris Leavell to the position of chief operating officer for the company's Mortgage Information Services Group, and Anthony Merlo will become the new president of eAppraiseIT, taking the post vacated by Mr. Leavell. (Read More)
ValuAmerica Names Sales EVP
January 19, 2005
Tom Frunzi has been named executive vice president for sales and marketing at ValuAmerica, a Pittsburgh-based provider of title and settlement services delivery and mortgage supply chain systems. (Read More)
Fannie Closer to Slashing Servicing Fee?
January 20, 2005
Fannie Mae could be moving closer to slashing its minimum servicing fee to as low as 13 basis points, industry executives have told MortgageWire. (Read More)
Jackson: AH Goals Affecting GSE Behavior
January 20, 2005
Housing Secretary Alphonso Jackson says new affordable housing goals are encouraging Fannie Mae and Freddie Mac to increase their purchases of multifamily loans and loans to first-time homebuyers. (Read More)
Subprime Lenders Donate to Inauguration
January 20, 2005
Some of the nation's largest subprime lenders have made sizable donations to President Bush's inaugural celebration, according to public records. (Read More)
Fixed Rates Decline
January 20, 2005
The average 30-year fixed mortgage rate fell to 5.67% for the week ending Jan. 21 from 5.74% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Paragon Buys First Charleston Mortgage
January 20, 2005
Paragon Financial Corp., Ponte Vedra Beach, Fla., has announced the closing of its previously announced acquisition of First Charleston Mortgage, Charleston, S.C., for an undisclosed amount. (Read More)
iStar to Buy Falcon Financial
January 20, 2005
New York-based iStar Financial, a commercial real estate financing company, is acquiring Falcon Financial Investment Trust for $7.50 per share, making for a total acquisition price of about $120 million, according to iStar. (Read More)
CreditFlex Plans Major Expansion
January 20, 2005
CreditFlex Funding, Morgan Hill, Calif., the nonprime lending division of mortgage lender ComUnity Lending, has announced plans to more than double its number of offices nationwide this year. (Read More)
Lower Volume Hurts WaMu's Earnings
January 20, 2005
Washington Mutual Inc., Seattle, has reported earnings of $2.88 billion ($3.26 per share) for 2004, down from $3.88 billion ($4.21 per share) in 2003. (Read More)
Fed Sees Rising CRE Activity
January 20, 2005
The Federal Reserve Board is noticing increased activity in the long-slumbering commercial real estate sector, according to the Fed's Beige Book. (Read More)
Group Seeks More Flex in Buy-In Rule
January 20, 2005
The Bond Market Association has asked the Treasury to make its buy-in rule more flexible so that dealers can better manage the risk of failed customer sell orders in the mortgage-backed security and Treasury markets, particularly when fails are widespread. (Read More)
Fitch Launches New Structured Finance Tool
January 20, 2005
Fitch Ratings has launched a new structured finance analytical tool designed to enable users to better tailor their own market research. (Read More)
Soundview HEL Trust Terminated
January 20, 2005
CFN Liquidating Trust, the successor to ContiFinancial Corp. and affiliates pursuant to their confirmed Chapter 11 bankruptcy plan, has announced the termination of Soundview Home Equity Loan Trust 1999-1. (Read More)
Arbor Closes CDO
January 20, 2005
Arbor Realty Trust Inc., New York, has announced the closing of a collateralized debt obligation through two subsidiaries: the issuer, Arbor Realty Mortgage Securities Series 2004-1 Ltd., and the co-issuer, Arbor Realty Mortgage Securities Series 2004-1 LLC. (Read More)
Moody's: Dutch RMBS Issuance Dips
January 20, 2005
Issuance in the Dutch residential mortgage-backed securities market slipped in 2004 from the level recorded in 2003, Moody's Investors Service has reported. (Read More)
Freddie Prices RefNotes
January 20, 2005
Freddie Mac has priced $3 billion of 4.5% 10-year Reference Notes due Jan. 15, 2015. (Read More)
CSFB, DLJ to Buy Subprime Servicer
January 21, 2005
SPS Holding Corp., the Salt Lake City-based servicer of nonprime mortgage loans, says its stockholders have signed a letter of intent with Credit Suisse First Boston and its affiliate, DLJ Mortgage Capital, that will likely lead to a sale of the servicer to CSFB. (Read More)
Fannie: Home Price Rise to Settle Near 3.5%
January 21, 2005
Fannie Mae economists say they expect house price appreciation to drop from 10% in 2004 to 3.5% this year and remain within a range of 3.0%-3.5% for the next couple of years. (Read More)
Fidelity Reports Recap Commitments
January 21, 2005
Fidelity National Financial, Jacksonville, Fla., has announced that its mortgage and banking technology business, Fidelity National Information Services, has received commitments for $3.2 billion in credit facilities needed to bring about a previously announced recapitalization. (Read More)
Chicago FHLBank Declares Dividend
January 21, 2005
The Chicago Federal Home Loan Bank, which is in the midst of a restatement, has declared a 5.5% dividend for the fourth quarter. (Read More)
NY FHLBank to Resume Paying Dividends
January 21, 2005
The New York Federal Home Loan Bank has rebuilt its retained earnings and will resume paying normal dividends this year, according to the bank's president, Alfred DelliBovi. (Read More)
Amresco MBS Classes Downgraded
January 21, 2005
Two classes from Amresco's series 1997-3 mortgage-backed securities issue have been downgraded by Fitch Ratings. (Read More)
Merrill CMBS Class Downgraded
January 21, 2005
Class J of Merrill Lynch Mortgage Investors Inc.'s series 1997-C2 certificates has been downgraded from B-minus to CCC by Fitch Ratings. (Read More)
Feedback
January 21, 2005
Have you ever refused to release an appraisal? (Read More)
Fannie Nixes '04 Bonuses
January 24, 2005
Fannie Mae's board of directors has decided not to pay 2004 cash bonuses to its top executives while the troubled company is restating its earnings going back to 2001. (Read More)
Philly Subprime Lender Goes Bankrupt
January 24, 2005
American Business Financial Services, Philadelphia, once a top-ranked subprime funder, has filed for Chapter 11 bankruptcy protection. (Read More)
TBMA to Join 'Predatory' Debate
January 24, 2005
The Bond Market Association is going to be very involved in the legislative debate over predatory lending this year, according to TBMA's top lobbyist. (Read More)
Senate Dems Warn Bush on HUD Cuts
January 24, 2005
Democrats on the Senate Banking Committee are warning the Bush administration that they will "strongly oppose" new cuts in the Department of Housing and Urban Development's budget. (Read More)
Data Tree Unveils 24/7 Doc Access
January 24, 2005
Data Tree LLC, a San Diego-based provider of recorded property document images, has announced the launch of DocEdge.com, which offers instant, around-the-clock access to the company's imaged document database. (Read More)
Freddie Names Market Risk Chief
January 24, 2005
Robin Grieves has been named to head Freddie Mac's Market Risk Oversight department. (Read More)
REIT Elects New CEO
January 24, 2005
The board of trustees of Glimcher Realty Trust, Columbus, Ohio, has elected Michael P. Glimcher the new chief executive officer of the company. (Read More)
Firm Warns About IO Subprime Loans
January 24, 2005
The growing popularity of interest-only home loans in the subprime mortgage market "may trap unwary New York metro area homebuyers into situations from which the only exit is default and foreclosure," according to Foreclosures.com, a Sacramento, Calif.-based investment advisory firm. (Read More)
Countrywide Donates to Dollar Wi$e Campaign
January 24, 2005
Countrywide Financial Corp., Calabasas, Calif., has announced the donation of $1 million over the next five years to the U.S. Conference of Mayors' National Dollar Wi$e Financial Literacy Campaign. (Read More)
DLJ MBS Classes Downgraded
January 24, 2005
Two classes from DLJ Mortgage Acceptance Corp. mortgage pass-through certificate series 1994-3 have been downgraded by Fitch Ratings. (Read More)
Resales Dip, but Still Set Record
January 25, 2005
Sales of existing single-family homes slipped 3.3% in December, but the 12-month total for 2004 still beat the previous year's sales record by 9.4%. (Read More)
More Heads Rolling at Fannie
January 25, 2005
Three executives who work in Fannie Mae's accounting department are stepping down, accepting temporary jobs at the government-sponsored enterprise as advisers. (Read More)
GAO: FHA Still High-Risk Program
January 25, 2005
The Federal Housing Administration has made progress in tightening its oversight of lenders and appraisers, but the single-family insurance program is still vulnerable to fraud and abuse, according to the Government Accountability Office. (Read More)
Investment Banking Vet Joining Deloitte
January 25, 2005
Deloitte & Touche, New York, has hired investment banking veteran Brenda White to head its consumer and financial services department. (Read More)
Homestead, 1st Niagara Form Mortgage Link
January 25, 2005
Homestead Funding Corp., Albany, N.Y., and First Niagara, Lockport, N.Y., have announced an affiliation under which Homestead will operate in New York state under the name First Niagara Mortgage. (Read More)
HRPT Boosts LOC to $750M
January 25, 2005
HRPT Properties Trust, Newton, Mass., has announced that it has increased its revolving bank credit facility from $560 million to $750 million and extended its maturity. (Read More)
Vegas Defaults Rising, Foreclosures.com Says
January 25, 2005
Foreclosure activity in the Las Vegas metropolitan housing market began climbing in the fourth quarter after plunging from May through September, according to Foreclosures.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
Unizan to Take Hit for GSE Stock
January 25, 2005
Unizan Financial Corp., Canton, Ohio, has announced that it will record an after-tax impairment charge of $2.2 million ($0.10 per share) for the fourth quarter related to Fannie Mae and Freddie Mac preferred stock in its available-for-sale securities portfolio. (Read More)
Lawmakers Seek Ban on Banks in RE
January 26, 2005
Seven senators have introduced a bill to permanently ban bank holding companies from entering the real estate brokerage and property management business. (Read More)
Fannie to Buy Low-Cost HECM Refis
January 26, 2005
Fannie Mae has agreed to purchase refinancings of FHA-insured reverse mortgages that allow seniors to get a break on the upfront mortgage insurance payment. (Read More)
MBA to Meet on GSE Servicing Fees
January 26, 2005
The Mortgage Bankers Association -- which has yet to take a position on the whether Fannie Mae and Freddie Mac should slash their servicing fees -- will host a meeting on the issue Feb. 3 in Washington. (Read More)
Applications Fall
January 26, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 682.9 to 658.1 on a seasonally adjusted basis during the week ended Jan. 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Study: Predatory Loans Hike Foreclosure Risk
January 26, 2005
Victims of predatory lending in the subprime mortgage market face up to a 50% greater risk of undergoing foreclosure because of prepayment penalties and balloon payments, according to a new University of North Carolina study. (Read More)
Hyland Joins e-Mortgage Alliance
January 26, 2005
Cleveland-based Hyland Software, which offers the OnBase enterprise content management suite, has joined the eMortgage Alliance. (Read More)
FNF, RealEC Developing Title Tool
January 26, 2005
Fidelity National Financial Inc., Jacksonville, Fla., has announced an agreement with RealEC Technologies Inc., Santa Ana, Calif., to develop a new tool for its title agencies. (Read More)
RE Company Prices IPO
January 26, 2005
Education Realty Trust Inc., a new Memphis-based company formed to own and manage student housing communities, has priced an initial public offering of 19 million shares of common stock at $16 per share. (Read More)
Atisreal Opens 1st U.S. Office
January 26, 2005
Commercial real estate services provider Atisreal has reported the opening of its first office in the United States in order to develop business relationships with U.S.-based corporate clients of its Paris-based parent company, BNP Paribas. (Read More)
Putnam CDO Classes Downgraded
January 26, 2005
Classes C-1 and C-2 of Putnam Structured Products CDO 2001-1 Ltd. have been downgraded from BBB to BB-plus by Fitch Ratings. (Read More)
REIT Cites Amex Warning
January 26, 2005
National Health Realty Inc., a real estate investment trust based in Murfreesboro, Tenn., has reported receiving notification from the American Stock Exchange that it is not in compliance with requirements regarding the composition of its board of directors. (Read More)
Homeownership Back at Record High
January 27, 2005
The U.S. homeownership rate ended 2004 at 69.2% -- a record level first attained in the second quarter, according to the U.S. Census Bureau. (Read More)
GSE Regulator Bill Introduced
January 27, 2005
Three key Republicans on the Senate Banking Committee have introduced a GSE bill that they hope will serve as the model for legislation to tighten the regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. (Read More)
Freddie: Reform Should Give Nod to Basel
January 27, 2005
Freddie Mac wants any regulatory reform of its capital requirements to be risk-based and competitive with the global standards being enacted through Basel II, an executive told investors in New York Jan. 26. (Read More)
ISO Acquires AppIntelligence
January 27, 2005
Jersey City, N.J.-based ISO has acquired AppIntelligence, a provider of Web-based analytic tools designed to identify and detect fraud in the residential mortgage industry. (Read More)
Issuers Split Loans Between Ginnie I's & II's
January 27, 2005
Ginnie Mae issuers divided their securitizations of fixed-rate single-family loans equally between Ginnie Mae I mortgage-backed securities and Ginnie Mae II MBS in 2004, according to the secondary-market agency. (Read More)
Fitch Warns of Title/Kickback Probes
January 27, 2005
A recent report that the Colorado Department of Insurance may sanction nine title insurance companies for allegedly paying kickbacks to homebuilders in exchange for guaranteed business could have significant implications for the U.S. title insurance industry, according to Fitch Ratings. (Read More)
Fixed Rates Dip
January 27, 2005
The average 30-year fixed mortgage rate fell to 5.66% for the week ending Jan. 28 from 5.67% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Wells Introduces 10-Year IO ARM
January 27, 2005
Wells Fargo Home Mortgage, Des Moines, Iowa, has announced the introduction of an interest-only adjustable-rate mortgage that doesn't require a principal payment for 10 years. (Read More)
IndyMac Reports Record Pro Forma Earnings
January 27, 2005
IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record pro forma net earnings of $211.3 million ($3.40 per share) for 2004, compared with $171.3 million ($3.01 per share) in 2003. (Read More)
Farmer Mac Reports '04 Profits
January 27, 2005
The Federal Agricultural Mortgage Corp., Washington, has reported net income of $28.2 million ($2.32 per share) for 2004, compared with $25.0 million ($2.08 per share) for 2003. (Read More)
CitiMortgage Names Retail Exec
January 27, 2005
Pablo Sanchez has been promoted to managing director of retail lending at CitiMortgage, St. Louis. (Read More)
FirstAm Names New Flood Data Prez
January 27, 2005
First American Real Estate Information Services has announced that Vicki Chenault has been named president of First American Flood Data Services, taking over from Robert Douglass, who will continue as chief financial officer of First American's Mortgage Information Services Group. (Read More)
FNF's Title Ratings Off Fitch's Watchlist
January 27, 2005
Fitch Ratings has affirmed and removed from Rating Watch Negative its A-minus financial strength ratings for the title insurance underwriting subsidiaries of Fidelity National Financial Inc. and its BBB-minus long-term issuer rating of FNF. (Read More)
Bill Directs Review of GSEs' AU Systems
January 28, 2005
The dominance of Fannie Mae's and Freddie Mac's automated underwriting systems in the conforming loan market could come under review by a new GSE regulator if Congress passes a bill introduced by three Senate Banking Committee Republicans. (Read More)
MBA Sees Falling Volume Thru '07
January 28, 2005
Total residential mortgage production, though still strong by historical standards, will decline each year through 2007, according to a forecast by the Mortgage Bankers Association that projects economic growth of about 3.5% for the period. (Read More)
MuniMae to Buy MONY Realty
January 28, 2005
MuniMae, Baltimore, is acquiring MONY Realty Capital from AXA Financial in a deal that will add to MuniMae's investment advisory business and expand its area of operation beyond the multifamily arena. (Read More)
National City, ServiceLink Form JV
January 28, 2005
National City Mortgage, Miamisburg, Ohio, and ServiceLink LP, Aliquippa, Pa., have announced the formation of NationalLink LP, a joint venture that will provide appraisal, title, and closing management services nationwide. (Read More)
AssetLink Names CEO
January 28, 2005
Douglas S. Ashe has been named chief executive officer of AssetLink LP, a real-estate-owned/asset management company, and executive vice president of business development and strategic planning for ServiceLink, AssetLink's parent company. (Read More)
Ginnie Servicing for Sale
January 28, 2005
The Prestwick Group, Alexandria, Va., is brokering the sale of servicing rights on a $204 million portfolio of Ginnie Mae loans. (Read More)
Fiserv Reports '04 Profits
January 28, 2005
Fiserv, Brookfield, Wis., has reported net income of $377.6 million ($1.91 per share) for 2004, up from $315.0 million ($1.61 per share) in 2003. (Read More)
Aussie Investment Mortgages Cooling Off?
January 28, 2005
Investment property mortgages have been hot in Australia, but at last count their market share had declined from its peak, Research and Markets has reported. (Read More)
Ocwen MBS Class Downgraded
January 28, 2005
Class B-4F of Ocwen Residential MBS Corp. mortgage pass-through certificates, series 1999-R1 group F, has been downgraded from CCC to CC by Fitch Ratings. (Read More)
NASDAQ Delisting ABFS
January 28, 2005
The common stock of American Business Financial Services Inc., Philadelphia, will be delisted from the NASDAQ Stock Market on Feb. 2, ABFS has reported. (Read More)
Amex Trading Options on Crescent
January 28, 2005
The American Stock Exchange has launched trading in options on Crescent Real Estate Equities Co., a Fort Worth, Texas-based real estate investment trust. (Read More)
Feedback
January 28, 2005
Interested in knowing why some Grapeviners picked the screen names they use? (Read More)
New-Home Sales Set Annual Record
January 31, 2005
New single-family home sales ended 2004 on a dull note but still set an annual record for the fourth consecutive year. (Read More)
Repeal of HEL Tax Break Proposed
January 31, 2005
Congressional tax experts are recommending a repeal of the interest deduction on home equity loans, arguing that it is "inconsistent" with encouraging homeownership and "yields disparate treatment" of homeowners and renters. (Read More)
Fannie Execs Retiring
January 31, 2005
The heads of single-family mortgage business and investor relations at Fannie Mae are retiring and leaving the troubled company, effective Jan. 31. (Read More)
Countrywide: 'It's the Data, Dummy'
January 31, 2005
"It's the data, dummy," said Countrywide executive vice president Omer Simeon in introducing a live demonstration of the company's Web-based DIDO (data in, document out) system during Monday's keynote address at the Thomson Media Mortgage Technology Conference in Miami. (Read More)
Rapid Reporting Names CTO
January 31, 2005
T. J. Vanderpoel has been promoted to chief technology officer of Rapid Reporting Verification Co., a Fort Worth, Texas-based provider of prefunding income and identity verification services to the mortgage industry. (Read More)
GE Comm, Shinsei Form Alliance
January 31, 2005
GE Commercial Finance has formed a strategic partnership with a Japanese bank through which it plans to make investments in large commercial real estate investments in Japan. (Read More)
FFW Records Impairment for GSE Stock
January 31, 2005
FFW Corp., the parent company of First Federal Savings Bank, Wabash, Ind., has recorded a noncash impairment charge of approximately $1.8 million ($1.38 per share) for the second fiscal quarter of 2005 related to Fannie Mae and Freddie Mac preferred stock, resulting in a net loss of $1.2 million for the quarter. (Read More)
Moody's Eyes ABFC Class
January 31, 2005
Class B of ABFC mortgage loan asset-backed certificates, series 2001-AQ1, has been placed on review for possible downgrade by Moody's Investors Service. (Read More)
GMAC CMBS Classes Off Watchlist
January 31, 2005
The ratings on Classes D and E of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2002-FL-1, have been affirmed and removed from Rating Watch Negative by Fitch Ratings. (Read More)
February
Oakland Predatory Law Struck Down
February 1, 2005
In a 4-3 decision, the California Supreme Court has held that California's anti-predatory-lending law pre-empts Oakland's predatory lending ordinance. (Read More)
Seattle FHLBank Cites 'Earnings Pressure'
February 1, 2005
The Seattle Federal Home Loan Bank has disclosed that it remains under "earnings pressure," and it has skipped paying a fourth-quarter dividend as part of an effort to build retained earnings. (Read More)
FHA Market Share Shrinking
February 1, 2005
The Federal Housing Administration share of the single-family loan market has shrunk to 3.5% in 2004, as its traditional customers are increasingly attracted to conventional low-downpayment products. (Read More)
New MI Up in December
February 1, 2005
The dollar volume of primary new mortgage insurance written by the members of the Mortgage Insurance Cos. of America increased 12.5% in December, according to the trade group. (Read More)
Ameriquest, Argent Expand Servicing Ops
February 1, 2005
Retail lender Ameriquest Mortgage Co. and wholesaler Argent Mortgage Co. have announced the expansion of their affiliated servicing operation in Illinois with the grand opening of a loan servicing center in Schaumburg. (Read More)
Archstone-Smith Reports EPS Spike
February 1, 2005
Archstone-Smith, Denver, has reported earnings of $1.11 per share for the fourth quarter, a 76% increase from $0.63 per share for the same period of 2003. (Read More)
Berkshire Names New Chairman
February 1, 2005
Douglas Krupp has been named chairman of the board of Berkshire Income Realty Inc., a Boston-based real estate investment trust, to succeed his brother George Krupp, who has resigned. (Read More)
Moody's: Health Mixed for Euro Retail CMBS
February 1, 2005
The health of the retail sector of Europe's commercial mortgage-backed securities market is mixed, according to a recent "red-yellow-green" report by Moody's Investors Service. (Read More)
Fitch Explains Standardized Borrower Grades
February 1, 2005
Fitch Ratings has published a report on its standardization of originators' borrower grades, the first in a series of articles explaining its rating criteria for residential mortgage-backed securities. (Read More)
AllRegs Unveils FHA Lending Guide
February 1, 2005
AllRegs, an Eagan, Minn.-based online publisher of reference information for the mortgage industry, has announced the introduction of the Practical Guide to FHA Lending. (Read More)
Digital Realty Prices Stock Offering
February 1, 2005
Digital Realty Trust Inc., Menlo Park, Calif., has announced a public offering of 3 million shares of series A cumulative redeemable preferred stock at $25 per share. (Read More)
RAMP HEL Class Downgraded
February 1, 2005
Class B of Residential Asset Mortgage Products Inc. series 2001-RZ2, groups 1 and 2, has been downgraded from CCC to C by Fitch Ratings. (Read More)
Aames MBS Class Downgraded
February 1, 2005
Class B of Aames Mortgage Trust 2001-2 has been downgraded from B2 to Caa3 by Moody's Investors Service, and class B of Aames Mortgage Trust 2001-1 has been placed on review for possible downgrade. (Read More)
HUD Cautions Lenders on Appraisals
February 2, 2005
The Department of Housing and Urban Development is reminding lenders that they are accountable, along with appraisers, for the quality of appraisals on Federal Housing Administration-insured loans. (Read More)
Applications Rise
February 2, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 658.1 to 706.4 on a seasonally adjusted basis during the week ended Jan. 28, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
S&P: Cap Markets Not Backing High-Cost Loans
February 2, 2005
Standard & Poor's Ratings Services says it has evaluated the impact of anti-predatory-lending statutes on the funding of high-cost loans through the capital markets and found that only 0.01% of the U.S. residential mortgage loans it rated last year were high-cost loans. (Read More)
Countrywide Earnings Fall
February 2, 2005
Countrywide Financial Corp., Calabasas, Calif., has reported that fourth-quarter earnings declined to $343 million ($0.56 per share) from $564 million ($0.94) in the fourth quarter of 2003 as a hedging loss took a bite out of the company's results. (Read More)
Countrywide Unveils Special Military Loans
February 2, 2005
Meanwhile, Countrywide Home Loans Inc. has introduced a mortgage program designed to support homeownership for enlisted U.S. military personnel with minimal funds for downpayments and closing costs. (Read More)
Pru Targets Hispanics for 103% LTV Loan
February 2, 2005
Prudential CA/NV/TX Realty, Pleasanton, Calif., has announced the introduction of a 103% loan-to-value loan product that targets Hispanic homebuyers in Northern California. (Read More)
Seattle FHLBank Prez to Retire
February 2, 2005
Norman Rice will retire as president and chief executive of the Seattle Federal Home Loan Bank after the bank submits a three-year capital and business plan to its regulator. (Read More)
Freddie: Cash-Out Refi % Dips
February 2, 2005
In the fourth quarter, 56% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, down from 59% in the previous quarter, according to Freddie Mac. (Read More)
COFI's Rise Continues
February 2, 2005
The Eleventh Federal Home Loan District Cost of Funds Index continues its climb, increasing by 9 basis points in December to 2.118%. (Read More)
Title Firm Launches LeaseProbe
February 2, 2005
Madison Title Agency, Lakewood, N.J., has announced the launch of LeaseProbe LLC, a wholly owned subsidiary that conducts lease review, lease abstraction, and commercial real estate due diligence. (Read More)
Radian Partners With HK Bank
February 2, 2005
Mortgage insurer Radian Group Inc. has formed a partnership with Standard Chartered Bank (Hong Kong) Ltd. under which Radian will become the exclusive provider of mortgage insurance for Standard Chartered, according to the MI company. (Read More)
Group Concerned About SEC Offering Reform
February 2, 2005
The Bond Market Association has indicated that it supports some aspects of the Securities and Exchange Commission's offering reform proposal but has concerns about its application to asset-backed securities. (Read More)
Atlanta FHLBank Names CFO, EVP
February 2, 2005
Ernest "Lee" Puschaver has been named chief financial officer of the Federal Home Loan Bank of Atlanta, and W. Wesley McMullan has been promoted to executive vice president and director of the bank's Financial Management Division. (Read More)
Moody's Downgrades PHH Debt
February 2, 2005
The senior unsecured debt ratings of PHH Corp., Mount Laurel, N.J., have been lowered from Baa1 to Baa3 by Moody's Investors Service, and PHH's commercial paper program has been downgraded from Prime-2 to Prime-3. (Read More)
Salomon CMBS Classes Downgraded
February 2, 2005
Five classes of Salomon Brothers Mortgage Securities VII Inc., commercial mortgage pass-through certificates, series 2000-C2, have been downgraded by Moody's Investors Service. (Read More)
Red Mountain CMBS Class Downgraded
February 2, 2005
Class G of Red Mountain Funding LLC's commercial mortgage pass-through certificates, series 1997-1, has been downgraded from CC to C by Fitch Ratings. (Read More)
GSE Hearings Slated for Next Week
February 3, 2005
The House and Senate banking committees are preparing to hold GSE hearings next week that will set the stage for considering legislation to strengthen federal regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. (Read More)
S&P Lowers Fannie's Governance Score
February 3, 2005
Standard & Poor's Governance Services has lowered its corporate governance score on Fannie Mae from CGS-9 to CGS-7 following meetings with the company's management and directors. (Read More)
Fannie Deleted From Dow Dividend Index
February 3, 2005
Fannie Mae will be deleted from the Dow Jones Select Dividend Index and replaced by Astoria Financial because Fannie's recently announced halving of dividends caused the company to fall below the index's yield requirement, Dow Jones Indexes has announced. (Read More)
Fed Funds Target Rate Hiked
February 3, 2005
The Federal Open Market Committee has raised its target for the federal funds rate by 25 basis points, to 2.5%, and has indicated that rate hikes are likely to continue in the future. (Read More)
OCC Issues Predatory Lending Reg
February 3, 2005
The Office of the Comptroller of the Currency has incorporated its 2003 anti-predatory-lending guidelines into a regulation to emphasize its commitment to take enforcement actions when it discovers unfair and deceptive lending practices at national banks. (Read More)
Fixed Rates Decline
February 3, 2005
The average 30-year fixed mortgage rate fell to 5.63% for the week ending Feb. 4 from 5.66% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
CarsDirect Buys Select Myers Properties
February 3, 2005
Los Angeles-based CarsDirect has acquired several mortgage website properties from Myers Internet Inc. (Read More)
New Century Reports Higher Earnings
February 3, 2005
New Century Financial Corp., a nonprime mortgage company based in Irvine, Calif., has reported net earnings of $375.6 million ($8.29 per share) for 2004, compared with $245.5 million ($6.32 per share) in 2003. (Read More)
EOP Reports Dive in Profits
February 3, 2005
Equity Office Properties Trust, Chicago, has reported net income of $98.2 million ($0.24 per share) for 2004, a major decline from $603.2 million ($1.50 per share) for 2003. (Read More)
Equity Residential Reports '04 EPS
February 3, 2005
Chicago-based Equity Residential, the largest multifamily real estate investment trust by market capitalization, has reported earnings per share of $1.48 for 2004, down from $1.55 in 2003. (Read More)
Resale of Fieldstone Stock Okayed
February 3, 2005
Stockholders of Fieldstone Investment Corp., Columbia, Md., have been authorized to resell approximately 43.3 million shares of its common stock, according to the residential mortgage banking company. (Read More)
Many Favor GSE Fee Cut -- Except Wells
February 4, 2005
Wells Fargo Home Mortgage, the nation's second-largest servicer, is adamantly opposed to any significant cut in the minimum servicing fee charged by Fannie Mae and Freddie Mac, industry sources have told MortgageWire. (Read More)
Mortgage Jobs Hold Steady
February 4, 2005
Employment in the mortgage industry held steady in December after lenders added 32,200 new employees to their payrolls in 2004, according to Friday's jobs report by the Bureau of Labor Statistics. (Read More)
10-Year Yield Falls
February 4, 2005
Meanwhile, the jobs report -- which indicated that overall employment has been weaker than expected -- caused long-term rate indicators to edge downward Friday morning and raised questions about whether federal officials would continue to raise short-term rates. (Read More)
Senate Slates GSE Hearing
February 4, 2005
The Senate Banking Committee has scheduled a GSE hearing for Feb. 10 to examine the role played by Fannie Mae, Freddie Mac, and the Federal Home Loan Banks in the housing markets. (Read More)
New Trade Group Opposes GSE Bill
February 4, 2005
The National Alliance of Independent Mortgage Bankers, a newly formed trade group that represents small- to medium-sized funders, says recently introduced GSE legislation will hurt both borrowers and the industry. (Read More)
MBA, NAHB Back MBS Issuance by FHLBanks
February 4, 2005
The Mortgage Bankers Association and the National Association of Home Builders want Congress to grant the Federal Home Loan Banks authority to guarantee and issue mortgage-backed securities, and their proposals are stimulating debate within the FHLBank community. (Read More)
GMACCH Tops MBA Commercial Servicer List
February 4, 2005
GMAC Commercial Holding was the leading commercial mortgage servicer, by total primary and master servicing volume, at the end of 2004, according to data compiled by the Mortgage Bankers Association. (Read More)
GMAC Bank Enhances 'Link to Lender'
February 4, 2005
GMAC Bank Wholesale Lending, Horsham, Pa., has introduced an enhanced version of Link to Lender, a joint effort with Fannie Mae that it says "significantly streamlines" the loan submission and registration process for brokers and correspondents who select GMAC Bank as the sponsoring lender when they use Fannie's Desktop Originator. (Read More)
S&P Names New Global ABS/MBS Chief
February 4, 2005
Rosario Buendia has been named global practice leader for asset-backed securities, mortgage-backed securities, and new assets in the Structured Finance Group of Standard & Poor's Ratings Services. (Read More)
NAR: Housing Affordability Improves
February 4, 2005
The typical American family's ability to purchase a median-priced home increased in the fourth quarter as a result of declining mortgage interest rates and rising family income, according to the National Association of Realtors. (Read More)
CMAC CMBS Class Downgraded
February 4, 2005
Class L of Commercial Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 1998-C2, has been downgraded from CCC to CC by Fitch Ratings. (Read More)
Zero Downpay, Payment Incentives in Budget
February 7, 2005
The Bush administration will continue to push for a federally insured zero downpayment program for borrowers with strong credit histories and a payment incentives program for borrowers with limited or weak credit histories, despite resistance in Congress and concerns about high default rates and costs. (Read More)
FHA Predictions Slammed in Budget
February 7, 2005
The Federal Housing Administration cannot accurately predict losses on the single-family loans it insures or demonstrate its ability to reduce fraud, according to the president's fiscal year 2006 budget request to Congress. (Read More)
Budget Questions Role of Fannie, Freddie
February 7, 2005
The Bush Administration, in its new fiscal budget, questions the role Fannie Mae and Freddie Mac play in the mortgage market, citing the "potential for systematic risk" arising from their size. (Read More)
Greater GSE AH Effort Sought in Budget
February 7, 2005
In order to meet their new affordable housing goals Fannie Mae and Freddie Mac need to be more "innovative or aggressive" in purchasing low- to moderate-income mortgages, according to the Bush Administration's new fiscal budget. (Read More)
MBA Planning Commercial Data Standards Release
February 7, 2005
The Mortgage Bankers Association plans to release a commercial version of the data set standards used in the residential market to facilitate the transfer of information between the various players in the lending transaction. (Read More)
GMACCM to Buy Highland
February 7, 2005
GMAC Commercial Mortgage Corp., Elkins Park, Pa., has agreed to acquire Highland Mortgage Co., a Department of Housing and Urban Development lender based in Birmingham, Ala. (Read More)
Commercial Capital to Acquire Timcor
February 7, 2005
Commercial Capital Bancorp Inc., Irvine, Calif., has agreed to acquire Timcor Exchange Corp., Los Angeles, Calif., in an all-stock deal valued at $29.4 million. Timcor is a "qualified intermediary" which facilitates tax-deferred real estate exchanges under Section 1031 of the Internal Revenue Service Code. (Read More)
Boyd to Chair Freddie Foundation
February 7, 2005
The Freddie Mac Foundation has elected Ralph F. Boyd Jr. as its new chairman. Mr. Boyd replaces Freddie Mac chairman and chief executive officer Richard F. Syron, who the government-sponsored enterprise said stepped down from the foundation post "to focus more attention on key legislative and business issues facing the company." (Read More)
Bear To Boost European ABS/CMBS with Hires
February 7, 2005
Bear Stearns International Ltd. has hired five asset-backed securities professionals in Europe, including Adam Toft, a managing director the company said will "play a significant role in the development of the commercial mortgage department." (Read More)
Carver Bancorp Elects New Chair
February 7, 2005
Deborah C. Wright, president and chief executive officer of Carver Bancorp Inc., has been elected chairman of the board of Carver, which is the holding company for Carver Federal Savings Bank. (Read More)
HomeBanc Prices Stock Offering
February 7, 2005
HomeBanc Corp., the parent company of Atlanta-based HomeBanc Mortgage Corp., has priced a public offering of 9.5 million shares of common stock at $9.10 per share. (Read More)
Moody's Eyes Comfed MBS Classes
February 7, 2005
Two classes of Comfed Mortgage mortgage pass-through certificates backed by adjustable-rate mortgage loans have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Thrifts Expect High '05 Origination Rate
February 8, 2005
Nearly 50% of small- and medium-size banks and thrifts expect to see an increase in single-family originations in 2005, compared to 2004, while only 21% expect a decline, according to a real estate lending survey by the America's Community Bankers. (Read More)
Hybrid Interim Rule on the Way
February 8, 2005
The Office of Management and Budget has finally cleared a regulation that will allow Federal Housing Administration lenders to offer a 5/1 hybrid adjustable-rate mortgage that is similar to conventional hybrid products. (Read More)
Record Year for Commercial Market
February 8, 2005
Commercial and multifamily mortgage bankers enjoyed a record year in 2004, according to the Mortgage Bankers Association. (Read More)
Freddie Names New SVP and General Counsel
February 8, 2005
Freddie Mac has appointed Joan E. Donoghue to be senior vice president and general counsel after working at the GSE for four years. (Read More)
ABN Amro Mortgage Group Gets New Pres
February 8, 2005
Thomas M. Goldstein has been named chairman, president and chief executive of ABN Amro Mortgage Group, Chicago. (Read More)
OFHEO to Get $1 Million Budget Increase
February 8, 2005
The agency that regulates Fannie Mae and Freddie Mac will get a mere $1 million increase in its budget for fiscal year 2006 after receiving a 50% budget increase last year. (Read More)
Fannie and Freddie 30-year MBS Prepay Rates Fall
February 8, 2005
Prepayment rates for 30-year Fannie Mae mortgage-backed securities decreased in January, while 30-year Freddie Mac MBS speeds declined even more sharply, according to Bear Stearns. (Read More)
Radian Completes Second-of-Its-Kind Deal
February 8, 2005
Radian Group Inc., Philadelphia, has completed a structured finance transaction to help manage nonprime credit risk that is the second of its kind. (Read More)
BOA Shutting Private-Label Unit
February 9, 2005
Bank of America is closing its private-label residential outsourcing unit, Financial Services Solutions, a joint venture operation that is partly owned by title insurance giant Fidelity National Financial. (Read More)
Baker Not Inclined to Limit GSE Debt
February 9, 2005
The chairman of the GSE subcommittee said that in more closely regulating Fannie Mae and Freddie Mac he is not inclined to limit their debt issuance, a move that has been suggested by Federal Reserve chairman Alan Greenspan. (Read More)
Ousted Fannie Execs Get Some Compensation
February 9, 2005
The Office of Federal Housing Enterprise Oversight has given Fannie Mae the green light to pay initial pension and deferred compensation benefits to its recently ousted chairman/CEO Franklin Raines and chief financial officer Timothy Howard. (Read More)
Deputy FHA Commissioner Departing
February 9, 2005
Federal Housing Administration deputy commissioner Sean Cassidy is leaving the agency after four years on the job. (Read More)
Demos Report: Housing Bubble Could Be Coming
February 9, 2005
Despite claims by the Federal Reserve Board that fears of a housing bubble have been exaggerated, data suggests that consumers are not saving at all but rather are continuing to borrow more to get into homes, according to Dean Baker, co-director at the Center for Economic Policy and Research. (Read More)
Home Values Seen Declining
February 9, 2005
During the refinance boom between 2001 and 2003, a majority of households used cash equity from their homes to cover living expenses and to pay down credit card debt, which eroded their home's cash value, according to a new report from Demos: A Network for Ideas & Action, a national nonpartisan public policy organization based in New York. (Read More)
AmeriDream Reaches out to Minority Population
February 9, 2005
AmeriDream, Inc. is extending a helping hand to nonresident Hispanics and other immigrant homebuyers by accepting Individual Taxpayer Identification Numbers issued by the Internal Revenue Service to individuals who do not have a Social Security Number. (Read More)
Bankrupt B&C Lender Taps New Chief
February 9, 2005
Subprime lender American Business Financial Services, Philadelphia, which is operating under bankruptcy protection, has promoted Milton Riseman to president and chief operating officer. (Read More)
Weicher: GSE Program Denial Rarely Used
February 10, 2005
The Department of Housing and Urban Development has program approval authority over Fannie Mae and Freddie Mac but has rarely denied them any new activities, assistant housing secretary John Weicher told the Senate Banking Committee on Thursday. (Read More)
Fixed Rates Decline
February 10, 2005
The average 30-year fixed rate mortgage fell to 5.57% with an average 0.8 points for the week ending February 10, 2005, down from 5.63% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Applications Increase
February 10, 2005
The Market Composite Index, an overall measure of mortgage applications increased 4.2% from 706.4 to 735.9 on a seasonally adjusted basis for the week ending February 4, according to the Mortgage Bankers Association's Weekly Mortgage Application Survey. (Read More)
Condos and Co-ops See Record Sales
February 10, 2005
Sales of existing condominium and cooperative units eased in the fourth quarter of 2004, the National Association of Realtors, Washington, reports, but hit a record for the ninth consecutive year considering sales for the entire year. (Read More)
Analyst Downgrades Three Mortgage Stocks
February 10, 2005
Analysts at Sanford C. Bernstein & Co., New York, have downgraded their ratings on Freddie Mac, Radian Guaranty, and PMI Group. (Read More)
Meritage Homes Corp. Set to Acquire Colonial Homes
February 10, 2005
Homebuilder Meritage Homes Corp., based in Dallas, Tex., has entered into a definitive agreement to purchase the homebuilding assets of Colonial Homes of Fort Myers, Fla. a privately held builder of single-family homes and condominiums. (Read More)
Bear CMBS Sees Ratings Changes
February 10, 2005
Moody's Investors Service downgraded the ratings of four classes and upgraded the ratings of three classes of Bear Stearns Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 1999-C1. (Read More)
New Application Checks for Credit Inaccuracies
February 10, 2005
CreditXpert Inc., a credit analysis and management provider based in Towson, Md., launched a tool for finding inaccuracies in credit files and giving the user the ability to act on them. (Read More)
Freddie Offers New Product Suite
February 11, 2005
Freddie Mac is preparing to announce a new suite of affordable loan products that will help workers earning 100% of median income to get 100% financing with only a $500 borrower contribution required. (Read More)
Chicago FHLB Eyeing MPF Options
February 11, 2005
The Chicago Federal Home Loan Bank is looking for new ways to fund and capitalize mortgage acquisitions under its mortgage partnership finance program and to resell MPF loans. (Read More)
Shelby Looking at G-Fee Issues
February 11, 2005
Senate Banking Committee chairman Richard Shelby, R-Ala., is looking into complaints from small lenders that Fannie Mae and Freddie Mac charge them high loan guarantee-fees, while offering discounts to large lenders. (Read More)
Indiana Passes Amendment
February 11, 2005
An amendment of the Indiana Home Loan Protections Act is now in effect that clarifies that rescission rights granted for a violation of the law, in Indiana's high-cost home loan statutes, refers only to a violation of the Truth In Lending Act. (Read More)
MuniMae Closes Fund
February 11, 2005
Municipal Mortgage & Equity, Baltimore, has closed a tax credit equity fund, raising $319 million from 16 corporate investors, the multifamily financing company reports. (Read More)
Hearings Planned on Modernizing FHA
February 14, 2005
The chairman of the House Financial Services' housing subcommittee, Rep. Bob Ney, R-Ohio, is planning to hold a series of hearings on the Federal Housing Administration that look at ways to modernize the mortgage insurance agency, update its technology, and increase its staffing and expertise. (Read More)
Mag Ranks Ousted Fannie CFO Among Best
February 14, 2005
Timothy Howard, Fannie Mae's recently ousted chief accounting officer, has been named among the best chief financial officers in America, according to Institutional Investor magazine. (Read More)
HUD: Reduce Barriers to Work Force Housing
February 14, 2005
Many communities are actively removing regulatory barriers that prevent the construction of work force housing for teachers, policemen, and nurses, but more needs to be done, according a new report issued by the Department of Housing and Urban Development. (Read More)
Irwin Names Correspondent Lending Chief
February 14, 2005
Dan Hastings has been promoted to first vice president and head of correspondent lending at Irwin Mortgage Corp., Indianapolis. (Read More)
FNF Enhances BuyBankHomes.com
February 14, 2005
Fidelity National Financial Inc., Jacksonville, Fla., has announced the addition of new reporting capabilities and a search feature to its BuyBankHomes.com Web portal on foreclosed properties. (Read More)
Accredited Reports '04 Profits
February 14, 2005
Accredited Home Lenders Holding Co., a nonprime nationwide mortgage lender, has reported net income of $130.8 million for 2004, an increase of 30.8% over $100 million in 2003. (Read More)
ABN Amro Mortgage Partners With Ford
February 14, 2005
ABN Amro Mortgage Group, Ann Arbor, Mich., has announced that Ford Motor Co. now offers a private-label version of AAMG's Mortgage.com to its employees. (Read More)
NAHB Launches Housing Ad Campaign
February 14, 2005
The National Association of Home Builders has announced the launch of an advertising campaign to draw congressional attention to housing's contributions to the nation's economic recovery and the strong housing demand being projected for the next 10 years. (Read More)
VA Proposes Servicing Revamp
February 15, 2005
The Department of Veterans Affairs is proposing to revamp its servicing requirements and delegate more responsibilities to private servicers, particularly in the area of loss mitigation. (Read More)
HUD Seeks to Expand Treble Damages
February 15, 2005
The Department of Housing and Urban Development has sent a rule that could inflict severe penalties on FHA servicers to the Office of Management and Budget for final clearance. (Read More)
NAR Reports Double-Digit Price Gains
February 15, 2005
House prices posted double-digit gains in almost half of the 129 metropolitan statistical areas in 2004, according to the National Association of Realtors. (Read More)
Seattle FHLBank Taps Ex-CEO as Interim Chief
February 15, 2005
James R. Faulstich, who served as president and chief executive officer of the Federal Home Loan Bank of Seattle from 1979 to 1999, has been appointed interim president and CEO of the Seattle FHLBank to replace the retiring Norman Rice. (Read More)
MISMO Cites Bundling, E-Mortgage Initiatives
February 15, 2005
The Mortgage Industry Standards Maintenance Organization has announced plans to develop a multiservice response that would make it easier to bundle existing standards in one transaction and separate plans to release a way to test e-mortgage standards. (Read More)
Loancity.com Rebranded as LoanCity
February 15, 2005
Loancity.com, a wholesale mortgage lender based in San Jose, Calif., has announced the adoption of a new corporate identity as LoanCity to better portray the company's focus as a lender rather than a technology-based dot-com. (Read More)
Regency, Macquarie Buying CalPERS Portfolio
February 15, 2005
Regency Centers, Jacksonville, Fla., and its joint venture partner Macquarie CountryWide Trust of Australia are buying a 101-property retail portfolio for about $2.74 billion from a joint venture between the California Public Employees Retirement System and First Washington, Bethesda, Md. (Read More)
Canadian REIT, Affiliate Seek Buyers
February 15, 2005
Canada's O&Y Real Estate Investment Trust has joined O&Y Properties Corp. in a process aimed at the joint sale of both entities. (Read More)
Radian Names Cap Markets SVP
February 15, 2005
Mark A. Casale has been named senior vice president of capital markets at Radian Guaranty Inc., a Philadelphia-based provider of mortgage insurance. (Read More)
Citi MBS Classes Downgraded
February 15, 2005
Two classes in Citigroup Mortgage Loan Trust, series 2003-1, have been downgraded by Fitch Ratings. (Read More)
Access MH Classes Downgraded
February 15, 2005
Two classes from two Access Financial Manufactured Housing issues have been downgraded by Fitch Ratings. (Read More)
Fannie Reports BenchNote Repo
February 15, 2005
Fannie Mae has reported the repurchase of $2.0 billion of outstanding Benchmark Securities. (Read More)
Housing Starts at Highest Level in 20 Years
February 16, 2005
Single-family housing starts jumped 2.7% in January to 1.76 million units on an annualized basis, according to new figures released by the Commerce Department. (Read More)
Frist Hopeful About Bankruptcy Bill
February 16, 2005
Senate Majority Leader Bill Frist says he believes the Senate will be able to pass a consumer bankruptcy bill during the week of Feb. 28 that is acceptable to the House and the Bush administration. (Read More)
MBA Estimates ROE for G-Fees
February 16, 2005
By charging a 20-basis-point guarantee fee, Fannie Mae and Freddie Mac are probably achieving a 26% return on equity, according to an estimate by a Mortgage Bankers Association economist. (Read More)
Applications Dip
February 16, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 735.9 to 732.3 on a seasonally adjusted basis during the week ended Feb. 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
4Q Resales Rise at Near-Record Pace
February 16, 2005
Total existing-home sales -- including condominiums and co-operatives -- set the second-highest pace on record in the fourth quarter, rising in 40 states and the District of Columbia from the levels recorded a year earlier, according to the National Association of Realtors. (Read More)
Execs Buy Lenderinspection.com
February 16, 2005
Lenderinspection.com, a Scottsdale, Ariz.-based provider of construction-inspection services for mortgage lenders, has announced that its upper management has completed a buyout of the company. (Read More)
Freddie, VMP Provide Bilingual Forms
February 16, 2005
Freddie Mac and VMP Mortgage Solutions Inc., a Bankers Systems Inc. company, have formed a joint initiative designed to provide mortgage lenders with tools that develop bilingual, state-specific security instruments, notes, and other mortgage documents in English and Spanish. (Read More)
Teamsters Sue Dynex
February 16, 2005
The Teamsters Local 445 Freight Division Pension Fund has filed a lawsuit alleging fraud and securities violations by Dynex Capital Inc., a real estate investment trust based in Glen Allen, Va., according to the REIT. (Read More)
WaMu Teams Up With Magic Johnson
February 16, 2005
Washington Mutual, Seattle, has announced that it is teaming up with former basketball great Earvin "Magic" Johnson to celebrate the grand opening of three home loan centers and a loan processing center in the San Francisco Bay Area. (Read More)
CAR: Homebuyer Income Gap $56K
February 16, 2005
California households at the state median income of $53,240 fell more than $56,000 short of the qualifying income needed to buy a home in the fourth quarter at the state median price of $470,920, according to the California Association of Realtors. (Read More)
RAIT Reports '04 Earnings
February 16, 2005
RAIT, a Philadelphia-based commercial mortgage real estate investment trust, has reported net income of $60.9 million ($2.48 per share) for 2004, compared with $47.2 million ($2.23 per share) for 2003. (Read More)
Oakwood MH Classes Downgraded
February 16, 2005
Twenty-four classes from 19 Oakwood Homes manufactured housing transactions have been downgraded by Fitch Ratings. (Read More)
Merit MH Class Downgraded
February 16, 2005
Class B-3 of Merit Securities Corp., series 11, has been downgraded from BBB to B by Fitch Ratings. (Read More)
Origen MH Class Downgraded
February 16, 2005
Class M-2 of Origen Financial Inc. manufactured housing contracts, series 2001-A, has been downgraded from CCC to C by Fitch Ratings. (Read More)
Oxley Seeks Early Passage of GSE Bill
February 17, 2005
House Financial Services Committee Chairman Michael Oxley, R-Ohio, wants Congress to pass a GSE bill that strengthens regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks this year -- and he says he'd like it to be early this year. (Read More)
ACB: Thumbs Down on FHLBank MBS
February 17, 2005
America's Community Bankers, which represents a majority of the Federal Home Loan Banks' shareholders, has turned its back on a legislative proposal that would allow the 12 FHLBanks to guarantee and issue mortgage-backed securities. (Read More)
Rates Rise
February 17, 2005
The average 30-year fixed mortgage rate rose to 5.62% for the week ending Feb. 18 from 5.57% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Freddie Expands Initial Interest Products
February 17, 2005
Freddie Mac has announced an expansion of its Initial Interest mortgage products to include Constant Maturity Treasury and London interbank offered rate 3/1, 5/1, and 7/1 adjustable-rate mortgages with a 10-year interest-only period. (Read More)
Freddie Updates LP
February 17, 2005
Freddie Mac has announced that it will change Loan Prospector to give lenders greater certainty on pricing for A-minus and Caution loans. (Read More)
LSI Launches New POS Website
February 17, 2005
LSI Credit Services, a division of Fidelity National Financial Inc., Jacksonville, Fla., has released a new point-of-sale website designed to provide originators with increased efficiency and effectiveness in credit services ordering and management processes. (Read More)
LoanPerformance Touts RiskModel Enhancements
February 17, 2005
LoanPerformance, a San Francisco-based provider of residential mortgage data and analytics, has announced the release of version 3.1 of its RiskModel forecasting tool for mortgage defaults, losses, prepayments, and delinquencies. (Read More)
OTS: Thrift SF Originations Fell in '04
February 17, 2005
Thrift originations of single-family loans totaled $603.3 billion in 2004, down 17.3% from the record set in 2003, according to the Office of Thrift Supervision. (Read More)
MBS Issuance Drops as ABS Issuance Surges
February 17, 2005
Issuance of mortgage-backed securities fell 42% in 2004, while asset-backed securities issuance -- driven largely by strong volumes in the home equity sector -- climbed 50%, The Bond Market Association has reported. (Read More)
Countrywide Sponsors Spanish Reality Show
February 17, 2005
Countrywide Home Loans Inc., Calabasas, Calif., is using a nontraditional marketing tool to reach out to Hispanic borrowers: it has become the official sponsor of a home makeover reality television show on Telemundo, one of the nation's largest Spanish-language networks. (Read More)
Mills to Restate Earnings
February 17, 2005
Mills Corp., Arlington, Va., has announced that it will restate its audited financial results for 2002 and 2003 and its unaudited quarterly results for 2004. (Read More)
German CMBS Classes Downgraded
February 17, 2005
Moody's Investors Service has downgraded the class D and class E credit-linked notes of GECO 2002 Ltd., a synthetic German commercial mortgage-backed securitization sponsored by Hypo Real Estate Bank AG. (Read More)
Moody's Eyes Amresco Certificates
February 17, 2005
Three subordinate certificates from Amresco Residential Securities Corp. Mortgage Loan Trust, series 1997-3, have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Fitch Eyes Morgan Stanley CMBS Classes
February 17, 2005
Classes E and F of Morgan Stanley Dean Witter Capital commercial mortgage pass-through certificates, series 2001-PPM, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Senate Panel OKs Bankruptcy Reform
February 18, 2005
The Senate Judiciary Committee has approved a bankruptcy reform bill by a 12-5 vote, clearing the way for the full Senate to consider the measure during the first week of March. (Read More)
Greenspan: Cap GSE Portfolio Growth
February 18, 2005
Federal Reserve Board Chairman Alan Greenspan made a strong pitch Thursday to control the growth of Fannie Mae and Freddie Mac, suggesting that lawmakers might cap each government-sponsored enterprise's mortgage holdings at $100 billion to $200 billion. (Read More)
10-Year Yield Rises to 4.25%
February 18, 2005
The rate-indicative 10-year Treasury yield rose to 4.25% Friday morning following the release of a Producer Price Index report that showed unexpected strength, raising inflation concerns, according to Yahoo! Finance. (Read More)
Class Action Targets G-Fees
February 18, 2005
A class action suit has been filed against Fannie Mae and Freddie Mac in Superior Court of California in Los Angeles on behalf of borrowers who claim they paid more for residential real estate loans because of inflated prices for guarantee fees. (Read More)
Lightstone Buying Prime Group
February 18, 2005
The Lightstone Group, Lakewood, N.J., is acquiring Prime Group Realty Trust, Chicago, for about $889.4 million, Prime Group has reported. (Read More)
CBAC Touts 1st Securitization
February 18, 2005
CBA Commercial LLC, a commercial mortgage finance firm based in Stamford, Conn., has announced the issuance of its first capital markets offering, a $102 million securitization of commercial, mixed-use, and multifamily mortgage loans. (Read More)
LandAmerica Names EVP
February 18, 2005
Albert V. Will has been named executive vice president of lender services at LandAmerica Financial Group Inc., Richmond, Va. (Read More)
Freddie Settles Strip Security
February 18, 2005
Freddie Mac has announced the settlement of a $2.5 billion 6% Gold MACS Strip security with a weighted average coupon of 6.399% and a weighted average loan age of 13 months. (Read More)
Feedback
February 18, 2005
Should there be a disclosure requirement for Realtors' fees? (Read More)
Freddie Launches 'Affordable Servicing' Pilot
February 22, 2005
Freddie Mac has started a new pilot program designed to make sure that affordable home loan customers who run into potential trouble have the opportunity to stay in their homes. (Read More)
Freddie Cites 'Tier One' Servicers
February 22, 2005
Freddie Mac has announced that 23 single-family mortgage servicers achieved "Tier One" performance rankings for superior investor reporting and default management during two or more quarters last year. (Read More)
MBA Wants More Input from Servicers
February 22, 2005
The chairperson of the Mortgage Bankers Association loan administration committee has called on loan servicers to expand their involvement in the industry association's efforts to influence public policy. (Read More)
MBA to Offer Servicing Certification
February 22, 2005
The Mortgage Bankers Association is adding a Certified Mortgage Servicer program to its CampusMBA suite of industry training and educational programs. (Read More)
Countrywide Revises MBS Gain-on-Sale Timing
February 22, 2005
Countrywide Financial Corp., Calabasas, Calif., has revised the timing for gain on sale from certain mortgage-backed securitizations originally recognized during 2004 in a move the company said will slightly reduce its earnings for that year and increase them by an equal amount for the first quarter of this year. (Read More)
Nationwide, FedEx Affiliate Join Forces
February 22, 2005
Nationwide Advantage Mortgage Co., Columbus, Ohio, has announced a partnership with FedEx Employees Credit Association, Memphis, under which the latter will offer low-cost mortgages to its 66,000 members. (Read More)
FTC Conducting Credit Score Survey
February 22, 2005
The Federal Trade Commission is seeking comment on how credit scores affect availability and pricing of financial products, including mortgage loans and homeowners insurance, as part of a study mandated by Congress. (Read More)
IMAG Hires Op Risk Chief
February 22, 2005
Phil Gledhill has been hired as director of the operational risk consulting practice for IMAG Inc., a New York-based consulting firm on reputation risk in the financial services industry. (Read More)
Firm Launches CMBS Calculators
February 22, 2005
Commercial Defeasance LLC, Charlotte, N.C., recently added two new calculators to its website. (Read More)
S&P Downgrades Various MH Classes
February 22, 2005
The ratings on 19 classes in five manufactured housing transactions from four issuers have been lowered by Standard & Poor's Ratings Services. (Read More)
Mortgage Lending Declines in UK
February 22, 2005
Gross mortgage lending in the United Kingdom fell to £17.9 billion (about $34.1 billion) in January from £21.3 billion (approximately $40.6 billion) in December, according to the Council of Mortgage Lenders. (Read More)
Correction
February 22, 2005
The Senate is expected to start debate on a bankruptcy reform bill (S. 256) during the week of Feb. 28, not the first week of April, as MortgageWire recently reported. (Read More)
OFHEO OKs Fannie's Plan, but Finds New Woes
February 23, 2005
Fannie Mae's regulator has approved the capital restoration plan of the troubled government-sponsored enterprise but has also found some previously undisclosed problems with its accounting systems and internal controls. (Read More)
Fannie Purchases Fall to 39-Month Low
February 23, 2005
Fannie Mae acquired $48 billion in home mortgages in January, its lowest purchase volume in more than three years. (Read More)
GSE Fraud Reporting Rule Proposed
February 23, 2005
Fannie Mae and Freddie Mac would be required to report incidents of actual or suspected mortgage fraud to their primary regulator -- the Office of Federal Housing Enterprise Oversight -- under a proposed rule issued by OFHEO. (Read More)
Title Insurers Ending Captive Re Arrangements
February 23, 2005
With regulators clamping down on captive title reinsurance arrangements, three of the nation's largest title insurers say they have ended or will end these arrangements. (Read More)
Feds Float New CRA Proposal
February 23, 2005
Federal banking regulators are proposing a new Community Reinvestment Act test for intermediate-size banks with assets between $250 million and $1 billion, and it appears to have the support of some banking groups. (Read More)
Criimi Mae For Sale?
February 23, 2005
Criimi Mae, a real estate investment trust based in Rockville, Md., may be up for sale, and BREF One, the company's largest shareholder, is a potential buyer. (Read More)
Applications Slip
February 23, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 732.3 to 727.9 on a seasonally adjusted basis during the week ended Feb. 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
B&C Escrow Rate Called Low
February 23, 2005
Servicers of subprime mortgage loans face a perplexing conundrum: only about a quarter of the loans include escrow accounts to ensure payment of insurance premiums and property taxes, yet subprime borrowers are the least likely to save money to make such payments. (Read More)
Study: Servicers Own the Customer
February 23, 2005
When it comes to wooing customers, mortgage brokers and loan officers may be the first in line, but a recent study suggests that servicers are the ones who win the customers' loyalty in the long run. (Read More)
Mozilo: Revision Isolated Concern
February 23, 2005
Countrywide Financial Corp.'s revision of the timing of the gain on sale from certain mortgage-backed securitizations appears to be an isolated financial reporting concern, company chairman and chief executive officer Angelo Mozilo said in a Tuesday afternoon conference call. (Read More)
Bush Announces OCC Nominee
February 23, 2005
President Bush has announced his intention to nominate John Dugan to oversee national banks as the new comptroller of the currency. (Read More)
Nexstar Hires Exec From Competitor
February 23, 2005
Private-label originator Nexstar Financial, St. Louis, has hired away a top executive from its competitor, PHH Mortgage, Mt. Laurel, N.J. (Read More)
Fannie: Data Pointing to Home Sales Slowdown
February 23, 2005
Preliminary housing data are pointing toward a slowdown in home sales, while construction activity remains "surprisingly" strong, according to Fannie Mae chief economist David Berson. (Read More)
a la mode: We Won't Ally With AVM Providers
February 23, 2005
The chief executive officer of Oklahoma City-based a la mode inc. has told appraisers that his company would "never partner with an automated valuation model provider" and declared himself to be "the appraiser's advocate." (Read More)
Ellie Mae, a la mode Form Alliance
February 23, 2005
Dublin, Calif.-based Ellie Mae has announced that it will integrate its three loan origination tools (Encompass, Genesis, and Contour) as well as its ePASS portal exclusively to a la mode's appraisal products. (Read More)
a la mode Touts Product Updates
February 23, 2005
Meanwhile, a la mode has announced several product updates that will tie its products together in a more collaborative fashion. (Read More)
Lennar Wins Bid for Marine Base
February 23, 2005
Homebuilder Lennar Corp. has placed the winning bid for $650 million to purchase Heritage Fields, a former Marine Corps base in Irvine, Calif., that includes approximately 3,400 homesites and commercial properties over 1,300 acres. (Read More)
Fannie Prices BenchNotes
February 23, 2005
Fannie Mae has priced a $3 billion issue of two-year, 3.625% Benchmark Notes at 99.998. (Read More)
NovaStar Sub Completes $2.07B Deal
February 23, 2005
NovaStar Financial Inc., Kansas City, Mo., has announced that its subsidiary NovaStar Mortgage has completed its first securitization of 2005, a deal with a face value of approximately $2.07 billion. (Read More)
IRS Cites Spike in RE Fraud Probes
February 24, 2005
The Internal Revenue Service says it initiated nearly 200 real estate fraud investigations in fiscal year 2004 and secured 89 convictions for tax fraud and money laundering. (Read More)
Fixed Rates Climb
February 24, 2005
The average 30-year fixed mortgage rate rose to 5.69% for the week ending Feb. 25 from 5.62% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
FATIC Buys Denver Title Insurer
February 24, 2005
First American Title Insurance Co., Santa Ana, Calif., has acquired United General Financial Services Inc., a privately held Denver-based title insurance underwriter. (Read More)
Groups Launch Arbitration Clause Campaign
February 24, 2005
Consumer and public interest groups are launching a campaign to stop the inclusion of mandatory arbitration clauses in mortgage loans, credit cards, and employment contracts. (Read More)
PMI Risk Index Declines
February 24, 2005
The risk of a general decline in home prices over the next two years has declined in recent months, according to the winter 2005 PMI Risk Index, which fell 25 points from its autumn 2004 level. (Read More)
Fitch Revises RMBS Guidelines
February 24, 2005
Citing excellent compliance with its high-cost loan criteria, Fitch Ratings has announced that it will no longer require third-party reports for rated transactions at the time of closing for loans originated in New Jersey, New Mexico, Kentucky, Massachusetts, and Indiana. (Read More)
ITLA Sub Inks Pact With Fannie
February 24, 2005
ITLA Capital Corp., La Jolla, Calif., has announced that its wholly owned banking subsidiary, Imperial Capital Bank, has signed a loan purchase and servicing agreement with Fannie Mae. (Read More)
AvalonBay Names New Prez
February 24, 2005
Tim Naughton, chief operating officer of AvalonBay Communities, has been named president of the Alexandria, Va.-based company. (Read More)
Cantor Names Interest Rate Chief
February 24, 2005
Brian Edmonds has been named managing director and head of the interest rates business for the Debt Capital Markets division of Cantor Fitzgerald, New York. (Read More)
Mezz Cap Gets Capital Infusion
February 24, 2005
Mezz Cap, Short Hills, N.J., a commercial real estate finance company, has received a $25 million infusion of capital from investors led by Conning Capital Partners, Hartford, Conn. (Read More)
Acadia to Replace Summit in S&P REIT Index
February 24, 2005
Acadia Realty Trust will replace Summit Properties Inc. in the S&P REIT Composite Index after the close of trading Feb. 28, Standard & Poor's has announced. (Read More)
Resales Stats Now Include Condos, Co-ops
February 25, 2005
Existing-homes sales held steady in January under a new reporting series by the National Association of Realtors that combines single-family, condominium, and cooperative sales for the first time. (Read More)
Cap City Settles With FTC
February 25, 2005
The Federal Trade Commission has reached a $750,000 settlement with a former subprime lender, ending a seven-year legal stalemate over allegations of deceptive lending practices. (Read More)
HELs Surged at Commercial Banks in '04
February 25, 2005
Home equity lending at commercial banks grew at a 40.2% annual rate in 2004, up from a 33% annual growth rate in 2003. (Read More)
S&P: Nonprime Servicers Stressing Contact
February 25, 2005
Many servicers in the nonprime sector are taking a more active role in communicating with the borrower, according to Standard & Poor's Ratings Services. (Read More)
Pacific Home Touts AE Comp Plan
February 25, 2005
Pacific Home Funding Corp., dba LoanFunders, has announced the launch of a 100% compensation plan for its account executives based on experience and proven results. (Read More)
Aames Closes $1.18B Deal
February 25, 2005
Aames Investment Corp., Los Angeles, has closed a securitization and related offering by Aames Mortgage Investment Trust 2005-1 of approximately $1.18 billion of notes backed by nonconforming mortgage loans. (Read More)
French Treasury Prices 50-Year Bond
February 25, 2005
France's Treasury has priced a first-ever 50-year bond offering. (Read More)
Correction
February 25, 2005
While Dublin, Calif.-based Ellie Mae has entered into a strategic and exclusive partnership with appraisal technology vendor a la mode, it will continue its existing ties with Appraisal.com. (Read More)
Feedback
February 25, 2005
"Is this crazy or what?" (Read More)
New-Home Sales Weaker Than Expected
February 28, 2005
New home sales fell 9.2% in January to a seasonally adjusted annual rate of 1.106 million units, according to new figures released by the Census Bureau and the Department of Housing and Urban Development. (Read More)
Canadian Bank Mulls Options on RBCM
February 28, 2005
Royal Bank of Canada, Toronto, is looking to exit the U.S. mortgage market and has hired an investment banking firm to advise it on its options, industry sources have told MortgageWire. (Read More)
Chicago Title Settles With Feds, Texas
February 28, 2005
The Chicago Title Insurance Co. subsidiary of Fidelity National Financial Inc., Jacksonville, Fla., has entered into an agreement with the Department of Housing and Urban Development, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Texas Department of Insurance totaling $6.2 million. (Read More)
TBMA to Advise Ginnie on MBS
February 28, 2005
The Bond Market Association has formed a committee to advise Ginnie Mae on ways in which it can become more competitive in the mortgage marketplace while also improving the credit performance and investor interest in its mortgage-backed securities. (Read More)
Freddie Forms New SF Lending Team
February 28, 2005
Freddie Mac has formed what it calls "a new customer-focused leadership team" in its Single Family Lending Division. (Read More)
COPT Names New CEO
February 28, 2005
Randall M. Griffin has been named president and chief executive officer of Corporate Office Properties Trust, Columbia, Md., to replace its current CEO, Clay W. Hamlin III, who is retiring. (Read More)
Impac Names EVP/Chief Accountant
February 28, 2005
Gretchen Verdugo has been named executive vice president and chief accounting officer of Impac Mortgage Holdings Inc., a real estate investment trust based in Newport Beach, Calif. (Read More)
Fraud Deemed Factor in Chicago Foreclosures
February 28, 2005
Mortgage fraud has been a significant factor in the "persistently high level" of foreclosure activity in the Chicago metropolitan area, according to Foreclosures.com, a distressed property investment advisory firm based in Fair Oaks, Calif. (Read More)
Florida Resales Up 10%
February 28, 2005
Sales of existing single-family homes in Florida totaled 15,567 in January, up 10% from the level recorded a year earlier, according to the Florida Association of Realtors. (Read More)
Savings Institute Joins CT Rehab Program
February 28, 2005
The Savings Institute Bank & Trust Co., Willimantic, Conn., has announced that it will participate in the Connecticut Housing Finance Authority's Rehabilitation Loan Program. (Read More)
Fog Cutter Delisting Appeal Denied
February 28, 2005
Fog Cutter Capital Group, Portland, Ore., has announced that the company's appeal of the NASDAQ Stock Market's decision to delist Fog Cutter's common stock has been denied. (Read More)
Home123 to Sponsor Texaco/Havoline Dodge
February 28, 2005
Home123 Corp., a subsidiary of Irvine, Calif.-based New Century Financial Corp., has been signed by ChevronTexaco Products Co. as an associate sponsor of the #42 Texaco/Havoline Dodge in the 2005 NASCAR Nextel Cup series. (Read More)
March
WaMu Hunting for Mortgage Chief
March 1, 2005
Washington Mutual, Seattle, the nation's third-largest home lender, has confirmed that it's looking for a new mortgage chief. (Read More)
OTS Adopts Big-Bank CRA Exemption
March 1, 2005
Large thrifts will have more flexibility in meeting their Community Reinvestment Act goals under a final rule issued by the Office of Thrift Supervision. (Read More)
10-Year Yield Rises
March 1, 2005
The rate-indicative 10-year Treasury yield has broken out of its trading range and at one point Tuesday morning had risen to a point just shy of 4.4%, according to Yahoo! Finance. (Read More)
OFHEO: House Prices Jumped 11.7% in '04
March 1, 2005
House prices jumped by 11.7% in 2004, compared with 8.0% the previous year, despite a drop in appreciation in the fourth quarter that affected all areas of the country, according to the Office of Federal Housing Enterprise Oversight. (Read More)
Private MIs Off to a Bad Start
March 1, 2005
The year has gotten off to a rotten start for the private mortgage insurance companies. (Read More)
Ticor Allies With US Title
March 1, 2005
The National Commercial Division of Ticor Title Insurance Co. has announced a strategic alliance with US Title Search Inc., a provider of real estate services to carriers and site acquisition firms in the wireless industry. (Read More)
ValuAmerica Takes Product to the Web
March 1, 2005
ValuAmerica, a Pittsburgh-based developer of settlement services technology and a builder of large-scale vendor management captives, has introduced a Web version of its ValuNet platform. (Read More)
AICPA Issues Guidance for Mortgage Bankers
March 1, 2005
The American Institute of Certified Public Accountants has issued guidance on the accounting treatment that mortgage bankers have to use for loan commitments that are treated as derivatives. (Read More)
CitiMortgage Names Correspondent Chief
March 1, 2005
Jeff McGuiness has been promoted to managing director of the Correspondent Lending Division of CitiMortgage, St. Louis. (Read More)
Law Firm Adds REIT 'Pioneer'
March 1, 2005
Morrison & Foerster LLP has announced the addition of Yaacov M. Gross, a senior corporate finance attorney it termed a "pioneer" in the real estate investment trust market, as a partner in its New York office. (Read More)
NAHREP Names CEO
March 1, 2005
John U. Sepulveda, a former Clinton administration official and Freddie Mac executive, has been named chief executive officer of the National Association of Hispanic Real Estate Professionals. (Read More)
Lexington Buying Wells Portfolio
March 1, 2005
Lexington Corporate Property Trust, New York, is buying a portfolio of buildings from affiliates and joint venture partners of Atlanta-based Wells Real Estate Investment Trust for $786 million. (Read More)
RAMP ABS Classes Downgraded
March 1, 2005
Five certificates from three Residential Asset Mortgage Products Inc. Trust asset-backed securitization deals have been downgraded by Moody's Investors Service. (Read More)
Moody's Downgrades RASC MBS Classes
March 1, 2005
Six certificates from two Residential Asset Securities Corp. subprime deals issued in 2001 have been downgraded by Moody's Investors Service. (Read More)
BoA CMBS Classes Downgraded
March 1, 2005
Two classes of Banc of America Commercial Mortgage Inc. commercial mortgage pass-through certificates, series 2002-PB2, have been downgraded by Moody's Investors Service. (Read More)
Hanover Plans Trust Securities Offering
March 1, 2005
Hanover Capital Mortgage Holdings, Edison, N.J., has announced plans for a private placement of $20 million of trust preferred securities. (Read More)
Jackson: RESPA Consultation to Begin Soon
March 2, 2005
HUD Secretary Alphonso Jackson says he will start consultation with House and Senate Banking Committee leaders in the next 60 days on formulating a new RESPA reform proposal. (Read More)
Allard Crafting GSE Competition Bill
March 2, 2005
Sen. Wayne Allard, R-Colo., is working on a legislative proposal to increase competition in the secondary market dominated by Fannie Mae and Freddie Mac with an eye toward attaching it to a bill Congress is working on to strengthen regulation of the government-sponsored enterprises. (Read More)
NAR, NAHB Issue Warning on GSE Limits
March 2, 2005
The National Association of Realtors and the National Association of Home Builders are warning Congress that they would oppose legislation that reduces the capacity of Fannie Mae and Freddie Mac to provide low-cost housing finance. (Read More)
FHFB Chair Defers to Congress on MBS
March 2, 2005
The new chairman of the Federal Housing Finance Board says Congress, not the regulator, should decide whether the Federal Home Loan Banks are to compete with Fannie Mae and Freddie Mac in the mortgage securitization market. (Read More)
NAR Shocker: 36% of Homes Sold Are Seconds
March 2, 2005
More than one-third of all residences sold last year were second homes, according to new research conducted by the National Association of Realtors. (Read More)
Applications Fall
March 2, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 727.9 to 710.1 on a seasonally adjusted basis during the week ended Feb. 25, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
COFI Keeps Climbing
March 2, 2005
The Eleventh Federal Home Loan District Cost of Funds Index has increased for the eighth consecutive month, reaching 2.183% in January. (Read More)
ARC Unveils Program for New Immigrants
March 2, 2005
Affordable Residential Communities Inc., a Denver-based owner and operator of manufactured home communities, has announced the introduction of its New Immigrant Program, which the company says simplifies the process of buying a home for newcomers to the United States. (Read More)
No Red Tape Mortgage Names COO
March 2, 2005
Julie Cline has been named chief operating officer of No Red Tape Mortgage, a jumbo wholesale lender based in Sherman Oaks, Calif. (Read More)
FirstAm Names EVP of Client Relations
March 2, 2005
First American Real Estate Information Services Inc., Dallas, has announced the appointment of Andy Williams as executive vice president of client relations for First American's Mortgage Information Services Group. (Read More)
Fed Adopts Tier 1/Trust Securities Rule
March 2, 2005
The Federal Reserve Board has adopted a final rule that allows the continued limited inclusion of trust preferred securities in the Tier 1 capital of bank holding companies but subjects them to stricter quantitative limits. (Read More)
Archstone-Smith Buying $1.4B MF Portfolio
March 2, 2005
Archstone-Smith, Denver, is acquiring a portfolio of 30 multifamily communities from affiliates of Oakwood Worldwide, Los Angeles, for a total consideration of about $1.4 billion. (Read More)
Many UK Firms Seen Eyeing 'REIT' Status
March 2, 2005
About half the United Kingdom's larger, publicly listed property firms might convert to property investment funds if the U.K. were to introduce them, the Council of Mortgage Lenders has reported. (Read More)
Salomon CMBS Classes Downgraded
March 2, 2005
Three classes from Salomon Brothers Mortgage Securities VII Inc., series 2000-C2, have been downgraded by Fitch Ratings. (Read More)
Morgan Stanley CMBS Classes Downgraded
March 2, 2005
Three classes of Morgan Stanley Capital 1 Inc. commercial mortgage pass-through certificates, series 1999-FNV1, have been downgraded by Fitch Ratings. (Read More)
CSFB CMBS Class Downgraded
March 2, 2005
Class N of Credit Suisse First Boston commercial mortgage pass-through certificates, series 2001-CF2, has been downgraded from B-minus to CCC by Fitch Ratings. (Read More)
Seattle FHLBank to Exit MPP
March 3, 2005
Under regulatory pressure, the Federal Home Loan Bank of Seattle is exiting the mortgage purchase business in an attempt to restore the bank's profitability and submit a business and capital plan that is acceptable to its regulator. (Read More)
Fixed Rates Rise Again
March 3, 2005
The average 30-year fixed mortgage rate rose to 5.79% for the week ending March 3 from 5.69% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
PHH Forgoes Management Contracts
March 3, 2005
One month after going public, PHH Corp., Mt. Laurel, N.J., has adopted a policy of not entering into "employment agreements" with any of its executives or workers, including its chief executive, Terence W. Edwards. (Read More)
Bill Aims to Update REMIC Structure
March 3, 2005
Legislation aimed at making the structure of real estate mortgage investment conduits more responsive to today's environment has been reintroduced by Reps. Mark Foley and Earl Pomeroy, according to the Mortgage Bankers Association. (Read More)
Freddie: '04 Home Prices Rose 10.7%
March 3, 2005
Home prices increased at a 10.7% rate nationwide in 2004, up from 8.4% the year before, according to Freddie Mac. (Read More)
NHEMA Names Mortgage Fraud Spokesman
March 3, 2005
Arthur Prieston, chairman of The Prieston Group risk management consulting company, has been tapped to serve as spokesman for the National Home Equity Mortgage Association on issues relating to mortgage fraud. (Read More)
Bond Group Backs FICC Proposal
March 3, 2005
The Bond Market Association has asked the Securities and Exchange Commission to support a recent Fixed Income Clearing Corp. rule proposal that would expand FICC's trade submission requirements, arguing that its potential to reduce risk outweighs the trade group's concerns about the additional requirements. (Read More)
Freddie Prices $3B of RefNotes
March 3, 2005
Freddie Mac has priced $3 billion of two-year Reference Notes due April 15, 2007. (Read More)
US Mortgage to Sponsor NASCAR Chevy
March 3, 2005
US Mortgage Corp., Pine Brook, N.J., and its subsidiary CU National have announced a deal to sponsor the Red Cactus Racing #73 Chevrolet for certain events in the 2005 NASCAR Busch and Nextel Cup series. (Read More)
Mortgage Jobs Hit High, but Brokers Suffer
March 4, 2005
Employment in the overall mortgage industry hit a record 489,400 full-time positions in January, but broker jobs appear to be slipping. (Read More)
Baker Vows to Seek GSE Portfolio Limits
March 4, 2005
Rep. Richard Baker, R-La., says his GSE bill will definitely place limits on the growth of Fannie Mae's and Freddie Mac's huge mortgage portfolios. (Read More)
Senate Kills Bankruptcy Mortgage Amendment
March 4, 2005
The Senate has voted to kill an amendment that would have prevented mortgage lenders from pursuing claims in bankruptcy court if they violated a federal anti-predatory-lending law. (Read More)
MA 'Predatory' Law Grants New Powers
March 4, 2005
Under the new Massachusetts predatory lending law, the Massachusetts Division of Banks can now impose penalties on lenders or mortgage brokers who have violated the law and can bar individuals from doing business in the state, according to a division official. (Read More)
MA Law Creating Headaches, Official Says
March 4, 2005
Created as an anti-flipping law, the borrowers' interest standard of the Massachusetts predatory lending law has created major headaches for the industry, according to David Cotney, deputy commissioner of the Massachusetts Division of Banks. (Read More)
Morgan Analyst Says to Short Fannie
March 4, 2005
Short-sellers reduced their bets against Fannie Mae in February, but late Thursday a top equities analyst suggested that shorting Fannie's stock might be a good way to make a quick killing. (Read More)
Nonprime Default Risk Called 'Steady'
March 4, 2005
The risk of default on newly originated nonprime mortgage loans remains steady, but the risk level has increased by 25% since 2003, according to University Financial Associates. (Read More)
S&P Cites Servicer Outsourcing Standards
March 4, 2005
Mortgage servicers should maintain criteria for selecting and dismissing outsource providers and vendors, ensure fee disclosure, and maintain a quality control program to monitor performance, according to Standard & Poor's Ratings Services. (Read More)
Mortgage Cadence Names CEO
March 4, 2005
Michael Detwiler has been named chief executive officer of Mortgage Cadence, a Denver-based mortgage lending platform provider. (Read More)
UK Lenders Name Chair for Scottish Arm
March 4, 2005
The United Kingdom's Council of Mortgage Lenders has named Norrie Henderson the chairman of CML Scotland. (Read More)
Saxon to Switch Stock to NYSE
March 4, 2005
Saxon Capital Inc., a residential mortgage lender and servicer based in Glen Allen, Va., has announced that it expects to transfer its common stock from the NASDAQ National Market to the New York Stock Exchange on March 18. (Read More)
Student Housing Rev Bonds Downgraded
March 4, 2005
Will County, Ill.'s student housing revenue bonds (Joliet Junior College project), series 2002A, and taxable series 2002B, have been downgraded from C to D by Fitch Ratings. (Read More)
Feedback
March 4, 2005
About 60% of the responses to our survey question on RESPA reform predicted that it won't happen this year. (Read More)
Credit Card Giant Buying Hibernia
March 7, 2005
Credit card giant Capital One Financial, McLean, Va., has agreed to buy Hibernia Corp., New Orleans, a top-50-ranked residential servicer, for $5.3 billion in stock and cash. (Read More)
Regions Sells Wholesale Unit to M&T
March 7, 2005
Regions Financial, Birmingham, Ala., has agreed to sell its wholesale mortgage operation to M&T Bank Corp., Buffalo, N.Y., for an undisclosed amount. (Read More)
GE to Sell Genworth Stock
March 7, 2005
General Electric, Fairfield, Conn., has announced that it will sell 82 million class A shares of the common stock of Genworth Financial, Richmond, Va. (Read More)
NAR Launches New Leading Indicator
March 7, 2005
The National Association of Realtors has announced the development of the Pending Home Sales Index, a new leading indicator for the housing market. (Read More)
Agency MBS Speeds Rise Modestly
March 7, 2005
Prepayment rates for 30-year Fannie Mae and Freddie Mac mortgage-backed securities rose modestly in February, according to Bear Stearns & Co. (Read More)
UFMC Unveils Mortgage-Linked MasterCard
March 7, 2005
United Financial Mortgage Corp., Oak Brook, Ill., has announced a no-annual-fee Platinum Plus Rewards MasterCard, issued by MBNA America Bank NA, that helps cardholders pay down their UFMC mortgage balance. (Read More)
Gables Adds CEO to Prez's Title
March 7, 2005
David Fitch, president of Gables Residential, has been given the additional title of chief executive officer of the Boca Raton, Fla.-based real estate investment trust and named to its board of trustees. (Read More)
eMortgage Workgroup Names Vice Chair
March 7, 2005
Patrick Hartford, senior business analyst for VMP Mortgage Solutions Inc., St. Cloud, Minn., has been named vice chairperson of the Mortgage Industry Standards Maintenance Organization's eMortgage Workgroup. (Read More)
Freddie Hikes 1Q Dividends
March 7, 2005
Freddie Mac's board of directors has announced a dividend of $0.35 per share on the corporation's voting common stock for the first quarter, up from $0.30 in the fourth quarter. (Read More)
SPS (Fairbanks) Servicer Ratings Hiked
March 7, 2005
Fitch Ratings has upgraded the residential primary servicer ratings of Select Portfolio Servicing Inc. (formerly Fairbanks Capital Corp.), Salt Lake City. (Read More)
ABFC ABS Class Downgraded
March 7, 2005
Class B of ABFC mortgage loan asset-backed certificates, series 2001-AQ1, has been downgraded from Baa2 to Ba2 by Moody's Investors Service. (Read More)
Salomon ABS Classes Downgraded
March 7, 2005
Three classes of Salomon Home Equity Loan Trust asset-backed pass-through certificates, series 2001-1, group 1, have been downgraded by Fitch Ratings. (Read More)
IMC HEL Class Downgraded
March 7, 2005
Class B of Industry Mortgage Corp. home equity loan pass-through certificates, series 1998-1, has been downgraded from CCC to C by Fitch Ratings. (Read More)
MBA: No Talk of Compromise on GSE Fees
March 8, 2005
Mortgage companies that favor slashing the Fannie Mae/Freddie Mac minimum servicing fee will look to "alternative" measures to help manage their housing receivables if the two GSEs don't make a change, according to the Mortgage Bankers Association. (Read More)
FTC Settlement Sinks Brokerage
March 8, 2005
A small mortgage brokerage shop in Fairfax, Va., is closing its doors because the owner said he couldn't afford the cost of complying with the Federal Trade Commission's requirements for protecting customers' personal and financial information. (Read More)
Foreclosure.com: Inventory Falls 7%
March 8, 2005
The nationwide inventory of foreclosed residential properties declined 7% in February, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla. (Read More)
Entrust Cites Stock Pact, Financial Woes
March 8, 2005
Entrust Financial Services, a Denver-based mortgage banking company, has announced a stock purchase agreement under which Entrust Mortgage will become a subsidiary of BBSB LLC and after which Entrust Financial will have only nominal assets. (Read More)
Clayton, AllRegs Tout Compliance Tech
March 8, 2005
Clayton, a provider of loan-level compliance data based in Shelton, Conn., and AllRegs, a publisher of searchable guidelines for residential mortgage lenders based in Eagan, Minn., have announced a full integration of Clayton's High-Cost Analyzer with AllRegs' online legislative database. (Read More)
MortgageTree Names CFO
March 8, 2005
Patrick Mize has been named chief financial officer of MortgageTree Lending, a national mortgage banking company based in Modesto, Calif. (Read More)
Grubb & Ellis Names CEO
March 8, 2005
Mark E. Rose has been named chief executive officer of Grubb & Ellis Co., a provider of real estate services based in Northbrook, Ill. (Read More)
Criimi Mae Reports Profitable '04
March 8, 2005
Criimi Mae, a real estate investment trust based in Rockville, Md., has reported net income of $16.7 million ($1.06 per share) for 2004, compared with a net loss of $4.1 million ($0.27 per share) for 2003. (Read More)
RE Firm to Restate Financials
March 8, 2005
American Community Properties Trust, St. Charles, Md., has reported that it will restate its audited financial statements for calendar years 2002 and 2003 and its unaudited financial statements for each of the previously reported quarters of 2004. (Read More)
Fannie Inks 'Supplemental' OFHEO Deal
March 9, 2005
Fannie Mae has signed a supplemental supervisory agreement with its regulator, promising not to employ in any capacity its former chairman/chief executive Franklin Raines, while addressing a host of concerns on accounting systems and corporate governance issues. (Read More)
Intro of NC-Model Predatory Bill on Tap
March 9, 2005
Rep. Mel Watt, D-N.C., is preparing to reintroduce his predatory lending bill, modeled after the North Carolina predatory lending law, very soon. (Read More)
ACORN Blasts Wells on Subprime Targeting
March 9, 2005
A community activist group has released a study maintaining that Wells Fargo conducts most of its subprime mortgage lending in minority and low-income neighborhoods. (Read More)
Foreign Investors Still Love America
March 9, 2005
Fears that foreign investors may pull their euros and yen out of the U.S. real estate market are greatly exaggerated, according to the president of the Association of Foreign Investors in Real Estate. (Read More)
Adjusted Apps Decline
March 9, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 710.1 to 704.8 on a seasonally adjusted basis during the week ended March 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
FirstAm Launches LienWatch
March 9, 2005
First American Real Estate Information Services has unveiled LienWatch, a new product designed to help mortgage servicers by providing advance warning of borrower default on second mortgages. (Read More)
TBMA: Develop Rules for Synthetic ABS
March 9, 2005
The Bond Market Association has urged the Securities and Exchange Commission to develop a new set of disclosure rules specific to synthetic asset-backed securities, rather than address synthetic transactions on an ad hoc basis. (Read More)
UK RE & CMBS Fund Closes
March 9, 2005
The United Kingdom's LNR Property Holdings Ltd. has completed the initial closing of a fund focused exclusively on European investment opportunities for real-estate-related debt and commercial mortgage-backed securities. (Read More)
CSFB MBS Classes Downgraded
March 9, 2005
Eight classes from four Credit Suisse First Boston Mortgage Securities Corp. issues of mortgage-backed pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Bombardier MH Classes Downgraded
March 9, 2005
Classes A-1 to A-5 of Bombardier Capital Mortgage Securitization Corp.'s manufactured housing series 2000-A have been downgraded from B-minus to CCC by Fitch Ratings. (Read More)
FBI: Land Flips 50% of Mortgage Fraud Cases
March 10, 2005
Almost half of all mortgage fraud cases under investigation by the government involve land flips, while just 6% involve "double-sold loans," a senior FBI official said Thursday. (Read More)
FHFB Mulls AHP Reg
March 10, 2005
The Federal Housing Finance Board is working on a regulation to address a problem that bank consolidation is causing for the Federal Home Loan Bank affordable housing program. (Read More)
FHFB: Moderation May Be Key to Safe MPPs
March 10, 2005
The Federal Housing Finance Board is trying to gauge the appropriate level at which a Federal Home Loan Bank can operate a mortgage purchase program without raising safety-and-soundness concerns. (Read More)
TRIA Extension Bill Introduced
March 10, 2005
A bill has been introduced to extend the Terrorism Risk Insurance Act of 2002, which is due to expire by the end of the year, until 2007. (Read More)
Rates Climb
March 10, 2005
The average 30-year fixed mortgage rate rose to 5.85% for the seven-day period ending March 10 from 5.79% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Sunrise Plans German Retirement Projects
March 10, 2005
Sunrise Senior Living, McLean, Va., is taking its know-how to Germany, where it plans to open 25 retirement communities in large cities. (Read More)
Finland's Housing Market Is 'Hot'
March 10, 2005
Dubai may just be the hottest real estate market in the world. But when it comes to heat, nothing can beat Finland, where every 2.5 people have a sauna. (Read More)
Fed Finds Robust Housing Market
March 10, 2005
Housing sales and construction remained robust in most of the Federal Reserve Bank districts at the end of February, according to the Fed's Beige Book. (Read More)
Fitch: CMBS Late Pays Fall Broadly
March 10, 2005
The U.S. CMBS Loan Delinquency Index declined 4 basis points in February to 1.23%, marking the first time in several years that delinquencies in all four major property types fell simultaneously, Fitch Ratings has reported. (Read More)
REIT Debuts in Taiwan
March 10, 2005
The first-ever real estate investment trust in Taiwan is making its debut, according to a recent Moody's Investors Service report. (Read More)
AmeriVest Suspends Dividend Payment
March 10, 2005
AmeriVest Properties Inc., a Denver-based real estate investment trust, has announced a suspension of the payment of its common dividend for the first quarter. (Read More)
Freddie Begins Quiet Period
March 10, 2005
Freddie Mac has announced the beginning of a quiet period vis-á-vis the equity investment community in connection with the forthcoming release of its financial results for 2004. (Read More)
Senate Passes Bankruptcy Bill
March 11, 2005
The Senate has passed a consumer bankruptcy bill by a 74-25 vote, clearing the measure -- which addresses some foreclosure issues -- for quick action in the House. (Read More)
E-Loan, Fleet Get Web Kudos
March 11, 2005
Among North America's largest financial services firms, E-Loan ranked highest overall in online customer satisfaction in the first quarter and Fleet Bank ranked No. 1 among commercial banks, according to the Customer Respect Group. (Read More)
Carlton, Carey Take Different Tacks
March 11, 2005
Carlton Advisory Services and W.P. Carey & Co., both of New York, are taking decidedly different approaches when it comes to foreign investors. (Read More)
A Tar Heel Makes Hay in Europe
March 11, 2005
What was Nancy Bowen Wiggins, a single mother and commercial real estate broker from Charlotte, N.C., doing at MIPIM, the International Property Market, which ended its five-day run March 11? Making money selling property in Slovenia, of all places. (Read More)
Metrocities Names EVP
March 11, 2005
Industry veteran Harry V. Tomlinson III has been named executive vice president and Northeastern regional manager of Metrocities Mortgage, a residential mortgage lender based in Sherman Oaks, Calif. (Read More)
PMI Names Chief Admin Officer
March 11, 2005
Victor J. Bacigalupi has been named chief administrative officer of The PMI Group Inc., a provider of mortgage insurance and other credit enhancement products based in Walnut Creek, Calif. (Read More)
Ramco-Gershenson to Restate Earnings
March 11, 2005
Ramco-Gershenson Properties Trust, Farmington Hills, Mich., has announced that it will restate its audited financial statements for 2002 and 2003 and its unaudited quarterly results for the first, second, and third quarters of 2004. (Read More)
Morgan Stanley CMBS Classes Downgraded
March 11, 2005
Four classes of Morgan Stanley Capital I Inc. commercial mortgage pass-through certificates, series 2003-TOP11, have been downgraded by Moody's Investors Service. (Read More)
Feedback
March 11, 2005
Early responses to our latest survey question have been running in favor of making loan guarantee fees charged by Fannie Mae and Freddie Mac uniform for large and small lenders. (Read More)
Ameriquest in Talks With 25 States
March 14, 2005
Ameriquest Mortgage, Orange, Calif., the nation's largest subprime funder, says it is negotiating with 25 states regarding concerns over some of its retail lending practices. (Read More)
Fannie Reduces Exec Bonus Pay
March 14, 2005
Fannie Mae, with the blessing of its regulator, has adopted new compensation policies that will change and reduce how it pays bonus money to its top executives for 2005. (Read More)
Sarbanes Retiring
March 14, 2005
Sen. Paul Sarbanes, D-Md., has announced that he will not run for re-election and will leave the Senate in January 2007 after completing his fifth term. (Read More)
Greenspan: HMDA Data Can't Prove Bias
March 14, 2005
Federal Reserve Board Chairman Alan Greenspan says the new Home Mortgage Disclosure Act data will aid enforcement of fair-lending laws, but that additional loan-level information is necessary to prove discriminatory practices. (Read More)
Irwin to Divest Certain Origination Ops
March 14, 2005
Irwin Financial Corp., Columbus, Ind., has announced that its subsidiary Irwin Mortgage Corp. will divest its net branch and credit union lending operations and a portion of its traditional retail lending operations in sales to two companies. (Read More)
ABFS to Resume Originations
March 14, 2005
American Business Financial Services, a troubled Philadelphia-based subprime lender, has announced final Bankruptcy Court approval of a $500 million debtor-in-possession financing facility that will enable ABFS to resume its loan origination business. (Read More)
Bear Stearns Touts New Mortgage Index
March 14, 2005
Bear Stearns & Co. has announced the development of a monthly mortgage performance index aimed at helping investors assess risk when investing in mortgage-backed securities. (Read More)
CA Politico Named to Countrywide Board
March 14, 2005
Kathleen Brown, a former California treasurer and Democratic candidate for governor, has been appointed to the board of directors of Countrywide Financial Corp., Calabasas, Calif. (Read More)
Luminent Names Prez/COO
March 14, 2005
S. Trezevant Moore Jr. has been named president and chief operating officer of Luminent Mortgage Capital Inc., San Francisco. (Read More)
NY Mortgage Names Wholesale Execs
March 14, 2005
Richard W. Payne III has been named president of the wholesale division of New York Mortgage Trust, and Joseph J. Gorton has been named the division's chief operating officer. (Read More)
SL Green Names 2 EVPs
March 14, 2005
Edward V. Piccinich has been named executive vice president and director of operations and construction at SL Green Realty Corp., a New York-based real estate investment trust, and Steven M. Durels has been named EVP and director of leasing. (Read More)
Flagstar Reports Financial Revisions
March 14, 2005
Flagstar Bancorp, Troy, Mich., has announced a $0.04 per share reduction in its fourth-quarter earnings to defer a gain from an interest rate hedging position it had terminated. (Read More)
Fund Donates to Latino Homeowner Program
March 14, 2005
The Community Revitalization Fund Inc., a Hoffman Estates, Ill.-based subsidiary of Sears, Roebuck and Co., has announced a $1.5 million investment in a new program launched by the National Council of La Raza to assist Latino homeowners. (Read More)
Swiss Re Donates to Landslide Victims
March 14, 2005
The Swiss Reinsurance Co. has donated the equivalent of $50,000 in local currency to help build new homes for landslide victims and prevent future landslides in The Philippines by planting trees. (Read More)
Nat'l Lending Standard Bill on Tap
March 15, 2005
A long-awaited predatory lending bill sponsored by Reps. Bob Ney, R-Ohio, and Paul Kanjorski, D-Pa., would create tougher lending and servicing requirements for subprime loans. (Read More)
White House Still Eyeing GSE Portfolio Cap
March 15, 2005
The Bush administration is still considering placing a cap on the growth of Fannie Mae's and Freddie Mac's mortgage portfolios, but has not made a final decision, according to Housing Secretary Alphonso Jackson. (Read More)
Fed Warns of HMDA Data Limitations
March 15, 2005
Federal Reserve Board officials have started a public relations campaign to prevent lenders from being unfairly tarnished by the release of the new HMDA pricing data on subprime loans. (Read More)
LandAm, Old Republic Buy Stakes in RamQuest
March 15, 2005
RamQuest Software, Plano, Texas, has announced the formation of a strategic partnership with LandAmerica Financial Group and Old Republic National Title Insurance Co. under which the latter two companies have purchased minority equity interests in RamQuest. (Read More)
Freddie Names VP of REO Unit
March 15, 2005
Chris Bowden has been promoted to vice president of HomeSteps, a division of Freddie Mac that is responsible for the management and sale of single-family real estate owned. (Read More)
CharterMac Names CEO of Commercial Sub
March 15, 2005
CharterMac, a New York-based company that provides financial services for the multifamily sector, has named Daryl J. Carter chief executive officer of its commercial mortgage banking subsidiary, CharterMac Mortgage Capital Co. (Read More)
Thornburg Names New CFO
March 15, 2005
Clarence (Clay) G. Simmons III has been named senior executive vice president and chief financial officer of Thornburg Mortgage, Santa Fe, N.M. (Read More)
ET, Come Home
March 15, 2005
LoanPros.com, Huntington Beach, Calif., is offering a $1 million prize to the first person who can bring in a certified extraterrestrial being to apply for a home loan. (Read More)
Do Rising Bond Yields Presage CA Defaults?
March 15, 2005
Continued strength in California housing markets has held foreclosures down in the first quarter, but the surge in bond yields will lead to rising interest rates and growing defaults and foreclosures in the state, according to Foreclosures.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
Freddie Announces Tender Offers
March 15, 2005
Freddie Mac has announced that it is conducting cash tender offers for the repurchase of up to $9.97 billion in principal amount of a targeted group of European-style callable debt securities this week. (Read More)
Origen Reports 4Q Loss
March 15, 2005
Origen Financial Inc., Southfield, Mich., has reported a net loss of $5.8 million ($0.23 per share) for the fourth quarter, compared with net income of $2.0 million ($0.13 per share) a year earlier. (Read More)
New Brochure Explains Credit Scores
March 15, 2005
Nearly half of American consumers do not understand key facts about credit scores, according to a new survey by the Consumer Federation of America and Fair Isaac Corp., and they have prepared a free brochure to help remedy the situation. (Read More)
Housing Starts Still Defying Gravity
March 16, 2005
Single-family housing starts continued to defy gravity last month, rising to an annualized pace of 1.775 million units, a slight gain from January. (Read More)
Ney-Kanjorski Would Bar Subprime 'Steering'
March 16, 2005
The Ney-Kanjorski bill, which would establish a national predatory lending standard, would also make it illegal to "steer" borrowers into higher-cost loans and require lenders to create escrow accounts on most subprime loans. (Read More)
Hagel Touts 'Bright-Line' Test for GSEs
March 16, 2005
Sen. Chuck Hagel, R-Neb., says a "bright-line" test separating primary and secondary market activities is a very important part of his GSE bill that will give the new regulator guidance in keeping Fannie Mae and Freddie Mac from encroaching on the business activities of lenders. (Read More)
Chicago FHLBank Restates Earnings
March 16, 2005
The Chicago Federal Home Loan Bank has added $103.9 million to its earnings for 2001, 2002, and 2003 in completing a financial restatement that was ordered by the bank's regulator. (Read More)
Applications Rise
March 16, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 704.8 to 727.6 on a seasonally adjusted basis during the week ended March 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
SouthStar Launches New Division
March 16, 2005
SouthStar Funding, an Atlanta-based wholesale lender, has announced the formation of a Partnership Division focused on specialized services, products, and pricing for large homebuilders and mortgage bankers. (Read More)
Merv Forms RE Investment Banking Firm
March 16, 2005
Entertainer-businessman Merv Griffin has announced the formation of a real estate investment banking firm that will structure joint ventures and raise capital for owners and developers. (Read More)
CharterMac to Revise '04 Earnings
March 16, 2005
CharterMac, New York, has announced that due to accounting errors it will revise its 2004 financial statements in a way that is expected to boost earnings. (Read More)
UMH to Correct Earnings for Swaps
March 16, 2005
United Mobile Homes Inc., a real estate investment trust based in Freehold, N.J., has announced that it will revise its financial statements for 2002, 2003, and part of 2004 to correct its accounting treatment of certain interest rate swaps. (Read More)
REIT Mulls Euro CRE Opportunities
March 16, 2005
Anthracite Capital, New York, says it sees an opportunity in European commercial real estate lending that is in a "nascent stage," according to Richard Shea, president and chief operating officer of the real estate investment trust. (Read More)
UK REIT Bill Eyed for '06
March 16, 2005
The United Kingdom's chancellor of the Exchequer plans to draft a legislative proposal in 2006 that would allow for the creation of U.K. real estate investment trusts if a consensus can be reached with the real estate finance industry on the proposed tax treatment of the entities. (Read More)
Lenders Back Proposed UK Tax Break
March 16, 2005
An imminent United Kingdom tax break for homebuyers included in the chancellor of the Exchequer's budget is considered "good" by the Council of Mortgage Lenders but somewhat below where it would need to be to take recent home price increases into account, the council said. (Read More)
Moody's Eyes MESA Classes
March 16, 2005
Three certificates issued by MESA 2002-1 Global Issuance Co. have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
CSFB Resecuritization Under Review
March 16, 2005
Two certificates from CS First Boston Mortgage Securities Corp. series 1997-1R have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Moody's Eyes CSFB Classes
March 16, 2005
Two subordinated tranches from Credit Suisse First Boston Mortgage Securities Corp. series 2002-10 have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Does Ney-Kanjorski Gut HOEPA Enforcement?
March 17, 2005
Consumer groups are slamming a newly introduced bipartisan predatory lending bill on the grounds that it guts enforcement of Home Ownership and Equity Protection Act violations. (Read More)
Fixed Rates Rise Further
March 17, 2005
The average 30-year fixed mortgage rate rose to 5.95% for the seven-day period ending March 17 from 5.85% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
MI Execs Downplay Captive Re Concerns
March 17, 2005
Executive at two of the nation's largest mortgage insurers say their captive reinsurance arrangements are different from those made by title companies, and thus they are less worried about any possible investigation. (Read More)
Delinquency Rates Fall
March 17, 2005
The delinquency rate on single-family mortgages fell 18 basis points from the third quarter to 4.23% at the end of the fourth quarter, according to the Mortgage Bankers Association. (Read More)
PA Cites High Foreclosure Rate
March 17, 2005
Pennsylvania has a high foreclosure rate, and the majority of the state's foreclosures involve subprime loans, according to the Pennsylvania Department of Banking. (Read More)
GAO Urges Pilot Authority for FHA
March 17, 2005
The Federal Housing Administration should be able to use pilot programs to test new single-family loan products or to modify existing loan products, according to a Government Accountability Office report. (Read More)
New York Mortgage Names Wholesale Execs
March 17, 2005
Richard Payne has been named president of wholesale operations at The New York Mortgage Co., New York, and Joseph Gorton has been named chief operations officer of the division. (Read More)
2 Lenders, 6 REITs Delay 10-Ks
March 17, 2005
Two mortgage lenders and six real estate investment trusts have reported a 15-day delay in the filing of their annual Form 10-K reports with the Securities and Exchange Commission. (Read More)
Amresco MBS Classes Downgraded
March 17, 2005
Three subordinate certificates from Amresco Residential Securities Corp. Mortgage Loan Trust series 1997-3 have been downgraded by Moody's Investors Service. (Read More)
Moody's Eyes Resecuritized Classes
March 17, 2005
Classes B and C of Structured Mortgage Trust 1997-1 have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Weicher Out?
March 18, 2005
Department of Housing and Urban Development Secretary Alphonso Jackson is cleaning house, and it appears that John Weicher, the federal housing commissioner, is being forced out. (Read More)
GSE Hearings to Air White House View
March 18, 2005
The Bush administration is expected to present its position on GSE regulatory reform at a Senate Banking Committee hearing scheduled for early April. (Read More)
Rosenfeld Confirmed
March 18, 2005
The Senate has confirmed Ronald Rosenfeld to be a director of the Federal Housing Finance Board, which oversees the Federal Home Loan Bank System. (Read More)
Could Securitization Destroy FHLBank System?
March 18, 2005
Legislative efforts to get the Federal Home Loan Banks involved in mortgage securitization has the potential to "destroy" the Federal Home Loan Bank System, according to the president of the New York FHLBank. (Read More)
Fannie Delays 10-K, Says Losses Could Be Less
March 18, 2005
Troubled mortgage giant Fannie Mae said late Thursday that, once again, it could not report quarterly earnings in a timely manner, but also said its anticipated losses could be lower by about $1 billion. (Read More)
Portellus Offers New Broker Portal
March 18, 2005
Irvine, Calif.-based Portellus has just announced its entry into the market for wholesale origination websites with a feature-rich broker portal module. (Read More)
GMACCM Forms MH Unit
March 18, 2005
GMAC Commercial Mortgage Corp., Horsham, Pa., has announced the formation of a Manufactured Home Community Loan Origination Division. (Read More)
Pacific Security Touts Irish RE Fund
March 18, 2005
Pacific Security Capital, a U.S. company, celebrated St. Patrick's Day by raising 200 million euros (about $266 million) for a new Irish real estate fund that it said is the first of its kind. (Read More)
New Century Names Head of New Unit
March 18, 2005
Randy Pool has been named executive vice president and general manager of the newly formed National Correspondent Lending Division of New Century Financial Corp., Irvine, Calif. (Read More)
1st Metro Names Director of Ops
March 18, 2005
Carly Fulmer has been named director of operations at 1st Metropolitan Mortgage, Charlotte, N.C., a national mortgage broker and a division of Empire Equity Group Inc. (Read More)
US Bancorp Names Consumer Banking Chief
March 18, 2005
Richard C. Hartnack has been named head of the consumer banking division of U.S. Bancorp, Minneapolis, giving him responsibility for the full range of consumer lending, including home mortgages. (Read More)
Enstar Delays 10-K Filing
March 18, 2005
The Enstar Group Inc., Montgomery, Ala., has reported a 15-day delay in the filing of its annual Form 10-K report, citing the timing of audited financial statements for Green Tree Investments, in which Enstar held an indirect interest until July 2004. (Read More)
CSFB CMBS Classes Downgraded
March 18, 2005
Six classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2002-TFL1, have been downgraded by Fitch Ratings. (Read More)
Sysdome, AppIntel to Form Anti-Fraud Giant
March 21, 2005
Anti-fraud automation leaders Sysdome, Calabasas, Calif., and AppIntelligence, Weldon Spring, Mo., have come together to form one anti-fraud juggernaut. (Read More)
FDIC to Seek Comment on Interstate Issue
March 21, 2005
The Federal Deposit Insurance Corp. will be soliciting public input on a proposal by an industry group to simplify the compliance burden on state-chartered banks that conduct interstate operations. (Read More)
Industrial REIT, CalSTRS Form JV
March 21, 2005
First Industrial Realty Trust, a Chicago-based real estate investment trust, has formed a joint venture with the California State Teachers' Retirement System to invest up to $950 million in industrial properties nationwide. (Read More)
REIT Realigns Exec Responsibilities
March 21, 2005
American Financial Realty Trust, Jenkintown, Pa., has reported the completion of a strategic realignment of its senior management team's responsibilities along more functional lines. (Read More)
BNP Paribas Names MBS Trading Chief
March 21, 2005
Andrew McConnell has been named head of pass-through mortgage-backed securities trading in the New York office of BNP Paribas, a European bank. (Read More)
IndyMac MH Classes Downgraded
March 21, 2005
Fifteen classes from three issues of IndyMac Manufactured Housing contract pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Independence I CDO Classes Downgraded
March 21, 2005
Three classes of notes issued by Independence I CDO Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Independence II CDO Classes Downgraded
March 21, 2005
Four classes of securities issued by Independence II CDO Ltd., a collateralized debt obligation, have been downgraded by Fitch Ratings. (Read More)
Fannie Purchases Hit 4-Year Low
March 22, 2005
Under pressure from its regulator to raise capital, Fannie Mae saw its loan purchases fall to a four year-low in February as the company continued to shrink its portfolio. (Read More)
Comptroller Warns About IO Loans
March 22, 2005
The top national bank supervisor is raising concerns about "hot" mortgage products, such as interest-only loans, at a time when the housing market may be shifting. (Read More)
Citi to Sell $1.4B MH Portfolio
March 22, 2005
Citigroup has announced an agreement to sell its $1.4 billion manufactured housing loan portfolio to 21st Mortgage Corp., a manufactured housing lender based in Knoxville, Tenn. (Read More)
HUD Settles Tulsa 'Sham' Cases
March 22, 2005
Investigations of "sham" business arrangements in Tulsa, Okla., by the Department of Housing and Urban Development have resulted in two settlements totaling $450,000 for alleged violations of the Real Estate Settlement Procedures Act. (Read More)
Notes Downgraded in UK Hotel Deal
March 22, 2005
Moody's Investors Service has downgraded the class C and D notes of HOTELoC PLC, a transaction secured by properties operated by Thistle Hotels in the United Kingdom. (Read More)
Fitch: RMBS Up/Down Ratio 12-1 in '04
March 22, 2005
The ratio of upgrades to downgrades on residential mortgage-backed securities was nearly 12 to 1 in 2004, according to Fitch Ratings. (Read More)
Foreigners to Gain From REIT Tax Changes
March 22, 2005
Foreign investors interested in U.S. regulated investment companies (such as real estate investment trusts) stand to gain from tax incentives provided by the American Jobs Creation Act of 2004, according to special report by CCH Capital Changes. (Read More)
GMACCM Talking to 2 Finalists
March 23, 2005
General Motors is talking to two finalists about buying part of the automaker's commercial mortgage business, a source familiar with the matter has told Mortgage Wire. (Read More)
Former FHFB Chair Pleads Guilty
March 23, 2005
John Korsmo, a former chairman of the Federal Housing Finance Board, agreed Tuesday to plead guilty to making false statements to a U.S. Senate committee and an agency inspector general who was investigating his role in a congressional fundraiser held three years ago. (Read More)
Resales Slip
March 23, 2005
Existing-home sales slipped 0.4% in February while prices on single-family homes and condominiums continued to surge. (Read More)
How Does Ney-Kanjorski Treat YSPs?
March 23, 2005
An open question in the proposed Ney-Kanjorski bill is the treatment of yield-spread premiums paid to mortgage brokers, according to E. Robert Levy, executive director of the Mortgage Bankers Association of New Jersey. (Read More)
GAO Asked to Study Broker Competition
March 23, 2005
The ranking Republican and Democrat on the House Financial Services Committee have asked the Government Accountability Office to conduct a study on price competition in the real estate brokerage business. (Read More)
10-Year Yield Rises on Fed Statement
March 23, 2005
The rate-indicative 10-year Treasury yield has seen a notable increase since Tuesday afternoon in reaction to a statement suggesting the existence of inflationary pressures that accompanied the Federal Reserve Board's expected 25-basis-point hike in the federal funds rate. (Read More)
Applications Decline
March 23, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 727.6 to 658.8 on a seasonally adjusted basis during the week ended March 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Interactive Mortgage Analytics Debuts
March 23, 2005
Interactive Mortgage Advisors and Bob Dowell, formerly of Phoenix Analytic Services, have joined forces to form Interactive Mortgage Analytics LLC, Denver. (Read More)
TIAA-CREF Names Commercial Mortgage Chief
March 23, 2005
TIAA-CREF, the New York-based teachers' pension fund manager and commercial real estate lender, has named David Brown its head of commercial mortgages. (Read More)
Law Firm: RE Investors Looking Outside U.S.
March 23, 2005
Close to two-thirds of real estate professionals surveyed have plans to invest in land outside the United States within the next 12 months, according to a survey by international law firm Bryan Cave LLP. (Read More)
Online Bidding Added to BuyBankHomes.com
March 23, 2005
Fidelity National Financial, Jacksonville, Fla., has announced the addition of online bidding capabilities to BuyBankHomes.com, FNF's Web portal dedicated to marketing properties that have completed the foreclosure process. (Read More)
Access MH Classes Downgraded
March 23, 2005
Three subordinate certificates from two Access Financial manufactured housing securitizations have been downgraded by Moody's Investors Services. (Read More)
Origen MH Classes Downgraded
March 23, 2005
Two mezzanine certificates from Origen Manufactured Housing Contract senior/subordinate asset-backed certificates, series 2001-A, have been downgraded by Moody's Investors Services. (Read More)
New-Home Sales Rebound
March 24, 2005
New single-family home sales rebounded 9.4% in February as builders continue to sell homes at a much faster rate than they can build them. (Read More)
30-Year Rate Breaks 6%
March 24, 2005
The average 30-year fixed mortgage rate rose to 6.01% for the seven-day period ending March 24 from 5.95% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Former Fannie Honcho Buying Thrift
March 24, 2005
A group headed by former Fannie Mae executive Stuart McFarland is buying a controlling stake in a small Indiana thrift chaired by Chuck Chamness, a former Federal Housing Finance Board official. (Read More)
ACB Opposes Forced GSE Divestment of AU
March 24, 2005
America's Community Bankers would oppose legislative language in a GSE bill that forces Fannie Mae and Freddie Mac to divest their automated underwriting systems, the trade group says in a letter to Senate Banking Committee leaders. (Read More)
GE Prices Genworth Stock
March 24, 2005
GE has priced a secondary offering of stock in Genworth Financial, the spinoff that includes GE's mortgage insurance business. (Read More)
Homebuilder Forms Mortgage Lending Unit
March 24, 2005
MasterCraft Builders, a homebuilder based in Kenosha, Wis., has announced the formation of Signature Banc, a full-service mortgage company. (Read More)
FNF Unit Unveils Online Offer Management
March 24, 2005
Fidelity National Financial Inc., Jacksonville, Fla., has announced the introduction of the Offer Management System, a tool designed to enable brokers and agents to initiate offers and counteroffers for bank-owned property online or to respond to counteroffers online. (Read More)
Freddie Names SVP of Securities
March 24, 2005
Joseph A. Rossi has been named to the newly created post of senior vice president of securities and Treasury operations at Freddie Mac. (Read More)
Moody's: Hotels Making Comeback
March 24, 2005
The hotel sector is in comeback mode, according to a report from Moody's Investors Service. (Read More)
AmeriDream Forms Homeowners' Group
March 24, 2005
AmeriDream Inc., Gaithersburg, Md., has announced the formation of the Association for Homeowners Across America, a first-of-its-kind nonprofit membership group that AmeriDream says will provide a one-stop resource for homeownership-related education, services, exclusive offers, and advocacy. (Read More)
COMM CMBS Class Downgraded
March 24, 2005
Class M-PS of COMM 2001-FL4 commercial mortgage pass-through certificates has been downgraded from B3 to Caa1 by Moody's Investors Service. (Read More)
Civil Rights Leaders Attack Ney-Kanjorski
March 25, 2005
Major civil rights lenders have joined consumer advocates in opposing a predatory lending bill whose supporters hope will garner bipartisan support in Congress and pave the way for setting federal standards on subprime lending. (Read More)
Hearing Slated on Alleged Fannie Tampering
March 25, 2005
A House GSE panel is going to delve into recent allegations that Fannie Mae employees falsified signatures on accounting documents and made changes to company databases that affected its earnings. (Read More)
White House Mulls FHA Replacement
March 25, 2005
The Bush administration is considering several candidates to take over the Federal Housing Administration and replace Commissioner John Weicher, who is slated to leave by the end of April. (Read More)
FNF Unit Launches Contractor Assessment Program
March 25, 2005
Fidelity National Field Services Inc., a unit of Fidelity National Financial, Jacksonville, Fla., has introduced a state-specific, Web-based contractor assessment program for property preservation contractors. (Read More)
CWMBS Class Downgraded
March 25, 2005
Class B3 of CWMBS (Countrywide Home Loans Inc.) mortgage pass-through certificates series 2001-3 (Alt 2001-2) has been downgraded from B to CCC by Fitch Ratings. (Read More)
HSBC Opens West Coast HQ
March 25, 2005
HSBC Bank USA has announced the opening of a West Coast headquarters office in downtown Los Angeles with a staff that includes a mortgage specialist. (Read More)
Feedback
March 25, 2005
"Nothing is more frustrating to an underwriter than trying to match up properties to mortgages," says a visitor to the Grapevine. (Read More)
Bankers Withhold Support for FHLB Securitization
March 28, 2005
A government-sponsored enterprise reform bill should not be used to move the Federal Home Loan Banks into the business of securitizing mortgages, according to several banking groups that represent a majority of FHLBank members. (Read More)
Moody’s Downgrades Fannie’s Rating
March 28, 2005
Moody’s Investors Service has downgraded the financial strength rating of Fannie Mae from "A-" to "B+" with a stable outlook. (Read More)
FHA Moves Forward on Hybrid Loans
March 28, 2005
Federal Housing Administration lenders may become real players in the hybrid adjustable rate mortgage market now that HUD is publishing a regulation that loosens the caps on interest rate adjustments. (Read More)
WellFound Decade Links to Countrywide
March 28, 2005
Jacksonville, Fla.-based WellFound Decade Corp., a provider of business integration software, has launched InvestorExpress, a product that permits mortgage sellers to electronically deliver mortgage loan data to their investors, including Countrywide. (Read More)
Sieracki Named CFO of Countrywide
March 28, 2005
Eric Sieracki has been promoted to executive managing director and named chief financial officer of Countrywide Financial Corporation. (Read More)
Mortgage Cadence Touts Quick Implementation
March 28, 2005
Denver-based Mortgage Cadence implemented its end-to-end LOS at Global Home Loans in just six months, and now it has topped that by going through the same cycle at RateStar Inc. in just 60 days, according to Mortgage Cadence. (Read More)
Fitch Explains Analysis of CMBS Modifications
March 28, 2005
With more borrowers seeking to modify their commercial mortgage backed securities loans in increasingly complicated ways, Fitch Ratings has published a new report explaining its rationale for evaluating these requests. (Read More)
AIG Forms Realty Subsidiary
March 28, 2005
American International Group, New York, has formed AIG Real Estate Solutions, a unit that will solely focus on the insurance and risk management needs of the real estate sector. (Read More)
The LoanIQ Challenge Targets Fraud
March 28, 2005
First American RES has chosen the 2005 MBA technology conference in Orlando to issue a challenge: Try to get its new LoanIQ tool to miss detecting a fraudulent loan. (Read More)
NTS to Do Tax Searches for Cohen Financial
March 28, 2005
National Tax Search, a provider of property tax management services, will provide property tax services for Cohen Financial, a commercial real estate finance company. (Read More)
Earthquake Does Little Damage to Japan’s CMBS
March 28, 2005
The earthquake that recently struck the northern Kyushu region of Japan has had only a limited direct impact on Japanese commercial mortgage-backed security transactions and real estate investment trusts, Moody's Investors Service has reported. (Read More)
Montgomery Offered FHA Post?
March 29, 2005
The Bush administration has discussed with White House staffer Brian Montgomery the possibility of his filling the post of Federal Housing Administration commissioner, according to sources, who said it is unclear how he may have responded. (Read More)
Fannie Cap Classification Postponed
March 29, 2005
Fannie Mae's accounting problems have forced the Office of Federal Housing Enterprise Oversight to postpone a determination on the mortgage giant's fourth-quarter regulatory capital classification. (Read More)
1st-Time Homebuyers May Be at Risk
March 29, 2005
Many first-time homebuyers and homeowners who refinanced are at risk because of mortgage appraisal fraud, according to a report from Demos, a nonpartisan, public policy group headquartered in New York. (Read More)
Homeownership Obstacles Identified
March 29, 2005
Almost equal amounts of consumers surveyed said the lack of financial security (24%) and saving for a downpayment (23%) were among the biggest obstacles to homeownership. (Read More)
S&P REIT Index Changes
March 29, 2005
Cornerstone Realty Income Trust, Richmond, Va., is being replaced by American Land Lease, Clearwater, Fla., in the S&P REIT composite index, Standard & Poor's reported. (Read More)
New Colorado Firm Will Buy Loans
March 29, 2005
Four mortgage acquisition specialists in Denver are launching a new firm, Steel Mountain Capital, to buy both performing and nonperforming mortgage loans and other assets. (Read More)
Lenders One Opposes GSE Test
March 30, 2005
Lenders One, a cooperative of 60 independent mortgage bankers, has warned the Mortgage Bankers Association that they oppose a "bright line" test contained in Senate GSE bill because it could cut off their access to Fannie Mae and Freddie Mac's automated underwriting systems. (Read More)
Freddie Launches New REMIC Program
March 30, 2005
Freddie Mac has created a new program, Reference REMIC securities, to offer new structured mortgage-backed securities. (Read More)
Applications Inch Up
March 30, 2005
Mortgage applications rose 2.4% on a seasonally adjusted basis for the week ended March 25, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey. (Read More)
MLCC Expands Correspondent Unit
March 30, 2005
Merrill Lynch Credit Corp., New York, has expanded its correspondent group with the hiring of six industry veterans. (Read More)
NovaStar Starts Warehouse Biz
March 30, 2005
NovaStar Financial Inc., Kansas City, Mo., is entering the warehouse lending business through its NovaStar Capital Inc., Atlanta, subsidiary. Kenneth D. Logan, formerly the head of national warehouse lending at PCFS Financial Services, has joined NovaStar Capital as executive vice president and chief operating officer. (Read More)
Partnership Touts a Tech 'First'
March 30, 2005
WellFound Decade, Jacksonville, Fla., and PaperClip Software, Hackensack, N.J., have partnered to offer the mortgage industry what they're touting as the first simultaneous data and document delivery application, the companies told attendees at the Mortgage Bankers Association National Technology in Mortgage Banking Conference & Expo. (Read More)
Dorado Unveils New System
March 30, 2005
Dorado Corp. chose an exclusive opening-day dinner at the 2005 Mortgage Bankers Association technology conference in Orlando, Fla., to unveil its new Enterprise Lending System, which offers centralized viewing and control for any loan in all channels through a single point-of-sale. (Read More)
SL Green Buying NYC RE
March 30, 2005
SL Green Realty Corp., New York, is acquiring One Madison Avenue in Midtown Manhattan for $918 million from Metropolitan Life Insurance. (Read More)
Fannie Prices $3B of Benchmark Notes
March 30, 2005
Fannie Mae has priced $3 billion of 5.000%, 10-year Benchmark Notes due April 15, 2015. (Read More)
Freddie's Income Declines to $2.8 Billion
March 31, 2005
Freddie Mac's 2004 net income fell 41% from 2003 to $2.8 billion, reflecting losses related to derivatives used to minimize interest rate risk. (Read More)
Fixed Rates Climb
March 31, 2005
The average 30-year fixed mortgage rate rose to 6.04% for the week ending March 31 from 6.01% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fiserv Acquires Del Mar Database
March 31, 2005
In a move to broaden their reach to the small-to medium-size lender market Fiserv has acquired Del Mar Database, San Diego, the two companies said. (Read More)
First Step in MISMO Compliance Arrives
March 31, 2005
The Mortgage Industry Standards Maintenance Organization will have a compliance effort for credit reporting transactions completed by April with other MISMO Workgroups still handing in specs to define MISMO compliance across the board throughout the year. (Read More)
Origen Reduces Earnings For 2004
March 31, 2005
Origen Financial Inc., a Southfield, Mich.-based real estate investment trust that originates manufactured housing loans is reducing its reported interest income and earnings recognized by $1.7 million for the 14-month period ended Dec. 31, 2004. (Read More)
FHLB-Dallas Elects Chairman
March 31, 2005
The Federal Home Loan Bank of Dallas has elected Chesley N. Brooks Jr. as chairman of its board of directors. (Read More)
Fitch Downgrades Eight Delta MBS Classes
March 31, 2005
Fitch Ratings has downgraded eight classes from a group of Delta Funding mortgage transactions but upgraded or affirmed a greater number of classes in total from the same group of deals. (Read More)
April
MPF Volume Fell in 2004
April 1, 2005
Single-family mortgage originations under the Mortgage Partnership Finance program dropped by almost 75% in 2004 from the previous year, according to the Chicago Federal Home Loan Bank. (Read More)
Industry Employment Rose in February
April 1, 2005
Mortgage lenders added 7,300 full-time employees to their payrolls in February -- the biggest one-month increase since March 2004, according to an employment report released by the U.S. Bureau of Labor Statistics on April 1. (Read More)
MBA Sees Higher Tech Spending; No Big Job Losses
April 1, 2005
"No massive layoffs" for the mortgage industry was the bottom line in MBA economist’s Douglas Duncan’s 2005 forecast delivered at the MBA technology conference in Orlando. (Read More)
Regulators Offer Guidance on HMDA
April 1, 2005
Federal banking regulators have issued public guidance in a question and answer format that discusses the background and uses of the new Home Mortgage Disclosure Act pricing data that identifies subprime loans for the very first time and the limitations of that data. (Read More)
Freddie Growing Mortgage Portfolio
April 1, 2005
Freddie Mac is moving ahead with plans to grow its $664.5 billion mortgage portfolio even though Congress is considering ways to cut or slow its growth. (Read More)
Citi Works with Builder Financing Firm
April 1, 2005
CitiMortgage, St. Louis is offering an extensive suite of mortgage and construction loan financing options designed exclusively for HouseRaising Inc. homebuyers. (Read More)
GMAC Commercial Provides Financing
April 1, 2005
GMAC Commercial Mortgage Corp. has provided a total of $75 million in permanent, fixed-rate financing for two different projects. (Read More)
Morgan Stanley Subject of Takeover Rumors
April 1, 2005
With all the turmoil at Morgan Stanley, New York, coming to a head in the past week, Wall St. has been rife with speculation regarding the company as a takeover candidate. (Read More)
Private MI Volume Drops Again
April 1, 2005
If January was a bad month for the private mortgage insurance companies, February was worse. (Read More)
Hanover’s Net Rose Slightly in ’04
April 1, 2005
Hanover Capital Mortgage Holdings earned $8.1 million, or $0.97 per share, versus $8.0 million, or $1.35 per diluted share, in 2003. (Read More)
KB Home Launches Spanish Language Website
April 1, 2005
Homebuilder KB Home, Los Angeles, will offer all of its website content in Spanish after recently completing a redesign of its website. (Read More)
GSE Corporate Governance Rule Finalized
April 4, 2005
The Office of Federal Housing Enterprise Oversight has finalized a corporate governance rule that requires Fannie Mae and Freddie Mac to meet Sarbanes-Oxley Act standards even while they are not registered with the Securities and Exchange Commission. (Read More)
6 Groups Nix 'Bright Line' Idea
April 4, 2005
A "bright line" test contained in a Senate bill on government-sponsored enterprises is drawing more opposition from housing-related associations because of concerns that it would "undermine" Fannie Mae's and Freddie Mac's automated underwriting systems. (Read More)
… But MBA Supports a 'Bright Line'
April 4, 2005
In defending the bright-line test, the Mortgage Bankers Association has issued a written rebuttal to recent claims by opponents, including Freddie Mac, that the test would force Fannie Mae and Freddie to shut down their automated underwriting systems. (Read More)
MBA Launches Anti-Fraud Center
April 4, 2005
The Mortgage Bankers Association has launched an online resource center it describes as a one-stop shop to help the industry combat mortgage fraud. (Read More)
MBA: Commercial Mortgages Rose 10.6%
April 4, 2005
Commercial and multifamily mortgages outstanding rose to $2.29 trillion at the end of 2004, up 10.6% from the amount outstanding at the end of 2003, according to the Mortgage Bankers Association. (Read More)
NRC Unveils AU for NeighborWorks
April 4, 2005
The Neighborhood Reinvestment Corp. has developed an automated underwriting system so that community-based NeighborWorks organizations can originate first and second mortgages and sell them to Fannie Mae. (Read More)
COFI Still Climbing
April 4, 2005
The Eleventh Federal Home Loan District Cost of Funds Index rose to 2.317% in February, the ninth consecutive month it has recorded an increase. (Read More)
Correction
April 4, 2005
Document Processing Systems, San Francisco, recently released the eDisclosures module of DPS eMortgage Studio, not the eMortgage Studio system itself, as MortgageWire incorrectly reported. (Read More)
FirstAm to Buy LoanPerformance
April 5, 2005
First American Corp., Santa Ana, Calif., has announced an agreement to purchase LoanPerformance, a San Francisco-based advanced analytics supplier. (Read More)
Philly Subprime Lender to Liquidate
April 5, 2005
American Business Financial Services, Philadelphia, formerly a leading subprime mortgage lender, has announced that it plans to wind down its operations and dispose of its assets through a Chapter 11 liquidation plan. (Read More)
Fair-Housing Group Eyes Lender Steering
April 5, 2005
The National Fair Housing Alliance is turning its attention to mortgage lenders to see whether they are steering women and minorities into high-cost subprime and Federal Housing Administration mortgages. (Read More)
ACE Expands Access to Disaster Mortgage Policy
April 5, 2005
ACE USA, Philadelphia, has announced expanded distribution of its ACE Disaster Mortgage Protection policy outside its traditional mortgage service provider channel. (Read More)
Demos Spotlights Appraisal Fraud
April 5, 2005
Many appraisers are responding to increased pressure from loan originators in a highly competitive marketplace by inflating property values during the buying and refinancing of homes, according to a report from the public policy group Demos. (Read More)
Macquarie Names CEO, Mortgage Chief
April 5, 2005
Linda P. Henley has been named chief executive officer and head of mortgages for Macquarie Mortgages USA, Memphis. (Read More)
MBA Names SF Research Chief
April 5, 2005
Michael Fratantoni has been named to the newly created position of senior director for single-family research in the Mortgage Bankers Association's Research and Business Development group. (Read More)
Fidelity Enhances BuyBankHomes Site
April 5, 2005
Fidelity National Financial, Jacksonville, Fla., has launched an enhanced version of its BuyBankHomes.com website portal for selling bank-owned homes. (Read More)
Irwin Expects Mortgage-Linked Loss
April 5, 2005
Irwin Financial Corp., Columbus, Ind., has announced that it expects to report a "small loss" for the first quarter due chiefly to losses in its mortgage business. (Read More)
MetLife Selling Park Avenue HQ
April 5, 2005
MetLife is selling its 200 Park Avenue property in Midtown Manhattan, also known as the MetLife Building, to Tishman Speyer for $1.72 billion. (Read More)
MH Contract Class Downgraded
April 5, 2005
The rating on class B-1 of Manufactured Housing Contract Sr/Sub Pass-thru Trust 1999-2 has been lowered from CC to D by Standard & Poor's Ratings Services. (Read More)
OFHEO Chief Departing
April 6, 2005
Armando Falcon Jr., the regulator who cracked down on accounting shenanigans at Fannie Mae and Freddie Mac, has announced that he will step down as director of the Office of Federal Housing Enterprise Oversight on May 20. (Read More)
Greenspan: GSE Portfolios Pose Growing Risk
April 6, 2005
The giant mortgage portfolios of Fannie Mae and Freddie Mac have little or no effect on interest rates or liquidity in the mortgage market, but they pose growing risks to the financial system, according to Federal Reserve Board Chairman Alan Greenspan. (Read More)
No 'Hard Cap' in Baker GSE Bill
April 6, 2005
A new GSE regulator would have "broad authority" to control the balance sheets of Fannie Mae and Freddie Mac, but the pair would not face a "hard cap" of $200 billion on their size, according to legislation unveiled Tuesday afternoon by GSE subcommittee Chairman Richard Baker, R-La. (Read More)
GSE Bill Avoids Contentious Proposals
April 6, 2005
Rep. Richard Baker, R-La., has focused his bill on strengthening regulation of the housing GSEs and avoided contentious proposals to cut the enterprises' lines of credit to the U.S. Treasury or authorize the Federal Home Loan Banks to securitize mortgages. (Read More)
Fannie Misclassified Mortgages for 21 Years
April 6, 2005
For 21 years -- ending in 2004 -- Fannie Mae misclassified mortgages it acquired and then later took losses or gains on the assets, the GSE's chief regulator told Congress Wednesday morning. (Read More)
Analyst: GSE Stocks Undervalued
April 6, 2005
The stock prices of Fannie Mae and Freddie Mac are undervalued, even if reform legislation limits the size of their retained mortgage portfolios, according to Jonathan Gray of Sanford C. Bernstein & Co. (Read More)
Attorney Raps HUD RESPA Effort
April 6, 2005
The Department of Housing and Urban Development's effort to beef up enforcement of the Real Estate Settlement Procedures Act is misplaced, a leading regulatory attorney says. (Read More)
Fleetwood Selling HomeOne Credit
April 6, 2005
Fleetwood Enterprises, a Riverside, Calif.-based producer of manufactured homes and recreational vehicles, is selling its manufactured housing financial services business, HomeOne Credit Corp. (Read More)
Applications Decline
April 6, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 674.3 to 644.5 on a seasonally adjusted basis during the week ended April 1, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Foreclosure.com: New Foreclosures Surge
April 6, 2005
New foreclosed residential properties surged by 50% in March, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla. (Read More)
Fitch: CMBS Late Pays Decline
April 6, 2005
Delinquencies for U.S. commercial mortgage-backed securities declined to 1.22% in March, and the trend is likely to continue for the rest of 2005, according to Fitch Ratings. (Read More)
Annaly Expands Into Canada
April 6, 2005
Michael A. J. Farrell, chairman, chief executive officer and president of Annaly Mortgage Management Inc., New York, rang the opening bell on the Toronto Stock Exchange April 5 to celebrate the expansion of the company's investment advisory business to Canada. (Read More)
GMAC-RFC Redesigns Investor Site
April 6, 2005
Residential Funding Corp., Minneapolis, has announced a redesign of its services website aimed at making it easier to find, analyze, and save data about the company's fixed-income securities. (Read More)
Accredited Names EVP
April 6, 2005
Stuart D. Marvin has been named executive vice president in charge of finance, capital markets, and corporate communications at Accredited Home Lenders Holding Co., a nonprime residential mortgage lender based in San Diego. (Read More)
Fannie Allies With Hispanic Groups
April 6, 2005
Fannie Mae has announced that it is collaborating with the Hispanic Heritage Foundation and the Hispanic College Fund to jump-start Fannie's "American Dream Team" program to help place 50 minority college students in summer internships at mortgage lending companies. (Read More)
White House Expects GSE Portfolio Cuts
April 7, 2005
The Bush administration expects a new GSE regulator to reduce Fannie Mae's and Freddie Mac's mortgage portfolios to a level that provides enough liquidity for the mortgage market and furthers their housing mission. (Read More)
Baker's GSE Regulator Too Powerful?
April 7, 2005
A new GSE regulator proposed by Rep. Richard Baker, R-La., would have too much power to order a reduction in the size of Fannie Mae's and Freddie Mac's mortgage portfolios and limit their products and activities, according to Rep. Barney Frank, D-Mass. (Read More)
Seattle FHLBank Discloses $260M Unrealized Loss
April 7, 2005
The Federal Home Loan Bank of Seattle, at year-end, had a $260 million "unrealized loss" on its balance sheet, according to company records. (Read More)
30-Year Rate Back Below 6%
April 7, 2005
The average 30-year fixed mortgage rate fell to 5.93% for the seven-day period ending April 7 from 6.04% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
MBS Speeds Termed 'Warning Shot'
April 7, 2005
Prepayment rates for 30-year Fannie Mae and Freddie Mac mortgage-backed securities rose sharply in March, sending "a warning shot to mortgage investors," according to Bear Stearns & Co. (Read More)
Stewart Touts Broker-to-Banker Services
April 7, 2005
Stewart Mortgage Information, Houston, has announced the development of origination and post-closing products and services designed to help mortgage brokers make the transition to mortgage bankers. (Read More)
Gables Names COO
April 7, 2005
Sue Ansel has been named chief operating officer of Gables Residential, a real estate investment trust based in Boca Raton, Fla. (Read More)
GGP Ratings Downgraded
April 7, 2005
The ratings of General Growth Properties Inc., a Chicago-based real estate investment trust, and its subsidiary Price Development Co. LP have been downgraded by Fitch Ratings and removed from Rating Watch Negative. (Read More)
Fannie Ordered to Stop 3rd-Party REO Activity
April 8, 2005
The Department of Housing and Urban Development has ordered Fannie Mae to stop the management and sale of third-party real estate owned because it is "inconsistent" with their government charter as a secondary-market agency. (Read More)
LSI Launches PMI Release Program
April 8, 2005
LSI, a provider of property valuation and settlement services, has announced the introduction of a program that enables servicers to outsource the fulfillment of private mortgage insurance release requests. (Read More)
NAMB Touts Findings on Broker APRs
April 8, 2005
The National Association of Mortgage Brokers is touting the findings of recent academic research on the price advantages of working with mortgage brokers. (Read More)
Moody's Rates 1st Mideast MBS Deal
April 8, 2005
Moody's Investors Service has assigned a provisional long-term rating of (P)Aaa to what it said is the first mortgage-backed transaction in Dubai and the Middle East region. (Read More)
Long Beach ABS Classes Downgraded
April 8, 2005
Sixteen certificates from six deals issued by Long Beach Mortgage Co. in 2000 and 2001 have been downgraded by Moody's Investors Service. (Read More)
GE Cap CMBS Classes Downgraded
April 8, 2005
Two classes of GE Capital Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 2000-1, have been downgraded by Moody's Investors Service. (Read More)
FASI MBS Class Downgraded
April 8, 2005
Class B4 of Financial Asset Securitization Inc.'s mortgage pass-through certificates, series 1997-NAMC2, has been downgraded from CCC to CC by Fitch Ratings. (Read More)
Feedback
April 8, 2005
Responses to our survey question are running neck-and-neck on whether loan guarantee fees charged by Fannie Mae and Freddie Mac should be uniform for large and small lenders. (Read More)
MBA Reassuring Members About AU
April 11, 2005
The Mortgage Bankers Association is assuring its members that it will not jeopardize their access to Fannie Mae's and Freddie Mac's automated underwriting systems as it seeks legislation to strengthen regulation of the two government-sponsored enterprises. (Read More)
HSBC Names Mortgage Prez
April 11, 2005
Randall L. Raup has been named president of HSBC Mortgage Corp. and executive vice president of HSBC Bank USA, Prospect Heights, Ill., pending approval by the bank's board of directors. (Read More)
Del Mar Database Names COO
April 11, 2005
John Button has been appointed chief operations officer of Del Mar Database, San Diego. (Read More)
CapitalSource Names RE-Linked Execs
April 11, 2005
Dean Graham has been named president of the health care and specialty finance business (including mortgage lending) of CapitalSource Inc., Chevy Chase, Md., and Michael Szwajkowski has been named president of the company's structured finance business. (Read More)
Canadian Housing Starts Rise
April 11, 2005
Canadian housing starts rose on a seasonally adjusted basis to 218,500 in March from 217,800 in February, according to Canada Mortgage and Housing Corp. (Read More)
Countrywide Touts Selection by Hudson United
April 11, 2005
Countrywide Home Loans Inc., Calabasas, Calif., has announced its selection by Hudson United Bank to provide mortgage origination services to the bank, which operates 204 branches in four Northeastern states. (Read More)
CharterMac Revises Profits Upward
April 11, 2005
CharterMac, New York, has revised its 2004 financial statements in a way that boosts reported earnings for the fourth quarter and for the year overall. (Read More)
Fairway Expands Into New England
April 12, 2005
Fairway Independent Mortgage Corp., Sun Prairie, Wis., has expanded into New England, opening a branch in the Boston suburb of Brookline, Mass. (Read More)
Fed Discounts Competitive Impact of Basel II
April 12, 2005
The largest U.S. banks that adopt the Basel II risked-based capital standard will enjoy a significant capital reduction on 90% of their prime mortgages, but it is unlikely to have a "direct impact" on competition in the mortgage market, according to a Federal Reserve Board paper. (Read More)
Exec Named at Mortgage Fraud Specialist
April 12, 2005
Justin Vedder has been named managing director of PBIS Insurance Services Inc., a subsidiary of The Prieston Group, a San Rafael, Calif.-based company that specializes in mortgage fraud protection, loss mitigation, and indemnification services. (Read More)
S&P Sees Drop in Jumbo RMBS Issuance
April 12, 2005
The overall volume of originations and loan securitizations will likely decline 30% this year in the prime jumbo mortgage sector, from $225 billion in 2004 to $160 billion, according to Standard & Poor's Ratings Services. (Read More)
PCi Unveils HMDA Guidance
April 12, 2005
PCi Corp., a Boston-based provider of lending compliance systems, has released suggested guidelines on how to handle the reporting of new pricing data under the Home Mortgage Disclosure Act. (Read More)
Fitch: AIG Rating Won't Hurt HFA Bonds
April 12, 2005
Fitch Ratings' recent actions on American International Group Inc. will not affect the ratings of state housing finance agency bonds partially supported by investment contracts of AIG Matching Fund Corp., according to the rating agency. (Read More)
CSFB CMBS Classes Downgraded
April 12, 2005
Two classes of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1999-C1, have been downgraded by Fitch Ratings. (Read More)
Bush Settles on FHA Nominee
April 13, 2005
President Bush intends to nominate Brian D. Montgomery to be the next commissioner of the Federal Housing Administration, according to the White House. (Read More)
Shelby Favors FHLBank MBS Issuance
April 13, 2005
Senate Banking Committee Chairman Richard Shelby, R-Ala., says he would like to increase competition in the secondary mortgage market by allowing the Federal Home Loan Banks to issue mortgage-backed securities. (Read More)
HUD Wants GSE Loan Limits Localized
April 13, 2005
The Department of Housing and Urban Development is advocating that a new GSE regulator have the authority to set conforming loan limits in different regions to address the issue of high housing costs. (Read More)
MBNA to Buy Nexstar
April 13, 2005
MBNA Corp., a credit card lender based in Wilmington, Del., has announced an agreement to acquire Nexstar Financial Corp., a provider of mortgage outsourcing services based in St. Charles, Mo. (Read More)
Clayton Merges With Murrayhill
April 13, 2005
Clayton Services, a Shelton, Conn.-based provider of loan and portfolio analysis, operations support, and consulting services, and the Murrayhill Co., a Denver-based securities surveillance and credit risk management business, have united under a newly formed holding company, Clayton Holdings. (Read More)
10-Year Yield Drops
April 13, 2005
The rate-indicative 10-year Treasury yield, which has been flagging from time to time, dropped definitively between Tuesday afternoon and noon Wednesday, according to Yahoo! Finance. (Read More)
Applications Rise
April 13, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 644.5 to 683.6 on a seasonally adjusted basis during the week ended April 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Ventas to Buy Private REIT
April 13, 2005
Ventas Inc., a Louisville, Ky.-based real estate investment trust, has entered into a merger agreement to acquire Provident Senior Living Trust in a transaction valued at $1.2 billion. (Read More)
Lender Lead Banc Changes Name
April 13, 2005
Lender Lead Banc, New York, whose Senior Lending Network links seniors with reverse mortgage lenders, has changed its name to Lender Lead Solutions. (Read More)
NAR: Home Price Rises to Slow
April 13, 2005
Median home price appreciation will slow this year but remain above the historic norm, registering at about 6.3% for existing homes and 5.6% for new homes, according to the National Association of Realtors. (Read More)
RBS Greenwich Names CMO Chief
April 13, 2005
David Cannon has been named managing director and head of the Collateralized Mortgage Obligation Trading Desk at RBS Greenwich Capital, Greenwich, Conn. (Read More)
American Home to Restate '04 Results
April 13, 2005
American Home Mortgage Investment Corp., Melville, N.Y., has announced that it will restate its 2004 financial results to revise the timing of revenue recognition from a fourth-quarter securitization. (Read More)
GMAC CMBS Class Downgraded
April 13, 2005
Class E of GMAC Commercial Mortgage Securities Inc. variable-rate mortgage pass-through certificates, series 2000-FL-A, has been downgraded from Aaa to Aa1 by Moody's Investors Service and placed on review for further possible downgrade. (Read More)
Freddie Offers to Buy Back 48 MBS Pools
April 14, 2005
Freddie Mac says it will buy back, at market prices, any of 48 mortgage pools totaling $178 million that contain loans involving "unacceptable refinance practices" by a loan broker that was doing business with one of its seller/servicers. (Read More)
Fixed Rates Decline
April 14, 2005
The average 30-year fixed mortgage rate fell to 5.91% for the seven-day period ending April 14 from 5.93% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Laureate Capital Buys R.J. Twitty
April 14, 2005
Laureate Capital, Charlotte, N.C., a subsidiary of Branch Banking and Trust Company, has acquired R.J. Twitty & Co., a Tampa, Fla.-based mortgage banker. (Read More)
Doral Shares Fall After Downgrade
April 14, 2005
The share price of Doral Financial Corp., Puerto Rico's largest mortgage lender, fell by as much as 16% Thursday after Merrill Lynch downgraded the company to "sell" from "neutral." (Read More)
CTX Mortgage Creates New EVP Post
April 14, 2005
Kevin Gillespie has been named to the newly created post of executive vice president for national Centex homes production at CTX Mortgage Co., a subsidiary of Dallas-based Centex Corp. (Read More)
Barclays Names Mortgage Strategy Chief
April 14, 2005
Glenn Boyd has been named head of mortgage strategy at Barclays Capital, the investment banking division of Barclays PLC, London. (Read More)
Metrocities Names EVP/Regional Manager
April 14, 2005
Gene Morris has been named executive vice president and Southeast/Midwest regional manager of Metrocities Mortgage, Sherman Oaks, Calif. (Read More)
RealtyTrac: Foreclosure Inventory Dips
April 14, 2005
The national inventory of foreclosures decreased slightly in February despite widespread expectations that foreclosures will rise in 2005, according to RealtyTrac, an online marketplace for foreclosure properties based in Lake Forest, Calif. (Read More)
1st Russian Credit Bureau in the Works
April 14, 2005
Experian and Interfax Information Services Group have agreed to form a joint venture to create the first credit bureau in Russia. (Read More)
House Passes Bankruptcy Bill
April 15, 2005
The House has voted 302-126 for final passage of a bankruptcy reform bill that will make it harder for consumers with average incomes to use the bankruptcy courts to avoid repaying their debts. (Read More)
Bear Expanding Mortgage Platform
April 15, 2005
In order to round out its mortgage platform, Bear Stearns has started a wholesale division called Bear Stearns Residential Mortgage Corp. and on April 18 plans to roll out a technology interface called BearDirect.net that will provide an online underwriting decision engine for mortgage brokers. (Read More)
FHLBank Study Rebuts Freddie on Jumbos
April 15, 2005
A new study by the Council of Federal Home Loan Banks has found that FHLBank members are no more likely to originate jumbo mortgages than nonmembers, contradicting a study by Freddie Mac. (Read More)
Should Nonprofits Become Mortgage Brokers?
April 15, 2005
Nonprofit groups that promote homeownership might reach more underserved families by becoming mortgage brokers themselves, but the broker model used in the private sector would not be appropriate for most nonprofits, according to a study by the Local Initiatives Support Corp. (Read More)
Freddie, Chase Launch LA Campaign
April 15, 2005
Freddie Mac and Chase Home Finance have announced a new campaign in Los Angeles to debunk what they termed common misconceptions that stop minority families from even considering buying a home. (Read More)
NorthStar Completes $40M Private Placement
April 15, 2005
NorthStar Realty Finance, a New York-based real estate investment trust, has reported the completion of a private placement of $40 million of trust preferred securities through its subsidiary NorthStar Realty Finance Trust. (Read More)
Fitch Eyes HarbourView CDO Classes
April 15, 2005
Three classes of notes issued by HarbourView CDO III Ltd., a collateralized debt obligation that includes mortgage-backed securities, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Feedback
April 15, 2005
Should a yield-spread premium be disclosed on the good-faith estimate? (Read More)
OTS Director Stepping Down
April 18, 2005
Office of Thrift Supervision Director James Gilleran said he will step down April 29 after leading the agency for nearly four years. (Read More)
Fannie's Top Legal Eagle Leaving
April 18, 2005
Fannie Mae's chief legal officer, Thomas E. Donilon, is leaving the troubled mortgage giant to rejoin his former law firm. (Read More)
FHA Raises Qualifying Ratios
April 18, 2005
The Federal Housing Administration has raised its qualifying ratios by 2 percentage points, effective immediately, for manually underwritten loans. (Read More)
FHLBank System Delays Earnings Reports
April 18, 2005
The Federal Home Loan Bank System has once again delayed issuing its third-quarter and annual financial reports as the 12 banks prepare to register their stock with the Securities and Exchange Commission by June 30. (Read More)
Glimcher Names EVP/COO
April 18, 2005
Marshall A. Loeb has been named executive vice president and chief operating officer of Glimcher Realty Trust, a real estate investment trust based in Columbus, Ohio. (Read More)
Parkway Appoints Interim CFO
April 18, 2005
Meanwhile, Parkway Properties, a real estate investment trust based in Jackson, Miss., announced the resignation of Marshall A. Loeb as chief financial officer and the appointment of Sarah P. Clark as interim CFO. (Read More)
Hanover Cap Gets New CFO/Treasurer
April 18, 2005
Harold F. McElraft has been named chief financial officer and treasurer of Hanover Capital Mortgage Holdings Inc., a real estate investment trust based in Edison, N.J. (Read More)
ECC Capital Names EVP/Chief Admin Officer
April 18, 2005
Larry E. Moretti has been named executive vice president and chief administrative officer of ECC Capital Corp., a mortgage finance company based in Irvine, Calif. (Read More)
Fannie Elects New Board Member
April 18, 2005
Greg C. Smith has been elected to the board of directors of Fannie Mae and appointed to the board's audit and compensation committees. (Read More)
American Home Reports 1Q Profits
April 18, 2005
American Home Mortgage Investment Corp., Melville, N.Y., has reported adjusted net earnings of $54.0 million ($1.24 per share) for the fiscal first quarter, up 154.6% from $21.2 million ($0.70 per share) a year earlier. (Read More)
MBA to Help Develop Russian Mortgage Market
April 18, 2005
The Mortgage Bankers Association and the Russia-based National Mortgage Association have announced an agreement to help foster development of an affordable housing market in the Russian Federation. (Read More)
Housing Starts Plunge
April 19, 2005
Single-family housing starts plunged 14.4% in March, but the first three months of 2005 set a new record for starts and some housing economists are looking for a rebound in April. (Read More)
FHA Will Seek to Boost Market Share
April 19, 2005
HUD Secretary Alphonso Jackson says the new Federal Housing Administration commissioner will be charged with increasing the FHA's share of the mortgage market, which has declined over the years to 3.5% as of year-end 2004. (Read More)
Ney Voices Caution on GSE Bill
April 19, 2005
Rep. Bob Ney, R-Ohio, chairman of the House Financial Services subcommittee on housing and community opportunity, voiced caution Tuesday about pending GSE legislation, saying that any bill must be "well thought out" and should not be damaged by "emotion." (Read More)
Groups Seek AH Goals for FHLBanks
April 19, 2005
Six consumer and low-income housing groups are urging congressional leaders to require the Federal Home Loan Banks to meet affordable housing goals. (Read More)
Fidelity Unit Names EVP
April 19, 2005
Scott Hoen has been named executive vice president and group manager of the Fidelity National Real Estate Solutions division (formerly FNIS) of Fidelity National Financial Inc., Jacksonville, Fla. (Read More)
Wells Reports Record Profits
April 19, 2005
Wells Fargo & Co., San Francisco, has reported record net income of $1.86 billion ($1.08 per share) for the first quarter, up 5% from $1.77 billion ($1.03 per share) a year earlier. (Read More)
National City's Income Drops
April 19, 2005
National City Corp., Cleveland, has reported earnings of $484 million for the first quarter ($0.74 per share), down from $710 million ($1.16 per share) for the first quarter of 2004. (Read More)
Doral May Restate '00-'04 Earnings
April 19, 2005
Doral Financial Corp., San Juan, Puerto Rico, has announced that it may restate its earnings for 2000 through 2004 to decrease the fair value of its portfolio of floating-rate interest-only strips by $400 million to $600 million. (Read More)
Fannie Announces 2Q Dividends
April 19, 2005
Fannie Mae has announced a common stock dividend of $0.26 per share for the second quarter, unchanged from that of the first quarter. (Read More)
Canadian Housing Agency Names Board Member
April 19, 2005
Builder Alexander Werzberger, of Montreal, has been named to the board of Canada Mortgage and Housing Corp. for a three-year term. (Read More)
GSE CEOs Oppose Bright-Line Test, Caps
April 20, 2005
In their first public testimony regarding GSE reform, the chief executives of Fannie Mae and Freddie Mac have voiced their dislike for a "bright-line test," portfolio limits, and public disclosure of their guarantee fees. (Read More)
Shelby Plumps for More AU Competition
April 20, 2005
Senate Banking Committee Chairman Richard Shelby, R-Ala., says he would like to see more competition between lender and GSE automated underwriting systems in the conforming loan market. (Read More)
Applications Decline
April 20, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 683.6 to 672.6 on a seasonally adjusted basis during the week ended April 15, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
DeepGreen Names Production Chief
April 20, 2005
Jennifer S. Creech has been named chief production officer of DeepGreen Financial, a Cleveland-based home equity lender. (Read More)
WaMu Profits Dip Despite Mortgage Gain
April 20, 2005
Washington Mutual Inc., Seattle, has reported net income of $902 million ($1.01 per share) for the first quarter, down from $1.05 billion ($1.18 per share) a year earlier, although earnings from its mortgage business rose. (Read More)
SAMI MBS Classes Downgraded
April 20, 2005
Five classes from three Structured Asset Mortgage Investments Inc. securitizations have been downgraded by Fitch Ratings. (Read More)
Fitch Eyes MSDW CMBS Classes
April 20, 2005
Classes K, L, and M of Morgan Stanley Dean Witter Capital I Inc. commercial mortgage pass-through certificates, series 2001-Top 1, have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Freddie Prices 1st Reference REMIC
April 20, 2005
Freddie Mac has priced Reference REMIC R-001, Class AE, the $1.25 billion inaugural issue of real estate mortgage investment conduit securities under a recently announced new program. (Read More)
Fannie Prices BenchNotes
April 20, 2005
Fannie Mae has priced a $3 billion issue of two-year, 3.875% Benchmark Notes at 100.000. (Read More)
2 Seattle FHLBank Directors to Resign?
April 21, 2005
The Federal Home Loan Bank of Seattle is weighing whether it should ask two member directors to resign from its board as it continues to investigate "inside information" allegations regarding FHLBank stock sales, industry officials have told MortgageWire. (Read More)
Warning Issued on Cutting GSE Portfolios
April 21, 2005
Federal Housing Finance Board Chairman Ronald Rosenfeld has warned Congress that it would be very difficult to shrink Fannie Mae's and Freddie Mac's portfolios without causing serious damage to the profitability of the government-sponsored enterprises. (Read More)
OFHEO: New Agency Should Regulate Portfolios
April 21, 2005
Meanwhile, the director of the Office of Federal Housing Enterprise Oversight told senators on Thursday that any new GSE regulator should have the "explicit authority" to regulate the portfolio size of Fannie Mae and Freddie Mac. (Read More)
Jackson Wants RESPA Reform by Spring '06
April 21, 2005
Department of Housing and Urban Development Secretary Alphonso Jackson has a timetable for reforming the Real Estate Settlement Procedures Act, and he wants to issue a final rule by next spring. (Read More)
Bush Signs Bankruptcy Bill
April 21, 2005
President Bush has signed the bankruptcy bill, which will make it harder for consumers with median incomes to use the bankruptcy courts to avoid repaying at least a portion of their debts. (Read More)
Rates Decline
April 21, 2005
The average 30-year fixed mortgage rate fell to 5.80% for the seven-day period ending April 21 from 5.91% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fed: Residential Markets Still Strong
April 21, 2005
Residential real estate markets remained "strong" during March and early April, according to the Federal Reserve's Beige Book. (Read More)
MortgageIT Names SVP/Production Chief
April 21, 2005
Larry Schiavi has been named senior vice president and national retail production manager for the Retail Lending Division of MortgageIT Holdings Inc., a residential mortgage company based in New York City. (Read More)
Bond Groups to Form Int'l Association
April 21, 2005
The Bond Market Association, the International Securities Market Association, and the International Primary Market Association have agreed to integrate their European-based activities into the International Capital Market Association. (Read More)
Washington Fed Reviewing MBS Contracts
April 21, 2005
Washington Federal Inc., Seattle, has announced a review of its accounting for forward contracts to buy mortgage-backed securities in light of a Securities and Exchange Commission letter questioning the sufficiency of its documentation. (Read More)
Rosenfeld: FHLBanks Need 'Predatory' Standards
April 22, 2005
Federal Housing Finance Board Chairman Ronald Rosenfeld has agreed with a key senator that the Federal Home Loan Banks should have standards that bar accepting collateral or purchasing mortgage loans with predatory terms and conditions. (Read More)
GMAC-RFC Offers Anti-Fraud Services
April 22, 2005
GMAC Residential Funding, Minneapolis, has announced that it will offer services by The Prieston Group designed to help its lenders significantly reduce mortgage fraud. (Read More)
Stewart Reports Settlement in Kickback Case
April 22, 2005
Stewart Title of California Inc., San Diego, has reported a $750,000 settlement with the California Department of Insurance related to DOI allegations that the company paid kickbacks to real estate agents in exchange for business referrals. (Read More)
GHR Enters ERS Market
April 22, 2005
GHR Systems Inc., Wayne, Pa., has announced the introduction of the Enterprise Reporting System, which is designed to create instant reports with research capabilities and graphical analysis. (Read More)
Deutsche Bank Revamps Infrastructure Unit
April 22, 2005
Deutsche Bank is restructuring and expanding its Infrastructure Investments business, a unit in the bank's Deutsche Asset Management division. (Read More)
LOGS Names EVP of National Ops
April 22, 2005
David Van Ess, an attorney experienced in mortgage-related litigation, has been named executive vice president of national operations at the LOGS Network, a Northbrook, Ill.-based network of attorneys, trustees, title personnel, and collection staff that represent lenders. (Read More)
Saxon MBS Classes Downgraded
April 22, 2005
Ten subordinate certificates from five transactions issued by Saxon Asset Securities Trust in 2000 and 2001 have been downgraded by Moody's Investors Service. (Read More)
Moody's Eyes Doral Ratings
April 22, 2005
The ratings of Doral Financial Corp., San Juan, Puerto Rico, have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Feedback
April 22, 2005
Are Texas legislators about to take food off your table if you're in real estate? (Read More)
Resales Hold Strong
April 25, 2005
Existing-home sales rose 1% in March to 6.89 million units on an annualized basis, matching the third-highest reading on record, according to figures compiled by the National Association of Realtors. (Read More)
Hispanic Group Fears GSE 'Bright Line'
April 25, 2005
The Hispanic real estate community is fearful that reform legislation that goes beyond placing Fannie Mae and Freddie Mac under the aegis of a strong, independent regulator could interfere with the underserved market's ability to access mortgage money. (Read More)
Mozilo a Top-10 Earner
April 25, 2005
Angelo Mozilo, chairman and chief executive officer of Countrywide Financial Corp., was the ninth-highest paid CEO among the 500 largest American public companies last year, according to a list compiled by Forbes.com. (Read More)
Fidelity, ShowingTime Join Forces
April 25, 2005
The MLS Systems and Solutions group of Fidelity National Real Estate Solutions, Jacksonville, Fla., has announced an agreement with ShowingTime to provide access to the latter's Web-based property-showing management system. (Read More)
HUD Backs 1st Loan Under Hawaiian Program
April 25, 2005
The Department of Housing and Urban Development has announced that it will guarantee its first loan under a HUD mortgage program designed to provide more affordable housing and homeownership opportunities to Native Hawaiians. (Read More)
Florida Resales Rise
April 25, 2005
Sales of existing single-family homes in Florida totaled 24,045 in March, up 6% from the level recorded a year earlier, according to the Florida Association of Realtors. (Read More)
Health Care REIT Prices $250M in Notes
April 25, 2005
Health Care Property Investors Inc., a real estate investment trust based in Long Beach, Calif., has announced the pricing of $250 million of 5 5/8% senior unsecured notes at 99.585. (Read More)
Int'l Portfolio Managers Name Director
April 25, 2005
The International Association of Credit Portfolio Managers has appointed Som-lok Leung as its executive director, effective May 9. (Read More)
New-Home Sales Set Record
April 26, 2005
Sales of new single-family homes rose 12% in March to a seasonally adjusted annual rate of 1.43 million units, according to figures released Tuesday by the Commerce Department. (Read More)
Fannie Unveils DUS-Plus
April 26, 2005
Fannie Mae has introduced a DUS-plus program that allows the use of mezzanine financing in conjunction with its regular delegated underwriting and servicing program. (Read More)
Dynatek Integrates With LP.com
April 26, 2005
Dynatek Inc., Livonia, Mich., has completed a system-to-system plug-in for Freddie Mac's Loan Prospector.com automated underwriting system within its MORvision offering. (Read More)
1Q Profits Jump at Countrywide
April 26, 2005
Countrywide Financial Corp., Calabasas, Calif., has reported consolidated net earnings of $688.9 million ($1.13 per share) for the first quarter, a 27% increase from $543.2 million ($0.90 per share) in the first quarter of 2004. (Read More)
Radian Names New CEO
April 26, 2005
S.A. Ibrahim, a 27-year veteran of the banking and mortgage industries, has been named chief executive officer of Radian Group Inc., a Philadelphia-based mortgage insurer and provider of credit enhancement products and services. (Read More)
CBA Commercial Names CIO, Counsel
April 26, 2005
CBA Commercial LLC, a specialty commercial mortgage finance firm based in Stamford, Conn., has appointed Craig L. Knutson as executive vice president and chief information officer and Kent S. Nevins as EVP and general counsel. (Read More)
Triad Names SVP/CFO
April 26, 2005
Eric B. Dana has been named senior vice president and chief financial officer of Triad Guaranty Insurance Corp., a mortgage insurance provider based in Winston-Salem, N.C. (Read More)
HUD Partners With Hispanic Radio
April 26, 2005
The Department of Housing and Urban Development has partnered with the Hispanic Radio Network to launch a fair housing education campaign in Spanish that targets 13 of the country's largest metropolitan areas. (Read More)
Moody's Eyes New Century Classes
April 26, 2005
One class from each of two deals originated by New Century Mortgage Corp. have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
HUD Ups Fines for Lax FHA Loss Mitigation
April 27, 2005
The Department of Housing and Urban Development is increasing its fines on residential servicers that fail to engage in loss mitigation on federally insured residential loans. (Read More)
Applications Rise
April 27, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 672.6 to 712.4 on a seasonally adjusted basis during the week ended April 22, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
KeyBank Names 2 Unit Presidents
April 27, 2005
Julie Joseforsky has been named president of Key Mortgage Services, a component of Cleveland-based KeyBank's consumer finance unit, and Marc Rittenhouse has been named president of Secolink Settlement Services, a unit of Key Mortgage. (Read More)
Health Care REIT Names SVP
April 27, 2005
F. Scott Kellman has been named senior vice president for business development at Health Care Property Investors Inc., a real estate investment trust based in Long Beach, Calif. (Read More)
Northeast, CA MSAs Top Risk Index
April 27, 2005
The risk of a general decline in home prices over the next two years is highest in the Northeast and California, according to the latest PMI Risk Index. (Read More)
CA Resale Prices Up 15.7%
April 27, 2005
The median price of an existing home in California was 15.7% higher in March than the level recorded a year earlier, and resales were up 7.5%, according to the California Association of Realtors. (Read More)
Equity Residential Reports Jump in Profits
April 27, 2005
Equity Residential, Chicago, has reported net income of $214.0 million for the first quarter ($0.74 per share), compared with $98.3 million ($0.35 per share) for the first quarter of 2004. (Read More)
Canada Boosts AH Funding in Manitoba
April 27, 2005
Canada's federal and provincial governments are providing an additional C$23.08 million to create more affordable housing for Manitoba residents who need it the most, according to the Canada Mortgage and Housing Corp. (Read More)
Health Care REIT Makes Tender Offer
April 27, 2005
Health Care REIT, Toledo, Ohio, has announced a cash tender offer for any and all of its $100 million outstanding principal amount of 7.625% senior notes due March 2008. (Read More)
Rates Dip Further
April 28, 2005
The average 30-year fixed mortgage rate fell to 5.78% for the seven-day period ending April 28 from 5.80% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
HomesByOwner.com Allies With Map Service
April 28, 2005
HomesByOwner.com, Memphis, has announced an alliance with RealBird Inc., a Redwood City, Calif.-based provider of online maps and GIS tools for the real estate industry. (Read More)
Sec. 184 Indian Expansion OK'd for 5 Tribes
April 28, 2005
The Department of Housing and Urban Development has approved the request of five Native American tribes to expand their "Indian areas" for the purposes of HUD's Sec. 184 guaranteed home loan program. (Read More)
GreenPoint Names New Prez/CEO
April 28, 2005
Steven M. Abreu has been named president and chief executive officer of GreenPoint Mortgage, a wholly owned subsidiary of North Fork Bancorp., Melville, N.Y. (Read More)
WaMu Hires Wholesale Ops Chief
April 28, 2005
Mortgage banking veteran Bill Steinmetz has been hired to lead the Wholesale Production Operations group of Washington Mutual Inc., Seattle. (Read More)
EOPT Reports 1Q Earnings
April 28, 2005
Equity Office Properties Trust, Chicago, has reported net income of $100.9 million ($0.25 per share) for the first quarter, compared with $65.3 million ($0.16 per share) for the first quarter of 2004. (Read More)
WaMu, 'Magic' Tout Loan Centers
April 28, 2005
Washington Mutual, Seattle, has announced the grand opening of three home loan centers and a loan processing center in Houston, the latest phase in its joint commitment with former basketball great Earvin "Magic" Johnson to boost homeownership in underserved communities. (Read More)
Heller CMBS Class Downgraded
April 28, 2005
Class M of Heller Financial Commercial Mortgage Asset Corp. mortgage pass-through certificates, series 2000 PH-1, has been downgraded from B3 to Caa1 by Moody's Investors Service. (Read More)
Spitzer Probing Possible Mortgage Bias
April 29, 2005
The office of New York Attorney General Eliot Spitzer is in the early stages of a probe to determine whether discriminatory practices have been used in setting interest rates and fees charged on mortgage loans, according to a spokeswoman. (Read More)
Seattle FHLBank Hires Financial Advisers
April 29, 2005
The Federal Home Loan Bank of Seattle has hired Black Rock Financial and a firm headed by former Comptroller of the Currency Eugene Ludwig to assist it in getting its finances and management practices in order. (Read More)
NAHB to Push for FHLBank Securitization
April 29, 2005
The National Association of Home Builders intends to keep pushing for changes that will allow the Federal Home Loan Bank System to securitize mortgages. (Read More)
Ellie Mae Buys Lasso Tech
April 29, 2005
Ellie Mae, Dublin, Calif., has acquired Michigan-based Lasso Technologies, a developer of Web-enabled applications, to be able to offer its Encompass point-of-sale software as an application service provider. (Read More)
Specialty Originator to Launch Wholesale Unit
April 29, 2005
Madison Equity Corp., a specialty mortgage originator based in Gibbsboro, N.J., has announced that it will launch a wholesale division June 1 that will provide collateral-based residential mortgage loans to borrowers through the mortgage broker community. (Read More)
10-Year Yield Declines
April 29, 2005
The long-term rate-indicative 10-year Treasury yield was trading at about 4.15% late Friday morning, marking a notable decline over the last couple of weeks. (Read More)
Countrywide Names Production EVP
April 29, 2005
Eric Spence has been named executive vice president of national production, prime lending, at Countrywide Financial Corp., Calabasas, Calif. (Read More)
Study: Working Families Face Housing Squeeze
April 29, 2005
The number of America's working families paying more than 50% of their income for housing has grown to 76% in just over half a decade, according to a new study conducted by the Center for Housing Policy and funded by Freddie Mac. (Read More)
Citi Pledges $15B for AH in Texas
April 29, 2005
CitiMortgage has announced a $15 billion commitment to provide affordable housing to low- and moderate-income, minority, and underserved families in Texas through the end of the decade. (Read More)
Irwin Reports Mortgage-Linked Earnings Drop
April 29, 2005
Irwin Financial Corp., Columbus, Ind., has reported net income of $3.6 million ($0.13 per share) for the first quarter, compared with $14.4 million ($0.48 per share) a year earlier, a decline it attributed chiefly to a loss in its mortgage banking operations. (Read More)
Canada Okays Housing Program Renewal
April 29, 2005
The Canadian government has given the go-ahead to the $1.2 million renewal of a Canada Mortgage and Housing Corp. program called "Affordability and Choice Today," according to the CMHC. (Read More)
Feedback
April 29, 2005
Responses to our survey question on whether loan guarantee fees charged by the GSEs should be uniform for large and small lenders favored the idea, but not by a wide margin. (Read More)
May
Freddie Shedding Consultants Big-Time
May 2, 2005
Freddie Mac has laid off 1,500 consultants -- or about 44% of its consulting team -- since last fall. (Read More)
Media Frenzy Likely Over HMDA Data?
May 2, 2005
Warning that an ill-informed outcry by the news media over the latest Home Mortgage Disclosure Act data could be deafening, the next president of the Mortgage Bankers Association cautioned lenders to "be ready to combat knee-jerk reaction." (Read More)
Lending Watchdog Seeks Vigilance by AGs
May 2, 2005
Following a move by New York Attorney General Eliot Spitzer, Inner City Press/Fair Finance Watch is calling on more than 30 state attorneys general to take action against lenders who have shown evidence of discriminatory lending practices. (Read More)
OTS Deputy Named Interim Chief
May 2, 2005
The Office of Thrift Supervision announced that deputy director Richard M. Riccobono has been named acting director of the agency. (Read More)
HUD Hikes Loss Mitigation Incentives
May 2, 2005
The Department of Housing and Urban Development has announced an increase in the incentive payments for lenders who use HUD's strongest loss mitigation options to help borrowers in default avoid foreclosure. (Read More)
SC Bank to Buy Devine Mortgage
May 2, 2005
South Carolina Bank and Trust NA, Columbia, S.C., has announced an agreement to acquire the assets of Devine Mortgage LLC, which was established in Columbia in 2003. (Read More)
New MI Jumps
May 2, 2005
After a disastrous first two months of the year, the amount of primary new insurance written by the members of the Mortgage Insurance Cos. of America increased by 24.3% in March. (Read More)
Pending Home Sales Index Flat
May 2, 2005
The Pending Home Sales Index, which the National Association of Realtors has touted as a new leading indicator for the housing market, stood at 122.8 in March, 0.3% below its February level but 1.7% above that of a year earlier. (Read More)
Feds Delay Basel Rule Notice
May 2, 2005
Four federal banking regulators have agreed that additional analysis is needed before publishing a notice of proposed rulemaking on the U.S. implementation of the Basel II international capital standards. (Read More)
Wachovia Launches PTP Web-based LOS
May 2, 2005
Wachovia Mortgage, the fourth-largest bank holding company in the United States, has launched Palisades Technology Partners' Impact Mortgage Services Suite, a fully automated, Web-based loan origination system. (Read More)
'Clarion Call' for Enterprise QC
May 2, 2005
Cogent Economics has used its annual symposium, held recently at the Nikko Hotel in San Francisco, to sound a "clarion call" for enterprise-wide quality-control systems. (Read More)
Del Mar Offers Web-Hosted Option
May 2, 2005
Del Mar Database, San Diego, has released its Hosted Solution Suite, providing application service provider access to its entire product line. (Read More)
ABN Amro Names ExecCom Member
May 2, 2005
Maria Fregosi has been promoted to the executive committee of ABN Amro Mortgage Group, Ann Arbor, Mich., where she will assume responsibility for AAMG's pricing strategies and secondary marketing activities. (Read More)
Fitch: HELOCs Primed for Growth
May 2, 2005
Rising interest rates and home prices and a recently passed job creation act may spur a big increase in the issuance of home equity lines of credit in the residential mortgage-backed securities sector, according to Fitch Ratings. (Read More)
GSE Bill Mark-Up Within Weeks?
May 3, 2005
Though controversial differences remain, congressional committees could start marking up legislation to create a new regulator for Fannie Mae and Freddie Mac within weeks and send a bill to the president by the end of the year, Senate staffers representing both sides of the aisle have told the Mortgage Bankers Association's National Secondary Market Conference. (Read More)
GSEs Questioning IOs, 40-Year Loans
May 3, 2005
The secondary market is beginning to question the unbridled growth of interest-only mortgages, 40-year loans, and other products designed to capitalize on the rapid run-up in housing prices. (Read More)
Agencies Eye Creation of TBA ARM Market
May 3, 2005
The agencies have been eyeing the possibility of creating a to-be-announced market for adjustable-rate mortgages, a Freddie Mac executive has told attendees at the Mortgage Bankers Association's National Secondary Market Conference in San Francisco. (Read More)
Fannie Nixes Foreign 'Advisory' Services Unit
May 3, 2005
Less than a month after the nation's housing secretary publicly raised concerns about Fannie Mae's consulting work for foreign countries, the government-sponsored enterprise has decided to scuttle the effort entirely. (Read More)
Fed Urges Positive View of HMDA Data
May 3, 2005
As it prepares to edit and release Home Mortgage Disclosure Act data by Sept. 1, the Federal Reserve Board says it hopes lenders will not be overly concerned about the result, but see it as an opportunity to identify new markets. (Read More)
Advisory Issued on Loan Commitments
May 3, 2005
The nation's five financial services regulatory agencies have issued an advisory stressing that commitments to originate loans that will be held for resale are derivatives and must be accounted for properly under accounting rule FAS 133. (Read More)
Luminent CEO to Leave Seneca Post
May 3, 2005
Gail P. Seneca, chairman and chief executive officer of Luminent Mortgage Capital, has announced that she will leave her position as CEO of Seneca Capital Management by the end of the year to focus exclusively on Luminent. (Read More)
Mavent Names Chief Legal Officer
May 3, 2005
Michael A. Benoit has been named executive vice president and chief legal officer of Mavent Inc., an Irvine, Calif.-based provider of automated compliance systems for the financial services industry. (Read More)
Sandler O'Neill Hires Mortgage Trader
May 3, 2005
Jeff Hyde has been named a managing director in the Fixed Income Group of Sandler O'Neill & Partners LP, a New York-based investment banking firm, where he will focus on trading mortgage pass-throughs for the firm's clients. (Read More)
Freddie: Cash-Out Refi % Rises
May 3, 2005
In the first quarter, 64% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, up from 56% in the previous quarter, according to Freddie Mac. (Read More)
COFI's Slow Ascent Continues
May 3, 2005
The Eleventh Federal Home Loan District Cost of Funds Index continued its slow rise in March for the 10th consecutive month. (Read More)
GGP Reports Profit Slide
May 3, 2005
General Growth Properties, a Chicago-based real estate investment trust, has reported net income of $13.1 million ($0.06 per share) for the first quarter, compared with $59.1 million ($0.27 per share) for the first quarter of 2004. (Read More)
FBI Seeks Broker Fraud Report Mandate
May 4, 2005
The U.S. government, which is fighting a rising tide of mortgage fraud cases, is pushing for regulations that would require loan brokers to report suspicious activity in the origination process. (Read More)
Fed Rate Hike Not Unexpected
May 4, 2005
The Federal Open Market Committee inadvertently dropped a sentence indicating that it believes "longer-term inflation expectations" are still "well contained" in the initial release of its decision to raise the target federal funds rate by 25 basis points, but otherwise the move and related comments Tuesday appeared to meet market expectations. (Read More)
Applications Inch Up
May 4, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 712.4 to 714.1 on a seasonally adjusted basis during the week ended April 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
FHLBank Exec: MPF Here for Long Term
May 4, 2005
The Mortgage Partnership Finance program offered by a number of Federal Home Loan Banks is a long-term proposition and the "political scrutiny" surrounding the government-sponsored enterprises hasn't changed that, according to an executive from one of the Federal Home Loan Banks. (Read More)
Allied Capital Sells CMBS/CDO Portfolio
May 4, 2005
Allied Capital Corp., Washington, has announced the sale of its portfolio of commercial mortgage-backed securities and collateralized debt obligation bonds and preferred shares to a Canadian pension and insurance fund manager for approximately $976 million in cash. (Read More)
Winston, GEFF Unveil 1-Stop Hotel Finance
May 4, 2005
Winston Hotels Inc., a real estate investment trust based in Raleigh, N.C., and hospitality lender GE Commercial Finance, Franchise Finance have announced the introduction of a "one-stop shop" hotel finance program. (Read More)
Moody's Rates 1st Cross-Border 'Take-Out' Deal
May 4, 2005
Moody's Investor Service has rated the first cross-border "take-out" deal, a U.S. dollar-denominated securitization of residential housing construction loans in Mexico. (Read More)
S&P: Commercial Loan Performance Improved
May 4, 2005
The credit performance of U.S. commercial mortgage loans improved markedly in 2004, according to a recent report by Standard & Poor's Ratings Services. (Read More)
Nasdaq SmallCap Market to List UFMC
May 4, 2005
The common stock of United Financial Mortgage Corp., Oak Brook, Ill., has been approved for listing on the Nasdaq SmallCap Market, according to UFMC. (Read More)
Morgan REIT Index to Change Name
May 4, 2005
The official name of the Morgan Stanley REIT Index will be changed to the MSCI US REIT Index as of June 20, New York-based MSCI has announced. (Read More)
NAIHC Hires Lobbying Firm
May 4, 2005
Gardner Carton & Douglas LLP, a law firm that devotes five full-time lawyers to its Indian Tribal Governments practice, has been hired by the National American Indian Housing Council to lobby for the organization in Washington. (Read More)
BoA CMBS Class Downgraded
May 4, 2005
Class O of Banc of America Commercial Mortgage Inc.'s commercial mortgage pass-through certificates, series 2001-1, has been downgraded from B-minus to CCC by Fitch Ratings. (Read More)
CSFB MBS Class Downgraded
May 4, 2005
Class I of Credit Suisse First Boston Mortgage Securities Corp.'s mortgage pass-through certificates, series 1998-C1, have been downgraded from CC to C by Fitch Ratings. (Read More)
Fannie Bans Stock Sales/Buys by Workers
May 5, 2005
Fannie Mae, which is in the process of restating three years' worth of earnings, has told its 5,000 employees that they can no longer buy or sell the company's stock. (Read More)
Duncan: Market Strong Despite 'Tiny Bubbles'
May 5, 2005
Overall conditions in the mortgage market remain "fundamentally strong" even though there may be "tiny bubbles" of concern in certain areas, Mortgage Bankers Association chief economist Doug Duncan told attendees May 4 at the MBA's National Secondary Market Conference. (Read More)
MBA: ARMs, IOs Grab Big Market Share
May 5, 2005
Adjustable-rate mortgages and interest-only products accounted for 63% of mortgage originations in the second half of last year, according to a survey by the Mortgage Bankers Association. (Read More)
Fixed Rates Keep Sliding
May 5, 2005
The average 30-year fixed mortgage rate fell to 5.75% for the seven-day period ending May 5 from 5.78% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
UFMC to Buy AmPro Wholesale Division
May 5, 2005
United Financial Mortgage Corp., Oak Brook, Ill., has announced an agreement to acquire the eight prime wholesale production offices of Dallas-based AmPro Mortgage Corp. as well as AmPro's Phoenix operations center. (Read More)
Bravo to Buy Retail Mortgage Branches
May 5, 2005
ECC Capital Corp., a mortgage finance company based in Irvine, Calif., has announced an agreement under which its retail subsidiary, Bravo Credit Corp., will acquire certain assets and retail mortgage branches from America's MoneyLine Inc. (Read More)
NAR: Housing Affordability Improves
May 5, 2005
The typical American family's ability to purchase a median-priced home increased in the first quarter as a result of rising family income, according to the National Association of Realtors. (Read More)
Fidelity Updates Web MLS Offering
May 5, 2005
The MLS Systems and Solutions group of Fidelity National Real Estate Solutions, Jacksonville, Fla., has released an updated version of its Paragon MLS system, a Web-based multiple listing service platform. (Read More)
NetBank Reports Mortgage-Related Loss
May 5, 2005
NetBank Inc., an Atlanta-based online bank, has reported a mortgage-related net loss of $2.0 million ($0.04 per share) for the first quarter, compared with net income of $9.4 million ($0.20 per share) a year earlier. (Read More)
MKP CBO Classes Downgraded
May 5, 2005
Four classes of MKP CBO I Ltd., a collateralized debt obligation supported in part by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings and removed from Rating Watch Negative. (Read More)
GMAC CMBS Class Downgraded
May 5, 2005
Class O of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 2001-C1, has been downgraded from CCC to CC by Fitch Ratings. (Read More)
Greenwood Small-Cap REIT Index Declines
May 5, 2005
The recently created Greenwood Small-Cap REIT Index declined 5.42% in the first quarter, according to The Greenwood Group LLC, Chicago. (Read More)
MERS Registration Hits 30M
May 5, 2005
MERS, the industry-owned system for tracking ownership of mortgage loans and servicing rights, has registered 30 million loans, according to the organization. (Read More)
Mortgage Jobs Crack 500,000 Mark
May 6, 2005
A record half a million workers are now employed in the mortgage banking and brokerage sectors, according to preliminary government figures released May 6. (Read More)
GMAC Restructures Home Loan Biz
May 6, 2005
General Motors Acceptance Corp., Detroit, has restructured its residential mortgage business, placing both GMAC Mortgage Corp. and Residential Funding Corp. under a new holding company, while giving the unit $2 billion and naming industry veteran Thomas Jacob to the board. (Read More)
S&P Drops GMAC Ratings to Junk Status
May 6, 2005
The credit ratings of home loan and auto lender GMAC have been lowered to "junk/speculative grade" status by Standard & Poor's due to financial woes at GMAC's automotive corporate parent. (Read More)
Moody's Cites Impact of Not Extending TRIA
May 6, 2005
If the Terrorism Risk Insurance Act is not extended this year, there could be a bigger impact than was felt immediately after 9/11, according to Daniel Rubock, a vice president/senior credit officer with Moody's Investors Service. (Read More)
ABS Rules Not 'One Size Fits All,' SEC Says
May 6, 2005
The Securities and Exchange Commission's disclosure rules for asset-backed securities, which servicers must comply with beginning Jan. 1, 2006, were adopted to deal with the fact that "one size does not fit all asset classes," according to Jennifer Williams, an attorney adviser with the SEC's Office of Rulemaking. (Read More)
Experian Buys LowerMyBills.com
May 6, 2005
Costa Mesa, Calif.-based Experian has positioned itself as a major consumer-direct player on the Internet with the acquisition of LowerMyBills.com for $330 million and the launch of Experian Interactive. (Read More)
Starwood Founder/Chair Resigns
May 6, 2005
Starwood Hotels & Resorts Worldwide Inc., White Plains, N.Y., has announced that its founder, Barry S. Sternlicht, will resign his post as executive chairman of the company to devote more time to his real estate investment and private equity firm, Starwood Capital. (Read More)
Foreclosure.com: Inventory Dips 5%
May 6, 2005
The nationwide inventory of foreclosed residential properties declined 5% in April, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla. (Read More)
RealtyTrac: New Foreclosures Rise
May 6, 2005
Meanwhile, RealtyTrac, another online foreclosure marketplace based in Lake Forest, Calif., has reported that the number of new properties in some stage of foreclosure accelerated in March. (Read More)
GMACCM Classes Downgraded
May 6, 2005
The variable-rate class A insured notes of seven GMACCM Mortgage Trust I deals have been downgraded from AAA to AA-plus by Fitch Ratings as a result of a downgrade of the insurance company that provided credit enhancement for the transactions. (Read More)
COMM Class Downgraded
May 6, 2005
Class G of COMM 2002-FL6 commercial mortgage pass-through certificates has been downgraded from A-minus to BBB-plus by Fitch Ratings. (Read More)
Feedback
May 6, 2005
Early responses to our latest survey question have been running in favor of the Ney-Kanjorski Responsible Lending Act, which would create national lending standards and pre-empt state and local predatory lending laws. (Read More)
FHFB to Issue Predatory 'Advisory'
May 9, 2005
Federal Housing Finance Board Chairman Ronald Rosenfeld vowed Monday that the agency will "soon" issue predatory-lending guidelines for depositories that are members of the Federal Home Loan Bank System. (Read More)
FHFB Wants GSE Portfolio Caps
May 9, 2005
The Federal Housing Finance Board chairman also told the trade conference that the nation's housing government-sponsored enterprises should be subject to portfolio caps and that he isn't too keen about the idea of having Federal Home Loan Banks securitize mortgages. (Read More)
NAR: Expensive Oil = Strong Home Sales
May 9, 2005
Higher oil prices are likely to restrain economic growth, causing mortgage interest rates to rise less than expected and home sales to remain strong through next year, according to the National Association of Realtors. (Read More)
Shurgard Chair/CEO to Step Down as CEO
May 9, 2005
Charles K. Barbo, chairman and chief executive officer of Shurgard Storage Centers Inc., a Seattle-based real estate investment trust, has announced that he will step down as CEO at the end of the year but retain his title as chairman. (Read More)
Hilton Head Properties Names Prez/CEO
May 9, 2005
Chase D. Fonteno has been named president and chief executive officer of Hilton Head Properties Inc., a Dallas-based real estate investment firm. (Read More)
Portellus Appoints Project Manager
May 9, 2005
Brenda Arnold has been named senior process and project manager at Portellus Inc., Irvine, Calif., where she will manage the installation of the company's mortgage-related technology products for lenders nationwide. (Read More)
S&P Names RMBS Chief
May 9, 2005
Susan Barnes has been named practice leader and head of the Standard & Poor's Structured Finance Residential Mortgage group in North America. (Read More)
Washtenaw Reports 1Q Loss
May 9, 2005
The Washtenaw Group Inc., a holding company for Washtenaw Mortgage Co., a wholesaler based in Ann Arbor, Mich., has reported a net loss of approximately $1.7 million ($0.37 per share) for the first quarter, compared with a net loss of $3.1 million ($0.69 per share) a year earlier. (Read More)
Redstone Creates Novel UK MBS Platform
May 9, 2005
Redstone Mortgages PLC has created a residential mortgage-backed securitization multi-issuance platform that is the first of its kind in the United Kingdom, according to The Bank of New York, which is acting as note and security trustee for the platform. (Read More)
CSFB MBS Classes Downgraded
May 9, 2005
Three classes of subordinated tranches from three mortgage-backed securitizations issued in 2002 by Credit Suisse First Boston Mortgage Securities Corp. have been downgraded by Moody's Investors Service. (Read More)
Brandywine Updates $1.5B Shelf
May 9, 2005
Brandywine Realty Trust, a real estate investment trust based in Plymouth Meeting, Pa., has filed a $1.5 billion universal shelf registration statement with the Securities and Exchange Commission. (Read More)
Kanjorski 'Optimistic' About GSE Bill
May 10, 2005
Rep. Paul Kanjorski, D-Pa., says he is becoming "more optimistic" that the House Financial Services Committee can pass a GSE regulatory reform bill that does not impose portfolio limits on Fannie Mae and Freddie Mac. (Read More)
Fiserv to Buy Emergis' U.S. Holdings
May 10, 2005
Fiserv Inc., Brookfield, Wis., has entered into a definitive agreement to acquire the assets of the eLending U.S. operations of Emergis Inc., Montreal, Quebec. (Read More)
UGC Buys Stake in Fraud Recovery Firm
May 10, 2005
United Guaranty Corp., a Greensboro, N.C.-based member company of American International Group, has acquired an equity position with Investors Mortgage Asset Recovery Co. LLC, a provider of mortgage fraud recovery services headquartered in Irvine, Calif. (Read More)
Raines Advising Ex-AOL Honcho
May 10, 2005
Former Fannie Mae chairman and chief executive Franklin Raines, who was forced into retirement in December, is serving as adviser to Revolution LLC, a new Washington-based venture capital firm founded by ex-America Online chairman Steve Case. (Read More)
Vineyard Bank Outsources Mortgage Lending
May 10, 2005
Vineyard Bank, Rancho Cucamonga, Calif., has launched a residential mortgage lending program, Vineyard MortgageLine, in conjunction with MoneyLine Lending Services, a provider of private-label outsourcing based in Irvine, Calif. (Read More)
Argent Updates Fair-Lending Practices
May 10, 2005
Argent Mortgage Co., Irvine, Calif., has announced an update to its fair mortgage lending practices aimed partly at helping brokers better inform consumers about the lending process. (Read More)
Colliers: Office Occupancy Hits Boom Levels
May 10, 2005
Occupancy in the national office market has reached levels not seen since the fourth quarter of 2000, according to Colliers International, a Boston-based commercial real estate manager. (Read More)
Deloitte: Consumer Spending Hinges on Housing
May 10, 2005
Consumer spending growth is slowing and will depend chiefly on the strength of the housing market during the summer, according to Deloitte Research's Leading Index of Consumer Spending. (Read More)
Canadian Housing Starts Rise
May 10, 2005
The seasonally adjusted annual rate of Canadian housing starts rose to 230,400 units in April, up 5.5% from 218,400 units in March, according to Canada Mortgage and Housing Corp. (Read More)
Moody's Adds +/- to Servicer Ratings
May 10, 2005
Citing a significant increase in the number of rated loan servicers and the amount of data the servicers provide to the rating agency, Moody's Investors Service is augmenting its servicer ratings with "plus" and "minus" signs to provide further differentiation. (Read More)
MESA Resecuritization Classes Downgraded
May 10, 2005
Two classes of MESA 2002-1 Global Issuance Co. have been downgraded by Moody's Investors Service. (Read More)
Purchase Apps Set Record
May 11, 2005
Purchase applications hit record levels as the Market Composite Index, an overall measure of mortgage applications, rose from 714.1 to 781.0 on a seasonally adjusted basis during the week ended May 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Congress Raises Cap on FHA Reverses
May 11, 2005
Congress has raised a cap on FHA reverse mortgages from 150,000 to 250,000 and averted a shutdown on originations as part of an $82 billion supplemental appropriations bill to fund the war in Iraq and military activities in Afghanistan. (Read More)
Prof: Use Market to Curb GSE Portfolios
May 11, 2005
Instead of setting arbitrary limits on the size of Fannie Mae's and Freddie Mac's mortgage portfolios, Congress could use market mechanisms to restrain their growth, according to a real estate finance professor. (Read More)
Capstead, Crescent Form JV
May 11, 2005
Capstead Mortgage Corp., Dallas, and Crescent Real Estate Equities, Fort Worth, Texas, have entered into a $200 million joint venture to invest in commercial real estate mezzanine loans. (Read More)
ComUnity Lending Forms New Exec Team
May 11, 2005
ComUnity Lending, Morgan Hill, Calif., has announced the formation of a new Executive Leadership Team with the promotions of Jayson Stebbins and Janene Towner to executive vice president. (Read More)
Misappropriation Delays REIT's 1Q Results
May 11, 2005
Innkeepers USA Trust, a real estate investment trust based in Palm Beach, Fla., has postponed the release of its first-quarter financial results, citing the discovery of a potential loss from the misappropriation of funds at one of its hotels. (Read More)
Fitch Eyes Oceanview CBO Classes
May 11, 2005
Four classes of notes issued by Oceanview CBO I Ltd. have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Fitch Eyes Mid Ocean CBO Classes
May 11, 2005
Four classes of notes issued by Mid Ocean CBO 2000-1 Ltd. have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Seattle FHLBank Cans 2 in Insider Scandal
May 12, 2005
The Federal Home Loan Bank of Seattle announced Thursday that two of its directors -- Roy Whitehead of Washington Federal and Allan Landon of Bank of Hawaii -- have resigned in connection with questionable GSE stock repurchases their institutions engaged in last fall. (Read More)
Fannie Admits Share Loss, Portfolio Tainting
May 12, 2005
In a new filing with the Securities and Exchange Commission, Fannie Mae admitted that it has suffered tremendous market-share losses in MBS issuance and confirmed that it will have to reclassify billions of dollars worth of mortgages that were misclassified. (Read More)
FHA Plans 'Major' Ad Campaign
May 12, 2005
The Federal Housing Administration is planning a "major" advertising campaign in "selected markets" where the agency believes mortgage brokers may be guiding homebuyers to more expensive nonprime loans. (Read More)
New FHA Appraisal Form Coming
May 12, 2005
The Federal Housing Administration hopes to replace its multipage appraisal form with a much shorter, half-page document by the first of the year. (Read More)
Oxley: Take More Time on Basel Standard
May 12, 2005
House Financial Services Committee Chairman Michael Oxley, R-Ohio, wants federal regulators to take more time in developing the Basel II risk-based capital standard. (Read More)
Rates Creep Up
May 12, 2005
The average 30-year fixed mortgage rate rose to 5.77% for the seven-day period ending May 12 from 5.75% the previous week, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
French Company Forms U.S. MBS Group
May 12, 2005
SG Corporate and Investment Banking, a subsidiary of French Bank Societe Generale, has created a U.S. mortgage-backed securities group and hired U.S. industry veterans to launch the business. (Read More)
Deutsche Bank Adds to MBS Unit
May 12, 2005
Deutsche Bank's mortgage-backed securities unit has added two new hires. (Read More)
$2B in 'New Markets' Tax Credits Awarded
May 12, 2005
The U.S. Treasury Department has awarded $2 billion under its third round of New Markets Tax Credits to 41 entities, including states, cities, and private organizations that are making qualified equity investments in designated community development entities. (Read More)
NAHB: Amenities Trumping More Space
May 12, 2005
New homebuyers are "overwhelmingly" choosing higher-quality features over more space, according to a survey by the National Association of Home Builders. (Read More)
Merrill: Homebuilding Roiled by Weather
May 12, 2005
Weather has significantly affected homebuilders across the country, according to a new research report from Merrill Lynch. (Read More)
Commodore CDO Class Downgraded
May 12, 2005
One class of notes issued by Commodore CDO I Ltd., a collateralized debt obligation, has been downgraded by Fitch Ratings. (Read More)
Freddie to Revise Financials in Resolving Tax Issue
May 13, 2005
Freddie Mac said it will add about $110 million to its 2004 net income after resolving a tax dispute with Internal Revenue Service over the deductibility of dividend payments the company paid on two real estate investment trusts. (Read More)
1Q Resales in Record Territory, NAR Says
May 13, 2005
Total existing-home sales -- including condominiums and co-operatives -- set the third-highest pace on record in the first quarter, rising in 44 states and the District of Columbia from the levels recorded a year earlier, according to the National Association of Realtors. (Read More)
NAR: Double-Digit Price Gains Set Record
May 13, 2005
Meanwhile, house prices posted double-digit gains in a record number of metropolitan statistical areas in the first quarter, the National Association of Realtors said. (Read More)
CRE Fundamentals Seen as Positive
May 13, 2005
The four major sectors of the commercial real estate market are likely to see improvement over the next two years, according to a forecast presented at a commercial real estate forum at the National Association of Realtors Midyear Legislative Meetings & Trade Expo. (Read More)
Dynatek to Launch Improved LOS
May 13, 2005
Dynatek has made plans for a phased launch of an improved version of its MORvision loan origination software that will be called MORvisionTi , the company said at its 13th annual user conference in Livonia, Mich. (Read More)
Stewart Title Touts eClosing Advance
May 13, 2005
Stewart Title has announced another step toward the electronic closing of real-estate finance transactions with the completion of the sale of a single-family home using its eClosingRoom, integrated into its SureClose online transaction management system at Stewart Title of Wichita Falls, Texas. (Read More)
Mortgage Lender to Invest in Panamanian Bank
May 13, 2005
GE Consumer Finance, a U.S. mortgage and home equity lender, plans to acquire a stake in a Panama City, Panama-based financial institution that is active in the mortgage business. (Read More)
ORI Promotes Nard to Prez/CEO Post
May 13, 2005
Old Republic International Corp., Chicago, has promoted Chris Nard to president and chief executive of its mortgage guaranty group of companies and to senior vice president-mortgage guaranty of the parent company. (Read More)
Equus Names Team One Prez/COO
May 13, 2005
Tom Renshaw has been named president and chief operating officer of Team One Mortgage Services Inc., a subsidiary of Equus Resources Inc., a financial services company based in the Atlanta suburb of Roswell, Ga. (Read More)
HCPI Promotes Maulbetsch
May 13, 2005
Health Care Property Investors Inc. has promoted Stephen R. Maulbetsch to executive vice president-acquisitions and dispositions. (Read More)
Pru FHA CRE Loan Business Adds Offices
May 13, 2005
Prudential Huntoon Paige, the FHA-insured commercial mortgage loan business of Prudential Mortgage Capital, Newark, N.J., has expanded operations by opening a Rocky Mountain regional office in Englewood, Colo., and a Midwest regional office in Chicago. (Read More)
Moody's Eyes IndyMac ARM Classes
May 13, 2005
Two subordinate certificates issued by IndyMac ARM Trust, series 2001-H1, have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Feds Issue Warning on HELOC Lending
May 16, 2005
Federal regulators are warning banks and thrifts to review their lending practices with respect to home equity lines of credit due to the rapid growth of HELOC lending over the past two years. (Read More)
Freddie Retooling Hybrid ARMs
May 16, 2005
Freddie Mac wants to be more competitive with the Wall Street conduits in securitizing hybrid adjustable-rate mortgages. (Read More)
Equus Forms Commercial Lending Unit
May 16, 2005
Equus Resources Inc., Atlanta, has announced the formation of a commercial lending division that will offer asset-based financing for the acquisition and development of commercial real estate projects. (Read More)
MISMO Unveils XML Compliance
May 16, 2005
The Mortgage Industry Standards Maintenance Organization has announced the introduction of MISMO eXtensible Markup Language Compliance for credit reporting. (Read More)
Mortgage Security Issuance Inches Up
May 16, 2005
The issuance of mortgage-related securities increased slightly in the first quarter of 2005 vs. the same period last year, even though the portion of that issuance from the government-sponsored enterprises declined 43.9%, according to The Bond Market Association. (Read More)
Midlantic Files for IPO
May 16, 2005
Midlantic Office Trust, Rockville, Md., has filed a registration statement with the Securities and Exchange Commission for an initial public offering of $225 million in common stock. (Read More)
HUD Counsel Moving to FHFB
May 16, 2005
HUD associate general counsel John P. Kennedy is moving to the Federal Housing Finance Board next week to become the new general counsel at the agency that oversees the 12 Federal Home Loan Banks. (Read More)
Health Care REIT Names New Chairman
May 16, 2005
Jay Flaherty, president and chief executive officer of Health Care Property Investors Inc., has been named chairman of the board of directors of the Long Beach, Calif.-based real estate investment trust. (Read More)
Conseco/Green Tree MH Classes Downgraded
May 16, 2005
Fitch Ratings has downgraded 114 classes of Conseco/Green Tree manufactured housing loan securities. (Read More)
DASH CDO Classes Downgraded
May 16, 2005
Four classes of Diversified Asset Securitization Holdings III LP have been downgraded by Fitch Ratings. (Read More)
Housing Starts Rebound
May 17, 2005
Single-family housing starts rebounded by 6.3% in April after a 14% plunge in March that stirred concerns about the strength of the housing market. (Read More)
Committee Slates GSE Reform Mark-up
May 17, 2005
The House Financial Services Committee is preparing to mark up a GSE regulatory reform bill on May 25, sources have told MortgageWire. (Read More)
Panel Backs Bush on GSE Portfolio Limits
May 17, 2005
The Shadow Financial Regulatory Committee, a policy advisory panel sponsored by the American Enterprise Institute, has endorsed the Bush administration's proposal for limiting the portfolios of Fannie Mae and Freddie Mac. (Read More)
Report Questions GSE AH Deals
May 17, 2005
Freddie Mac and Fannie Mae "compromised" the purposes of affordable housing goals by engaging in several large and "questionable" mortgage transactions in 2003, according to a report by the majority staff of the House Financial Services Committee. (Read More)
FNF to Revamp Title Insurance Ops
May 17, 2005
Fidelity National Financial Inc., Jacksonville, Fla., has announced a restructuring plan to distribute 17.5% of its title insurance operations to existing stockholders. (Read More)
CBRE Creates Cap Markets Group
May 17, 2005
CB Richard Ellis, Los Angeles, has created a capital markets group that integrates its investment sales and mortgage banking businesses into a single global division. (Read More)
NAR Launches Anti-Predatory Campaign
May 17, 2005
The National Association of Realtors has launched a consumer education campaign that it says will help consumers avoid the pitfalls of predatory lending practices. (Read More)
LendingTree Picks ValuAmerica Tech
May 17, 2005
LendingTree Settlement Services, Charlotte, N.C, has selected Pittsburgh-based ValuAmerica's Web-based ValuNet xsp software to manage its vendor management process. (Read More)
NorthStar, USBA Join Forces
May 17, 2005
NorthStar Loans USA, Riverside, Mo., has become an exclusive mortgage lending partner for the membership of the Uniformed Services Benefit Association, according to USBA Services Inc., Overland Park, Kan., a subsidiary of USBA. (Read More)
Arizona Adopts Electronic Recording Act
May 17, 2005
Arizona Gov. Janet Napolitano has signed the Arizona Uniform Real Property Electronic Recording Act, which authorizes the storage of real property records, including mortgages, in electronic format. (Read More)
Moody's Eyes Ameriquest MBS Class
May 17, 2005
Class M4 (the most subordinate class) of Ameriquest Mortgage Securities Inc., series 2002-3, has been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Moody's Eyes Bear Stearns MBS Class
May 17, 2005
Class BF of Bear Stearns Asset Backed Securities Inc., series 1999-2, has been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Falcon: 'Clear Direction' Needed to Limit Portfolios
May 18, 2005
If congressional leaders want the size of Fannie Mae's and Freddie Mac's mortgage portfolios reduced, they need to provide "clear direction" to the new GSE regulator, according to Armando Falcon Jr., director of the Office of Federal Housing Enterprise Oversight. (Read More)
Applications Decline
May 18, 2005
The Market Composite Index, an overall measure of mortgage applications, fell from 781.0 to 699.2 on a seasonally adjusted basis during the week ended May 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Midwest Servicing Portfolio for Sale
May 18, 2005
The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $104 million portfolio of Fannie Mae mortgage loans from the Midwest. (Read More)
Anworth Subsidiary Plans IPO
May 18, 2005
Anworth Mortgage Asset Corp., Santa Monica, Calif., has announced a filing by its wholly owned subsidiary, Belvedere Trust Mortgage Corp., to register $100 million of common stock in connection with a contemplated initial public offering. (Read More)
Fitch Eyes Fidelity
May 18, 2005
The A-minus insurer financial-strength ratings of Fidelity National Financial Inc.'s title insurance underwriting subsidiaries have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
LandAmerica OneStop Names EVP
May 18, 2005
Brandon Barnett has been named executive vice president for strategic initiatives at LandAmerica OneStop, a Richmond, Va.-based online provider of real estate transaction services for mortgage lenders. (Read More)
Canadian Construction Seen Tapering Off
May 18, 2005
Canada is likely to see residential construction taper off this year from last year's all-time high but still remain historically strong, according to Canada Mortgage and Housing Corp.'s latest housing market outlook. (Read More)
Bimini Reports $50M Private Placement
May 18, 2005
Bimini Mortgage Management Inc., a real estate investment trust based in Vero Beach, Fla., has reported a private placement of $50 million of trust preferred securities through the newly formed Bimini Capital Trust I. (Read More)
SAMI MBS Class Downgraded
May 18, 2005
Class B-3 of Structured Asset Mortgage Investments Trust, series 2001-4, has been downgraded from Baa2 to Baa3 by Moody's Investors Service. (Read More)
Salomon ABS Classes Downgraded
May 18, 2005
Three classes of Salomon Brothers Mortgage Securities VII Inc. asset-backed pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Poll: 24% of Couples Bought Home Quickly
May 18, 2005
Nearly a quarter of the website visitors responding to a poll by KB Home said they bought a home in the first six months of their marriage, according to the Los Angeles-based homebuilder. (Read More)
FHA Confirmation Hearing Postponed
May 19, 2005
The Senate Banking Committee has postponed a confirmation hearing for Brian D. Montgomery to be the new Federal Housing Administration commissioner due to a Senate dispute over the filibuster of the president's appellate court nominees. (Read More)
Greenspan Downplays Effect of GSE Portfolio Selloff
May 19, 2005
Federal Reserve Board Chairman Alan Greenspan says a selloff of Fannie Mae's and Freddie Mac's large mortgage portfolios over time would "pose no significant difficulties" for the markets. (Read More)
Seattle FHLBank Biz Plan Suspends Dividends
May 19, 2005
The Federal Home Loan Bank of Seattle has suspended all dividends on its stock as part of a three-year capital plan approved by its regulator, the Federal Housing Finance Board. (Read More)
Citi to Bar Mandatory Arbitration Clauses
May 19, 2005
CitiFinancial has announced that it will eliminate mandatory arbitration provisions on real-estate-secured loans later this year and reduce its maximum prepayment penalty. (Read More)
Fannie Creates 6 New Finance Posts
May 19, 2005
Fannie Mae, which likely will not report any earnings this year, has created six new positions in its finance division and appointed nine new officers. (Read More)
Gramlich Resigns From Fed
May 19, 2005
Federal Reserve Board governor Edward Gramlich has announced he is resigning effective Aug. 31 to pursue several teaching and research interests. (Read More)
Fixed Rates Decline
May 19, 2005
The average 30-year fixed mortgage rate fell from 5.77% to 5.71% over the seven-day period ending May 19, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Thrifts Post Record 1Q Earnings
May 19, 2005
Thrift institutions originated $141.5 billion in single-family loans in the first quarter, down 8% from the volume in the previous quarter, but they still posted record earnings of $4 billion. (Read More)
DiamondRock Plans IPO
May 19, 2005
DiamondRock Hospitality Co., Bethesda, Md., a company that invests in "upscale" hotel properties, is planning an initial public offering of 26.087 million shares of its common stock. (Read More)
Moody's Downgrades ABFC NIM Notes
May 19, 2005
The class A notes of Asset Backed Funding Corp., NIM Trust 2001-AQ1, have been downgraded from Baa3 to B3 by Moody's Investors Service. (Read More)
SASCO NIM Notes Downgraded
May 19, 2005
The class A notes of SASCO Net Interest Margin Trust 2003-12XS have been downgraded from Baa1 to Ba2 by Moody's Investors Service. (Read More)
CSFB Resecuritization Ratings Lowered
May 19, 2005
Two classes from CS First Boston Mortgage Securities Corp. series 1997-1R, a resecuritization backed by other residential mortgage-backed securities, have been downgraded by Moody's Investors Service. (Read More)
Structured Resecuritization Downgraded
May 19, 2005
Class C of Structured Mortgage Trust 1997-1, a resecuritization backed by other residential mortgage-backed securities, has been downgraded from B2 to Caa3 by Moody's Investors Service. (Read More)
'Bright-Line' Foes Seek GOP Support
May 20, 2005
Opponents of a "bright-line" test to place stricter limits on Fannie Mae's and Freddie Mac's activities are hoping to get enough Republican support to strip the test from a GSE regulatory reform bill that the House Financial Services Committee is scheduled to mark up on May 25. (Read More)
FHA Confirmation Hearing Reset
May 20, 2005
The Senate Banking Committee has rescheduled a confirmation hearing for Brian D. Montgomery for May 25. (Read More)
OFHEO Upgrades Fannie's Capital Rank
May 20, 2005
Fannie Mae raised its capital position by $3.6 billion during the first quarter and is no longer classified as "significantly undercapitalized" by its regulator, the Office of Federal Housing Enterprise Oversight. (Read More)
FirstAm Pumps $50M Into Dorado
May 20, 2005
Framing the investment as an endorsement of open standards in technology, First American has announced a $50 million capital infusion in San Mateo, Calif.-based Dorado and its Enterprise Lending System. (Read More)
Panelists: Manage Expenses & Product Quality
May 20, 2005
In order to control profitability growth, it is important for lenders to manage expenses and product quality, according to panelists at the 2nd Annual Subprime Symposium in Las Vegas, sponsored by National Mortgage News and Origination News. (Read More)
Panelist: Regs No. 1 Subprime Challenge
May 20, 2005
Regulatory scrutiny is the No. 1 challenge when it comes to retail marketing in the subprime market, according to Shayne Cardwell, vice president of strategic solutions at DWC Solutions, Boca Raton, Fla. (Read More)
Equus Launches Genesis Program
May 20, 2005
Equus Resources Inc., Atlanta, has announced the launch of the Genesis Program, under which the company will work with churches and community groups to educate their members about alternative mortgage and insurance programs that can help them restructure their finances. (Read More)
Moody's Eyes Ace Resecuritization Class
May 20, 2005
Class IIIA of Ace Securities Corp. series 2002-Z has been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Freddie Prices RefNotes
May 20, 2005
Freddie Mac has priced $4 billion of 3.875%, three-year Reference Notes due on June 15, 2008. (Read More)
Feedback
May 20, 2005
Have any advice for a new wholesale account executive? (Read More)
Panel Eyes Hike in GSE Loan Limits
May 23, 2005
The House Financial Services Committee is moving toward increasing the $360,000 conforming loan limit at Wednesday's mark-up of a GSE reform bill so that Fannie Mae and Freddie Mac can serve higher-priced housing markets. (Read More)
Big Shake-Up at Lehman Subprime Unit
May 23, 2005
The chief executive, the chief operating officer, and the head of human resources have left the Lehman Brothers-owned Finance America, a top-20-ranked subprime lender, MortgageWire has learned. (Read More)
Freddie Sales Chief Bolts for Wells
May 23, 2005
David H. Stevens, the man in charge of sales for Freddie Mac, has left the mortgage giant for one of its largest customers, Wells Fargo Home Mortgage, San Francisco, MortgageWire has learned. (Read More)
Ney-Kanjorski Passage Seen as Uncertain
May 23, 2005
If enough people in the mortgage industry don't get behind the Ney-Kanjorski bill, it is unlikely to pass Congress this year despite its many positive aspects, according to Bob McKew, senior vice president and general counsel of the American Financial Services Association. (Read More)
Accredited Forms $1B Asset-Backed CP Conduit
May 23, 2005
Accredited Home Lenders Holding Co., a national nonprime mortgage lender based in San Diego, has announced the establishment of a $1.0 billion extendible note asset-backed commercial paper conduit through its subsidiary, Carmel Mountain Funding Trust. (Read More)
Commercial Originations Surge
May 23, 2005
Originations of commercial and multifamily mortgage loans totaled $31.3 billion for the first quarter, up 39.6% compared with those of the first quarter of 2004, according to the Mortgage Bankers Association. (Read More)
Florida Servicing Rights for Sale
May 23, 2005
The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on $214 million of Fannie Mae and Freddie Mac loans from Florida. (Read More)
One AH Nonprofit Eyes Another
May 23, 2005
Mercy Housing, a Denver-based not-for-profit affordable housing organization, has signed a letter of intent with Lakefront Supportive Housing, a Chicago-based nonprofit, to begin assessing the feasibility of acquiring Lakefront. (Read More)
26 Long Beach Classes Downgraded
May 23, 2005
Twenty-six classes from eight Long Beach home equity and mortgage loan securitizations have been downgraded by Fitch Ratings. (Read More)
Ameriquest ABS Classes Downgraded
May 23, 2005
Two certificates from an Ameriquest asset-backed securitization deal issued in 2001 have been downgraded by Moody's Investors Service. (Read More)
Moody's Eyes RAMP High-LTV Class
May 23, 2005
Class B of Residential Asset Mortgage Products Inc. series 2001-RZ3 has been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Trustreet Enters Swap With BoA
May 23, 2005
Trustreet Properties Inc., a real estate investment trust based in Orlando, Fla., has entered into a $175 million interest rate swap agreement with Bank of America NA, according to Trustreet. (Read More)
Correction
May 23, 2005
Fitch Ratings has issued a correction regarding the downgrading of various class A insured notes in certain GMACCM transactions. (Read More)
Resales Break Record
May 24, 2005
The sales of existing homes rose 4.5% in April to 7.18 million units on a seasonally adjusted annualized basis, breaking the record of 7.02 million set in June 2004, according to figures compiled by the National Association of Realtors. (Read More)
Seattle FHLBank Taps Ex-OTS Chief
May 24, 2005
The Federal Home Loan Bank of Seattle has picked former thrift regulator James E. Gilleran to lead the troubled government-sponsored enterprise. (Read More)
Moody's Eyes FNF Ratings
May 24, 2005
The Baa3 senior debt ratings of Fidelity National Financial Inc. have been placed on review for possible downgrade by Moody's Investors Service following FNF's announcement that it intends to create a publicly traded, majority-owned title insurance holding company. (Read More)
NextAce Names EVP
May 24, 2005
Max Harris has been named executive vice president of NextAce Corp., a privately held technology company based in Tustin, Calif., that serves title insurance companies and mortgage lenders. (Read More)
Simon to Open Hong Kong Office
May 24, 2005
The U.S.-based Simon Property Group Inc. has announced plans to open a regional office in Hong Kong in June. (Read More)
Fitch Downgrades SASCO MBS Classes
May 24, 2005
Twelve classes of Structured Asset Securities Corp. residential mortgage-backed certificates have been downgraded by Fitch Ratings. (Read More)
Merrill CMBS Classes Downgraded
May 24, 2005
Three classes of Merrill Lynch Mortgage Investors Inc.'s series 1997-C2 certificates have been downgraded by Fitch Ratings. (Read More)
Moody's Downgrades IndyMac MBS Classes
May 24, 2005
Two subordinate certificates issued by IndyMac ARM Trust, series 2001-H1, have been downgraded by Moody's Investors Service. (Read More)
Fidelity Funding Class Downgraded
May 24, 2005
Class B of Fidelity Funding Mortgage Finance Corp. has been downgraded from BBB to BB by Fitch Ratings. (Read More)
Impac Sub Issues Trust Securities
May 24, 2005
Impac Mortgage Holdings Inc., Newport Beach, Calif., has announced the issuance of $26.25 million of trust preferred securities by its newly formed statutory trust, Impac Capital Trust #3. (Read More)
New-Home Sales Inch Up to Record
May 25, 2005
Sales of new single-family homes rose slightly in April to a record seasonally adjusted annual rate of 1.32 million units from the downwardly revised rate of 1.31 million in March, according to figures released Wednesday by the Commerce Department. (Read More)
Apps Rise -- Including Refis
May 25, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 699.2 to 729.6 on a seasonally adjusted basis during the week ended May 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
First Advantage Buys CIG
May 25, 2005
First Advantage Corp., St. Petersburg, Fla., and First American Corp., Santa Anna, Calif., have signed an agreement whereby First Advantage, a risk mitigation and business solutions provider, will acquire the Credit Information Group, a First American company, in an all-stock transaction. (Read More)
Fitch Downgrades GMAC
May 25, 2005
The senior unsecured ratings of General Motors, GMAC, and the majority of affiliated entities have been downgraded from BBB-minus to BB-plus by Fitch Ratings. (Read More)
Prof Sees Housing Bubble, Possible Recession
May 25, 2005
There is a bubble in U.S. home prices that is likely to burst and possibly be followed by a recession, according to Robert Schiller, a Yale University professor. (Read More)
FNDS Introduces New Valuation Search Engine
May 25, 2005
Fidelity National Data Services, a division of Fidelity National Financial Inc. headquartered in Jacksonville, Fla., has launched Comp Locator, a sales-comparable search engine for appraisers and appraisal review companies. (Read More)
MISMO Panel Elects New Member
May 25, 2005
Tim Anderson, executive vice president of business development of Minneapolis-based Dexma Inc., has been elected to the Governance Committee of the Mortgage Industry Standards Maintenance Organization. (Read More)
Bohan Names Prez
May 25, 2005
Mark Hughes has been named president of the Bohan Group, a San Francisco-based provider of risk analysis for the mortgage industry. (Read More)
Parkway Names EVP/CFO
May 25, 2005
William R. Flatt has been named executive vice president, chief financial officer, and secretary of Parkway Properties Inc., a real estate investment trust based in Jackson, Miss. (Read More)
Bear Stearns ABS Classes Downgraded
May 25, 2005
Two classes of Bear Stearns asset-backed securities, series 1999-1, have been downgraded by Fitch Ratings. (Read More)
S&P Adds REIT to SmallCap Index
May 25, 2005
Acadia Realty Trust, a White Plains, N.Y.-based real estate investment trust, has replaced Boston Communications Group in the Standard & Poor's SmallCap 600 Index. (Read More)
House Panel Passes GSE Bill
May 26, 2005
The House Financial Services Committee has voted 65-5 to approve a bill that establishes a strong, independent regulator to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. (Read More)
GSE Bill Protects AU Ops
May 26, 2005
The new GSE regulator may not interfere with the existing operations of Fannie Mae's and Freddie Mac's automated underwriting system under the bill approved by the House Financial Services Committee. (Read More)
Fixed Rates Dip Again
May 26, 2005
The average 30-year fixed mortgage rate fell from 5.71% to 5.65% over the seven-day period ending May 26, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Banks Slow Growth of HE Lending
May 26, 2005
Home equity lending by banks and savings institutions is slowing after two years of rapid growth, according to first-quarter data released by the Federal Deposit Insurance Corp. (Read More)
CCBI, Timcor Buy 1031 Exchange Firm
May 26, 2005
Commercial Capital Bancorp Inc., a multifamily lender based in Irvine, Calif., and its subsidiary Timcor Exchange Corp. have announced the acquisition of North American Exchange Co., Walnut Creek, Calif., from North American Asset Development Corp. in an all-cash merger transaction. (Read More)
Freddie Director Won't Seek Re-Election
May 26, 2005
Citing its plan for "an orderly board transition," Freddie Mac has announced that longtime director John B. McCoy will not stand for re-election to its board of directors at the July 15 stockholders' meeting. (Read More)
Housing Price 'Hedgelets' Unveiled
May 26, 2005
HedgeStreet Inc., San Mateo, Calif., has announced the introduction of Housing Price Hedgelets, which enable its online investors to hedge, or speculate on the direction of, home values in major U.S. real estate markets. (Read More)
Fitch Pushing TRIA Extension
May 26, 2005
Fitch Ratings is advocating the extension of the Terrorism Risk Insurance Act for two more years, arguing that market disruptions are likely if the backstop is not extended beyond its Dec. 31, 2005 expiration. (Read More)
GMACCM's Servicer Ratings Affirmed
May 26, 2005
Fitch Ratings has affirmed GMAC Commercial Mortgage's CMS2-plus U.S. master servicer rating and its CPS2-plus primary servicer rating despite its recent downgrading of GMAC. (Read More)
Massachusetts: Halt Mortgage Lending Bias
May 26, 2005
The Massachusetts Division of Banks has issued a regulatory bulletin under the Massachusetts Fair Lending Policy that focuses on the need for licensed mortgage lenders to detect and eliminate discrimination in the residential mortgage lending process, according to the Washington law firm Lotstein Buckman LLP. (Read More)
TransUnion Sub Names COO
May 26, 2005
Barry Botruff has been named to the newly created position of chief operating officer of TransUnion Settlement Solutions, a Chicago-based provider of real estate services. (Read More)
RealtyTrac: Foreclosure Inventory Rises
May 26, 2005
The national inventory of foreclosures increased by 2.6% in April, according to RealtyTrac, an online marketplace for foreclosure properties based in Lake Forest, Calif. (Read More)
Fannie Prices BenchNotes
May 26, 2005
Fannie Mae has priced $3 billion of 4.125% five-year Benchmark Notes at 99.961. (Read More)
Freddie Out-Purchased Fannie in April
May 27, 2005
Freddie Mac, which has long been the "little brother" to "big sister" Fannie Mae, bought more loans than its crosstown competitor during April, the first time it has out-purchased Fannie in about a decade. (Read More)
Analysts: GSE Bill Favorable for Stock
May 27, 2005
The House Financial Service Committee's approval of a GSE regulatory reform bill is being rated as a positive development for Fannie Mae's and Freddie Mac's stock by some Wall Street analysts. (Read More)
Oxley, Frank Unveil Bank/RE Brokerage Bill
May 27, 2005
Financial services holding companies and subsidiaries of national banks would be able to offer real estate brokerage and management services under a bill introduced by House Financial Services Committee Chairman Michael Oxley, R-Ohio, and Rep. Barney Frank, D-Mass. (Read More)
RBC to Sell Mortgage Assets to New Century
May 27, 2005
The Royal Bank of Canada has made plans to sell certain assets of its U.S.-based RBC Mortgage Corp. unit to New Century Financial Corp., the Irvine, Calif.-based parent company of one of the largest U.S. nonprime mortgage finance companies, and Home123 Corp., one of its wholly owned subsidiaries. (Read More)
Colliers: Industrial RE Growth Robust
May 27, 2005
The industrial real estate market grew vigorously in the first quarter, absorbing 10 times the square footage of industrial property that was absorbed in the first quarter of 2004, according to Colliers International, a Boston-based commercial real estate manager. (Read More)
AIMCO Names CFO Successor
May 27, 2005
Thomas M. Herzog has been named to succeed Paul J. McAuliffe, who will step down as chief financial officer of Apartment Investment and Management Co. in the first quarter of next year. (Read More)
Capital Trust Names CFO/Treasurer
May 27, 2005
Geoffrey G. Jervis has been named chief financial officer, treasurer, and secretary of Capital Trust Inc., a New York City-based investment management company that focuses on the subordinate debt markets of U.S. commercial real estate. (Read More)
NovaStar Prices Stock Offering
May 27, 2005
NovaStar Financial Inc., a Kansas City, Mo.-based residential mortgage lender and investor, has priced a public offering of 1.5 million shares of common stock at $35 per share. (Read More)
Chase Funding MBS Classes Downgraded
May 27, 2005
Six classes of Chase Funding subprime mortgage loan asset-backed certificates have been downgraded by Fitch Ratings. (Read More)
Morgan Stanley CMBS Classes Downgraded
May 27, 2005
Two classes of Morgan Stanley Capital I Inc. commercial mortgage-backed securities pass-through certificates, series 1997-RR, have been downgraded by Fitch Ratings. (Read More)
Moody's Eyes Option One MBS Classes
May 27, 2005
Two classes from Option One Mortgage Loan Trust series 2000-3 and 2001-1 have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Correction
May 27, 2005
Twenty-six classes from eight Long Beach home equity and mortgage loan securitizations were recently downgraded by Fitch Ratings, not 23 as the rating agency originally reported. (Read More)
Feedback
May 27, 2005
Can you sell a house during foreclosure? (Read More)
GSE Bill AH Goals Target Lower Incomes
May 31, 2005
A GSE bill approved by the House Financial Services Committee completely revises the affordable housing goals for Fannie Mae and Freddie Mac and would force the two government-sponsored enterprises to purchase single-family and multifamily loans that benefit lower-income families than the current goals. (Read More)
Study Finds Top Lenders Price Evenly
May 31, 2005
The New York City-based law firm of Traiger & Hinckley LLP, has released a study of 2004 data from ten leading national mortgage lenders, which shows "no meaningful differences" in the pricing of first lien home purchase loans with reported rate spreads. (Read More)
NovaStar Completes 2nd MBS
May 31, 2005
NovaStar Financial subsidiary NovaStar Mortgage has completed its second securitization of 2005, the company said. (Read More)
Quicken Gets Online Leads from TLP
May 31, 2005
Livonia, Mich.-based Quicken Loans Inc. has selected The Loan Page, San Francisco, Calif., to generate pre-qualified customer leads and instant access to its products via the TLP website. (Read More)
Carmel Closes MF Fund
May 31, 2005
Carmel Partners, San Francisco, has closed a second multifamily institutional real estate investment fund with $400 million in equity commitments, the firm said. (Read More)
June
It's Official: Fannie Names Mudd President and CEO
June 1, 2005
Fannie Mae, which is struggling through an $11 billion accounting scandal, on Wednesday afternoon named one of its own, interim CEO Daniel Mudd, to be its permanent chief executive and president. (Read More)
Fannie Offers 40-Year Loan
June 1, 2005
Fannie Mae has expanded its product line to include 40-year fixed-rated and hybrid adjustable-rate mortgages. (Read More)
MBA Sees Slip in Loan Applications
June 1, 2005
The Mortgage Bankers Association's Market Composite Index, an overall indication of home loan application volume, fell 2.8% on a seasonally adjusted basis to 709.1 for the week ending May 27, down from 729.6 one week earlier. (Read More)
Home Sales Index Hits Record
June 1, 2005
The Pending Home Sales Index, a leading indicator for the housing market, has risen to the highest level on record, according to the National Association of Realtors. (Read More)
Home Prices Rise 12.5%
June 1, 2005
Average house prices increased at a 12.5% annual rate from the first quarter of 2004 through the first quarter of 2005, according to the Office of Federal Housing Enterprise Oversight. (Read More)
Mortgage Insurance Volume Slips
June 1, 2005
The good times that the private mortgage insurance companies had in March did not last into April, as both dollar volume of primary new insurance and the number of applications received both declined, according to the Mortgage Insurance Cos. of America. (Read More)
Radian Plans $250 Million Offering
June 1, 2005
Radian Group, a Philadelphia-based mortgage insurer, plans to issue $250 million of 30-year unsecured unsubordinated debt securities, the company said. (Read More)
Cost of Funds Index Rose in April
June 1, 2005
The Eleventh Federal Home Loan District Cost of Funds Index for April was 2.515%, up over 11 basis points from March's 2.400%. (Read More)
Dip in 10-Year Rate Could Trigger Refinancing
June 1, 2005
The rate-indicative 10-year Treasury yield on Wednesday fell to 3.90%, a level thought to be significant in terms of prepayments. (Read More)
Support for Affordable Housing Quantified
June 1, 2005
If new neighborhoods do not hurt property values, contribute to overcrowding or make traffic any worse, people are more likely to support affordable housing in their own backyards, the third annual National Housing Opportunity Pulse survey found. (Read More)
No Red Tape Launches Zero-Down Unit
June 1, 2005
Faithful to its one-product-company niche style, jumbo and super jumbo loan wholesaler No Red Tape Mortgage has launched Zero Down Mortgage, Sherman Oaks, CA, the first national wholesale lender exclusively dedicated to 100% purchase-only loans, operated through a completely paperless mortgage origination process. (Read More)
Kimpton Fund Targets Boutique Hotels
June 1, 2005
Kimpton Group Holding, San Francisco, has launched Kimpton Hospitality Partners, a fund that will acquire and develop boutique hotel properties in the United States. (Read More)
Freddie to Buy Option-ARMs
June 2, 2005
Freddie Mac plans to start purchasing option-ARMs in bulk toward the end of this year and to introduce a flow product in 2006. (Read More)
Average 30-Year Rate Falls
June 2, 2005
The average fixed rate for 30-year mortgages fell to 5.62% during the week ending June 2 from 5.65% the previous week, according to Freddie Mac. (Read More)
Dip in 10-Year Rate Could Trigger Refis
June 2, 2005
The rate-indicative 10-year Treasury yield on Wednesday fell to the refi-sensitive 3.90% level and was still trading at that level as of mid-day Thursday. (Read More)
HomeBanc Completes Securitization
June 2, 2005
HomeBanc Corp. completed a securitization of approximately $980 million of sequential pay notes backed by adjustable-rate, residential first and second mortgages. (Read More)
InterFirst: Broker Satisfaction Is High
June 2, 2005
InterFirst Wholesale Mortgage Lending, Ann Arbor, Mich., said the "fourth wave" of its mortgage broker satisfaction measurement initiative found a high level of satisfaction among brokers the company works with. (Read More)
Hudson Starts Third RE Fund
June 2, 2005
Hudson Realty Capital, New York, has launched its third real estate fund, a hybrid debt and equity fund that is expected to originate more than $400 million in real estate-related investments. (Read More)
Lewis Takes on New Role at Wells
June 2, 2005
Robert Lewis, currently senior vice president of institutional lending sales, has assumed a new leadership role in wholesale lending as division manager for the Central Region at Wells Fargo Home Mortgage. (Read More)
Fannie Opposes Grant Requirement
June 3, 2005
Fannie Mae has a problem with an affordable housing fund that is mandated in a GSE bill passed by the House Financial Services Committee on May 25, according to the company's newly appointed chief executive. (Read More)
Observers Still Expect GSE Bill to Prevail
June 3, 2005
Despite Bush Administration posturing that it wants a stronger GSE reform legislation than the bill cleared by a 65-5 vote by the House Financial Services Committee, lobbyists for key housing groups still believe some version of the measure will reach the White House by the time law makers go home for the holidays. (Read More)
Fed Sees Pricing Disparity in HMDA Data
June 3, 2005
A preliminary reading of the latest Home Mortgage Disclosure Act data tends to confirm the findings of several community groups that minorities are paying higher rates for their loans than whites, Federal Reserve Board Governor Edward Gramlich told a group of housing reporters. (Read More)
Mortgage Bankers Still Hiring
June 3, 2005
Mortgage lenders continued hiring in April, adding 1,500 full-time employees to their payrolls, according to an employment report released by the U.S. Bureau of Labor Statistics on Friday. (Read More)
MBA Pushing for Zero-Down FHA Loans
June 3, 2005
The Mortgage Bankers Association believes a major obstacle to passing a Federal Housing Administration zero downpayment program last year has been resolved and the association is urging the House to reconsider the bill. (Read More)
C-BASS Adds Managing Director
June 3, 2005
C-BASS, a firm that specializes in servicing and securitizing credit-sensitive residential mortgages, has hired Peter Cerwin as a managing director in the capital markets group. (Read More)
Boykin Examines 'Strategic Alternatives'
June 3, 2005
Boykin Lodging Company, Cleveland, is looking at possible strategic options for the real estate investment trust with the help of UBS Investment Bank. (Read More)
Feedback
June 3, 2005
Responses to our survey question are running in favor of enacting the Ney-Kanjorski Responsible Lending Act. (Read More)
WaMu to Buy Providian
June 6, 2005
Washington Mutual Inc., Seattle, has agreed to buy Providian Financial, a credit card provider based in San Francisco, in a deal currently valued at $6.45 billion. (Read More)
ProLogis to Buy Catellus
June 6, 2005
ProLogis, a Denver-based industrial real estate investment trust, is acquiring Catellus Development Corp., a San Francisco-based industrial REIT, for a total purchase price of about $4.9 billion. (Read More)
KeyCorp to Acquire Malone Mortgage
June 6, 2005
Cleveland-based KeyCorp has agreed to acquire Malone Mortgage Co., Dallas, which it says will expand its ability to provide Federal Housing Administration financing to commercial real estate developers. (Read More)
Market Street Buying Major Mortgage
June 6, 2005
Market Street Mortgage, Clearwater, Fla., has announced an agreement to acquire Major Mortgage, Cheyenne, Wyo., for an undisclosed amount. (Read More)
NCRC Presses for Stronger Appraisal Regs
June 6, 2005
The National Community Reinvestment Coalition is launching a campaign to press for stronger regulation of appraisal practices and stronger penalties to prevent appraisal fraud by lenders, appraisers, and real estate agents. (Read More)
Nomura to Invest in New Japanese Venture
June 6, 2005
Nomura Holdings Inc. plans to invest in a yet-to-be-named lending and investment company being started by a group of partners that includes professionals who held positions at GMAC Commercial Mortgage Japan KK. (Read More)
Taubman Promotes 2 Execs
June 6, 2005
Lisa A. Payne, chief financial officer of Taubman Centers, has been named to the additional post of vice chairman of the real estate investment trust, and William S. Taubman has been named its chief operating officer. (Read More)
FNIS Unit Names SVP
June 6, 2005
James R. Follain has been named senior vice president for mortgage valuation at Fidelity National Information Services' Hansen Quality, a provider of automated valuation, collateral risk, and appraisal review products based in Jacksonville, Fla. (Read More)
USBank Invests in Mercy Loan Fund
June 6, 2005
Mercy Loan Fund of Denver, a nonprofit subsidiary of Mercy Housing, has received $2 million in equity-equivalent investment from U.S. Bank. (Read More)
CSFB MBS Classes Downgraded
June 6, 2005
Eight classes from five securitizations of Credit Suisse First Boston Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings, (Read More)
RDS to Back Construction-to-Perm Loans
June 7, 2005
The Department of Agriculture's Rural Development Service has announced a six-state pilot program with Chase Home Finance to increase the availability of financing for new houses in rural areas where many lenders can't or won't go. (Read More)
Ginnie Expects Boost in Hybrid Deals
June 7, 2005
Ginnie Mae says it is expecting to see a boost in securitizations of hybrid adjustable-rate mortgages in July now that Federal Housing Administration lenders are originating 5/1 hybrids with interest rate caps that are acceptable to lenders and investors. (Read More)
Genworth Offers Mortgage Fraud Screening
June 7, 2005
Genworth Financial Inc., Richmond, Va., has announced the introduction of SecureFirst, a service that automatically analyzes mortgage loan applications and alerts lenders to the possibility of fraud. (Read More)
ING Clarion to Buy Gables
June 7, 2005
Gables Residential Trust, Boca Raton, Fla., has announced an agreement under which a private equity partnership managed by ING Clarion Partners, a wholly owned subsidiary of Amsterdam-based ING Groep NV of the Netherlands, will acquire Gables for a total consideration of about $2.8 billion. (Read More)
Hometown, Belvedere Form JV
June 7, 2005
Hometown Commercial Capital, Burlingame, Calif., has announced the formation of a joint venture with Belvedere Capital Partners aimed at extending nationally Hometown's community bank lending programs for commercial real estate investors. (Read More)
Doral Names Bank Unit Prez
June 7, 2005
Antonio F. Faria has been named president of Doral Money Inc., a New York-based subsidiary of Puerto Rico-based Doral Bank that specializes in commercial and construction mortgage lending. (Read More)
Stewart REI Names CIO
June 7, 2005
Todd Sims has been named chief information officer for the Stewart Real Estate Information region, which includes both Stewart Mortgage Information and REIData Inc. entities. (Read More)
Impac MBS Class Downgraded
June 7, 2005
Class B of Impac SAC mortgage pass-through certificates, series 2001-6 pool 1, has been downgraded from BB to B by Fitch Ratings. (Read More)
Feds Eyeing CRE Concentrations
June 8, 2005
Federal regulators are "carefully monitoring" growing concentrations of commercial real estate loans at regional and community banks, according to Susan Bies, a governor of the Federal Reserve System. (Read More)
Effort Launched to Kill AH Fund Mandate
June 8, 2005
Rep. Mike Pence, R-Ind., has circulated a letter that urges Republican leaders to stop House consideration of a GSE regulatory reform bill unless a provision requiring Fannie Mae and Freddie Mac to set up an affordable housing fund is stripped from the bill. (Read More)
NAR: Another Record Year for Housing
June 8, 2005
Home sales will set another record this year -- the fifth in a row -- as a result of lower-than-expected mortgage interest rates, according to the latest forecast by the National Association of Realtors. (Read More)
Ginnie to Issue $1K MBS
June 8, 2005
Ginnie Mae has issued a final rule that allows the secondary-market agency to issue mortgage-backed securities in small denominations of $1,000 starting July 8. (Read More)
MuniMae to Acquire Glaser
June 8, 2005
MuniMae, a Baltimore-based investor in multifamily mortgage debt and equity, has announced an agreement to acquire Glaser Financial Group Inc., a commercial mortgage banker based in St. Paul, Minn. (Read More)
Applications Rise
June 8, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 709.1 to 755.5 on a seasonally adjusted basis during the holiday-shortened week ended June 3, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Fannie/Freddie MBS Speeds Creep Up
June 8, 2005
Prepayment rates for 30-year Fannie Mae and Freddie Mac mortgage-backed securities rose slightly in May, spurred by seasonal increases in turnover in the face of mixed refinancing activity, according to Bear Stearns. (Read More)
Foreclosure.com: New Foreclosures Drop
June 8, 2005
New foreclosed residential properties declined by 17% in May, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla. (Read More)
Canadian Housing Starts Fall
June 8, 2005
The seasonally adjusted annual rate of housing starts in Canada fell 5% in May to 218,800 units, from 230,400 units in April, but the start rate north of the border is still considered relatively strong, according to the Canada Mortgage and Housing Corp. (Read More)
Moody's Downgrades Gables
June 8, 2005
The ratings of Gables Residential Trust, a multifamily real estate investment trust based in Boca Raton, Fla., have been downgraded by Moody's Investors Service and placed under review for possible further downgrade. (Read More)
Bear Stearns CMBS Classes Downgraded
June 8, 2005
The ratings on three classes of Bear Stearns Commercial Mortgage Securities Inc.'s commercial mortgage pass-through certificates, series 2001-TOP2, have been lowered by Standard & Poor's Ratings Services. (Read More)
Thornburg Prices Stock Offering
June 8, 2005
Thornburg Mortgage Inc., Santa Fe, N.M., has priced a follow-on offering of 4.0 million shares of common stock at $30.80 per share. (Read More)
Greenspan Eyes 'Exotic' Mortgage Products
June 9, 2005
The increasing use of interest-only loans, option ARMs, and other "exotic" forms of adjustable-rate mortgages is raising eyebrows at the Federal Reserve Board. (Read More)
30-Year Rate Hits 14-Month Low
June 9, 2005
The average 30-year fixed mortgage rate fell from 5.62% to 5.56% over the seven-day period ending June 9, its lowest point since April 1, 2004, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
A Farewell to ARMs?
June 9, 2005
The recent drop in long-term interest rates will spark additional refinancing, but much of it will likely come from borrowers refinancing out of adjustable-rate loans and home equity products, the chief economist of Freddie Mac has told MortgageWire. (Read More)
Ingeo, Cott Partner to Further E-Recording
June 9, 2005
Ingeo Systems Inc., Logan, Utah, and Cott Systems, Worthington, Ohio, have announced a strategic alliance that the companies say will streamline and automate transaction-based processes associated with the electronic recording of real estate documents. (Read More)
MBA Reports COMBOG Appointments
June 9, 2005
The Mortgage Bankers Association has announced the leadership of its 2006 Commercial Real Estate/Multifamily Finance Board of Governors, which focuses on commercial/multifamily real estate finance policy issues and initiatives. (Read More)
Pru Mortgage Names MF Chief
June 9, 2005
Paul Aanonsen has been named to head the multifamily loan origination business of Prudential Mortgage Capital Co., Newark, N.J. (Read More)
Securitization Forum Names New Officers
June 9, 2005
The American Securitization Forum has announced the newly elected officers of its executive committee. (Read More)
New GMAC Unit Given Negative Outlook
June 9, 2005
Residential Capital Corp., the newly formed holding company for Residential Funding Corp. and GMAC Mortgage Corp., has been assigned a negative rating outlook by Fitch Ratings. (Read More)
RALI MBS Class Downgraded
June 9, 2005
Class B-2 of Residential Accredit Loan Inc. mortgage pass-through certificates series 2001-QS17 has been downgraded from B to CCC by Fitch Ratings. (Read More)
LBC CMBS Class Downgraded
June 9, 2005
Class F of LBCommercial Conduit Mortgage Trust's multiclass pass-through certificates, series 1995-C2, has been downgraded from B-plus to B-minus by Fitch Ratings. (Read More)
Senate Panel OKs New FHA Chief
June 10, 2005
The Senate Banking Committee has approved by voice vote the nomination of Brian Montgomery to be the new commissioner of the Federal Housing Administration. (Read More)
White House Backs 'Bright-Line' Test
June 10, 2005
The Bush administration supports the concept of a "bright-line" test contained in a Senate GSE bill for determining whether Fannie Mae and Freddie Mac are engaging in permissible secondary-market activities. (Read More)
Freddie Eases Policy on Employer Housing Aid
June 10, 2005
Freddie Mac is extending to all its mortgage products the benefits of using employer financial assistance as a source of funds. (Read More)
Ameriquest CEO Resigns
June 10, 2005
Wayne Lee has resigned as chief executive of Ameriquest Mortgage Co. and president of its affiliate Argent Mortgage Co., the Orange, Calif.-based Ameriquest has announced. (Read More)
Deloitte: Housing Bubble Fears Passing
June 10, 2005
Home price growth has "slowed considerably" in recent months, and this should allay fears of a widespread housing "bubble," according to New York-based Deloitte Research. (Read More)
6 CUs Go Live With Prime Alliance App
June 10, 2005
The Prime Alliance Services, Minneapolis, has reported the successful implementation of its Loan Fulfillment Center in six credit union customers. (Read More)
Fitch to Eye Fusion Deals
June 10, 2005
In case the Terrorism Risk Insurance Act is not renewed this year, Fitch Ratings plans to look more closely at fusion deals, according to Fitch managing director Daniel Chambers, who was a panelist at the Commercial Mortgage Securities Association's annual convention in New York. (Read More)
Encore Credit Names Prez/CEO
June 10, 2005
Troy Gotschall has been named president and chief executive officer of Encore Credit Corp., a taxable subsidiary of ECC Capital Corp., an Irvine, Calif.-based real estate investment trust that originates and invests in residential mortgage loans. (Read More)
SG CIB Appoints Securitization Chief
June 10, 2005
David Stern has been named to head the Securitization Syndicate Americas of SG Corporate & Investment Banking, a unit of the Societe Generale Group, a European financial services group. (Read More)
Fitch: CMBS Losses Rising
June 10, 2005
Losses are rising for U.S. commercial mortgage-backed securities, a trend that is likely to continue as a result of loan seasoning and growing CMBS volume, according to Fitch Ratings' latest CMBS Loss Study. (Read More)
Charter Mortgage Picks Fiserv LOS
June 10, 2005
Fiserv Lending Solutions has announced that Albuquerque, N.M.-based Charter Mortgage has selected Fiserv's UniFi PRO Mortgage eX loan origination software system to extend its relationship with Fiserv and embrace the electronic mortgage. (Read More)
Moody's Downgrades Doral
June 10, 2005
The senior debt rating of Doral Financial Corp., San Juan, Puerto Rico, has been downgraded from Baa2 to Baa3 by Moody's Investors Service and remains on review for possible further downgrade. (Read More)
Moody's Eyes Belize Bonds
June 10, 2005
Moody's Investors Service has placed the ratings of two classes of bonds issued by Belize Mortgage Co. 2002-1 under review for possible downgrade. (Read More)
Feedback
June 10, 2005
Are there companies that will "broker" loan processing and take a cut upon completion? (Read More)
NAMB Seeks OT Exemption, Clarification
June 13, 2005
Nearly year-old federal wage-and-hour regulations regarding overtime, an issue that wasn't even on the National Association of Mortgage Brokers' radar screen 12 months ago, have emerged as a top priority for the 27,000-member group. (Read More)
New NAMB Prez Wants More Diversity
June 13, 2005
The newly elected president of the National Association of Mortgage Brokers, Ohio broker Jim Nabors, wants to add a little cultural diversity to the 27,000-member association. (Read More)
Retiring NAMB Chief Reflects on Tenure
June 13, 2005
In his final session as president of the National Association of Mortgage Brokers, Bob Armbruster said raising the visibility and stature of the organization and laying the foundation for self-management were among the few things he tried to accomplish in his short time as head of the group. (Read More)
E-OPS Unveils 24/7 Offshore Mortgage Processing
June 13, 2005
The nation's first offshore, around-the-clock electronic mortgage processing service has been announced by Miami-based E-OPS. (Read More)
Stabenow Pushes for Homeowner Tax Credit
June 13, 2005
Married couples making up to $102,800 could get a $6,000 tax credit to cover downpayment and closing costs on their first home under a bill introduced by Sen. Debbie Stabenow, D-Mich. (Read More)
Study Cites 'Collateral Damage' of Foreclosure
June 13, 2005
The foreclosure of a single-family home, especially one that leaves the home vacant and unsecured, may generate municipal costs in excess of $30,000, according to a new study by the Joint Center for Housing Studies at Harvard University. (Read More)
Freddie Requires Forbearance for New Vets
June 13, 2005
Freddie Mac has announced that it is requiring its 2,300 mortgage servicers to extend forbearance automatically to borrowers recently released from active duty in the armed forces. (Read More)
Ellie to Offer New E&O Policy
June 13, 2005
Ellie Mae Inc., Dublin, Calif., has announced that its insurance subsidiary, Ellie Mae Insurance Services LLC, will offer mortgage brokers an "innovative, transactional-based" errors-and-omissions policy. (Read More)
Oakwood MH Classes Downgraded
June 13, 2005
Twenty-four classes from six Oakwood Homes Corp. manufactured housing transactions have been downgraded by Fitch Ratings. (Read More)
Bombardier MH Classes Downgraded
June 13, 2005
Twenty-one classes from six Bombardier Capital Mortgage Securitization Corp. manufactured housing deals issued from 1998 to 2001 have been downgraded by Fitch Ratings. (Read More)
NAMB: RESPA Reform to Take Shape Soon
June 14, 2005
Officials of the National Association of Mortgage Brokers expect to see the latest effort to propose RESPA reform take shape this Friday, members of the group told attendees at their annual conference. (Read More)
NAMB Raps Credit Freeze Laws
June 14, 2005
Mortgage brokers are growing increasingly concerned about state laws that give consumers the ability to place a freeze on their credit files. (Read More)
Stated-Income Loans Riskier Than No-Docs?
June 14, 2005
Originating a stated-income loan may hold greater liability for an originator than a no-documentation loan, an attorney indicated at the National Association of Mortgage Brokers' annual meeting. (Read More)
Asian Community Seen as 'Tremendous Opportunity'
June 14, 2005
While there is "some validity" to the notion that the country's Asian population resides in California, is wealthy, and mainly Chinese, Asian-Americans represent a "tremendous opportunity" for mortgage makers all across America, according to panelists at the National Association of Mortgage Brokers' annual convention in Minneapolis. (Read More)
Opposition Growing to GSE AH Fund
June 14, 2005
Opposition to the creation of a new GSE affordable housing fund appears to be growing, and a "dear colleague" letter being circulated in the House now has 24 signatures. (Read More)
Report Sees U.S., U.K. Credit Bubble
June 14, 2005
An unsustainable "credit bubble" has developed in the United States and the United Kingdom in recent years that has left the housing markets in both nations vulnerable, according to new research from Research and Markets, Dublin, Ireland. (Read More)
Freddie Wishes GSE Reform Had Been Passed
June 14, 2005
Freddie Mac wishes that Congress had passed a GSE regulatory reform bill last year, according to the company's newly issued 2004 annual report. (Read More)
Prelim Broker Study Results Released
June 14, 2005
Wholesale Access Mortgage Research & Consulting, Shaker Heights, Ohio, has released preliminary results of its Mortgage Brokers 2004 Study. (Read More)
Experian Launches Credit Simulation Tech
June 14, 2005
Costa Mesa, Calif.-based Experian-Scorex has announced the release of ScoreRight, a credit simulation tool. (Read More)
ERS Group Releases Compliance Tools
June 14, 2005
ERS Group, Knoxville, Tenn., has announced the release of software tools to help financial services firms determine their regulatory compliance guidelines under various pieces of mortgage-related federal legislation. (Read More)
Myers Upgrades Online Loan App
June 14, 2005
Myers Internet, San Jose, Calif., has released the latest version of its online loan application. (Read More)
Guaranteed Rate Picks MortgageHub
June 14, 2005
To expand its wholesale lending initiative and help its originators price loans more efficiently, Chicago-based Guaranteed Rate has picked MortgageHub's LoanFactory decisioning, product, and pricing engine and Wholesale Internet Lending applications. (Read More)
FirstAm Promotes CIO to EVP
June 14, 2005
The First American Corp., Santa Ana, Calif., has announced the promotion of Roger Hull, the company's chief information officer, to executive vice president. (Read More)
IFR Markets Hires Trio of Veteran Analysts
June 14, 2005
Thomson IFR Markets, New York, has announced the hiring of three market veterans as part of an initiative to enhance its credit and structured products coverage. (Read More)
SLS Investments Forms 2 RE Groups
June 14, 2005
SLS Investments, Beverly Hills, Calif., has announced the formation of a Real Estate Investment Banking Group and an International Real Estate Advisory and Consulting Group. (Read More)
HUD Creates Investigations Office
June 15, 2005
The Department of Housing and Urban Development has set up a special unit to conduct large-scale investigations of discriminatory pricing practices by mortgage lenders. (Read More)
Montgomery Confirmed as FHA Commish
June 15, 2005
The Senate has confirmed Brian Montgomery to be an assistant secretary at the Department of Housing and Urban Development and the new housing commissioner. (Read More)
House Panel: OFHEO Si, Zero-Down No
June 15, 2005
A House Appropriations subcommittee has approved a fiscal year 2006 appropriations bill for the Department of Housing and Urban Development that provides full funding for the Office of Federal Housing Enterprise Oversight but ignores a Bush administration request for a federally insured zero-downpayment program. (Read More)
OFHEO: Fannie's Problems Persist
June 15, 2005
Fannie Mae continues to face a lot of problems as it rebuilds its accounting systems and internal controls, according to the Office of Federal House Enterprise Oversight's annual report to Congress. (Read More)
Don't Overlook RESPA Regs, Panel Warns
June 15, 2005
The message from a panel on title insurance joint ventures was simple: Do not overlook Real Estate Settlement Procedures Act regulations and assume you will not get caught. (Read More)
Purchase Apps Hit Record High
June 15, 2005
The Market Composite Index, an overall measure of mortgage applications, rose from 755.5 to 887.0 on a seasonally adjusted basis during the week ended June 10, partly on the strength of a record high in the Purchase Index, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
10-Year Rises Above 4.1%
June 15, 2005
The rate-indicative 10-year Treasury yield has risen notably above its recent trading range of about 3.9%, and as of midday Wednesday it remained above 4.1% despite the release of a report showing the first decline in consumer prices in 10 months, according to Yahoo! Finance. (Read More)
Freddie Names SVP for SF Sourcing
June 15, 2005
Paul Mullings, a mortgage industry veteran, has been named senior vice president of single-family mortgage sourcing at Freddie Mac. (Read More)
Homekeys Touts RE Investment Tool
June 15, 2005
South Florida-based Homekeys has announced the introduction of ValueSearch, a patent-pending online tool that enables homebuyers and real estate investors to identify potentially undervalued properties. (Read More)
MBC Teams Up With Work & Family
June 15, 2005
Mortgage Benefits Corp., Redwood City, Calif., has announced an agreement with Work & Family Benefits Inc., Parsippany, N.J., to bundle MBC's MortgageChoice Plan on WFB's My Life Values platform. (Read More)
Correction
June 15, 2005
Fannie Mae is not purchasing 40-year amortizing mortgages with 30-year terms, according to the company. MortgageWire incorrectly reported June 1 that Fannie-approved lenders can offer borrowers a 30-year term (balloon) loan with a 40-year amortization schedule. (Read More)
Housing Starts Rise
June 16, 2005
Single-family housing starts rose 4.7% in May to a seasonally adjusted annual rate of 1.70 million from a downwardly revised April rate of 1.63 million. (Read More)
Compromise Sought on Ney-Kanjorski
June 16, 2005
Rep. Bob Ney, R-Ohio, wants to conduct a subcommittee mark-up of his bipartisan predatory-lending bill before the August recess, and he is working with some Democrats to broker a compromise. (Read More)
Lawmakers Seek Removal of HECM Cap
June 16, 2005
Congressmen Michael Fitzpatrick, R-Pa., and Jim Matheson, D-Utah, have introduced a bill to eliminate a cap on the number of reverse mortgages the Federal Housing Administration can insure. (Read More)
Rates Climb
June 16, 2005
The average 30-year fixed mortgage rate rose from 5.56% to 5.63% over the seven-day period ending June 16, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Fed: Residential Lending Still Robust
June 16, 2005
Federal Reserve district banks are reporting that residential mortgage lending is "rising or remaining solid," according to the Federal Reserve Board's Beige Book. (Read More)
Mavent Offers Web Compliance Tool
June 16, 2005
Mavent Inc., Irvine, Calif., has launched Mavent Compliance Console (MC2), a Web-based portal that allows lenders, loan purchasers and other mortgage-related businesses to submit loan data for a complete compliance review. (Read More)
TransUnion Delivers Appraisal Tool
June 16, 2005
Chicago-based TransUnion Settlement Solutions has released Pre-Decision Qualifier, which offers a value range for a property before a full appraisal has been ordered. (Read More)
ABC Introduces New Broker Website
June 16, 2005
Melville, N.Y.-based American Brokers Conduit has launched a website that offers mortgage brokers a new set of tools and resources that allow them to manage the loan process online from locking to pipeline status. (Read More)
Wells RE Fund Reports Record Distribution
June 16, 2005
Wells Real Estate Funds, Atlanta, has reported what it says it believes to be a record distribution of net proceeds from the sale of 27 office and industrial properties to more than 120,000 investors in Wells Real Estate Investment Trust Inc. (Read More)
Ellis Forms CRE Finance Company
June 16, 2005
CB Richard Ellis, Los Angeles, has formed CBRE Realty Finance, a company that will invest in commercial real estate-related loans and securities. (Read More)
New Century Prices Stock Offering
June 16, 2005
New Century Financial Corp., a real estate investment trust based in Irvine, Calif., has priced a public offering of 4.2 million shares of 9.125% series A cumulative redeemable preferred stock at $25 per share. (Read More)
Salomon CMBS Classes Downgraded
June 16, 2005
Four classes of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
LB CMBS Class Off Watchlist
June 16, 2005
Class E of LB Commercial Conduit Mortgage Trust II's commercial pass-through certificates, series 1996-C2, has been removed from Rating Watch Negative by Fitch Ratings. (Read More)
Shelby Mulling AH Fund Options
June 17, 2005
Senate Banking Committee Chairman Richard Shelby, R-Ala., does not want a affordable housing fund to be based on GSE profits, a committee spokesman said, and the senator is considering other "mechanisms" in drafting a GSE regulatory reform bill. (Read More)
OCC Sues NY AG Over Bias Probe
June 17, 2005
The Office of the Comptroller of the Currency has filed suit against New York Attorney General Eliot Spitzer, seeking a declaratory judgment and preliminary injunction to prevent him from interfering in the OCC's fair-lending supervision of national banks. (Read More)
ABA: Homeownership Tied to Loan Flexibility
June 17, 2005
Lenders' ability to offer more-flexible loan products has made increased minority homeownership possible, and curbing such programs would be counterproductive, according to James Ballentine of the American Bankers Association. (Read More)
Nomura Hires Financial Institutions Chief
June 17, 2005
Nomura Securities International Inc. has hired Jack A. Leventhal as a managing director and the head of U.S. financial institutions in NSI's investment banking division. (Read More)
BoA to Buy Stake in Chinese Bank
June 17, 2005
Bank of America Corp. has agreed to buy about 9% of the stock of China Construction Bank for $3 billion, with the option of increasing that stake in the future. (Read More)
DLJ CMBS Classes Downgraded
June 17, 2005
Three classes of DLJ Commercial Mortgage Corp. commercial mortgage pass-through
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