MortgageWire Stories from 2007
January
MLN Stops Funding; Future in Doubt
January 2, 2007
Subprime wholesaler Mortgage Lenders Network, Middletown, Conn., has stopped funding loans, and is talking to investors about a possible sale of its assets, industry sources have told MortgageWire. (Read More)
Suit Alleges Countrywide Backdated Options
January 2, 2007
A New York law firm has filed a shareholder lawsuit against the largest mortgage lending company, Countrywide Financial Corp., for allegedly backdating stock options. (Read More)
G&E Sees Soft Landing, Healthy CRE Market
January 2, 2007
Grubb & Ellis, a Chicago-based real estate services company, is projecting an economic "soft landing" for 2007 that will keep the commercial real estate investment market healthy. (Read More)
FBR: Subprime ARM Performance Falling Fast
January 2, 2007
The performance of adjustable-rate subprime mortgages originated in 2006 is rapidly deteriorating and "higher default and loss rates may ensue," according to researchers at Friedman, Billings, Ramsey & Co. (Read More)
Private MI Declines
January 2, 2007
The amount of private mortgage insurance written by the members of the Mortgage Insurance Companies of America totaled $17.8 billion in November, down 5% from $18.8 billion in October. (Read More)
No Sustained COFI Decline Yet
January 2, 2007
Hopes that the Eleventh Federal Home Loan District Cost of Funds Index would start a prolonged decline have been put on hold for at least one month. (Read More)
CAIT Names Prez/CEO
January 2, 2007
Richard J. Wrensen has been named president and chief executive officer of Capital Alliance Income Trust Ltd., a real estate investment trust based in San Francisco. (Read More)
MF Revenue Bonds Downgraded
January 2, 2007
California Statewide Communities Development Authority's multifamily housing revenue refunding bonds (Quail Ridge Apartments Project), series 2002 E-1 and E-3, have been downgraded from A to BBB-plus and BBB to BBB-minus, respectively, by Standard & Poor's Ratings Services. (Read More)
Homestar MBS Classes Downgraded
January 2, 2007
Two classes of Homestar Mortgage Acceptance Corp. asset-backed pass-through certificates, series 2004-2, have been downgraded by Moody's Investors Service, and one class from series 2004-3 has been placed on watch for possible downgrade. (Read More)
MLN 'Negotiating' on Wholesale Sale
January 3, 2007
Subprime lender Mortgage Lenders Network, Middletown, Conn., says it is involved in "strategic negotiations" with several Wall Street firms concerning the sale of its wholesale operation. (Read More)
Freddie Sees Further Drop in ARM Share
January 3, 2007
Lenders that specialize in adjustable-rate mortgage products could face a tough time this year as ARM volume drops to 16% of originations, according to the chief economist at Freddie Mac. (Read More)
Applications Rise
January 3, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 555.8 to a holiday-adjusted 575.6 on a seasonally adjusted basis during the week ended Dec. 29, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
M&T Mortgage Merged Into Bank
January 3, 2007
M&T Mortgage Corp. has been merged into M&T Bank as of Jan. 1, the company has announced. (Read More)
Thrift Forms Sub Devoted to Reverses
January 3, 2007
Family Federal Savings of Illinois, a federally chartered thrift based in Westmont, Ill., has obtained regulatory approval to form a first-tier subsidiary dedicated solely to reverse mortgage lending. (Read More)
Deutsche Bank Taps MortgageIT CEO
January 3, 2007
Deutsche Bank has announced that Doug Naidus, chairman and chief executive officer of MortgageIT Holdings Inc., will become head of mortgage origination in the bank's residential mortgage-backed securities group now that Deutsche Bank's acquisition of MortgageIT has been completed. (Read More)
Doral Chairman Resigns
January 3, 2007
John A. Ward III has resigned as chairman of the board of Doral Financial Corp., San Juan, Puerto Rico, and Dennis G. Buchert, an independent director on the board, has been named non-executive chairman of Doral. (Read More)
NAREIT: REITs Record 34% Return
January 3, 2007
The real estate investment trust sector recorded a total return of 34.35% for 2006, according to the National Association of Real Estate Investment Trusts. (Read More)
GE Units, Pirelli Buy CRE-Secured Portfolio
January 3, 2007
Two GE units and Pirelli RE have acquired a 1 billion euro (about $1.33 billion) commercial-real-estate-secured portfolio of nonperforming loans in Italy from two ABN Amro subsidiaries. (Read More)
Bayview Changes Name of Seller Finance Sub
January 3, 2007
Bayview Financial, a real estate lending and investment finance company based in Miami, has changed the name of its seller finance subsidiary, InterBay Funding LLC, to Bayview First Funding LLC. (Read More)
Frank Sees GSE Reform by April
January 4, 2007
The House should be able to pass a GSE regulatory reform bill by April 2 when Congress leaves for its spring recess, according to Rep. Barney Frank, D-Mass. (Read More)
California B&C Lender Goes Bust
January 4, 2007
Harbourton Mortgage Investment Corp., Santa Rosa, Calif., closed its doors in late December, the apparent victim of loan buyback requests that it could not handle. (Read More)
Fed Getting Warier About Housing?
January 4, 2007
Federal Reserve officials were becoming warier about the downturn in housing and the possible spillover effects on consumer spending as of mid-December, "especially if house prices were to decline significantly." (Read More)
New Century Buys Irwin Servicing Assets
January 4, 2007
New Century Mortgage Corp., a subsidiary of Irvine, Calif.-based New Century Financial Corp., has completed the purchase of certain assets (and the assumption of certain lease obligations) of Irwin Mortgage Corp.'s servicing operations, according to New Century Financial. (Read More)
Fixed Rates Hold Steady
January 4, 2007
The average 30-year fixed mortgage rate was unchanged, at 6.18%, over the seven-day period ended Jan. 4, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Stewart Title Acquires Border Title
January 4, 2007
Houston-based Stewart Title has announced the acquisition of Border Title Group of Laredo, Texas, for an undisclosed amount. (Read More)
Foreclosure Spike Linked to Subprime Mortgages
January 4, 2007
Foreclosures climbed sharply in 2006 as a result of several factors, including the growth of subprime mortgages, rising energy costs, and slowing home sales, according to Default Research Inc., a foreclosure research company based in Mt. Pleasant, Pa. (Read More)
State Bank Watchdog Joins Regulatory Group
January 4, 2007
Washington state regulator Chuck Cross, who exposed Household International's abusive lending practices several years ago, has joined the Conference of State Bank Supervisors to be in charge of special projects. (Read More)
Citizens Forms Alliance With CU Plan
January 4, 2007
Citizens Home Loan, a national mortgage lender based in Charlotte, N.C., has announced a marketing agreement with the Municipal Credit Union Employees Financial Plan. (Read More)
Ramco Reports End of Tax Dispute
January 4, 2007
Ramco-Gershenson Properties Trust, Farmington Hills, Mich., has announced a favorable conclusion to a long-standing tax dispute with the Internal Revenue Service. (Read More)
AvalonBay Being Added to S&P 500
January 4, 2007
AvalonBay Communities is being added to the S&P 500 Index on a date that will be announced, according to Standard & Poor's. (Read More)
Moody's Eyes MLN Servicer Ratings
January 4, 2007
The servicer ratings of Mortgage Lenders Network USA Inc. have been placed on watch for possible downgrade by Moody's Investors Service. (Read More)
Soundview HEL Class Downgraded
January 4, 2007
Class M-3 of Soundview Home Equity Loan Trust 2001-2 has been downgraded from Baa2 to Ba2 by Moody's Investors Service. (Read More)
Mortgage Jobs Retreat From Record High
January 5, 2007
Mortgage lenders cut 2,900 full-time employees from their payrolls in November, wiping out a 2,500 increase in October that established a new high for jobs in the mortgage industry. (Read More)
Freddie Expects 2nd-Half Loss for '06
January 5, 2007
Freddie Mac expects to post a loss for the third and fourth quarters of 2006 despite strong results in the first half of the year, according to the company. (Read More)
Syron: Bush Stance Bodes Well for GSE Reform
January 5, 2007
Freddie Mac chairman and chief executive Richard Syron says a more accommodative stance by the Bush administration has created "some movement" toward a compromise on GSE regulatory reform legislation. (Read More)
No Sign of Reported Suit Against Countrywide
January 5, 2007
A New York law firm says it has "commenced" a shareholder lawsuit against Countrywide Financial Corp., but so far there is no evidence a lawsuit has been filed. (Read More)
Company Unveils Mortgage Deferral Program
January 5, 2007
Mortgage Payment Deferral Inc., Roseville, Calif., has announced the introduction of a patent-pending mortgage program that allows homeowners to defer from three to 36 months of their mortgage payments. (Read More)
Hanover Managing Director Resigns
January 5, 2007
Hanover Capital Mortgage Holdings Inc., a real estate investment trust, says senior managing director George Ostendorf has resigned from the company, effective Dec. 29. (Read More)
FirstAm Reports Stock Option Errors
January 5, 2007
The First American Corp., a Santa Ana, Calif.-based provider of title, mortgage, and other business information, has announced that an Audit Committee panel found that it used incorrect measurement dates in its financial reporting for a number of stock option grants from 1996 to 2006. (Read More)
Public Storage Prices Depositary Shares
January 5, 2007
Public Storage Inc., Glendale, Calif., has priced a public offering of 20 million depositary shares, each of which represents one-thousandth of a share of 6.625% series M cumulative preferred stock, at $25 per share. (Read More)
TMSF Reports $10M Debt Funding
January 5, 2007
TMSF Holdings Inc., a Los Angeles-based holding company for The Mortgage Store Financial Inc., has announced an agreement with Genesis Financial Services Fund LLC on a $10 million subordinated debt funding. (Read More)
AmREIT Completes Tender Offer
January 5, 2007
AmREIT, a Houston-based real estate investment trust, has announced the completion of a tender offer to purchase class B common shares of beneficial interest in the REIT at $9.25 per share in cash. (Read More)
Feedback
January 5, 2007
After running nearly 3-to-1 against a few weeks back, replies to our survey question on whether there is a "housing bubble" finished at roughly 45% for and 55% against. (Read More)
Secured Funding Shutters Wholesale Unit
January 8, 2007
Secured Funding of California has shuttered its wholesale division, which accounts for about one-third of its total production. (Read More)
Coalition: Don't Treat Hybrid ARMs as Exotics
January 8, 2007
Industry groups are warning a group of senators that bringing hybrid adjustable-rate mortgages under the nontraditional mortgage guidance could adversely affect existing homeowners with ARMs, increase defaults, and even put downward pressure on home prices. (Read More)
Dems Revamp Appropriations Subcommittees
January 8, 2007
Democratic congressional leaders have created a new financial services appropriations subcommittee and dismantled the cumbersome "TTHUD" panel, formally known as the Transportation, Treasury, the Judiciary, and Housing and Urban Development subcommittee, to streamline the annual budget process. (Read More)
Ramco Enters Retail Property JV
January 8, 2007
Ramco-Gershenson Properties Trust, a Farmington Hills, Mich.-based retail real estate investment trust, has entered into a joint venture with another investor to acquire up to $450 million in retail properties in the Midwest and mid-Atlantic regions. (Read More)
REIT Forms Senior Housing JV
January 8, 2007
Health Care Property Investors Inc., Long Beach, Calif., has announced the formation of a joint venture with an institutional capital partner for 25 senior housing assets. (Read More)
TriLyn, Investcorp Launch RE Mezzanine Fund
January 8, 2007
TriLyn LLC, a provider of investment advisory and capital placement services, and Investcorp, a global investment group, have announced the initial closing of TriLyn-Investcorp Mezzanine Partners I LP, a real estate mezzanine fund. (Read More)
Fannie 30-Year Speeds Rise
January 8, 2007
Prepayment rates for 30-year mortgages in Fannie Mae mortgage-backed securities rose by 10% in December, driven by stronger-than-expected turnover, according to Bear Stearns & Co. (Read More)
Fitch Spotlights Complexity of Servicing CMBS
January 8, 2007
Servicing U.S. commercial mortgage-backed securities deals is becoming more complex because loan and deal structures and the regulatory framework have grown increasingly complicated, according to a special report by Fitch Ratings. (Read More)
Southwest Led in Foreclosures in '06
January 8, 2007
The Southwest led the nation in foreclosures in 2006, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
Foreclosures Surge in Midwest
January 8, 2007
The nation's heartland also experienced a dramatic increase in foreclosures last year, according to ForeclosureS.com. (Read More)
TFS Launches UK Home Price Indices
January 8, 2007
The London office of interdealer broker TFS is launching United Kingdom home price futures indices. (Read More)
Fitch Eyes SASCO MBS Class
January 8, 2007
Class B-5 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2003-AL1, has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
MLN to Auction Bulk Servicing
January 9, 2007
The struggling Mortgage Lenders Network will auction off a bulk package of mortgage servicing rights believed to have a total value of just under $5 billion, investment banking sources have told MortgageWire. (Read More)
NAR Optimistic About FHA Reform
January 9, 2007
The National Association of Realtors is voicing optimism that Congress can pass a bill to revitalize the Federal Housing Administration's single-family insurance program this year. (Read More)
MBA Challenges Consumer Groups on Hybrids
January 9, 2007
The interest and principal payments on hybrid adjustable-rate mortgages do not increase by 40% to 50% as alleged by consumer groups, the Mortgage Bankers Association says in a letter to the new Senate Banking Committee chairman. (Read More)
Fed Governor Voices Price Fears
January 9, 2007
House prices are still too high and the inventory of unsold homes too large to believe that the housing correction is over, according to Federal Reserve Governor Donald Kohn. (Read More)
Radar Logic Launches as Data Biz
January 9, 2007
Radar Logic Inc., New York, has announced its launch as a technology-driven analytic and data business (whose first products relate to residential real estate) that has merged with Ventana Systems Inc., Harvard, Mass. (Read More)
Impac to Buy Fidelity Bancorp Assets
January 9, 2007
Impac Commercial Capital Corp. has agreed to purchase certain assets, and hire the employees, of Fidelity Bancorp Funding Inc., Westminster, Calif., to expand its commercial loan origination platform, according to ICCC's parent company, Impac Mortgage Holdings Inc. (Read More)
Banks See Mixed HE Overdue Rates
January 9, 2007
The delinquency rate on home equity loans declined in the third quarter, while the overdue rate on home equity lines of credit increased slightly, according to the American Bankers Association. (Read More)
CBOT Launches RE-Based Stock Futures
January 9, 2007
The Chicago Board of Trade is launching a stock index futures contract in the first quarter based on the Dow Jones U.S. Real Estate Index. (Read More)
Fitch Touts New CMBS Model
January 9, 2007
Fitch Ratings has announced the introduction of what it terms "the first statistically valid U.S. CMBS multiborrower rating model" for evaluating credit risk in commercial mortgage pools. (Read More)
Survey: Doc Images in Underwriting Critical
January 9, 2007
Using document images in the mortgage underwriting process is the most critical component of going paperless, according to an annual survey by Atlanta-based Advectis Inc. (Read More)
Lusk Center Sees Recycling of RE Capital
January 9, 2007
Equity capital will continue to flow strongly into real estate in 2007, but it will be recycled into investments such as small equity funds, limited partnerships, and niche properties, according to the chairman of the University of Southern California's Lusk Center for Real Estate. (Read More)
Foreclosures Soared in Northeast
January 9, 2007
Foreclosures soared by nearly two-thirds in the Northeast last year, while the Southeast recorded a smaller surge of 37%, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
Top FHA Staffer Joining Potomac Partners
January 9, 2007
A top Federal Housing Administration staffer, Meg Burns, is leaving the agency and joining Potomac Partners, a Washington consulting firm, in February. (Read More)
Bayview Unit Names Managing Director
January 9, 2007
Bob Repass has been promoted from senior vice president to managing director of Dallas-based Bayview First Funding, a division of Bayview Financial, a Miami-based real estate lending and investment finance company. (Read More)
WaMu B&C Deals to Use Different Shelf
January 9, 2007
Washington Mutual Inc., Seattle, has announced that it will securitize subprime mortgage loans originated by its Long Beach Mortgage division under its WaMu Asset Acceptance Corp. shelf registration in 2007. (Read More)
Housing Panel Chair Plans B&C Hearings
January 10, 2007
Rep. Maxine Waters, D-Calif., says she suspects that subprime lending is responsible for rising foreclosure rates, and she is planning to hold hearings soon. (Read More)
Dodd Also Plans Subprime Hearings
January 10, 2007
Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., is also planning to hold hearings on subprime and predatory lending and the impact they have on minority and low-income borrowers. (Read More)
Puerto Rico Bank Exits B&C Wholesale
January 10, 2007
Popular Inc., a depository based in Puerto Rico, said Jan. 9 that it will close its subprime wholesale business, booking a $39 million loss tied to the move and a larger restructuring effort. (Read More)
NAR Sees Rising Sales, Price Declines
January 10, 2007
Sales of existing homes bottomed out in the fourth quarter, but house prices will continue to decline in the first quarter, according to the latest forecast by the National Association of Realtors. (Read More)
Applications Rise
January 10, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from a holiday-adjusted 575.6 to 671.1 on a seasonally adjusted basis during the week ended Jan. 5, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
HNMA, Wells Form JV to Aid Hispanics
January 10, 2007
The Hispanic National Mortgage Association, San Diego, and Wells Fargo Home Mortgage, Des Moines, Iowa, have announced the formation of a joint venture that will offer traditional mortgage products and services as well as special assistance for Hispanic and nontraditional customers. (Read More)
Study: Credit Scores Deny Minority Access
January 10, 2007
Credit scores are used to deny African-Americans and other minorities access to credit and financial services, according to a study by the University of Denver Center for African American Policy. (Read More)
Allied Opens Correspondent Division
January 10, 2007
Residential and commercial hard equity wholesaler Allied Mortgage and Financial Corp., Sunrise, Fla., has opened a correspondent lending division. (Read More)
FirstAm Title Buys Complete Title
January 10, 2007
First American Title Insurance Co., Santa Ana, Calif., has announced the acquisition of Complete Title Services LLC, Brainerd, Minn., for an undisclosed amount. (Read More)
The Mills Denies Bankruptcy Rumors
January 10, 2007
The Mills Corp., a real estate investment trust based in Chevy Chase, Md., has denied that it might be forced to seek bankruptcy protection if it is not able to repay a major loan. (Read More)
Opteum Financial Co-Founder Retiring
January 10, 2007
Martin J. Levine, co-founder, executive vice president, and chief operating officer of Opteum Financial Services, will retire March 31, according to Opteum Financial's parent company, Opteum Inc., a real estate investment trust based in Vero Beach, Fla. (Read More)
Fannie Prices Benchmark Notes
January 10, 2007
Fannie Mae has priced $3 billion of 5.00% 10-year Benchmark Notes due Feb. 13, 2017. (Read More)
Ameriquest HEL Classes Downgraded
January 10, 2007
Four classes from two Ameriquest Mortgage Securities Inc. home equity issues have been downgraded by Fitch Ratings, and one class has been placed on Rating Watch Negative. (Read More)
Feds Moving Cautiously on 2/28 ARMs
January 11, 2007
Federal banking regulators are planning to propose new interagency guidance on subprime 2/28 adjustable-rate mortgages, but they say they want to move cautiously and avoid overreaching, despite congressional pressure. (Read More)
Lehman to Fund Some Loans for MLN
January 11, 2007
Lehman Brothers will fund some loans that were in the pipeline when Mortgage Lenders Network of Connecticut closed its wholesale operations late last month, sources have confirmed to MortgageWire. (Read More)
Rates Rise
January 11, 2007
The average 30-year fixed mortgage rate rose from 6.18% to 6.21% over the seven-day period ended Jan. 11, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Foreclosure.com Offers Data to Nonprofits, Gov't
January 11, 2007
Foreclosure.com, a Boca Raton, Fla.-based provider of foreclosure property listings, has created the Housing Outreach Partner Effort to provide nonprofit and government organizations with free access to its database of more than 1.2 million distressed real estate listings. (Read More)
Radian Reports Exec Change, Aussie Expansion
January 11, 2007
Radian Group Inc., a Philadelphia-based mortgage insurer, has announced a change in the leadership of its international mortgage business and an expansion into the Australian market. (Read More)
Fed Names Falk to Advisory Panel
January 11, 2007
Joseph Falk, a past president of the National Association of Mortgage Brokers and its current legislative chair, has been named to the Consumer Advisory Council of the Federal Reserve Board. (Read More)
FirstAm Title Names Division Prez
January 11, 2007
Sally French Tyler has been named president of the National Commercial Services Division of First American Title Insurance Co., Santa Ana, Calif. (Read More)
KB Home Reports Promotions
January 11, 2007
Dom Cecere has been promoted to executive vice president and chief financial officer of KB Home, a Los Angeles-based homebuilder, and Bill Hollinger has been promoted to senior vice president and chief accounting officer of the company. (Read More)
Health Personnel Priced Out of Homeownership?
January 11, 2007
Health care professionals and other key community workers are priced out of homeownership in most metropolitan areas nationwide, according to a joint study by the Center for Housing Policy and Homes for Working Families, both of Washington, D.C. (Read More)
Freddie Prices $1.1B of Preferred Stock
January 11, 2007
Freddie Mac has announced the pricing of $1.1 billion of fixed-rate noncumulative perpetual preferred stock at $25 per share. (Read More)
BioMed Realty Prices Stock Offering
January 11, 2007
BioMed Realty Trust Inc., San Diego, has priced a public offering of 8.0 million shares of 7.375% series A cumulative redeemable preferred stock at $25 per share. (Read More)
S&P to List Triad on SmallCap Index
January 11, 2007
Triad Guaranty, a Winston-Salem, N.C.-based mortgage insurer, will replace Veritas DGC Inc. in the Standard & Poor's SmallCap 600 Index. (Read More)
Fitch Downgrades CDC MBS Classes
January 11, 2007
Seven classes from three issues of CDC Mortgage Capital Trust mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
SAIL MBS Classes Downgraded
January 11, 2007
Seven classes of Structured Asset Investment Loan Trust residential mortgage-backed certificates have been downgraded by Fitch Ratings. (Read More)
Fitch Downgrades SASCO MBS Classes
January 11, 2007
Two classes of Structured Asset Security Corp. residential mortgage-backed certificates have been downgraded by Fitch Ratings. (Read More)
Terwin RMBS Classes Downgraded
January 11, 2007
Two classes of Terwin RMBS Trust securities have been downgraded by Fitch Ratings. (Read More)
SARM MBS Class Downgraded
January 11, 2007
Class B5 of Structured Adjustable Rate Mortgage Loan Trust residential mortgage-backed certificates, series 2004-11, has been downgraded from B to CC/DR3 and removed from Rating Watch Negative by Fitch Ratings. (Read More)
Bies: Subprime Lenders Face More Bad News
January 12, 2007
Subprime mortgage lenders are facing a "string of bad news," including the shutdown of companies that "could not operate in a slower origination environment," according to a Federal Reserve Board governor. (Read More)
Banks Warned About C&D Lending Growth
January 12, 2007
Federal regulators have noticed a "modest uptick" in noncurrent construction and development loans, and banks with rapidly growing C&D portfolios need to be careful, according to Sheila Bair, chairman of the Federal Deposit Insurance Corp.. (Read More)
MLN Screwed Up on Jumbo Loan
January 12, 2007
The troubled Mortgage Lenders Network made a huge mistake on a jumbo loan product that was priced 60 to 75 basis points under the going Fannie Mae rate, industry sources have told MortgageWire. (Read More)
Ellie Mae Increases Banker Focus
January 12, 2007
Ellie Mae, Dublin, Calif., has launched a banker division in response to the introduction of Encompass Banker Edition. (Read More)
Competing Offer on Tap for Equity Office?
January 12, 2007
A competing offer to the Blackstone Real Estate Partners proposal to acquire Equity Office Properties Trust may be emerging, according to published reports from various sources. (Read More)
AHM Unit Unveils New Loan Buy Strategies
January 12, 2007
The correspondent lending division of American Home Mortgage Investment Corp., Melville, N.Y., has announced the introduction of two new loan acquisition strategies. (Read More)
PA Agency Issues Mortgage Guidance
January 12, 2007
Acting Pennsylvania Banking Secretary Victoria A. Reider has sent a letter alerting the commonwealth's mortgage companies about new guidelines outlining acceptable conduct for the state's 3,000 lenders and brokers. (Read More)
Bank of England Rate Hike Surprises Lenders
January 12, 2007
The Bank of England has raised the bank rate by 25 basis points in a move that United Kingdom mortgage lenders say they found somewhat surprising. (Read More)
AvalonBay Prices Stock Offering
January 12, 2007
AvalonBay Communities Inc., Alexandria, Va., has priced a public offering of 4.0 million shares of common stock that was timed to coincide with AvalonBay's inclusion in the S&P 500. (Read More)
Freddie Prices RefNotes
January 12, 2007
Freddie Mac has priced $4 billion of 5.00% two-year Reference Notes due Jan. 16, 2009, and $3 billion of 5.00% 10-year Reference Notes due Feb. 16, 2017. (Read More)
DLJ CMBS Class Downgraded
January 12, 2007
Class B-8 of DLJ Commercial Mortgage Corp. commercial mortgage pass-through certificates, series 1999-CG3, has been downgraded from CC to C by Fitch Ratings. (Read More)
Feedback
January 12, 2007
Early responses to our latest survey question have strongly endorsed the idea that the SEC should press issuers to increase disclosures on bonds collateralized by nontraditional mortgage loans. (Read More)
MLN Hopes to Call Back Some Workers
January 16, 2007
Mortgage Lenders Network USA of Connecticut is working on a plan to re-start its wholesale network and hopes to recall some furloughed workers, according to a company e-mail message obtained by MortgageWire. (Read More)
Mortgage Originations Rose at Wells in '06
January 16, 2007
The mortgage originations of Wells Fargo Home Mortgage, Des Moines, Iowa, totaled $398 billion in 2006, up 9% from the level recorded in 2005, according to Wells Fargo & Co., San Francisco. (Read More)
Board Lifts Most Limits on Seattle FHLBank
January 16, 2007
A federal regulator has lifted most of the supervisory restrictions it imposed on the Federal Home Loan Bank of Seattle two years ago, but the bank is still limited in the amount of dividends it can pay. (Read More)
Ventas Buying Seniors Housing REIT
January 16, 2007
Ventas, a Louisville, Ky.-based health care real estate investment trust, is acquiring Sunrise Senior Living REIT, a Toronto-based investor in senior living properties, for a total of $1.8 billion (Canadian $2.1 billion). (Read More)
Alliant Buys EF&A Funding
January 16, 2007
The Alliant Co., a Woodland Hills, Calif.-based sponsor of affordable housing tax credit partnerships, has announced the acquisition of EF&A Funding LLC for an undisclosed amount. (Read More)
HomeBanc Replaces CEO
January 16, 2007
Kevin D. Race, president, chief operating officer, and chief financial officer of Atlanta-based HomeBanc Corp., has been named chief executive officer of the company, replacing Patrick S. Flood. (Read More)
ComUnity Lending Names EVP
January 16, 2007
Chito Schnupp has been promoted to executive vice president of ComUnity Lending, Morgan Hill, Calif., and will join the company's Executive Leadership Team. (Read More)
NeighborWorks Creates CFO Post
January 16, 2007
Michael Forster has been named to the newly created position of chief financial officer at NeighborWorks America, a nonprofit community development and training organization based in Washington, D.C. (Read More)
IndyMac Trims 4Q Earnings Estimate
January 16, 2007
IndyMac Bancorp, Pasadena, Calif., has lowered its earnings guidance for the fourth quarter of 2006 by about 28%. (Read More)
AD&Co to Unveil New Loan Model
January 16, 2007
Andrew Davidson & Co., New York, has announced the introduction of the Loan Dynamics Model, which projects delinquency, default, and loss severity as well as prepayment on nonagency mortgage loans. (Read More)
Salomon CMBS Classes Downgraded
January 16, 2007
Three classes of Salomon Brothers Mortgage Securities VII Inc. series 2000-C2 have been downgraded by Fitch Ratings. (Read More)
BoA MBS Class Downgraded
January 16, 2007
Class B-5 of Banc of America Funding Corp. mortgage pass-through certificates, series 2002-1, has been downgraded from BBB to CCC by Fitch Ratings and assigned a Distressed Recovery rating of DR1. (Read More)
ResCap/GMAC Cuts 1,000 Jobs, Closes Offices
January 17, 2007
Citing a declining origination market and deterioration in the subprime sector, the parent of GMAC Residential, Horsham, Pa., plans to cut 1,000 positions in its mortgage affiliates over the next nine months, according to a new public filing. (Read More)
MBA: Hundreds of Lenders Could Fail
January 17, 2007
A "couple of hundred" mortgage banking firms could fail in the next year or so as the industry works out its excess capacity, according to the chief economist for the Mortgage Bankers Association. (Read More)
Applications Decline
January 17, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 671.1 to 667.2 on a seasonally adjusted basis during the week ended Jan. 12, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
House Passes Bill to Suspend Cap on Reverses
January 17, 2007
The House has passed a bill to prevent a shutdown of the Federal Housing Administration reverse mortgage program while the federal government is operating under a continuing fund resolution. (Read More)
Raines-Era Director Departing Fannie
January 17, 2007
Kenneth M. Duberstein -- one of the few remaining directors from the "Raines era" at Fannie Mae -- will step down on Feb. 15, according to a federal filing by the company. (Read More)
Brookfield Buying The Mills
January 17, 2007
The Mills Corp., a real estate investment trust based in Chevy Chase, Md., is being acquired by Brookfield Asset Management for a total price of about $7.5 billion. (Read More)
Winter Group Buys Hanover Due Diligence Biz
January 17, 2007
Hanover Capital Mortgage Holdings, Edison, New Jersey, has sold assets associated with its due diligence business to Terwin Acquisition, which does business as The Winter Group. (Read More)
Free Anti-Fraud Tool, Anyone?
January 17, 2007
Informative Research, Garden Grove, Calif., has announced launch of a free fraud prevention tool, Credit Score Verifier, that offers to reduce mortgage lender risk and loan fallout. (Read More)
Profits Fall in JPMorgan Mortgage Ops
January 17, 2007
The mortgage banking operations of JPMorgan Chase & Co., New York, recorded net income of $34 million in the fourth quarter, down from $63 million a year earlier, while profits rose for the company as a whole, JPMorgan has reported. (Read More)
LoanCity Names COO, Sales Chief
January 17, 2007
LoanCity, a national wholesale lender based in San Jose, Calif., has announced that John C. Giagiari Jr. and Jeff Minch have joined the company as chief operating officer and national sales manager, respectively. (Read More)
Centerbrook Names New CEO
January 17, 2007
Nicholas A.C. Mumford has been named chief executive officer of Centerbrook Financial LLC, a New York-based provider of credit intermediation products for the affordable housing industry. (Read More)
RealtyTrac: New Foreclosures Fall
January 17, 2007
RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure fell nearly 9% in December, though it was up 35% from that of a year earlier. (Read More)
Foreign MBS Investors Termed Majority in Spain
January 17, 2007
Foreign investment in Spain's mortgage-backed and asset-backed securities has increased to the point where investors outside the country now hold the majority of its MBS and ABS, according to Moody's Investors Service. (Read More)
First Franklin MBS Classes Downgraded
January 17, 2007
Two classes of First Franklin Financial Corp. residential mortgage-backed certificates have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative. (Read More)
Housing Starts Fall
January 18, 2007
Single-family housing starts fell 4.1% in December to end the year on a down note, but experts believe home construction is very close to flattening out after a 15% decline in 2006. (Read More)
Credit Suisse in Talks With ResMae
January 18, 2007
Investment banker Credit Suisse is in talks to buy subprime wholesaler ResMae Mortgage of Brea, Calif., investment banking sources have confirmed to MortgageWire. (Read More)
Maryland Lender Closes
January 18, 2007
Bay Capital, a Maryland-based mortgage banking firm, has closed its doors after its parent company declared itself insolvent. (Read More)
WaMu's Mortgage Income Plummets by $1B+
January 18, 2007
The net income of Washington Mutual Inc.'s home loan segment plummeted by more than $1 billion last year, although profits exceeded $3.5 billion for the company overall, the Seattle-based thrift has reported. (Read More)
Fed Reports Weakening Mortgage Market
January 18, 2007
Housing markets continued to soften in December and demand for residential mortgages continued to weaken, according to a Federal Reserve report on current economic activity called the Beige Book. (Read More)
Vornado Group Bids for Equity Office
January 18, 2007
Countering Blackstone's proposal to acquire Equity Office Properties Trust, Chicago, at $48.50 per share (and the assumption of debt), a group that includes Vornado Realty has made an offer that values Equity Office shares at $52 per share. (Read More)
Rates Rise
January 18, 2007
The average 30-year fixed mortgage rate rose from 6.21% to 6.23% over the seven-day period ended Jan. 18, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
UK Lending Highest Ever for December
January 18, 2007
Gross lending in the United Kingdom totaled £29.4 billion (about $58 billion) in December, the highest ever for that month but down 11% from the all-time record reached in November, according to the Council of Mortgage Lenders, London. (Read More)
KB Home Launches Homeowner Website
January 18, 2007
KB Home, a Los Angeles-based homebuilder, has announced the launch of KBHomeowner.com, a website that offers tools such as seasonal checklists and neighborhood guides. (Read More)
Health Care REIT Prices Note Offering
January 18, 2007
Health Care Property Investors, a Long Beach, Calif.-based real estate investment trust, has priced the sale of $500 million of 6.00% senior unsecured notes due 2017 at 99.323. (Read More)
ABSC Classes Downgraded
January 18, 2007
Two classes of Asset-Backed Securities Corp. Long Beach Home Equity Trust mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Meritage MBS Classes Downgraded
January 18, 2007
Two classes of Meritage Mortgage Loan Trust series 2004-1 have been downgraded by Fitch Ratings, and two other classes have been placed on Rating Watch Negative. (Read More)
MLN Hit With C&D Order
January 19, 2007
Mortgage Lenders Network USA, the troubled subprime lender based in Middletown, Conn., has been hit with a temporary cease-and-desist order from the Connecticut Department of Banking that prohibits it from funding new loans. (Read More)
OFHEO: Fannie Took Loss in 3Q
January 19, 2007
Fannie Mae incurred a loss in the third quarter, according to the mortgage company's regulator, and it appears that the downturn in interest rates that clipped Freddie Mac's third-quarter earnings also hurt Fannie. (Read More)
OFHEO 'Satisfied' With GSE Portfolio Proposal
January 19, 2007
James Lockhart, director of the Office of Federal Housing Enterprise Oversight, says he is "satisfied" with a congressional proposal to regulate Fannie Mae's and Freddie Mac's giant portfolios, even though Treasury Department officials have not endorsed it. (Read More)
Barclays to Buy Nonprime Mortgage Wholesaler
January 19, 2007
Barclays Bank PLC, London, has announced an agreement to purchase EquiFirst Corp., the nonprime wholesale mortgage origination business of Regions Financial Corp., for approximately $225 million (£115 million). (Read More)
Transnational to Acquire AMC Mortgage
January 19, 2007
Transnational Financial Network Inc., a San Francisco-based wholesale and retail mortgage banking firm, has announced the signing of a letter of intent to acquire AMC Mortgage, Austin, Texas. (Read More)
Ashford, Morgan Buying CNL Hotels
January 19, 2007
CNL Hotels & Resorts, an Orlando, Fla-based nonlisted hotel real estate investment trust, is being acquired in two parts by Ashford Hospitality Trust and Morgan Stanley Real Estate for a total of $6.6 billion. (Read More)
New Process for FHLBank Appointments?
January 19, 2007
The Federal Housing Finance Board is moving ahead with a new process for appointing outside directors to the boards of the 12 Federal Home Loan Banks that is designed to be a merit-based system aimed at avoiding political interference. (Read More)
Economists See Further Home Sales Declines
January 19, 2007
The ongoing decline in home sales will not bottom out until the third and fourth quarters of this year, according to a committee of chief economists from major U.S. banks. (Read More)
Auction Firm Offers Alternative to Foreclosure
January 19, 2007
Williams & Williams, a real estate auction firm based in Tulsa, Okla., has announced plans to launch a program to help delinquent mortgage borrowers and their secured lenders avoid foreclosure via advance auction sales. (Read More)
Triad Names CEO of New Canadian Ops
January 19, 2007
Triad Guaranty has hired Gregory J. McKenzie as president and chief executive officer of the company's new Canadian operation. (Read More)
IMA Offering $172M Bulk Package
January 19, 2007
Interactive Mortgage Advisors, Denver, is brokering a $172 million package of Freddie Mac, Fannie Mae, Ginnie Mae, and private bulk servicing rights. (Read More)
Pennsylvania Servicing Portfolio For Sale
January 19, 2007
The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $35 million portfolio of Freddie Mac home loans, primarily from Pennsylvania. (Read More)
S&P to Add REIT to SmallCap 600
January 19, 2007
Medical Properties Trust Inc., a real estate investment trust based in Birmingham, Ala., will replace Open Solutions Inc. in the S&P SmallCap 600 Index after the close of trading on a date to be announced, according to Standard & Poor's. (Read More)
REIT Prices Stock Offering
January 19, 2007
RAIT Financial Trust, Philadelphia, has priced a public offering of 10 million common shares of beneficial interest at $34 per share. (Read More)
Wachovia Assigned Servicer Rating
January 19, 2007
Fitch Ratings has assigned Wachovia Bank NA an RPS2 residential primary servicer rating for home equity and prime products. (Read More)
Feedback
January 19, 2007
How difficult is the transition from being a loan officer to being an inside account executive? (Read More)
Citi Wins Bid for ABN Amro Mortgage
January 22, 2007
Citigroup has agreed to purchase ABN Amro Mortgage Group, Ann Arbor, Mich., for an undisclosed sum, a purchase that will make it the nation's fourth-largest residential servicer, with $728 billion in receivables. (Read More)
OFHEO Faces Possible Budget Shortfall
January 22, 2007
The Office of Federal Housing Enterprise Oversight is facing a potential $7.5 million budget shortfall if Congress does not provide additional funding in the next continuing resolution. (Read More)
IL Predatory Lending Program Suspended
January 22, 2007
Illinois Gov. Rod R. Blagojevich has directed the Illinois Department of Financial and Professional Regulations to immediately suspend the Illinois Predatory Lending Database Pilot Program, also known as H.B. 4050. (Read More)
S&P Sees End of Bull Market for RMBS
January 22, 2007
The bull market in residential mortgage-backed securities in recent years appears to have run its course, according to a new report published by Standard & Poor's Ratings Services. (Read More)
S&P: Outlook Improved for Seattle FHLBank
January 22, 2007
Standard & Poor's has changed its outlook on the Seattle Federal Home Loan Bank from "negative" to "stable" in response to an announcement that the Federal Housing Finance Board has terminated a supervisory agreement the regulator imposed on the bank two years ago. (Read More)
NAIHC Names Exec Director
January 22, 2007
Paul Lumley has been named executive director of the National American Indian Housing Council. (Read More)
Dynex Retains Investment Adviser
January 22, 2007
Dynex Capital Inc., a real estate investment trust based in Glen Allen, Va., has announced the retention of the Sandler O'Neill + Partners LP investment banking firm to assist the REIT in finding investment opportunities. (Read More)
Fitch Assigns Construction Loan Servicer Rating
January 22, 2007
Fitch Ratings has assigned its first construction loan servicer rating to JP Morgan Commercial Real Estate Loan Administration, Phoenix. (Read More)
Fannie Announces 1Q Dividends
January 22, 2007
Fannie Mae has announced a common stock dividend of $0.40 per share for the first quarter, unchanged from that of the fourth quarter of 2006. (Read More)
FDIC Issues Warning on Predatory Lending
January 23, 2007
The Federal Deposit Insurance Corp. has issued a reminder that it will not tolerate predatory lending and said it expects banks that engage in subprime lending to treat their borrowers fairly and make "responsibly underwritten" and priced loans. (Read More)
Dems Caution Bush Not to Shortchange HUD
January 23, 2007
Senate Banking Committee Democrats are warning the Bush administration not to shortchange the Department of Housing and Development's budget as they finalize the president's fiscal year 2008 budget proposal. (Read More)
Chase Consolidates Home Lending
January 23, 2007
David Lowman, Chase's chief executive officer of Global Mortgage, has been given additional responsibilities in the areas of home equity, servicing, and default that combine all the company's consumer real estate lending businesses into one organization. (Read More)
New Website Touts Trustworthy Lenders
January 23, 2007
Internet Brands Inc., a Los Angeles-based operator of media and electronic commerce websites, has launched Loan.com, a website that assists users in finding ethical lenders with the lowest rates. (Read More)
Preferred Financial Names Execs
January 23, 2007
Ron Wilsie has been named chief operating officer of Preferred Financial Group Inc., a private mortgage lender based in Burlingame, Calif., and Gary Plooster has been named chief production officer. (Read More)
Lodgian Eyes Strategic Options
January 23, 2007
Lodgian Inc., an Atlanta-based hotel investor and manager, has reported that the company is exploring "strategic alternatives" in a prelude to a possible sale of the company. (Read More)
New Company Focused on CRE in India
January 23, 2007
Two real estate finance industry players have teamed up to form Beekman Helix India Partners LLC, an advisory and investment management company focused on commercial real estate in India. (Read More)
Greenlight Launches Green Loan Discount
January 23, 2007
Greenlight Financial Services, a direct-to-consumer mortgage lender based in Irvine, Calif., has announced the introduction of the Green Loan Discount on loan fees for qualifying consumers who practice "green principles." (Read More)
RCG to Resell Wolters Web Tool
January 23, 2007
Wolters Kluwer Financial Services, Minneapolis, and Regulatory Counsel Group, an Atlanta-based provider of regulatory compliance services for mortgage lenders, have announced that RCG will resell the Wolters Kluwer StateLink Web-based compliance tool to its customers. (Read More)
Freddie Purchases Fell 14% in '06
January 23, 2007
Mortgage acquisitions by Freddie Mac fell 14% in 2006 to $502 billion, according to figures released by the company. (Read More)
Nat City Takes Gain From First Franklin Sale
January 23, 2007
National City Corp., Cleveland, has reported that it took a $622 million after-tax gain ($1.00 per share) in the fourth quarter because of the sale of First Franklin's mortgage origination and servicing platforms. (Read More)
Survey: 40% of HELOC Holders Inactive
January 23, 2007
About 40% of borrowers holding home equity lines of credit have not used their line in the past year, according to a recent study by Synergistics Research Corp., Atlanta. (Read More)
S&P Replaces 2 in REIT Index
January 23, 2007
Standard & Poor's has announced that Agree Realty Corp. and Strategic Hotels & Resorts Inc. will replace two other real estate investment trusts in its S&P REIT Composite Index. (Read More)
MLN Rescuer Needs More Time
January 24, 2007
An unnamed investor that may pump money into the struggling Mortgage Lenders Network of Connecticut cannot do so for four to six weeks, according to a company e-mail message provided to MortgageWire. (Read More)
Wireless Capital Forms CRE Lender
January 24, 2007
Wireless Capital Partners, Santa Monica, Calif., a company that provides real estate services for cellular real estate landlords, has formed WCP Commercial Lending, a company that will make loans to commercial real estate properties with a cellular lease income component. (Read More)
FBR, Ex-DC Mayor Form RE Company
January 24, 2007
Friedman, Billings, Ramsey Group, Arlington, Va., has announced a partnership with former Washington, D.C. Mayor Anthony A. Williams to create a real estate company focused on serving the government and nonprofit markets. (Read More)
First Financial Partners With PHH Mortgage
January 24, 2007
First Financial Bancorp, Hamilton, Ohio, has announced a strategic partnership with PHH Mortgage, a provider of private-label mortgage services and a subsidiary of PHH Corp., Mt. Laurel, N.J. (Read More)
Applications Decline
January 24, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 667.2 to 611.3 on a seasonally adjusted basis during the week ended Jan. 19, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Bush Speech Ignores Katrina
January 24, 2007
President Bush did not mention Hurricane Katrina in his State of the Union speech, or the rebuilding efforts along the Gulf Coast, which is still recovering from devastating hurricanes in 2005. (Read More)
10-Year Yield Rises Above 4.8%
January 24, 2007
The long-term rate-indicative 10-year Treasury yield rose above 4.80% Wednesday morning for the first time this year. (Read More)
Thornburg Reports '06 Profits
January 24, 2007
Thornburg Mortgage Inc., Santa Fe, N.M., has reported net income (before preferred stock dividends) of $297.7 million ($2.58 per share) for 2006, compared with $282.8 million ($2.79 per share) a year earlier. (Read More)
FHLBank Atlanta Elects Board Chairman
January 24, 2007
Scott C. Harvard, president and chief executive officer of Shore Bank, has been elected chairman of the board of the Federal Home Loan Bank of Atlanta. (Read More)
ECC's Chief Production Officer Quits
January 24, 2007
Troy Gotschall has resigned as executive vice president and chief production officer of ECC Capital Corp., a real estate investment trust based in Irvine, Calif., as a result of the company's decision to exit the mortgage origination business. (Read More)
NAMB Prez Named to Fannie Advisory Group
January 24, 2007
The National Association of Mortgage Brokers has announced that its president, Harry Dinham, will serve on Fannie Mae's National Housing Advisory Council. (Read More)
Fitch Downgrades Reckson OP
January 24, 2007
The issuer default rating and senior unsecured notes ratings of Reckson Operating Partnership LP have been downgraded from BBB-minus to BB-plus by Fitch Ratings in view of the pending merger of SL Green Realty Corp. with Reckson Associates Realty Corp. (Read More)
Resales Down 8.1% in '06
January 25, 2007
Sales of existing single-family homes slipped 1.3% in December and fell by 8.1% for the year (the biggest annual drop since 1989), but 2006 was still the third-best year in terms of sales, according to the National Association of Realtors. (Read More)
Mandalay Mortgage Closing Its Doors
January 25, 2007
Mandalay Mortgage, Woodland Hills, Calif., a top-30-ranked subprime wholesale originator, is closing its doors at the end of the month and will stop funding loans, sources familiar with the situation have told MortgageWire. (Read More)
Millennium Winding Down Mortgage Op Subs
January 25, 2007
Millennium Bankshares Corp., Reston, Va., has announced that it is winding down its mortgage operating subsidiaries and will take any related one-time charges in its fourth-quarter results for 2006. (Read More)
Dodd Working on Foreclosure Bill
January 25, 2007
Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., says he is working on legislation to prevent an "unprecedented" wave of subprime foreclosures and to give homeowners a grace period so they can get back on their feet. (Read More)
30-Year Rate Rises
January 25, 2007
The average 30-year fixed mortgage rate rose from 6.23% to 6.25% over the seven-day period ended Jan. 25, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Blackstone Raises Offer for Equity Office
January 25, 2007
Following the emergence of a competing bid for Equity Office Properties Trust from New York-based Vornado Realty Trust and its partners, The Blackstone Group has raised its offer to $54 per share in cash. (Read More)
Trio Launch Global RE Securities Fund
January 25, 2007
Dow Jones Indexes, Wilshire Associates, and Wells Real Estate Funds have announced the launch of Wells' newest mutual fund, the first licensed to track the Dow Jones Wilshire Global Real Estate Securities Index. (Read More)
Sun-Apollo Closes Indian RE Fund
January 25, 2007
Sun-Apollo Ventures Ltd. has closed a $630 million Indian real estate fund, Sun-Apollo India Real Estate Fund LLC. (Read More)
Survey: Investors Eyeing Higher-Risk U.S. RE
January 25, 2007
Global real estate investors are planning to include higher-risk properties in their U.S. real estate acquisitions in 2007, according to the Association of Foreign Investors in Real Estate, Washington, D.C. (Read More)
BoA: No-Fee Mortgage Response 'Encouraging'
January 25, 2007
Bank of America says it is getting an encouraging response to the "no-fee mortgage" that it started offering to bank customers in the state of Washington back in September. (Read More)
RealtyTrac: New Foreclosures Up 42%
January 25, 2007
RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that more than 1.2 million foreclosure filings were reported nationwide in 2006, a 42% increase. (Read More)
PMI: Risk of Home Price Declines Rising
January 25, 2007
Slowing home price appreciation and decreased affordability have boosted the risk of home price declines in the nation's 50 largest housing markets, according to PMI Mortgage Insurance Co., Walnut Creek, Calif. (Read More)
CEO Retiring at FHLBank Atlanta
January 25, 2007
Raymond R. Christman will retire on Jan. 31 as president and chief executive officer of the Federal Home Loan Bank of Atlanta, according to the FHLBank. (Read More)
Freddie to Pass Thru Prepays on Hybrid Repos
January 25, 2007
Freddie Mac has announced that it will pass through full prepayments of principal that represent repurchases of 451 "hybrid" adjustable-rate mortgage loans from 31 single-family ARM participation certificate pools. (Read More)
Ace MBS Classes Downgraded
January 25, 2007
Four classes of Ace Securities Corp. mortgage-backed securities have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative. (Read More)
Fitch Eyes Societe Generale MBS Classes
January 25, 2007
Seven classes from two Societe Generale Mortgage Securities issues have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
MABS Class Under Review
January 25, 2007
Class M-10 of Mortgage Asset Securitization Transactions Asset Back Securities Trust mortgage pass-through certificates series 2005-FRE1 has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
New-Home Sales Rise, but Off 17.3% for '06
January 26, 2007
New-home sales jumped 4.8% in December after a 7.4% rebound in November, but builders still experienced a 17.3% drop in sales last year -- the largest drop in 16 years. (Read More)
New Panel to Hold Katrina Hearings
January 26, 2007
Sen. Mary L. Landrieu, D-La., will conduct a field hearing Jan. 29 in New Orleans as she takes the helm of a newly created subcommittee to examine the federal government's response to Hurricane Katrina and ongoing recovery efforts. (Read More)
IndyMac Reports Record '06 Earnings
January 26, 2007
IndyMac Bancorp Inc., Pasadena, Calif., the holding company for IndyMac Bank, has reported record net earnings of $343 million ($4.82 per share) for 2006, up 17% from profits recorded in 2005. (Read More)
MISMO Aligns With FHA
January 26, 2007
The Mortgage Industry Standards Maintenance Organization, a subsidiary of the Mortgage Bankers Association, has formed an alliance with the Federal Housing Administration. (Read More)
Liberty American Hires Ex-Prez of Money Store
January 26, 2007
Bill Templeton, a former president of The Money Store who was a pioneer in developing the subprime sector, has been named chief operating officer of Liberty American Mortgage, Roseville, Calif. (Read More)
Anglo Irish Bank Hires 2 CRE Veeps
January 26, 2007
Anglo Irish Bank's Boston and Chicago representative offices have hired two senior vice presidents in the commercial real estate lending area. (Read More)
FHLBank Debt Issuer Names COO
January 26, 2007
John Fisk has been appointed chief operating officer of the Office of Finance, the debt issuance facility of the Federal Home Loan Banks. (Read More)
Colliers: Office Market Strong in 4Q
January 26, 2007
The national office market posted a strong fourth quarter as demand for office space exceeded expectations nationwide, according to Colliers International, a Boston-based commercial real estate manager. (Read More)
Feedback
January 26, 2007
"Isn't there a law against not lending to an individual because of their age?" (Read More)
Countrywide, BoA in Alliance Talks Again?
January 29, 2007
Bank of America, Charlotte, N.C., and Countrywide Financial Corp., Calabasas, Calif., are involved in talks about combining forces in mortgages, according to a report by The Financial Times. (Read More)
Analyst: Don't Bank on Countrywide-BoA Deal
January 29, 2007
Sandler O'Neill, which has been following Countrywide's stock for years, says it is unlikely that Bank of America will buy the nation's largest mortgage banking firm. (Read More)
RFC Pulls MLN Servicing; More Layoffs at MLN
January 29, 2007
Residential Funding Corp., a unit of GMAC, has told the struggling Mortgage Lenders Network USA, Middletown, Conn., and an affiliate that it is terminating their right to service loans for RFC. (Read More)
Schumer to Chair Housing Panel?
January 29, 2007
A senior member of the Senate Banking Committee, Sen. Charles E. Schumer, D-N.Y., is expected to be the new housing subcommittee chairman, according to sources, although it has not been officially announced. (Read More)
E-Loan Comes of Age
January 29, 2007
When E-Loan started up in 1998, its slick-looking website masked a clunky paper-based process. But now it is launching the electronic signing of closing documents in first-quarter 2007, and its back office is all but paperless. (Read More)
Coalition Rips CRL ARM Prediction
January 29, 2007
A recent report by a consumer advocacy group predicting a wave of foreclosures on 2/28 adjustable-rate mortgages is "grossly inaccurate," according to the Coalition for Fair & Affordable Lending, a subprime lending group. (Read More)
Clayton Unveils Fraud Detection Services
January 29, 2007
Clayton Holdings, Shelton, Conn., has announced the introduction of fraud detection services designed to protect conduits, Wall Street issuers, and holders of mortgage-backed securities from losses due to origination fraud and breaches of representations and warranties. (Read More)
FirstAm Launches IT Co. for Residential RE
January 29, 2007
The First American Corp., Santa Ana, Calif., has announced the launch of MarketLinx, a company aimed at addressing the information technology needs of residential real estate professionals. (Read More)
Vacancy Rate Jumps
January 29, 2007
The number of vacant single-family homes for sale jumped to 2.1 million in the fourth quarter, a 10.5% increase from the level in the third quarter, according to the U.S. Census Bureau, showing that homeowners and investors continue to have trouble selling into a slow market. (Read More)
Fitch Eyes JPMorgan ABS Class
January 29, 2007
Class M-11 of J.P. Morgan Mortgage Acquisition Corp. asset-backed pass-through certificates, series 2005-FRE1, has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
MBA Blasts 'Suitability Standard'
January 30, 2007
Adoption of a "suitability standard" would reverse long-standing efforts to increase homeownership and fairness in lending and put pressure on lenders to deny credit in order to protect themselves from liability, according to a position paper issued by the Mortgage Bankers Association. (Read More)
AH Fund a Dealbreaker for GSE Reform?
January 30, 2007
The ranking Republican on the House Financial Services Committee says he will oppose a GSE regulatory reform bill if it requires Fannie Mae and Freddie Mac to make annual contributions toward an affordable housing fund. (Read More)
Countrywide Earnings Dip; Neg-Am Surges
January 30, 2007
Countrywide Financial Corp., Calabasas, Calif., has reported slightly lower fourth-quarter earnings than in the fourth quarter of last year, but also revealed a huge jump in accumulated negative amortization on its payment-option ARM portfolio. (Read More)
Mozilo: 40-50 B&C Firms a Day Going Bust
January 30, 2007
Countrywide chief executive Angelo Mozilo estimates that 40 to 50 subprime firms are going out of business each day, a trend that likely will continue all year. (Read More)
Merrill to Buy First Republic
January 30, 2007
Moving from one end of the credit spectrum to the other, Merrill Lynch, New York, has agreed to acquire luxury home lender First Republic Bank, San Francisco, in a deal valued at $1.8 billion. (Read More)
LendingTree Mulling Retail Store Launch?
January 30, 2007
The biggest buzz at SourceMedia's Mortgage Technology Conference in Tempe, Ariz., has been over a statement that LendingTree's participating lenders are not upset to hear that it is "thinking" of opening brick-and-mortar retail stores. (Read More)
New Bank to Focus on Relocation, Homebuilding
January 30, 2007
NHB Holdings Inc., Jacksonville, Fla., has announced the receipt of regulatory approval to launch Proficio Bank to market specialized banking and mortgage services to the relocation, homebuilding, and real estate brokerage industries. (Read More)
Mudd Scored $3.5M Bonus in '06
January 30, 2007
Fannie Mae president and chief executive officer Daniel Mudd received a 27.5% increase in take-home pay and bonuses in 2006 largely due to a $3.5 million bonus. (Read More)
MISMO Panel Elects New Chair
January 30, 2007
Ron Duff of Fiserv Lending Solutions has been elected to chair the Governance Committee of the Mortgage Industry Standards Maintenance Organization, taking over from David Barkley of Freddie Mac, who has chaired the panel since its inception in 2000. (Read More)
Health Care REIT Reports Promotions
January 30, 2007
Health Care Property Investors, a Long Beach, Calif.-based real estate investment trust, has announced the promotions of six executives to the senior vice president level or above. (Read More)
BRE Properties Promotes CFO to COO
January 30, 2007
Edward F. Lange Jr. has been promoted from chief financial officer of BRE Properties Inc., San Francisco, to executive vice president and chief operating officer. (Read More)
Best Cites Risk of Bank CRE Lending
January 30, 2007
The sharp growth in commercial real estate lending at U.S. banks (especially construction and land development loans) and increased reliance on noncore funding sources pose heightened risks to the banking industry, according to a report by A.M. Best Co., Oldwick, N.J. (Read More)
Moody's Downgrades Reckson Debt
January 30, 2007
The senior unsecured debt rating of Reckson Operating Partnership LP has been downgraded from Baa3 to Ba1 by Moody's Investors Service in the wake of SL Green Realty Corp.'s acquisition of Reckson Associates Realty Corp. (Read More)
SASCO MBS Class Downgraded
January 30, 2007
Class B-4 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2003-7H, has been downgraded from BB to B by Fitch Ratings. (Read More)
DeepGreen Defunct
January 31, 2007
Second-lien originator DeepGreen Financial, Cleveland, has gone out of business, according to officials close to the situation. (Read More)
FHA Programs Removed From 'High-Risk' List
January 31, 2007
The Government Accountability Office has removed the Federal Housing Administration single-family insurance program from its list of "high-risk" government programs, citing the FHA's improved oversight of lenders. (Read More)
Appropriators Shore Up FHA Reverses
January 31, 2007
House and Senate appropriators have included a provision in a continuing funding resolution that should keep the Federal Housing Administration reverse mortgage program running until Sept. 30. (Read More)
Paulson Cites Progress on GSE Reform
January 31, 2007
Treasury Secretary Henry Paulson says efforts to reach a compromise on a GSE regulatory reform bill are progressing but there is still a long way to go. (Read More)
Applications Climb
January 31, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 611.3 to 631.3 on a seasonally adjusted basis during the week ended Jan. 26, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Mortgage Coach Launches 'Marketing Machine'
January 31, 2007
Mortgage Coach, Irvine, Calif., has launched the Mortgage Coach Marketing Machine, online tools and sales proposals that enable loan officers to reduce rate shopping and differentiate themselves from competitors by educating borrowers on the benefits of mortgage planning. (Read More)
EMC Names Prez/CEO
January 31, 2007
John Vella has been named president and chief executive officer of EMC Mortgage Corp., Lewisville, Texas, a wholly owned subsidiary of The Bear Stearns Cos. (Read More)
Eagle REIT Eyeing Strategic Options
January 31, 2007
Eagle Hospitality Properties Trust, Covington, Ky., has set up a special committee of independent directors to explore strategic options, including a possible sale of the company. (Read More)
CRE Service Provider Prices IPO
January 31, 2007
HFF Inc., a Pittsburgh-based provider of commercial real estate and capital market services, has announced the pricing of its initial public offering of 14.3 million shares of class A common stock at $18 per share. (Read More)
UK Foreclosures Rose 65% in '06
January 31, 2007
The number of foreclosures in the United Kingdom saw a year-over-year rise of 65%, while some delinquencies decreased in 2006, according to the Council of Mortgage Lenders. (Read More)
SACO MBS Classes Downgraded
January 31, 2007
Six classes of SACO I Trust second-lien mortgage-backed securities have been downgraded by Fitch Ratings, and four classes have been removed from Rating Watch Negative. (Read More)
Reperforming Loan Classes Downgraded
January 31, 2007
Two certificates from Reperforming Loan REMIC Trust Certificates series 2003-R4 have been downgraded by Moody's Investors Service. (Read More)
Fitch Downgrades RALI Classes
January 31, 2007
Two classes of Residential Accredit Loan Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
CSFB MBS Class Downgraded
January 31, 2007
Class DB3 of CSFB Mortgage Securities Corp. mortgage pass-through certificates, series 2002-22 (groups 3 and 4), has been downgraded from B to C/DR6 by Fitch Ratings. (Read More)
Moody's Downgrades Homestar ABS Class
January 31, 2007
Class M-5 of Homestar Mortgage Acceptance Corp. asset-backed pass-through certificates, series 2004-3, has been downgraded from Baa2 to Ba3 by Moody's Investors Service. (Read More)
GSAMP MBS Classes Under Review
January 31, 2007
Five classes of GSAMP Trust series 2006-S3 mortgage-backed securities have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
February
MLN Savior Pulls Out
February 1, 2007
Marathon Asset Management, New York, which had considered investing in the struggling Mortgage Lenders Network USA, has pulled out of talks with the company, according to one MLN source. (Read More)
Hearing to Spotlight B&C Foreclosure Fears
February 1, 2007
Mortgage industry representatives will have a chance to calm fears that a wave of subprime foreclosures could reach crisis proportions over the next few years when they testify before the Senate Banking Committee on Feb. 7. (Read More)
Frank Reworking GSE AH Fund Idea
February 1, 2007
The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., is reworking the GSE affordable housing fund so that Fannie Mae and Freddie Mac would make annual contributions to a National Housing Trust Fund, which the National Low-Income Housing Coalition has advocated for several years. (Read More)
Ex-Chief Sues Ameriquest; Reforms Blocked?
February 1, 2007
Wayne Lee, a 15-year veteran of Ameriquest Capital Corp., is suing the company, alleging that it reneged on a $50 million consulting deal, while its owner -- the current ambassador to the Netherlands -- blocked badly needed operational reforms. (Read More)
GOP Pols Criticize Mudd's Pay
February 1, 2007
Three key Republicans on the Senate Banking Committee have criticized Fannie Mae and its regulator for approving a 25% pay raise for the government-sponsored enterprise's president and chief executive officer, Daniel Mudd, who received $14.4 million in compensation last year. (Read More)
Rates Climb
February 1, 2007
The average 30-year fixed mortgage rate rose from 6.25% to 6.34% over the seven-day period ended Feb. 1, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Tech M&A Activity on the Rise
February 1, 2007
Global M&A activity totaled $3.79 trillion last year, with technology mergers and acquisitions accounting for $612 billion, according to Scott Cooley, principal at Cooley Consulting. (Read More)
Metavante Rolls Out Consumer LOS
February 1, 2007
Metavante Corp., Milwaukee, has announced the launch of the Consumer Loan Origination System, which enables lenders to support all their consumer and personal loans on one integrated platform. (Read More)
Aegis Picks Intellidyn for Lead Incubation
February 1, 2007
When nonprime lender Aegis Lending selected Intellidyn for mortgage lead incubation, it knew that GM Mortgage was already putting up some remarkable conversion numbers with leads that generally go in the trash can. (Read More)
Wachovia Delivers Tech Tips
February 1, 2007
After an 18-month implementation of a loan origination system, Wachovia was on hand at the 10th Annual SourceMedia Mortgage Technology Conference in Tempe, Ariz., to share helpful hints on how to undertake the process successfully. (Read More)
FDIC Extends Moratorium on ILC Acquisitions
February 1, 2007
The Federal Deposit Insurance Corp. has extended for one year a moratorium on the acquisition of industrial loan companies by commercial firms, but opened the door to acquisitions by financial services companies. (Read More)
Pending Home Sales Score Best Gain in 3 Years
February 1, 2007
A leading indicator of existing-home sales recorded its biggest gain in nearly three years in December, although it was still below the level recorded a year earlier, according to the National Association of Realtors. (Read More)
New MI Shatters '06 Record
February 1, 2007
Echoing what happened 12 months earlier, December 2006 was the best month of the year by far for the members of the Mortgage Insurance Companies of America in terms of primary new insurance written. (Read More)
REIT Prices Note Offering
February 1, 2007
Boston Properties Inc., a Boston-based real estate investment trust, has announced the pricing of $750 million of exchangeable senior notes issued by its subsidiary Boston Properties LP. (Read More)
NorthStar Prices Stock Offering
February 1, 2007
NorthStar Realty Finance, a New York-based real estate investment trust, has announced the pricing of a public offering of 5.4 million shares of 8.25% series B cumulative redeemable preferred stock at $25 per share. (Read More)
Morgan ABS Classes Downgraded
February 1, 2007
Two classes from Morgan Stanley ABS Capital I Inc., series 2002-HE3, have been downgraded by Moody's Investors Service. (Read More)
Terwin MBS Class Downgraded
February 1, 2007
Class M-2 of Terwin Mortgage Trust 2004-EQR1 has been downgraded from A2 to Ba1 by Moody's Investors Service. (Read More)
Meritage MBS Classes on Review
February 1, 2007
Two classes of certificates from Meritage Mortgage Loan Trust 2004-1 have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Mortgage Lenders Cut Payrolls
February 2, 2007
Mortgage lenders dropped 6,500 full-time employees from their payrolls in December, and the correction in the subprime sector is starting to show up in the government's job figures. (Read More)
Citigroup Eyeing Ameriquest?
February 2, 2007
Officials from Citigroup have been inspecting the offices of Ameriquest Mortgage in California, and may be preparing to make a bid on the subprime giant, industry sources have told MortgageWire. (Read More)
Waters to Seek Minority Access to Prime Loans
February 2, 2007
In addressing predatory lending, Rep. Maxine Waters, D-Calif., says she also wants to make sure that blacks and Hispanics have access to prime mortgages and are not forced into higher-priced subprime loans. (Read More)
Equity Office Rejects Revised Vornado Bid
February 2, 2007
The board of trustees of Equity Office Properties Trust, Chicago, has unanimously reaffirmed its support for a proposed acquisition by affiliates of The Blackstone Group valued at $54 per share, despite a revised $56-per-share offer by Vornado Realty Trust, Paramus, N.J. (Read More)
Consumers: Housing Price Collapse Possible
February 2, 2007
Nearly half of all consumers say they think a collapse of housing prices is very likely (16%) or somewhat likely (31%) in their local residential real estate market within three years, according to the latest Experian-Gallup Personal Credit Index survey. (Read More)
COFI Back Up Again
February 2, 2007
The Eleventh Federal Home Loan District Cost of Funds Index increased nearly 4 basis points in December, bringing it to 4.396%. (Read More)
Colliers: Industrial RE Strong in 4Q
February 2, 2007
U.S. industrial real estate markets experienced steady demand in the fourth quarter despite the fact that rents and construction did not increase as much as expected, according to Colliers International, a Boston-based global real estate services firm. (Read More)
Flushing Mortgage Exec Retires
February 2, 2007
Flushing Financial Corp., Lake Success, N.Y., has announced the retirement of Robert Callicut, senior vice president of Flushing Savings Bank's Residential Real Estate Mortgage Department. (Read More)
Moody's Downgrades WCI
February 2, 2007
The ratings of WCI Communities Inc., a Bonita Springs, Fla.-based homebuilder and the parent company of WCI Mortgage, have been lowered from B1 to B2 by Moody's Investors Service, and its senior subordinated notes have been downgraded from B3 to Caa1. (Read More)
HarbourView CDO Class Downgraded
February 2, 2007
The class A notes issued by HarbourView CDO III Ltd., a collateralized debt obligation that includes mortgage-backed securities, has been downgraded from B to A-minus by Fitch Ratings. (Read More)
Feedback
February 2, 2007
Replies to our latest survey question are running strongly in favor of the idea that the SEC should press issuers to increase disclosures on bonds collateralized by nontraditional mortgage loans. (Read More)
Bush Budget Wants 'Clarity' on Primary Market
February 5, 2007
The Bush administration's new budget relents on the issue of portfolio limits for Fannie Mae and Freddie Mac, but calls for greater "clarity" on where the primary mortgage market begins and ends. (Read More)
Bush Renews FHA Reform Effort
February 5, 2007
The Bush administration is renewing its efforts to pass a Federal Housing Administration reform bill, according to the president's budget proposal, which also calls for the FHA to charge risk-based premiums for its reverse mortgage, condominium, and 203(k) home improvement loan programs. (Read More)
Root Markets Buys LeadROI
February 5, 2007
Root Markets Inc., the New York-based lead-exchange platform whose chairman is mortgage veteran Lew Ranieri, has acquired LeadROI, a provider of mortgage lead and customer relationship management systems headquartered in Costa Mesa, Calif. (Read More)
Simon, Farallon Bid for The Mills
February 5, 2007
Indianapolis-based Simon Property Group Inc. and San Francisco-based Farallon Capital Management LLC have announced a proposal to acquire The Mills Corp., a real estate investment trust based in Chevy Chase, Md., for $24 per share in cash. (Read More)
Vornado Offers Alternate Bid for Equity Office
February 5, 2007
Vornado Realty Trust, a real estate investment trust based in Paramus, N.J., has submitted an alternate proposal to acquire Equity Office Properties Trust, a Chicago-based REIT, that would offer cash up front to Equity Office shareholders. (Read More)
FBR: Subprime Foreclosures Hit 4.13%
February 5, 2007
Accelerating subprime foreclosures reached 4.13% in November, up 72% over the previous 12 months, according to a report by Friedman, Billings, Ramsey & Co. (Read More)
Wachovia Still Tops Commercial Servicer List
February 5, 2007
Wachovia Securities has retained its position at the top of the Mortgage Bankers Association's annual ranking of commercial and multifamily mortgage loan servicers in total primary and master servicing volume, at $306.6 billion. (Read More)
Housing Starts Poised to Slow in Canada?
February 5, 2007
New housing construction appears poised to slow this year in Canada, according to the Canada Mortgage and Housing Corp. (Read More)
MGIC, Radian Agree to Merge
February 6, 2007
A pair of powerhouses in the mortgage insurance business, MGIC Investment Corp., Milwaukee, and Radian Group Inc., Philadelphia, have agreed to merge. (Read More)
MLN Files for Ch. 11 After Investor Balks
February 6, 2007
Mortgage Lenders Network USA, Middletown, Conn. -- once a top-15 subprime lender -- filed for Chapter 11 bankruptcy protection on Feb. 5, a spokesman for the company has confirmed to MortgageWire. (Read More)
Budget Sees Possible MI Fund Loss at FHA
February 6, 2007
Federal budget documents indicate that the FHA Mutual Mortgage Insurance Fund could incur a loss next year -- the first in the program's 70-year history -- unless the Federal Housing Administration increases premiums or Congress approves a Bush administration FHA reform proposal. (Read More)
MBA: 4Q Commercial/MF Originations Up 3%
February 6, 2007
Originations of commercial and multifamily loans by mortgage bankers were only 3% higher in the fourth quarter of 2006 than in the fourth quarter of 2005, according to the Mortgage Bankers Association. (Read More)
Panelists See Relaxed Standards for CRE Deals
February 6, 2007
A lot of capital chasing commercial real estate deals has led to a relaxation in underwriting standards, according to panelists at a session on underwriting quality at the MBA's commercial real estate finance convention in San Diego. (Read More)
Freddie Touts Record '06 MF Volume
February 6, 2007
Freddie Mac closed a record $28.8 billion in new multifamily business transactions in 2006, a 10% increase from $26.2 billion in 2005, according to the government-sponsored enterprise. (Read More)
Fidelity Sub Buys Online Lead Provider
February 6, 2007
Fidelity National Real Estate Solutions Inc., Jacksonville, Fla., has acquired Go Apply, a provider of online mortgage leads based in Aliso Viejo, Calif., for an undisclosed amount. (Read More)
Feds Issue Katrina Forbearance Reminder
February 6, 2007
Federal banking regulators are reminding financial institutions to continue to exercise forbearance for hurricane victims along the Gulf Coast who are still waiting for insurance payments and other financial assistance. (Read More)
CBOT Sets Date for RE-Based Stock Futures
February 6, 2007
The Chicago Board of Trade has designated Feb. 21 as the date of launch for its previously announced stock index futures contract based on the Dow Jones U.S. Real Estate Index. (Read More)
Fitch Names Head of Merged RMBS Team
February 6, 2007
Mary Kelsch, a senior director at Fitch Ratings, has been named to oversee the newly merged U.S. RMBS Servicer Rating and Originator Review teams of Fitch's Operational Risk Group. (Read More)
GS Mortgage CMBS Class Downgraded
February 6, 2007
The Distressed Recovery rating of class J of GS Mortgage Securities Corp. II's commercial mortgage pass-through certificates, series 1998-C1, has been downgraded from DR5 to DR6 by Fitch Ratings. (Read More)
Fitch Eyes BoA ALT Classes
February 6, 2007
Two classes of Bank of America Alternative Loan Trust mortgage pass-through certificates have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Fannie Ready to Re-Enter ADC Sector
February 7, 2007
Fannie Mae plans to meet Friday with its safety-and-soundness regulator about re-starting its controversial acquisition, development, and construction loan purchase program, and hopes to come away with a "time frame" about when it can begin buying participations in residential ADC loans. (Read More)
FHA to Consider Backing ADC Loans
February 7, 2007
The Federal Housing Administration is willing to consider backing acquisition, development, and construction loans for single-family houses. (Read More)
NAHB Sees First-Ever Price Decline
February 7, 2007
The National Association of Home Builders is projecting a first-ever overall decline in housing prices for 2007. (Read More)
IndyMac Buying NYMT Retail Network
February 7, 2007
IndyMac Bancorp, Pasadena, Calif., has agreed to purchase the 32-branch retail platform of New York Mortgage Trust for $13.4 million. (Read More)
HUD Official 'Endorses' GSE AH Fund
February 7, 2007
A top Department of Housing and Urban Development official agreed during congressional testimony Feb. 6 that a legislative proposal to get Fannie Mae and Freddie Mac to contribute $500 million toward affordable housing would help with the rebuilding effort in the Gulf Coast states. (Read More)
Activists Rap GSEs for Buying Subprime MBS
February 7, 2007
Consumer and civil rights activists are taking Fannie Mae and Freddie Mac to task for their purchases of subprime mortgage-backed securities and "profiting" from abusive lending practices. (Read More)
Applications Decline
February 7, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 631.1 to 630.1 on a seasonally adjusted basis during the week ended Feb. 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Fed Finds Tightened Bank Underwriting
February 7, 2007
A recent Federal Reserve Board survey found that 15% of banks have tightened their residential underwriting standards in the past three months -- "the highest net fraction posted since the early 1990s," the Fed said. (Read More)
Vornado Terminates Bid for Equity Office
February 7, 2007
Vornado Realty Trust, a real estate investment trust based in Paramus, N.J., has terminated its offer to acquire Equity Office Properties Trust, a Chicago-based REIT, in the wake of the latest amended offer from affiliates of The Blackstone Group. (Read More)
Co-CEO Takes Over at Financial Freedom
February 7, 2007
Michelle Minier, an 11-year veteran of IndyMac Bank, has assumed full duties as chief executive officer at the bank's reverse mortgage subsidiary, Financial Freedom Senior Funding Corp., Irvine, Calif., as part of a management succession plan announced in July 2006. (Read More)
Fitch Names Structured Finance Chief
February 7, 2007
John Bonfiglio, a group managing director at Fitch Ratings, has been named head of U.S. Structured Finance at the rating agency. (Read More)
MBA Spotlights Int'l Privacy Law
February 7, 2007
Differences between privacy laws in other countries and those in the United States may affect commercial and residential market participants, according to a new report prepared for the Mortgage Bankers Association by Hunton & Williams LLP. (Read More)
Freddie: Cash-Out Refi % Dips
February 7, 2007
In the fourth quarter, 84% of the homeowners who refinanced their homes got a mortgage at least 5% larger than the original loan, down from 87% in the previous quarter, according to Freddie Mac. (Read More)
LandAm Sub Buys CRE Valuation Company
February 7, 2007
LandAmerica Financial Group Inc., Richmond, Va., has announced the acquisition by its LandAmerica Valuation Corp. subsidiary of Butler Burgher Inc., a Dallas-based commercial real estate valuation company. (Read More)
Kennedy Wilson, Noblehouse Join Forces
February 7, 2007
Kennedy Wilson, a real estate services and investment firm based in Beverly Hills, Calif., has announced a partnership with Noblehouse Realty LLC, a Fort Lauderdale, Fla.-based real estate firm, to create an auction and investment company covering the Florida market. (Read More)
Salomon MBS Classes Downgraded
February 7, 2007
Three classes of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
Moody's Reviewing 1st Franklin MBS Classes
February 7, 2007
Classes B-1 and B-2 of First Franklin Mortgage Loan Trust, series 2003-FFB, have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Hurt by B&C 2nds, HSBC Hikes Reserve
February 8, 2007
Anticipating a major spike in subprime second-lien delinquencies, HSBC Holdings, London, on Wednesday increased the bad-debt reserve on its U.S. B&C unit to $10.56 billion -- a stunning 125% increase from the reserve level on Sept. 30. (Read More)
Dodd to Regulators: Tighten B&C Underwriting
February 8, 2007
Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., says federal banking regulators need to "step up" and tighten the underwriting of certain subprime mortgage products that he contends are responsible for rising defaults and foreclosures. (Read More)
New Century to Restate 1-3Q Earnings
February 8, 2007
New Century Financial Corp., a nonprime mortgage lender structured as a real estate investment trust, says it is restating its earnings for each of the first three quarters of 2006 because it incorrectly applied SFAS 140 involving the repurchase of loans. (Read More)
Equity Office Okays Blackstone Merger
February 8, 2007
After a fierce bidding war, the battle for Equity Office Properties Trust is finally over, with the real estate investment trust approving a merger with The Blackstone Group. (Read More)
Equity Office to Drop From S&P 500
February 8, 2007
Equity Office Properties Trust, Chicago, will be replaced by Varian Medical Systems in the S&P 500 Index on a date to be announced, according to Standard & Poor's. (Read More)
Rates Decline
February 8, 2007
The average 30-year fixed mortgage rate fell from 6.34% to 6.28% over the seven-day period ended Feb. 8, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
American Bank to Buy Grange
February 8, 2007
American Bank Holdings Inc., Silver Spring, Md., and The Grange Bank, Columbus, Ohio, have announced an agreement under which American Bank will acquire Grange, including substantial amounts of home equity and commercial real estate loans. (Read More)
DepotPoint Unveils Foreclosure 'Knowledgebase'
February 8, 2007
To help attorneys handle a mounting volume of foreclosed properties amid the tangle of state regulations, Bellevue, Wash.-based DepotPoint has introduced "the mortgage industry's first fully integrated intelligent foreclosure regulatory knowledgebase." (Read More)
Agency MBS Speeds Decline
February 8, 2007
Prepayment rates for 30-year mortgages in Fannie Mae and Freddie Mac mortgage-backed securities fell modestly in January, driven by a seasonal decline in turnover that offset a 15-basis-point rally in mortgage rates, according to the Bear Stearns Prepayment Commentary. (Read More)
FHLBank MPF Program Allies With USDA
February 8, 2007
The Mortgage Partnership Finance program of the Federal Home Loan Banks has announced a new partnership with the U.S. Department of Agriculture's Rural Development Program. (Read More)
Turnkey Mortgage Op for Builders Introduced
February 8, 2007
American Home Bank, Orlando, Fla., has announced the introduction of Builder's Total Control, a turnkey mortgage operation for small to medium-size homebuilders. (Read More)
NorthStar Closes Preferred Stock Offering
February 8, 2007
NorthStar Realty Finance Corp., a New York-based real estate investment trust, has announced the closing of a public offering of 6.2 million shares of 8.25% series B cumulative redeemable preferred stock, priced at $25 per share. (Read More)
REIT Prices Stock Offering
February 8, 2007
Senior Housing Properties Trust, a real estate investment trust based in Newton, Mass., has priced a follow-on public offering of 6.0 million common shares of beneficial interest at $26.49 per share. (Read More)
Ameriquest HEL Classes Downgraded
February 8, 2007
Five classes from Ameriquest Mortgage Securities Inc. home equity issues have been downgraded by Fitch Ratings. (Read More)
Merrill Forces Margin Calls on B&C Clients
February 9, 2007
Merrill Lynch & Co. -- which has been stung by two high-profile subprime bankruptcies in six weeks -- is conducting margin calls on certain B&C originators that receive financing through the firm's warehouse group. (Read More)
Another Firm Shutters B&C Wholesale
February 9, 2007
Subprime funder Lenders Direct Capital Corp., Lake Forest, Calif., has closed its wholesale division, citing a lack of "investor demand" and the "current state" of the subprime industry. (Read More)
Syron to Lawmakers: Don't Hamstring Us
February 9, 2007
Freddie Mac chairman Richard Syron is warning legislators not to hamstring his mortgage company at a time when the subprime market is going through a sharp correction and the need for the housing government-sponsored enterprises will only increase. (Read More)
Fannie Eyes MBS Risk-Transfer Structures
February 9, 2007
Fannie Mae is working on new structures that would allow the mortgage giant to guarantee and securitize mortgages it likes (in terms of pricing and risk) and sell off the pieces it doesn't like to other investors. (Read More)
Fannie Provides 10-K Target Dates
February 9, 2007
Fannie Mae will issue its 2005 annual 10-K financial report in August and its 2006 annual report by the end of this year, according to the mortgage company's chief financial officer. (Read More)
Fed Governor Resigns
February 9, 2007
After serving five years on the Federal Reserve Board, Susan Schmidt Bies said she will step down as a Fed governor effective March 30 to spend more time with her family. (Read More)
Capstead Reports '06 Loss
February 9, 2007
Capstead Mortgage Corp., Dallas, has reported a net loss attributable to common stockholders of $16.4 million ($0.87 per share) for 2006, compared with net income available to common stockholders of $36.9 million ($1.96 per share) in 2005. (Read More)
RE Execs See Higher Profits in '07
February 9, 2007
A majority of senior executives and board members of companies in real estate and related industries -- with the notable exception of homebuilders -- expect revenue growth and higher profits in 2007, according to a report by FPL Advisory Group, Chicago. (Read More)
Ohio Savings Names New Prez
February 9, 2007
Peter Goldberg has been named president of Ohio Savings Bank/Am Trust Bank, a major mortgage lender based in Cleveland, replacing Robert Goldberg, who had served in that post since 1971. (Read More)
Housing Starts Jump in Canada
February 9, 2007
Despite expectations that housing starts in Canada will slow overall this year, their seasonally adjusted annual rate jumped in January from 212,600 to 249,300, according to Canada Mortgage and Housing Corp. (Read More)
Freddie Prices RefNotes
February 9, 2007
Freddie Mac has priced $4 billion of 4.875%, three-year Reference Notes due on Feb. 9, 2010. (Read More)
Feedback
February 9, 2007
Why is the Grapevine addictive? (Read More)
Bear Stearns Completes Encore Acquisition
February 12, 2007
Bear Stearns & Co., New York, has completed the purchase of the ECC Capital Corp. subprime mortgage banking platform. (Read More)
ACB Sub, Banks Form Mortgage Co-op
February 12, 2007
The for-profit subsidiary of America's Community Bankers and 32 member banks have formed a joint venture to achieve better secondary-market execution for their mortgage loans. (Read More)
RealtyTrac: New Foreclosures Jump
February 12, 2007
RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that new foreclosure filings rose 19% in January and were 25% higher than the level recorded a year earlier. (Read More)
Foreclosures Mount in Northeast
February 12, 2007
Foreclosure filings are mounting in the Northeast, which recorded about two-thirds as many in January as in the entire first quarter of last year, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
Foreclosures Also Up in Southeast, Southwest
February 12, 2007
Meanwhile, foreclosures in the Southeast and the Southwest have already exceeded half of those recorded in the first quarter of 2006, according to ForeclosureS.com. (Read More)
SURF MBS Class Downgraded
February 12, 2007
Class B-2 of Specialty Underwriting & Residential Finance asset-backed certificates, series 2003-BC1, has been downgraded from BBB to BB by Fitch Ratings. (Read More)
Fulton CDO Notes Downgraded
February 12, 2007
The class C notes issued by Fulton Street CDO Ltd. and Fulton Street CDO Funding Corp. and Sunrise CDO I Inc. have been downgraded from B/DR1 to B-minus/DR1 by Fitch Ratings. (Read More)
ResMae Goes Bankrupt
February 13, 2007
Subprime wholesaler ResMae Mortgage, Brea, Calif., has filed for bankruptcy protection, but has agreed to sell certain assets to Credit Suisse for an undisclosed sum. (Read More)
HUD Plans Temporary Shutdown for Reverses
February 13, 2007
The Federal Housing Administration's reverse mortgage program is so close to hitting a 275,000-loan cap that officials are preparing to temporarily shut down (perhaps for only a few days) the program, which allows seniors to tap the equity in their homes. (Read More)
Countrywide Sub Buys Assets of CCM Futures
February 13, 2007
Countrywide Financial Corp., Calabasas, Calif., has announced an agreement by one of its subsidiaries to acquire the assets and assume certain liabilities of Chicago-based CCM Futures LLC, a futures trading broker. (Read More)
ICBA, Wholesaler to Offer New Mortgage Option
February 13, 2007
The Independent Community Bankers of America has teamed up with wholesaler Taylor, Bean & Whitaker Mortgage Corp. to give its member banks an option to sell their loans servicing-released and achieve better pricing and service for their mortgage customers. (Read More)
New REIT Takeover Battle Brewing
February 13, 2007
In another brewing takeover battle in the real estate investment trust sector, The Mills Corp. has received an offer from Simon Property Group and Farallon Capital Management to acquire the company for $24 per common share. (Read More)
WCI Communities Seeking Suitor?
February 13, 2007
WCI Communities, one of only 14 publicly owned homebuilding companies, is exploring the possibility of selling itself. (Read More)
BasePoint: Bulk of EPDs Linked to Fraud
February 13, 2007
Up to 70% of mortgage early payment defaults can be linked to fraud, according to a new study by BasePoint Analytics, a Carlsbad, Calif.-based provider of fraud scoring software. (Read More)
Vendor Automates Foreclosure Risk Monitoring
February 13, 2007
DepotPoint, Bellevue, Wash., has launched a tool to reduce foreclosure risk, offering lenders a way to closely monitor and get automatic notification of default events. (Read More)
eLynx CEO Steps Down
February 13, 2007
Phil Huff has stepped down as president and chief executive officer of eLynx, a Cincinnati-based provider of electronic document delivery systems for mortgage lenders, handing over the posts on an interim basis to Sharon Matthews. (Read More)
AIG Opens MI Sub in Hong Kong
February 13, 2007
AIG United Guaranty, Greensboro, N.C., has opened AIG United Guaranty Insurance (Asia) Ltd., a company incorporated and licensed to do business in Hong Kong. (Read More)
Fannie Prices BenchNotes
February 13, 2007
Fannie Mae has priced $3 billion of 5.000% five-year Benchmark Notes at 99.781. (Read More)
Northlake CDO Classes Downgraded
February 13, 2007
Three classes of notes issued by Northlake CDO I, a collateralized debt obligation that includes mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
JPMorgan CMBS Classes Downgraded
February 13, 2007
Two classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2002-CIBC4, have been downgraded by Moody's Investors Service. (Read More)
ABSC Class Downgraded
February 13, 2007
Class M5 of Asset Backed Securities Corp. mortgage pass-through certificates, series 2003-HE3, has been downgraded from BBB-minus to BB by Fitch Ratings. (Read More)
Centex HEL Class Downgraded
February 13, 2007
Class B-1 of Centex Home Equity Loan Trust series 2002-C has been downgraded from Baa2 to Baa3 by Moody's Investors Service. (Read More)
ResMae Hurt by $308M in Buybacks
February 14, 2007
Merrill Lynch asked subprime wholesaler ResMae Mortgage, Brea, Calif., to buy back $308 million worth of loans in December, according to the company's bankruptcy filing. (Read More)
CPM Sells Wholesale Biz to Mortgage Store
February 14, 2007
TMSF Holdings, Los Angeles, has agreed to buy certain wholesale assets of Central Pacific Mortgage, Folsom, Calif., which is table funding about $180 million a month. (Read More)
Fremont to Brokers: No More Seconds
February 14, 2007
Fremont Investment & Loan, the nation's fifth-largest subprime wholesaler, told loan brokers Tuesday that it will no longer fund second mortgages. (Read More)
Feds Still Working on 2/28 Guidance
February 14, 2007
Federal banking regulators are still working on guidance involving subprime 2/28 ARMs and they are not ready to issue anything yet, according to a letter the regulators are preparing to send to Senate Banking Committee Chairman Christopher J. Dodd, D-Conn. (Read More)
Bernanke: Housing May Be Stabilizing
February 14, 2007
Federal Reserve Board Chairman Ben Bernanke says there are "tentative" signs that the housing market is beginning to stabilize, but that it is too early to tell whether the downturn is over. (Read More)
Applications Rise
February 14, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 630.1 to 639.8 on a seasonally adjusted basis during the week ended Feb. 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
ACB Finds Cutback in Secondary Sales
February 14, 2007
Community banks cut back on their sales of newly originated single-family loans to wholesalers and secondary-market agencies last year, and sales to Fannie Mae dropped the most, according to a survey by America's Community Bankers. (Read More)
Accredited Takes 4Q Loss
February 14, 2007
Accredited Home Lenders Holding Co., San Diego, has reported a loss of $37.8 million ($1.49 per share) for the fourth quarter, down 187% from net income of $43.3 million ($1.96 per share) a year earlier. (Read More)
EMC Mortgage Names EVP
February 14, 2007
David B. Little has been named executive vice president of customer relations at EMC Mortgage Corp., Lewisville, Texas. (Read More)
REIT Prices Stock Offering
February 14, 2007
Hospitality Properties Trust, Newton, Mass., has priced a follow-on public offering of 5.0 million common shares of beneficial interest at $47.67 per share. (Read More)
Moody's Downgrades Equity Office
February 14, 2007
The senior unsecured debt of EOP Operating LP and Spieker Properties LP, affiliates of Equity Office Properties Trust, have been downgraded from Baa2 to Ba3 by Moody's Investors Service in the wake of the acquisition of Equity Office by The Blackstone Group. (Read More)
FHLBanks Price $3B Global Bond
February 14, 2007
The Federal Home Loan Banks have priced a $3 billion, 5.000%, two-year global bond due Feb. 20, 2009. (Read More)
RFSC MBS Class Downgraded
February 14, 2007
Class M-3 of RFSC Series 2003-RP1 Trust has been downgraded from B3 to Caa3 by Moody's Investors Service, and classes M-3 and M-4 of RFSC Series 2004-RP1 Trust have been placed on review for possible downgrade. (Read More)
Bear ABS Class Off Watchlist
February 14, 2007
Class M-7 of Bear Stearns Asset-Backed Securities series 2005-2 has been removed from Rating Watch Negative by Fitch Ratings. (Read More)
Nevada Lender Shuts Wholesale Unit
February 15, 2007
Silver State Mortgage, Henderson, Nev., late Wednesday closed its wholesale division, which funded $1.1 billion loans in the fourth quarter, a 52% increase from the volume in the same quarter last year. (Read More)
WaMu Cuts 100 Staffers, Including Subprime
February 15, 2007
Washington Mutual, Seattle, has cut 100 staffers in its Stockton, Calif., office, including 50 who worked for its subprime division, Long Beach Mortgage. (Read More)
NYMT REIT Sells Wholesale Ops
February 15, 2007
Tribeca Lending has agreed to purchase the wholesale arm of New York Mortgage Trust, a mortgage real estate investment trust, in an asset deal valued at $485,000. (Read More)
Merrill: Subprime EPDs Accelerating
February 15, 2007
Early payment defaults on subprime residential loans are accelerating, and creditors are being highly critical of whom they do business with, a top Merrill Lynch analyst told investors Feb. 14. (Read More)
Bernanke: Apply 'Exotics' Rules to B&C Hybrids
February 15, 2007
The principles outlined in the federal government's nontraditional mortgage guidance should apply to subprime hybrid ARMs, says Federal Reserve Board Chairman Ben Bernanke, and the new guidance will be issued "fairly soon." (Read More)
Silverado Plans to Buy Fidelity Capitol
February 15, 2007
Silverado Financial, Beverly Hills, Calif., has signed a letter of intent to acquire Fidelity Capitol Financing Inc., a mortgage lender based in El Dorado Hills, Calif. (Read More)
HCPI Makes Offer for Sunrise
February 15, 2007
Health Care Property Investors, Long Beach, Calif., has made an offer to acquire Sunrise Senior Living Real Estate Investment Trust for $18 (Canadian) per share. (Read More)
Quadra Realty Prices IPO
February 15, 2007
Quadra Realty Trust Inc., a New York-based real estate investment trust, has priced an initial public offering of 16.67 million shares of common stock at $15 per share. (Read More)
S&P Eyes '06 Vintage MBS Classes
February 15, 2007
The ratings on 18 subordinate classes from 11 residential mortgage-backed securities transactions issued in 2006 have been placed on CreditWatch with negative implications by Standard & Poor's Ratings Services. (Read More)
LB-UBS CMBS Classes Downgraded
February 15, 2007
Three classes of LB-UBS Commercial Mortgage Trust 2001-C2 commercial mortgage pass-through certificates, series 2001-C2, have been downgraded by Moody's Investors Service. (Read More)
Moody's Eyes Option One MBS Classes
February 15, 2007
Eight tranches from five deals originated with collateral from Option One Mortgage Corp. in 2003 have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
Citi MBS Class Under Review
February 15, 2007
Class MV-4 of CitiFinancial Mortgage Securities Inc. 2003-1 has been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Housing Starts Drop
February 16, 2007
Single-family housing starts dropped 11.2% in January and single-family permits fell 4% as the weather and builder inventories stalled new construction. (Read More)
C-BASS Buying Fieldstone for $260M
February 16, 2007
Credit-Based Asset Servicing and Securitization LLC -- which is backed by two mortgage insurance giants -- has agreed to pay $260 million for Fieldstone Investment Corp., Columbia, Md., a publicly traded nonprime lender. (Read More)
HECM Program Running Again
February 16, 2007
The Federal Housing Administration reverse mortgage program is up and running again due to Senate passage of a continuing funding resolution that renews the agency's authority to insure more loans. (Read More)
Financial Freedom Unveils New Reverse Loan
February 16, 2007
Financial Freedom Senior Funding Corp., Irvine, Calif., has announced the introduction of HECM Advantage, the first in a series of new reverse mortgage products based on the federally insured Home Equity Conversion Mortgage. (Read More)
Mortgage Risk 'Severely Understated'?
February 16, 2007
Risk in the mortgage market may be severely understated, according to new research that calls into question the ability of rating agencies to assess the dangers of collateralized debt obligations backed by mortgages and communicate them to investors. (Read More)
Mills OKs Simon/Farallon Offer
February 16, 2007
The Mills Corp. has decided to go with an offer from Simon Property Group, an Indianapolis-based retail real estate investment trust, and Farallon Capital Management to acquire the Chevy Chase, Md.-based retail REIT for a total price of about $7.9 billion. (Read More)
Rates Rise
February 16, 2007
The average 30-year fixed mortgage rate rose from 6.28% to 6.30% over the seven-day period ended Feb. 15, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
NAR: 4Q Prices Down in Nearly Half MSAs
February 16, 2007
Median house prices in nearly half the covered metropolitan statistical areas were lower in the fourth quarter than they were a year earlier, and the sales of existing homes were down in most states, according to the National Association of Realtors. (Read More)
Wolters Kluwer Sub Buys Desert Docs
February 16, 2007
A U.S. subsidiary of the Amsterdam-based Wolters Kluwer has purchased Desert Document Services Inc., an origination technology provider based in Tempe, Ariz. (Read More)
ING Clarion to Buy Hotel REIT
February 16, 2007
Apple Hospitality Two Inc., a real estate investment trust based in Richmond, Va., has announced a merger agreement under which the REIT would be acquired by an affiliate of ING Clarion Partners LLC for a total consideration of approximately $890 million. (Read More)
Farmer Mac, Utilities Co-op Close $365M Deal
February 16, 2007
The Federal Agricultural Mortgage Corp., commonly known as Farmer Mac, has announced the purchase of mortgage-backed securities representing beneficial ownership interests in $365 million of distribution cooperative mortgage loans sold by the National Rural Utilities Cooperative Finance Corp. (Read More)
Forum Releases Reg AB Draft Report
February 16, 2007
The American Securitization Forum has released a draft template report that issuers, especially mortgage securitizers, may find helpful in complying with item 1122 of the Securities and Exchange Commission's new Regulation AB. (Read More)
Hanover Cap Partners Prez Resigns
February 16, 2007
Joyce S. Mizerak has resigned as president of Hanover Capital Partners 2 Ltd. and senior managing director of Hanover Capital Mortgage Holdings Inc., Edison, N.J. (Read More)
Hotel REIT Prices Stock Offering
February 16, 2007
Hospitality Properties Trust, Newton, Mass., has priced a public offering of 12.0 million shares of series C cumulative redeemable preferred shares at a liquidation preference of $25 per share. (Read More)
Fannie to Redeem Series K Preferred Stock
February 16, 2007
Fannie Mae's board of directors has approved the redemption of all eight million outstanding shares of series K variable-rate noncumulative preferred stock. (Read More)
Fitch Eyes Mezz Cap CMBS Class
February 16, 2007
Class J of Mezz Cap commercial mortgage pass-through certificates, series 2004-C2, has been downgraded from B-minus to C and assigned a Distressed Recovery rating of DR5 by Fitch Ratings. (Read More)
Feedback
February 16, 2007
"The industry is now purging itself, [but] won't we actually find ourselves in a better place when it's done?" (Read More)
Wells Cuts and Shores Up B&C Unit
February 20, 2007
In response to a meltdown in the B&C market, Wells Fargo Home Mortgage on Friday tightened its subprime underwriting guidelines and began cutting mortgage jobs. (Read More)
Agreement Reached on Licensing Principles
February 20, 2007
State regulators have agreed with industry groups on a set of principles that the states should consider as they adopt legislation to participate in national licensing system for state-licensed mortgage lenders and brokers. (Read More)
Additions to NTM Move Sought
February 20, 2007
Key Democrats on the House Financial Services Committee are putting pressure on federal and state banking regulators to extend nontraditional mortgage guidance to adjustable-rate 2/28 and 3/27 mortgages to make sure those loans are underwritten at the fully-indexed rate. (Read More)
FBR: B&C ARM Security Defaults Rising Fast
February 20, 2007
The performance of subprime adjustable-rate securities issued in 2006 continues to deteriorate rapidly, and the default rate hit 4.62% in January, up 21% in just one month, according to a report by Friedman Billings Ramsey. (Read More)
AMAC Lowers 2006 Guidance
February 20, 2007
American Mortgage Acceptance Co. has lowered its adjusted funds from operations per share guidance for 2006 to a range of $1.08 to $1.13 from a range of $3 to $3.20, citing loan performance issues. (Read More)
Marathon Hires 2 to Head Specialty Loan Venture
February 20, 2007
Rick E. Smith and Steve Paton have been hired to head up Marix, a new specialty loan servicing and loss mitigation business that is slated to begin operations soon at Marathon Asset Management LLC, New York. (Read More)
LandAm Opens in Central America
February 20, 2007
LandAmerica Financial Group Inc., Richmond, Va., has continued its international growth by opening LandAmerica Commonwealth Title of Central America. (Read More)
SACO MBS Class Downgraded
February 20, 2007
One class of SACO I Trust second-lien mortgage-backed securities has been downgraded by Fitch Ratings and one class has been placed on Rating Watch Negative. (Read More)
GSEs to Release New Joint Forms
February 21, 2007
Fannie Mae and Freddie Mac have jointly developed master and short form security instruments that lenders can download and use in 27 states. (Read More)
Freddie Urges Earlier Repayment Plans
February 21, 2007
Freddie Mac executives said at the MBA National Mortgage Servicing Conference in San Diego that they are revising servicing incentives to encourage lenders to implement repayment plans earlier in the default process. (Read More)
Fannie Withholds $44M in Bonus Money
February 21, 2007
Fannie Mae's board has voted to withhold $44.4 million in bonus money slated for 46 former and current senior executives, including CEO Daniel Mudd. (Read More)
CBOT Launches Commercial RE Index
February 21, 2007
The Chicago Board of Trade has launched a new futures contract based on the Dow Jones U.S. Real Estate Index. (Read More)
Seattle Bank CEO Steps Down
February 21, 2007
James E. Gilleran, president and chief executive officer of the Federal Home Loan Bank of Seattle, will leave his post effective this April. (Read More)
Partnership Automates REO Auctions
February 21, 2007
RealtyTrac, the Irvine, Calif.-based online marketplace for foreclosure properties, is partnering with Williams & Williams, an auctioneer of U.S. real estate including foreclosed properties, to host a national database of bank-owned property auctions. (Read More)
Commercial and Savings Bank Originations Increase
February 22, 2007
Despite a slowdown in the housing market, commercial banks and saving banks increased their originations of one-to-four family mortgages in the fourth quarter by 8.5%, according to the Federal Deposit Insurance Corp. (Read More)
NAMB Sets 2007 Agenda
February 22, 2007
Reflecting a decision to become more proactive in the legislative and regulatory arena, the National Association of Mortgage Brokers outlined an ambitious policy agenda that it says is aligned with consumers' needs. (Read More)
Launching Expense-Reducing Technology
February 22, 2007
Fidelity National Information Services launched FIS Desktop -- an enterprise workflow, document and expense management offering -- at the Mortgage Bankers Association's National Mortgage Servicing Conference & Expo. (Read More)
Profit Outlook Affects NovaStar Stock
February 22, 2007
Subprime wholesaler NovaStar Financial, Kansas City, saw its share price fall by as much as 44% on Wednesday after a controversy over its profit outlook for the next several years. (Read More)
Metro Funding Forms RE Lending Platform
February 22, 2007
Metropolitan Funding Corp., a New York-based HUD/FHA lender, has formed a commercial real estate lending platform called Metrofund Group in joint venture with Sagecrest, a Greenwich, Conn.-based hedge fund, and Merchant Equity Group. (Read More)
First NLC Nonprime Volume Drops
February 22, 2007
Friedman Billings Ramsey, Arlington, Va., said its First NLC nonconforming mortgage subsidiary lost $1.8 million on a pretax basis in the fourth quarter 2006. (Read More)
Applications Decline
February 22, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 639.8 to 606.6 on a seasonally adjusted basis during the week ended Feb. 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Federal Thrift Profits Fall
February 22, 2007
The downturn in the housing market took its toll on federally chartered thrifts in the fourth quarter as originations declined, profits dropped and provisions for loan losses doubled. (Read More)
HUD Cracking Down on Downpayment Assistance
February 23, 2007
The Department of Housing and Urban Development has initiated a rulemaking process to crack down on downpayment assistance programs that have bolstered Federal Housing Administration single-family loan originations but also led to rising FHA defaults and foreclosures, according to the HUD inspector general. (Read More)
HSBC Shakes Up Executive Ranks
February 23, 2007
Bobby Mehta, CEO of HSBC Finance Corp., Charlotte, N.C., has resigned from the troubled subprime lender, according to HSBC Holdings' London office. (Read More)
OOMC Takes Loss as Reserves Increase
February 23, 2007
Subprime giant Option One Mortgage Corp., Irvine, Calif., lost $69.7 million in its fiscal third quarter ending Jan. 31, reflecting a large increase in loan loss reserves. (Read More)
Property Valuation Focus Seen as Increased
February 23, 2007
Servicers are focusing more on valuations in this challenging market, according to speakers at the MBA's National Mortgage Servicing Conference & Expo. (Read More)
Fieldstone Suit Settled
February 23, 2007
The settlement of shareholder litigation by Fieldstone Investment Corp., Columbia, Md., will ease the way for its acquisition by C-BASS. (Read More)
Many Call for Tighter Subprime Underwriting Guidelines
February 23, 2007
AARP, AFL-CIO, Consumer Federation of America, Center for Responsible Lending, along with scores of community activist, civil rights and religious groups are urging federal and state banking regulators to tighten underwriting standards on subprime 2/28 ARMs and protect consumers and minorities from payment shock and foreclosures. (Read More)
Impac Takes $66 Million+ Loss
February 23, 2007
Impac Mortgage Holdings Inc., Irvine, Calif., has taken a net loss of $66.3 million ($1.06 per share) for 2006, compared with net income of $270.3 million ($3.35 per share) the previous year. (Read More)
Moody's: Some REIT M&A Affects Firms' Credit
February 23, 2007
Some recent merger and acquisition activity in the real estate investment trust sector that has involved the use of debt funding has resulted in lowering of the credit quality of some of the firms involved, Moody's Investors Service reports. (Read More)
One Firm Shifts New Century's Stock to 'Sell'
February 23, 2007
Zacks Equity Research, Chicago, had downgraded New Century Financial Corp., Irvine, Calif., to "sell," according to highlights of its analyst blog for Feb. 22. (Read More)
NAHB Seeks Assurances on GSE Reform
February 26, 2007
The National Association of Home Builders wants assurances added to a GSE regulatory reform bill that would prevent a regulator from ordering Fannie Mae and Freddie Mac to make "massive" cuts in their mortgage portfolios. (Read More)
Agency Reports '06 Earnings of FHLBanks
February 26, 2007
The 12 Federal Home Loan Banks posted $2.6 billion in combined net income in 2006, up from $2.5 billion in 2005, according to a report by the FHLBanks' Office of Finance. (Read More)
HedgeStreet Expands Housing Price Contracts
February 26, 2007
The HedgeStreet exchange has announced the expansion of its housing price contracts to 10 major metropolitan areas. (Read More)
Fitch Affirms NatCity's Post-Franklin Ratings
February 26, 2007
Fitch Ratings has affirmed the long-term issuer default rating and short-term rating of National City Corp., Cleveland, in large part because of the sale of First Franklin at the end of last year. (Read More)
Vornado Hikes Share of Toys' Loss
February 26, 2007
Vornado Realty Trust, Paramus, N.J., has announced that its Form 10-K filing for 2006 will include a third-quarter net loss of approximately $51.7 million for Toys "R" Us, in which Vornado has a 32.9% ownership stake. (Read More)
C-BASS MBS Classes Downgraded
February 26, 2007
Two classes from Credit Based Asset Servicing and Securitization LLC series 2002-CB6 have been downgraded by Fitch Ratings, and two classes from C-BASS series 2002-CB5 have been placed on Rating Watch Negative. (Read More)
CDC MBS Class Downgraded
February 26, 2007
Moody's Investors Service has downgraded one class of certificates and has placed under review for possible downgrade seven other classes from CDC Mortgage Capital Trust deals. (Read More)
Resales Up -- but Don't Get Excited
February 27, 2007
Existing-home sales rose in January to 5.69 million units, their highest level in seven months, according to new figures released by the National Association of Realtors. (Read More)
Freddie Changes Subprime 2/28 Policies
February 27, 2007
Starting Sept. 1, Freddie Mac will stop purchasing subprime 2/28 ARM securitizations unless the loans are underwritten to the fully indexed rate and consideration is given to the borrowers' ability to pay taxes and insurance on their homes. (Read More)
Fannie Eyes More Subprime Growth
February 27, 2007
Fannie Mae executives said during a conference call Feb. 27 that the company's purchases of subprime credit quality loans and mortgage-backed securities may continue to grow. (Read More)
House Slates GSE Reform Mark-up
February 27, 2007
The House Financial Services Committee is scheduled to mark up a GSE regulatory reform bill on March 28, according to Chairman Barney Frank, D-Mass., but he still hasn't finished drafting the section of the bill that creates an affordable housing fund. (Read More)
GSE Loan Purchases Flat in January
February 27, 2007
The stagnant residential production market is affecting loan purchases by Fannie Mae and Freddie Mac. (Read More)
Bill Would Require Broker Fee Disclosure
February 27, 2007
Mortgage brokers would be required to disclose all fees they receive from borrowers and lenders seven days prior to closing under a bill that Rep. Luis Gutierrez, D-Ill., plans to introduce soon. (Read More)
Temple-Inland to Spin Off Financial, RE Ops
February 27, 2007
Temple-Inland Inc., Austin, Texas, says it is splitting its operations into three stand-alone public companies, retaining its manufacturing operations but spinning off the financial services and real estate operations. (Read More)
AZ Mortgage Company Closes
February 27, 2007
Eagle First Mortgage of Mesa, Ariz., has closed its doors, according to a notice published on the company's website. (Read More)
10-Year Yield Drops Below 4.6%
February 27, 2007
The long-term rate-indicative 10-year Treasury yield plunged below 4.60% Tuesday morning, according to Yahoo! Finance. (Read More)
HomeBanc Reports 4Q Loss
February 27, 2007
HomeBanc Corp., Atlanta, has reported a net loss of $10.7 million ($0.18 per share) for the fourth quarter under generally accepted accounting principles, compared with GAAP net earnings of $348,000 ($0.01 per share) for the same period a year earlier. (Read More)
Fiserv SVP Goes to Mortgagebot
February 27, 2007
Fiserv senior vice president Dan Welbaum has been hired as chief marketing officer at Mequon, Wis.-based Mortgagebot, MortgageWire has learned. (Read More)
Zacks Dubs Block 'Bear of the Day'
February 27, 2007
H&R Block, the Kansas City, Mo.-based parent of Option One Mortgage, has again been labeled the "Bear of the Day" by Zacks Equity Research, Chicago. (Read More)
Foreclosures Hit Record High in MA
February 27, 2007
Foreclosure filings in Massachusetts reached a record high of 2,207 in January, more than double the 1,076 recorded a year earlier, according to ForeclosuresMass.com, a provider of foreclosure data based in Framingham, Mass. (Read More)
AIM RE Fund Shareholders OK Revamp
February 27, 2007
AIM Investments, Houston, has announced that a proposed reorganization of AIM Select Real Estate Income Fund as an open-end fund has been approved by shareholders of the fund. (Read More)
New-Home Sales Plummet
February 28, 2007
New-home sales plummeted 16.6% in January as tighter lending standards appear to be taking hold -- making it harder for some homebuyers to qualify for a mortgage. (Read More)
Ivanhoe Mortgage Closes Doors
February 28, 2007
Ivanhoe Mortgage, a $2 billion-a-year conventional/government lender based in Orlando, Fla., has closed its doors, according to industry officials familiar with the company. (Read More)
Most Mortgage Stocks Spared in Big Selloff
February 28, 2007
The Dow Jones industrial average fell 416 points (3.29%) on Tuesday, but most of the 19 mortgage-related stocks tracked by MortgageWire were spared from the hardest hits. (Read More)
Aussie REIT Buying New Plan
February 28, 2007
Centro Properties Group, an Australian real estate investment trust, is acquiring New Plan Excel Realty Trust, a New York-based retail REIT, in a deal valued at $6.2 billion. (Read More)
Applications Rise
February 28, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 606.6 to 626.1 on a seasonally adjusted basis during the week ended Feb. 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Heritage Cap Reports $300M Funding
February 28, 2007
Heritage Capital Credit Corp., which engages in commercial real estate lending through its subsidiary Independent Capital Credit Corp., has announced that an institutional investor will purchase up to $300 million in BCLOC Trust Notes to fund commercial projects. (Read More)
Zacks Spotlights REITs to Avoid
February 28, 2007
Investors should avoid investments in mortgage real estate investment trusts that have a large exposure to subprime lending and office REITs that have assets in areas with high vacancy rates, according to a senior analyst at Zacks.com, Chicago. (Read More)
DLJ CMBS Classes Downgraded
February 28, 2007
Two classes of DLJ Commercial Mortgage Trust commercial mortgage pass-through certificates, series 2000-CKP1, have been downgraded by Moody's Investors Service. (Read More)
Moody's Eyes CWMBS Reperforming Classes
February 28, 2007
Seven certificates from two Countrywide securitizations of reperforming loans have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
March
Citi Has Option to Buy Argent
March 1, 2007
Citigroup has signed a deal that gives it an "option" to buy subprime wholesale giant Argent Mortgage, Orange, Calif., and the $65 billion servicing platform of its sister company, Ameriquest Mortgage. (Read More)
FHA Drops Zero-Down Proposal
March 1, 2007
The Department of Housing and Urban Development will not seek a zero-downpayment option as part of its Federal Housing Administration reform package, HUD Secretary Alphonso Jackson has told a congressional panel. (Read More)
B&C Giant Fremont Delays Earnings
March 1, 2007
Subprime giant Fremont General Corp., Santa Monica, Calif., says it will delay the release of its fourth-quarter and full-year earnings, sending its share price down 20% on Wednesday. (Read More)
IndyMac Sees EPS Declines, Revises MBS Plans
March 1, 2007
IndyMac Bancorp Inc., Pasadena, Calif., has announced that it expects earnings per share to decline this year and that it has revised plans regarding its whole-loan and mortgage-backed securities portfolios. (Read More)
Fog Cap Sells CRE Brokerage Unit
March 1, 2007
Fog Cap Commercial Lending, a subsidiary of Portland, Ore.-based Fog Cutter Capital Group, has sold its commercial mortgage brokerage unit, George Elkins Mortgage Banking Co., to a division of MuniMae for $10.4 million. (Read More)
Rates Dip
March 1, 2007
The average 30-year fixed mortgage rate fell from 6.22% to 6.18% over the seven-day period ended March 1, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
OFHEO: House Prices Rose 5.9% in '06
March 1, 2007
Single-family house prices increased by 5.9% in 2006, but the rate of increase has slowed considerably from 13.2% in 2005, when the housing market was booming, according to new Office of Federal Housing Enterprise Oversight data. (Read More)
Bulk MI Plunge Slashes January Volume
March 1, 2007
Although the overall volume of new private mortgage insurance written declined over 41% in January, almost all the decline came in the bulk category, according to data compiled from members of the Mortgage Insurance Companies of America. (Read More)
Rural Opportunities Forms Alliance With Fannie
March 1, 2007
Rural Opportunities Inc., a multistate rural development organization based in Rochester, N.Y., has announced the formation of a partnership with Fannie Mae to protect affordable rental properties in the Northeast. (Read More)
Eagle Panel Acknowledges Corporex Proposal
March 1, 2007
A special committee of Eagle Hospitality Properties Trust Inc., Covington, Ky., has acknowledged the receipt of a letter from Corporex Cos. proposing to acquire all the outstanding common stock of Eagle not already owned by Corporex or its affiliates. (Read More)
DiamondRock Closes $200M Facility
March 1, 2007
DiamondRock Hospitality Co., Bethesda, Md., a real estate investment trust that invests in premium hotel properties, has announced the closing of a four-year, $200 million unsecured revolving credit facility. (Read More)
Moody's Eyes Winston Hotels Rating
March 1, 2007
The B2 preferred stock rating of Winston Hotels Inc. has been placed on review for downgrade by Moody's Investors Service in the wake of a recent announcement that 100% of Winston's common stock shares would be purchased by Wilbur Acquisition Holding Company LLC. (Read More)
SASCO MBS Class Downgraded
March 1, 2007
Class B3 of Structured Asset Security Corp. residential mortgage-backed certificates, series 2005-S5, has been downgraded from CCC/DR2 to C/DR4 by Fitch Ratings. (Read More)
19% of Countrywide's B&C Servicing Overdue
March 2, 2007
Countrywide Financial Corp., Calabasas, Calif., reported Thursday that $22 billion, or 19%, of its subprime receivables are in some form of delinquency. (Read More)
Analyst: B&C Freefall 'Astounding'
March 2, 2007
A research note written by an analyst at Countrywide Securities Corp. says the rate "at which the subprime market has fallen is astounding," adding that secondary-market investors are being highly selective in what they bid on. (Read More)
Many Housing Markets Seen Posting '07 Gains
March 2, 2007
While some local housing markets are sinking fast, many will post production gains of up to 10% or more this year over last, according to a Harvard economist who says the sector is going through a long-expected correction. (Read More)
New Century Will Delay 10-K Filing
March 2, 2007
Subprime giant New Century Financial Corp., Irvine, Calif., says it expects to tell the Securities and Exchange Commission that it will delay the filing of its annual 10-K report for the year ending Dec. 31. (Read More)
Crescent to Become Pure Office REIT
March 2, 2007
Crescent Real Estate Equities Co., Fort Worth, Texas, has announced that it plans to simplify its business model and become a "pure play" office real estate investment trust. (Read More)
Ellie Mae to Launch Encompass Website
March 2, 2007
Dublin, Calif.-based Ellie Mae is poised to release a "next-generation" Encompass website to link mortgage originators with borrowers, Realtors, and other partners by enabling two-way Web-based communication for all aspects of the loan process. (Read More)
Performance of Western Financial Firms Touted
March 2, 2007
Western companies such as Countrywide Financial Corp. and Wells Fargo & Co. lead the U.S. financial services industry in shareholder performance, according to an analysis released by Mercer Oliver Wyman, a risk management consulting firm. (Read More)
COFI Holds Steady
March 2, 2007
The Eleventh Federal Home Loan District Cost of Funds Index barely moved in January. (Read More)
REIT Tagged 'Bear of the Day'
March 2, 2007
Zacks Equity Research, Chicago, announced March 2 that Liberty Property Trust, Malvern, Pa., had been designated its "Bear of the Day," a stock expected to underperform the markets over the next three to six months. (Read More)
CAR Reports Affordability for First-Time Buyers
March 2, 2007
The percentage of first-time buyers in California able to afford an entry-level home stood at 25% in the fourth quarter of 2006, compared with 24% in the third quarter and 27% for the same period a year ago, according to the California Association of Realtors. (Read More)
Fitch Cites 1st-of-its-Kind Mexican CDO
March 2, 2007
A first-of-its-kind, mortgage-related, Mexican collateralized debt obligation is being launched, according to Fitch Ratings. (Read More)
Freddie Declares 1Q Dividends
March 2, 2007
Freddie Mac's board of directors has announced a dividend of $0.50 per share on the corporation's voting common stock for the first quarter. (Read More)
AMB Prices Stock Offering
March 2, 2007
AMB Property Corp., San Francisco, has announced the pricing of 8.0 million shares of its common stock at $58.78 per share. (Read More)
Feedback
March 2, 2007
By nearly a 2-to-1 margin, responses to our survey question on whether the SEC should press issuers to increase disclosures on bonds collateralized by nontraditional mortgage loans favored the idea. (Read More)
New Century Under Criminal Probe
March 5, 2007
New Century Financial Corp., Irvine, Calif., disclosed late March 2 that it is the focus of a criminal probe by the U.S. attorney's office in central California regarding trading in the company's securities and errors tied to its accounting for loan repurchases. (Read More)
Fremont Agrees to C&D, Will Exit B&C
March 5, 2007
Fremont General Corp., Santa Monica, Calif., is in discussions to sell its subprime division -- one of the largest in the nation -- after agreeing to a cease-and-desist order with the Federal Deposit Insurance Corp. (Read More)
Is FBI's Mortgage Fraud Estimate Far Too Low?
March 5, 2007
The Federal Bureau of Investigation's estimate that mortgage fraud costs the lending business $1.2 billion a year is off the mark by more than $3 billion, according to a fraud analyst speaking at the Midwinter Conference in Park City, Utah. (Read More)
MBA Not Optimistic About GSE Reform
March 5, 2007
A senior member of the Senate Banking Committee believes Congress will place the government-sponsored enterprises under a new, more powerful regulator before the end of the current session, but the Mortgage Bankers Association's chief lobbyist isn't nearly as optimistic. (Read More)
HUD Halts Brooklyn Apartment Deal
March 5, 2007
After foreshadowing his decision in public statements over the past few weeks, Department of Housing and Urban Development Secretary Alphonso Jackson has put a halt to Clipper Equity LP's attempt to buy Starrett City, a large apartment complex in Brooklyn, N.Y. (Read More)
Accredited Downgraded to 'Sell'
March 5, 2007
Brokerage firm Stifel Nicolaus has downgraded subprime lender Accredited Home Lenders, San Diego, from "hold" to "sell." (Read More)
Worst Over in 'Foreclosure Crisis'?
March 5, 2007
Foreclosure filings declined in February for the second straight month, indicating that the worst may be over in "America's home foreclosure crisis," according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
ICBA, Wolters Kluwer Join Forces
March 5, 2007
The Independent Community Bankers of America has announced an expanded preferred service provider relationship with Wolters Kluwer Financial Services that will enable ICBA members to automate compliance and operational risk management processes for mortgage and other business lines. (Read More)
NAHREP Names New Chairman
March 5, 2007
Felix DeHerrera, president of the Texas-based Southwest Alliance, has been named chairman of the National Association of Hispanic Real Estate Professionals. (Read More)
REIT Prices Senior Notes
March 5, 2007
Hospitality Properties Trust, Newton, Mass., has announced the pricing of $500 million of 3.80% convertible senior notes due in 2027. (Read More)
Lehman: GM May Take Nearly $1B Mortgage Hit
March 6, 2007
General Motors may need to contribute up to $945 million to cover delinquent mortgages made by the lending affiliates of General Motors Acceptance Corp., according to a new report by Lehman Brothers. (Read More)
Mozilo: 'Exotic' Rules Would Be Harmful
March 6, 2007
The chief executive officer of the nation's largest mortgage lender says new proposed federal underwriting guidelines for so-called "exotic" mortgage products would do more harm than good. (Read More)
Countrywide Thrift Conversion OK'd
March 6, 2007
Countrywide Financial Corp., Calabasas, Calif., has announced that it has received formal approval from the Office of Thrift Supervision to convert its national bank charter to a federal savings bank (or thrift) charter. (Read More)
Senator: Feds' ARM Guidance a 'Positive Sign'
March 6, 2007
Considering the turmoil in the subprime market, it is a "positive sign" that the federal banking regulators have responded by issuing underwriting guidance on "exploding" adjustable-rate mortgages, according to Sen. Jack Reed, D-R.I. (Read More)
OFHEO: Reform Would Allow Portfolio Growth
March 6, 2007
Fannie Mae and Freddie Mac would be able to expand their mortgage portfolios again under a legislative proposal supported by the Bush administration, according to the administration's point man on GSE reform. (Read More)
Citadel Buys Bankrupt ResMae
March 6, 2007
Citadel Investment Group LLC, a hedge fund, has agreed to buy the assets of bankrupt subprime wholesaler ResMae Mortgage for $180 million, beating out Credit Suisse, which earlier said it had a deal for the lender. (Read More)
RI Bank Shuts Wholesale, Cites Low Street Bids
March 6, 2007
Domestic Bank of Rhode Island closed its wholesale division Monday, citing Wall Street's reluctance to bid any higher than 97 on certain nonconforming loan types it specialized in. (Read More)
JPMorgan: New Century 'Running on Fumes'
March 6, 2007
Ailing subprime giant New Century Financial Corp., Irvine, Calif., "is running on fumes" and could file for bankruptcy protection if just one or two of its warehouse lenders force margin calls on the nondepository, according to a new research report by JPMorgan. (Read More)
S&P to Delist New Century
March 6, 2007
Meanwhile, Ruth's Chris Steak House will replace New Century Financial on the S&P SmallCap 600 index after the close of trading March 7, Standard & Poor's has announced. (Read More)
MERS Wins Florida Court Case
March 6, 2007
The Second District Court of Appeals of Florida has ruled that MERS has the right to be a party in a foreclosure action. (Read More)
Ellie Mae Launches New Website Tool
March 6, 2007
Ellie Mae, Dublin, Calif., has launched Encompass WebCenter, a website that links mortgage originators with borrowers, Realtors, and other partners. (Read More)
Home Prices Rise at 4.9% Rate in 4Q
March 6, 2007
Home prices increased at an annualized rate of 4.9% nationwide in the fourth quarter, up from a revised rate of 4.4% in the third quarter, according to the Conventional Mortgage Home Price Index released by Freddie Mac. (Read More)
NYSE May Delist ECC Cap
March 6, 2007
ECC Capital Corp., the Irvine, Calif.-based real estate investment trust that sold its production operations to Bear Stearns, has been notified by the New York Stock Exchange that it has fallen below the exchange's continued listing standard related to minimum share price. (Read More)
Fannie Prices BenchNotes
March 6, 2007
Fannie Mae has priced $3 billion of 4.750% three-year Benchmark Notes at 99.930. (Read More)
Bernanke: Limit GSE Portfolios to AH Mortgages
March 7, 2007
If Congress limited Fannie Mae's and Freddie Mac's portfolio investments to affordable housing mortgages, it would reduce systemic risk and ensure that the two government-sponsored enterprises are providing a clear public benefit, according to Federal Reserve Board Chairman Ben Bernanke. (Read More)
Frank Dismisses Fed Chief's Proposal
March 7, 2007
Restricting Fannie Mae's and Freddie Mac' portfolio investments to affordable housing loans won't help very many low-income people, according to House Financial Services Committee Chairman Barney Frank, D-Mass. (Read More)
Countrywide Insiders Sold $288M in Stock
March 7, 2007
Amid the meltdown in the subprime sector, insiders at Countrywide Financial Corp. -- including chairman and chief executive Angelo Mozilo -- have sold 7.8 million shares over the past six months, according to figures compiled by Thomson Financial. (Read More)
With CPM Shut, TMSF Officially Kills Deal
March 7, 2007
TMSF Holdings, Los Angeles, has officially terminated its agreement to acquire certain wholesale assets of the now-defunct Central Pacific Mortgage, Folsom, Calif., due to what it calls "adverse market conditions." (Read More)
House to Act on TRIA, Flood Insurance
March 7, 2007
The House Financial Services Committee will act on a long-term extension of the federal terrorism risk insurance program in April and a flood insurance reform bill in May, according to the committee chairman, Rep. Barney Frank, D-Mass. (Read More)
Applications Rise
March 7, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 626.1 to 671.6 on a seasonally adjusted basis during the week ended March 2, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Agency MBS Speeds Decline
March 7, 2007
Prepayment rates for 30-year mortgages in Fannie Mae and Freddie Mac mortgage-backed securities fell about 12% in February in response to a 10-basis-point rise in mortgage rates, slower seasonal housing activity, and fewer business days, according to Bear Stearns & Co. (Read More)
Fremont's Servicer Rating Downgraded
March 7, 2007
The residential primary servicer rating of Fremont Investment & Loan for subprime product has been lowered from RPS3-plus to RPS4 by Fitch Ratings. (Read More)
Fitch Eyes Shopping Center REIT
March 7, 2007
The ratings of New Plan Excel Realty Trust Inc. have been placed on Rating Watch Negative by Fitch Ratings in the wake of an announcement that the real estate investment trust is being acquired by Australia-based Centro Properties Group and Centro Retail Trust. (Read More)
New Prez Named at KeyBank Mortgage
March 7, 2007
Myron "Mike" Filarski has been named president of KeyBank Mortgage, a division of KeyBank NA's Community Bank. (Read More)
WaMu 'Covered Bonds' Issue Stirring Interest
March 7, 2007
Washington Mutual's first U.S. issuance last year of "covered bonds" has jump-started U.S. interest in the European security type in terms of purchases, if not sales, according to market participants at an investor meeting on the product March 6. (Read More)
Zacks Tags ARC 'Bear of the Day'
March 7, 2007
Zacks Equity Research, Chicago, has declared Denver-based Affordable Residential Communities its "Bear of the Day" -- a stock expected to underperform the markets over the next three to six months -- for March 7. (Read More)
Amex Trading Options on RAIT
March 7, 2007
The American Stock Exchange has launched trading in options on RAIT Financial Trust, a real estate investment trust based in Philadelphia. (Read More)
FBI: Mortgage Fraud 'Pervasive'
March 8, 2007
The Federal Bureau of Investigation says mortgage fraud is "pervasive and growing" and that the incidence of such fraud has nearly doubled in the past three years. (Read More)
Mozilo Defends Stock Sales
March 8, 2007
Countrywide Financial Corp. chairman and chief executive Angelo Mozilo has defended his decision to sell $140 million worth of company stock over the past 14 months, noting that "I have almost all my personal net worth tied up in the company." (Read More)
'Activist' New Century Director Departs
March 8, 2007
David Einhorn, considered to be an "activist" shareholder of the struggling New Century Financial Corp., resigned from the company late Wednesday night, according to a new filing with the Securities and Exchange Commission. (Read More)
New Century's Servicer Rating Downgraded
March 8, 2007
The residential primary servicer rating for subprime product of New Century Mortgage Corp., a subsidiary of the beleaguered New Century Financial, has been downgraded from RPS3-plus to RPS4 and placed on Rating Watch Negative by Fitch Ratings. (Read More)
Rates Decline
March 8, 2007
The average 30-year fixed mortgage rate fell from 6.18% to 6.14% over the seven-day period ended March 8, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Beige Book Finds Weak Housing Markets
March 8, 2007
Housing markets are "weak" and house prices are generally "flat or declining," according to the Federal Reserve's Beige Book. (Read More)
Delta Reports Higher 4Q Profits
March 8, 2007
Delta Financial Corp., Woodbury, N.Y., has reported net income of $8.0 million ($0.33 per share) for the fourth quarter, up from $5.7 million ($0.27 per share) for the same period a year earlier. (Read More)
HCPI Withdraws Offer for Sunrise
March 8, 2007
Health Care Property Investors, Long Beach, Calif., has withdrawn its offer to acquire Toronto-based Sunrise Senior Living Real Estate Investment Trust, according to Sunrise. (Read More)
Zacks Spotlights American Home
March 8, 2007
Zacks Investment Research, Chicago, has put American Home Mortgage Investment Corp., a lender based in Melville, N.Y., on its High Rank Value Profit Track list. (Read More)
Annaly Prices Stock Offering
March 8, 2007
Annaly Capital Management Inc., New York, has priced a public offering of 50 million shares of the company's common stock at $13.50 per share, for estimated gross proceeds of $675 million. (Read More)
HSBC May Sell B&C Holdings, Warehouse
March 9, 2007
Hammered by losses on its subprime business, banking giant HSBC Holdings plans to unload some of its A-minus to D loans, which total in the billions, investment banking sources have told MortgageWire. (Read More)
Mortgage Jobs Decline
March 9, 2007
Mortgage companies scaled back their payrolls by 5,900 full-time employees in January, as the decline in subprime originations and rising defaults took a toll on wholesalers and mortgage brokers. (Read More)
Ailing New Century Gets $265M LOC, but ...
March 9, 2007
Troubled B&C giant New Century Financial Corp., Irvine, Calif., secured a $265 million line of credit March 8 from a large unidentified lender but still could be headed for bankruptcy court. (Read More)
Sandler Suspends Coverage of Countrywide
March 9, 2007
Investment banker Sandler O'Neill has suspended coverage of Countrywide Financial Corp., a bellwether stock for the mortgage industry, citing a "change in research department personnel." (Read More)
NAHREP Favors Accountability Standard
March 9, 2007
There is a consensus within the National Association of Hispanic Real Estate Professionals that mortgage wholesalers and brokers should be held accountable for the loans they originate, but the trade group is still in discussions on how to formulate a suitability standard. (Read More)
Home Energy to Sell AIM American Mortgage
March 9, 2007
Home Energy Savings Corp., a provider of home improvement products and services based in Roanoke, Va., has announced an agreement to sell Houston-based AIM American Mortgage Inc. to X-Press America Inc., effective Dec. 31, 2006. (Read More)
Inland Cap Bids on Winston Hotels
March 9, 2007
Countering an earlier acquisition proposal from Wilbur Acquisition, Inland Capital Markets Group, Oak Brook, Ill., has made an offer to acquire Winston Hotels for $15 per share in cash. (Read More)
Morningstar, Harrison RE Cap Form JV
March 9, 2007
Morningstar Properties LLC, a national self-storage operator and developer based in Matthews, N.C. (a suburb of Charlotte), has announced a joint venture with Harrison Real Estate Capital focused on self-storage facilities in the Carolinas. (Read More)
AllRegs Teams Up With Law Firm
March 9, 2007
AllRegs, an Eagan, Minn.-based online publisher of reference information for the residential mortgage lending industry, has announced that it will offer legal content support services through Lanahan & Reilley LLP, a mortgage banking law firm based in Santa Rosa, Calif. (Read More)
Anworth Reports 4Q Loss
March 9, 2007
Anworth Mortgage Asset Corp., a real estate investment trust based in Santa Monica, Calif., has reported an unaudited net loss to common stockholders of $4.3 million ($0.09 per share) for the fourth quarter, compared with a net loss to common stockholders of $986,000 ($0.02 per share) a year earlier. (Read More)
Correction
March 9, 2007
American Home Mortgage Investment Corp. is a mortgage lender based in Melville, N.Y., not a San Diego-based nonprime lender. (Read More)
Feedback
March 9, 2007
"Sheesh! I've never seen such a rumor mill. Worse than a Jersey women's coffee klatch!" (Read More)
Line's Loss May Mean Bankruptcy for NCFC
March 12, 2007
Morgan Stanley has pulled a $265 million line of credit from ailing subprime giant New Century Financial Corp., a decision that likely will force the company to file for bankruptcy protection. (Read More)
WMC Confirms Layoffs
March 12, 2007
The General Electric-owned WMC Mortgage, the nation's fourth largest subprime lender, confirmed that it has trimmed staff by 20% -- about 460 workers -- as it moves to restructure amid a major shakeout in the subprime sector. (Read More)
Frank Unveils GSE Reform Bill
March 12, 2007
House Financial Services Committee Chairman Barney Frank, D-Mass., has introduced a GSE reform bill that follows the December compromise he worked out with Treasury Secretary Henry Paulson on regulating the size and growth of Fannie Mae's and Freddie Mac's portfolios. (Read More)
Nonprime Declines at Countrywide
March 12, 2007
Nonprime loan fundings at Countrywide Financial Corp., Calabasas, Calif., totaled $2.6 billion in February 2007, down from $2.8 billion in February 2006. (Read More)
New Ocwen Unit to Buy Lower RMBS Tranches
March 12, 2007
Ocwen Financial Corp. has gotten commitments from investors to form and capitalize a new unit to invest in the lower tranches and residuals of residential mortgage-backed securities, related mortgage servicing rights, ABX Index protection and other similar assets. (Read More)
Moody's Puts Two B&C/HE Classes on Review
March 12, 2007
Moody's Investors Service has placed on review for possible downgrade two classes of certificates from two subprime/home equity Aegis mortgage securitizations, one from a deal issued in 2003 and another from a deal issued in 2004. (Read More)
BayNorth Closes CRE Investment Fund
March 12, 2007
BayNorth Capital has closed a commercial real estate investment fund with over $472 million in funding and expects to invest in more than $1.7 billion of real estate nationwide over a four-year period. (Read More)
Zacks Profiles REIT Trio
March 12, 2007
A trio of real estate investment trusts were profiled in the Zacks Growth and Income Profit Track release for March 9. (Read More)
New Foreclosures Hit Record Rate
March 13, 2007
At the end of 2006, the percentage of home loans that were at least 30 days overdue rose to 4.95%, up from 4.67% at the end of the third quarter, according to the Mortgage Bankers Association's quarterly delinquency survey. (Read More)
Accredited Reveals Margin Calls, Other Woes
March 13, 2007
Accredited Home Lenders, the nation's 12th largest subprime funder, said it has been hit with millions of dollars in margin calls and is now exploring "various strategic options." (Read More)
Countrywide Cuts 108 Wholesale B&C Jobs
March 13, 2007
Countrywide Financial Corp., the nation's eighth largest subprime table-funder, has cut 108 jobs in its wholesale subprime division, citing a need to align the lender's "workforce with the recent changes in the mortgage market." (Read More)
Trading Halted In New Century Stock
March 13, 2007
The New York Stock Exchange on Tuesday halted trading in the common and preferred stock of ailing subprime giant, New Century Financial Corp., Irvine, Calif. (Read More)
Trading in ECC Common Stock Suspended
March 13, 2007
The New York Stock Exchange has informed ECC Capital Corp., a real estate investment trust headquartered in Irvine, Calif., that trading in the company's common stock will be suspended and the exchange will take action to delist it prior to the market's opening on March 15. (Read More)
N.J. Thrift Hurt by Subprime EPDs
March 13, 2007
OceanFirst Financial Corp., Toms River, N.J., will revise earnings for 2006 because of early payment defaults at its subprime mortgage affiliate, Columbia Home Loans. (Read More)
Treasury Endorses GSE Reform Bill
March 13, 2007
The Treasury Department has given the GSE regulatory reform bill introduced by House Financial Services Committee chairman Barney Frank, D-Mass., its seal of approval and it now looks like the House will easily pass the bill. (Read More)
GSE Affordable Housing Fund
March 13, 2007
Fannie Mae and Freddie Mac would make annual contributions to an affordable housing fund based on their outstanding book of business, rather than their profits, according to a GSE regulatory bill introduced by House Financial Services Committee chairman Barney Frank, D-Mass. (Read More)
BOA Launches Covered Bond Program
March 13, 2007
A second U.S. lender is launching a European-style structured covered bond program in the United States. (Read More)
VirPack Receives Patent
March 13, 2007
Vienna, Va.-based VirPack has been awarded a patent for its document management and imaging technology, MortgageWire has learned. (Read More)
REIT Added to Index
March 13, 2007
Host Hotels & Resorts, a Bethesda, Md.-based hotel real estate investment trust, is being added to the S&P 500 index, Standard & Poor's reports. (Read More)
FBR Seeks 'Alternatives' for First NLC
March 14, 2007
The Friedman, Billings, Ramsey Group investment banking firm is considering "strategic alternatives" for its subprime mortgage division, First NLC Financial Services, Deerfield Beach, Fla., the nation's 17th-largest subprime funder. (Read More)
Will 700K B&C Homes Hit Market in '08-'09?
March 14, 2007
Some 700,000 homes funded by subprime mortgages could return to the market in 2008 and 2009, according to an upcoming report by Lehman Brothers. (Read More)
Block Restates, Citing Option One Residuals
March 14, 2007
H&R Block says it has reduced by $29.2 million the carrying value of "residual interests" in its Option One Mortgage Corp. unit due to "volatility in the mortgage market." (Read More)
ResCap Unit Reports 4Q Loss
March 14, 2007
Residential Capital Corp., which houses the GMAC-related mortgage units, posted a $651 million operating loss in the fourth quarter due to higher delinquencies and loss severities on subprime loans. (Read More)
Robbins: Consumer Groups Hyping Foreclosures
March 14, 2007
Mortgage Bankers Association chairman John Robbins has told an industry conference that predatory lending is the biggest and most challenging issue he has faced, but he also accused certain consumer groups of hyping potential foreclosure numbers. (Read More)
HUD: FHA Reform Best Subprime Cure
March 14, 2007
The best way to "cure" the serious problems in the subprime market is to pass Federal Housing Administration reform legislation that will allow lower-income homebuyers to get safer and affordable loans, HUD Secretary Alfonso Jackson has told a congressional panel. (Read More)
Dodd Floats B&C Forbearance Idea
March 14, 2007
Congress may have to act quickly to protect subprime borrowers who are in danger of losing their homes over the next 18 months, according to Senate Banking Committee Chairman Christopher J. Dodd, D-Conn. (Read More)
Bill Would Hike Loan Limit in High-Cost Areas
March 14, 2007
The House GSE bill would raise the conforming loan limit in seven high-cost metropolitan areas, but not in Massachusetts, the home state of the bill’s chief architect and sponsor, Rep. Barney Frank. (Read More)
Securitization Pioneer Founds RE Investment Firm
March 14, 2007
Craig S. Phillips, former global head of securitized products for Morgan Stanley, has announced the founding of Ptarmigan Capital LLC, an alternative asset management firm with offices in Stamford, Conn., and Bangalore, India. (Read More)
Icahn Affiliates to Make Tender Offer to WCI
March 14, 2007
High River Limited Partnership and entities managed by Icahn Management LP, intend to initiate an "any and all" tender offer, not subject to any minimum condition, for the common stock of WCI Communities Inc. at $22 per share. (Read More)
MBA: Commercial/MF Debt Nearing $3T
March 14, 2007
Commercial and multifamily mortgage debt outstanding went up to $2.95 trillion at the end of 2006, a 12.7% increase from the level recorded at the end of 2005, according to the Mortgage Bankers Association. (Read More)
Freddie Sets '06 Earnings Release Date
March 14, 2007
Freddie Mac has announced that it will release its quarterly and full-year results for the year ended Dec. 31 before the market opening of the New York Stock Exchange on March 23. (Read More)
Mortgage Stocks Led Sell-Off
March 14, 2007
All of the mortgage stocks tracked by the MortgageWire Equity Composite declined on March 13, contributing to an approximately 2% decrease in major stock indices that analysts attributed in part to concern about subprime mortgage performance. (Read More)
FBR Upgrades Countrywide Stock Rating
March 14, 2007
Saying that the recent sell-off of Countrywide's stock is "overdone," analysts at Friedman, Billings, Ramsey and Co. recently changed their recommendation on the company to "outperform." (Read More)
Realtors: Weather Could Slow Sales
March 14, 2007
The National Association of Realtors is warning that sales of existing homes could decline in March simply due to unusually cold weather and without any impact from the slowdown in subprime lending. (Read More)
CSFB CMBS Classes Downgraded
March 14, 2007
Three classes of Credit Suisse First Boston Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2005-CND1, have been downgraded by Moody's Investors Service and placed on review for possible further downgrade. (Read More)
Master Closes Unit; People's Pulls S-11
March 15, 2007
Subprime lender Master Financial, Orange, Calif., closed its wholesale division late Wednesday, and another top-ranked funder -- People's Choice Financial Corp. -- pulled a key registration statement with securities regulators, suggesting that it too is in deep financial trouble. (Read More)
GE Cap to Buy PHH, Sell Mortgage Ops
March 15, 2007
PHH Corp., Mt. Laurel, N.J., has agreed to be acquired by GE Capital Solutions, the business-to-business leasing, financing, and asset management unit of General Electric Co., in an all-cash transaction valued at approximately $1.8 billion. (Read More)
Commish: Reform FHA, or MI Premiums Will Rise
March 15, 2007
The Federal Housing Administration could have hundreds of thousands of subprime borrowers if Congress passes an FHA reform bill, but if not, the agency will raise its mortgage insurance premiums, Housing Commissioner Brian Montgomery has told Senate appropriators. (Read More)
National City Reports MI Dispute
March 15, 2007
In a regulatory filing with the Securities and Exchange Commission, Cleveland-based National City Corp. says one of the two mortgage insurance companies covering its home equity loan portfolio has refused to make claims payments. (Read More)
Merrill Sees Possible 10% Fall in House Prices
March 15, 2007
The contraction in subprime lending and the overhang of a large number of unsold homes on the market could lead to a 10% decline in house prices this year unless the Federal Reserve cuts interest rates, according to a Merrill Lynch economist. (Read More)
NHEMA Members Fall Out of MBA
March 15, 2007
When the National Home Equity Mortgage Association merged into the larger Mortgage Bankers Association late last year, the MBA registered a net gain of 77 new members -- but almost half those companies have never paid dues to their new trade master. (Read More)
Rates Move Little
March 15, 2007
The average 30-year fixed mortgage rate was unchanged, at 6.14%, for the seven-day period ended March 15, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Applications Rise
March 15, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 671.6 to 690.5 on a seasonally adjusted basis during the week ended March 9, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Wachovia Touts New Mortgage Brand
March 15, 2007
Wachovia Securities, Charlotte, N.C., has created a new brand called Vertice for the combined entities of American Mortgage Network and Wachovia Mortgage Third Party Lending. (Read More)
LECG Sub to Buy Compliance Firm
March 15, 2007
LECG Corp., a global expert services and strategic advisory firm based in Emeryville, Calif., has announced that its subsidiary LECG LLC has agreed to acquire the Secura Group LLC, a privately held consulting firm specializing in financial services and regulatory compliance. (Read More)
Market Kinetix Names Prez
March 15, 2007
Ron Litt has been named president of Market Kinetix LLC, a Houston-based company whose flagship product, Deal Maker, provides mortgage originators with a customized plan to enable borrowers to boost their credit scores quickly. (Read More)
CharterMac COO Retires
March 15, 2007
Alan P. Hirmes has retired as chief operating officer of CharterMac, New York, and as a member of the company's board. (Read More)
GE RE Forms Japanese Alliance
March 15, 2007
GE Real Estate has agreed to a business alliance involving Japanese real estate investment trust LCP Investment Corp. and its asset manager, LCP REIT Advisors Ltd. (Read More)
University Finance Notes Downgraded
March 15, 2007
The rating on University Finance Pass-Through Certificates series 2006 has been downgraded from Baa1 to Baa3 by Moody's Investors Service due to the rating agency's recent downgrade of the debt rating of the University of Quebec at Montreal. (Read More)
Comerica's CRA Performance Rated Outstanding
March 15, 2007
The overall Community Reinvestment Act performance of Detroit-based Comerica Bank has been rated "Outstanding" by the Federal Reserve Bank of Chicago, the highest possible rating. (Read More)
Job Cuts at AMQ, Argent May Total 3,000
March 16, 2007
ACC Capital Holdings, Orange, Calif., laid off hundreds of retail and wholesale workers Thursday at affiliates Ameriquest and Argent Mortgage, consolidating its consumer call-center operation into just one location. (Read More)
Accredited Selling $2.7B in Loans; Stock Rises
March 16, 2007
Hoping to bolster its liquidity, Accredited Home Lenders says it has found a buyer for $2.7 billion in "loans held for sale" but will take a $150 million hit on the deal. (Read More)
Lender's Bankruptcy Leaves CUs High and Dry
March 16, 2007
Dozens of credit unions around the country are struggling to untangle their finances from a San Francisco mortgage banker that filed for bankruptcy last month. (Read More)
Fremont Gets $1B LOC Increase
March 16, 2007
Fremont General Corp., Santa Monica, Calif., says it has received increased funding from Credit Suisse to the tune of $1 billion. (Read More)
New York Will Probe B&C Lenders
March 16, 2007
New York Attorney General Andrew Cuomo said Thursday that his office is investigating subprime lenders whose customers have fallen behind on their payments at the highest rate in four years, according to a published report. (Read More)
IndyMac Forming CRE Division
March 16, 2007
IndyMac Bank, Pasadena, Calif., is looking to get into commercial real estate lending by setting up a division within the company to lend on commercial property. (Read More)
NYMT Reports Net Loss for '06
March 16, 2007
New York Mortgage Trust Inc., which has sold its wholesale origination platform and is in the process of selling its retail platform, reported a net loss for 2006 of $14.2 million ($0.79 per share), compared with a net loss of $5.3 million ($0.30 per share) for the previous year. (Read More)
Farmer Mac Reports Lower '06 Profits
March 16, 2007
Touting record new-business volume of $3 billion in 2006, the Federal Agricultural Mortgage Corp., Washington, has reported net income of $29.8 million ($2.68 per share) for the year, down from $47.0 million ($4.09 per share) in 2005. (Read More)
United Dominion Changes Name to UDR
March 16, 2007
United Dominion Realty Trust Inc., a multifamily real estate investment trust based in Richmond, Va., has officially changed its name to UDR Inc. (Read More)
S&P Eyeing Block
March 16, 2007
The BBB-plus long-term counterparty credit rating on H&R Block Inc. has been placed on CreditWatch with negative implications by Standard & Poor's Ratings Services. (Read More)
Delta Announces $950M ABS Deal
March 16, 2007
Delta Financial Corp., Woodbury, N.Y., has announced the securitization of $950 million of mortgage loans through its subsidiary Renaissance Mortgage Acceptance Corp. (Read More)
Feedback
March 16, 2007
Early responses to our latest survey question favor allowing the FHA to insure acquisition, development, and construction loans for single-family houses. (Read More)
NovaStar Cuts 17% of Its Staff
March 19, 2007
Struggling subprime funder NovaStar Financial trimmed its work force by 17% -- 350 positions -- on Friday, citing the changing landscape of the mortgage industry. (Read More)
Accredited Facing Delisting
March 19, 2007
Accredited Home Lenders, San Diego, has been notified by the NASDAQ stock exchange that it will be delisted because it did not file its annual 10-K report by March 15. (Read More)
Fieldstone Sale Price Cut by 28%
March 19, 2007
Credit-Based Asset Servicing and Securitization LLC will pay 28% less for Fieldstone Investment Corp., Columbia, Md., under an amended purchase agreement disclosed March 16. (Read More)
Reich: B&C Guidance Frowns on 2/28 'Steering'
March 19, 2007
The recently proposed federal subprime lending guidance reminds lenders that they should help consumers make informed choices and not steer them into 2/28 adjustable-rate mortgages when they might qualify for another product, according to Office of Thrift Supervision Director John Reich. (Read More)
FTC Cites Foreclosure Guidelines
March 19, 2007
Servicers should not start foreclosure proceedings until a borrower has missed three monthly payments of principal and interest, according to a Federal Trade Commission attorney. (Read More)
Street Seeking to Get Handle on B&C Defaults
March 19, 2007
Wall Street wants to get its arms around rising subprime loan defaults as fast as possible so it can move forward with the least disruption to the markets, according to a loss mitigation firm hired to get a fix on polls of nonperforming mortgages. (Read More)
CoreLogic Predicts 13% ARM Foreclosure Rate
March 19, 2007
A study by First American CoreLogic predicts that 1.1 million of the 8.37 million adjustable-rate mortgage loans originated between 2004 and 2006 will end up in foreclosure over a six- to seven-year period. (Read More)
Citi Buys Fannie LIHTC Portfolio
March 19, 2007
Citibank NA has purchased from Fannie Mae a portfolio of investments representing approximately $676 million in federal Low Income Housing Tax Credits, according to the two companies. (Read More)
Fannie Adjusts Series K Dividend Rate
March 19, 2007
Fannie Mae has announced a dividend rate adjustment for its series K variable-rate noncumulative preferred stock. (Read More)
S&P 500 to List DDR
March 19, 2007
Developers Diversified Realty Corp., a real estate investment trust based in Beachwood, Ohio, will replace Caremark Rx Inc. in the S&P 500 Index after the close of trading on March 20, Standard & Poor's has announced. (Read More)
Fitch: Subprime Exposure Drops for ABCP
March 19, 2007
Subprime-related mortgage exposure for U.S. asset-backed commercial paper programs fell sharply in the fourth quarter, though it remained high by historical standards, according to Fitch Ratings. (Read More)
Fitch Downgrades Morgan Stanley MBS Classes
March 19, 2007
Twenty-seven classes from 15 Morgan Stanley subprime mortgage-backed securities have been downgraded by Fitch Ratings. (Read More)
Moody's Downgrades GSAMP MBS Classes
March 19, 2007
Six certificates from three GSAMP Trust deals issued in 2006 have been downgraded by Moody's Investors Service. (Read More)
MASTR MBS Classes Downgraded
March 19, 2007
Three tranches from two deals issued by MASTR Second Lien Trust have been downgraded by Moody's Investors Service, and one tranche has been placed under review for possible downgrade. (Read More)
SACO MBS Class Downgraded; 9 on Review
March 19, 2007
Class B-3 of SACO I Trust 2004-3 has been downgraded from B3 to Caa2 by Moody's Investors Service, and nine other certificates from various SACO I deals have been placed on review for possible downgrade. (Read More)
Moody's Eyes New Century MBS Classes
March 19, 2007
Five certificates from New Century Home Equity Loan Trust series 2006-S1 have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Terwin MBS Classes on Review
March 19, 2007
The ratings of five classes from three Terwin Mortgage Trust securitizations have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Fremont MBS Classes Under Review
March 19, 2007
Four certificates from Fremont Home Loan Trust series 2006-B have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Ace MBS Classes Under Review
March 19, 2007
Four certificates from Ace Securities Corp. Home Equity Loan Trust have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Moody's Eyes Long Beach MBS Classes
March 19, 2007
Classes M-7, B-1, and B-2 from Long Beach Mortgage Loan Trust series 2006-A have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Merrill MBS Classes Placed on Review
March 19, 2007
Two subordinated certificates from Merrill Lynch Mortgage Investors Trust series 2004-SL1 and 2004-SL2 have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
Housing Starts Up 10%, but 2 Regions Ailing
March 20, 2007
Single-family housing starts rose 10% in February from the level of the previous month but with significant weakness in the Northeast and the Midwest, according to government figures released Tuesday. (Read More)
Dodd Invites CEOs to Subprime Hearing
March 20, 2007
Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., has invited the chief executives of five major lending companies, including New Century Mortgage Co., to testify at a March 22 hearing on the causes of the "subprime crisis." (Read More)
B&C Securitizers May Face Liability
March 20, 2007
Securitizers of subprime mortgages will likely face some assignee liabilities under a predatory lending bill that House Financial Services Committee Chairman Barney Frank, D-Mass., plans to introduce in May. (Read More)
Frank Favors Cross-Subsidies for Subprime MI
March 20, 2007
As part of an FHA reform bill, House Financial Services Committee Chairman Barney Frank, D-Mass., wants to cross-subsidize mortgage insurance premiums for subprime borrowers by tapping into higher revenues generated by changes to the FHA reverse mortgage program. (Read More)
B&C Guidance Distinctions Termed 'Questionable'
March 20, 2007
Proposed federal underwriting guidance could create "questionable distinctions" between prime and subprime borrowers that would cut off credit to some subprime borrowers in the name of consumer protection, according to mortgage banking attorneys at K&L Gates. (Read More)
Accredited Gets $200M Loan
March 20, 2007
Accredited Home Lenders, San Diego, says it has received a $200 million loan commitment -- at 13% -- from entities managed by Farallon Capital Management, San Francisco. (Read More)
Housing Overvaluation Reported Declining
March 20, 2007
The incidence of overvaluation in the nation's housing market continued to decline in the fourth quarter, as the overall number of single-family housing units deemed to be overvalued declined from 17% to 16%, according to an analysis released by Global Insight Inc., Waltham, Mass. (Read More)
Gramercy Cap Forms RE Securities Biz
March 20, 2007
Gramercy Capital Corp., New York, has set up a real estate securities business that will focus on the acquisition, trading, and financing of commercial mortgage-backed securities and other real estate-related securities. (Read More)
Mozilo Leaving Home Depot Board
March 20, 2007
Countrywide Financial Corp. chairman and chief executive Angelo Mozilo will not stand for re-election as a director to Home Depot, the nation's largest home improvement retailer. (Read More)
Warehouse Lending Tech Firm Names COO
March 20, 2007
David Brackin has been named chief operating officer of Street Resource Group Inc., a provider of technology, information, and consulting for mortgage warehouse lenders. (Read More)
MF Developer Reports '06 Profits
March 20, 2007
Tarragon Corp., a New York-based developer of multifamily housing, has reported net income of $9.8 million ($0.31 per share) for 2006, compared with $88.5 million ($2.93 per share) for 2005. (Read More)
Texas Rangers Toss Ameriquest Name
March 20, 2007
The Texas Rangers Baseball Club has removed the Ameriquest name from its major league stadium, cutting short -- by 27 years -- a $75 million sponsorship agreement. (Read More)
Highwoods Prices Note Offering
March 20, 2007
Highwoods Properties Inc., a real estate investment trust based in Raleigh, N.C., has announced the pricing of a $400 million offering of 10-year unsecured notes by its operating partnership, Highwoods Realty LP. (Read More)
Origen Expands Credit Facility
March 20, 2007
Origen Financial Inc., a real estate investment trust based in Southfield, Mich., has announced the renewal of a financing facility with Citigroup Global Markets Realty Corp. for an additional year, with an increase in its capacity from $235 million to $250 million. (Read More)
GMAC CMBS Class Downgraded
March 20, 2007
Class M of GMAC Commercial Mortgage Securities Inc.'s mortgage pass-through certificates, series 1998-C1, has been downgraded from CCC to C and assigned a distressed recovery rating of DR6 by Fitch Ratings. (Read More)
Loan City Closes; CMG Takes Pipeline
March 21, 2007
California wholesaler LoanCity closed its doors on Tuesday, telling its brokers that "we cannot meet the capital constraints needed to continue." (Read More)
People's Choice Files for Bankruptcy
March 21, 2007
Subprime lender People's Choice Financial Corp. and affiliates -- which had hoped to go public one day -- filed for bankruptcy protection late Monday, leaving behind as unsecured creditors several banks and Wall Street warehouse lenders. (Read More)
B&C Wholesaler Investaid Closes
March 21, 2007
Subprime wholesaler Investaid Corp. of Southfield, Mich., has closed its doors, according to industry officials. (Read More)
Fannie Terminates New Century as Seller/Servicer
March 21, 2007
Fannie Mae has cut ties with ailing subprime lender New Century Financial Corp., informing the company that it can no longer sell loans to the government-sponsored enterprise or service its mortgages. (Read More)
Fremont Selling $4B in B&C Loans at a Loss
March 21, 2007
Fremont General Corp., Santa Monica, Calif., has agreed to sell $4 billion in subprime loans to an unnamed buyer (or buyers) -- but will book a $140 million loss on the deal. (Read More)
'06 B&C Loans Expected to Perform Poorly
March 21, 2007
Rating agencies Standard & Poor's and Moody's Investors Service expect the 2006 book of subprime mortgages to perform well below the norm, but spokesmen for the firms say they don't believe problems on the lowest rung of the credit ladder will reach up to take a bite out of the prime and alternative-A sectors. (Read More)
Rulemakers Told to Slow Down
March 21, 2007
Regulators and legislators should not go too far in reining in so-called "toxic loans," the chairman of the Mortgage Bankers Association said at the group's nonprime conference. (Read More)
Media Overreacting to Subprime Situation?
March 21, 2007
The news media have "overreacted" to the correction in the subprime market, and the mortgage market will settle down soon, according to a top official of the Department of Housing and Urban Development. (Read More)
ACB Drops Loan-Limit Objection
March 21, 2007
America's Community Bankers has dropped it long-standing opposition to a key provision in a GSE regulatory reform bill that raises Fannie Mae's and Freddie Mae's loan limit in high-cost areas. (Read More)
PHH Delays 10-K Filing for '06
March 21, 2007
PHH Corp., Mt. Laurel, N.J., says it is unable to file its Form 10-K for 2006 because it has not yet finalized its financial statements for the fourth quarter and full-year 2006. (Read More)
Applications Fall
March 21, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 690.5 to 672.1 on a seasonally adjusted basis during the week ended March 16, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Triad Hires Industry Vet as EVP
March 21, 2007
Bruce Van Fleet, a mortgage industry veteran with more than 30 years' experience, has been hired as executive vice president of sales and marketing at Triad Guaranty Inc., Winston-Salem, N.C. (Read More)
GMAC ResCap Names Treasurer
March 21, 2007
William F. Casey has been named treasurer of Residential Capital LLC, a subsidiary of GMAC Financial Services, effective April 2. (Read More)
Superior Unveils Lease-Purchase Program
March 21, 2007
Superior Development Group Inc., a residential real estate development company based in Clarksdale, Miss., has announced the introduction of a lease-purchase program that allows consumers to lease and occupy a home under a contract to purchase it. (Read More)
Two MSR Portfolios Come to Market
March 21, 2007
Bids are being accepted on two portfolios of mortgage servicing rights involving some $290 million of home loans. (Read More)
Fitch Lowers Accredited's Servicer Rating
March 21, 2007
Fitch Ratings has lowered the residential primary servicer rating of Accredited Home Lenders Inc. from RPS3-plus to RPS3-minus for subprime loans. (Read More)
REIT Prices Note Offering
March 21, 2007
UDR Inc. (formerly United Dominion Realty Trust), Richmond, Va., has priced a $150 million offering of 5.50% medium-term notes due April 1, 2014. (Read More)
BoA Reduces LOC to Option One
March 22, 2007
Bank of America has extended the terms of its warehouse line to Option One Mortgage Corp., but reduced the facility by about half -- to just over $2 billion, according to a new public filing. (Read More)
Dodd Calls for B&C Foreclosure Relief
March 22, 2007
Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., is calling on lenders, investors, and other stakeholders to work together to provide relief for subprime borrowers facing foreclosure. (Read More)
NAMB Warns Against Rush to Regulate
March 22, 2007
Congress should examine the causes of foreclosures before rushing to judgment and prescribing new restrictions on lenders that could "unfairly curtail access to credit," according to the president of the National Association of Mortgage Brokers. (Read More)
Ocwen: Industry Needs to Address Foreclosures
March 22, 2007
Servicers, community groups, investors, and investment banks should work together to help subprime borrowers who can't afford their current loans and can't find new financing, a major subprime servicer has told a congressional panel. (Read More)
MLN CEO May Be Arrested
March 22, 2007
The Connecticut Department of Labor has confirmed that it has applied for an arrest warrant for the former president of Mortgage Lenders Network, Mitch Heffernan. (Read More)
Increased Subprime Litigation Likely?
March 22, 2007
Increased litigation is likely in the subprime mortgage arena, according to the head of the mortgage and lending litigation practice of Stradley Ronon Stevens & Young LLP, Philadelphia. (Read More)
Survey: B&C Mortgages Hurt RE Agents
March 22, 2007
Nearly three-quarters of Washington-area real estate agents in a recent online survey said the availability of subprime mortgages and tighter standards for alternative-A loans have hurt their ability to get homes under contract, according to City Influence, a market research firm. (Read More)
Fixed Rates Creep Up
March 22, 2007
The average 30-year fixed mortgage rate rose from 6.14% to 6.16% for the seven-day period ended March 22, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
BCSB Selling MBS in Restructuring
March 22, 2007
BCSB Bankcorp Inc., Baltimore, is restructuring its balance sheet by selling part of its investment portfolio (including mortgage-backed securities) and paying off Federal Home Loan Bank advances. (Read More)
Origen Picks Thunderhead
March 22, 2007
Origen Financial, a national provider of manufactured housing loans, has picked the Thunderhead multichannel enterprise communication platform to automate, streamline, and control loan product documentation. (Read More)
Poll Finds Candidates' AH Stance Important
March 22, 2007
A nationwide Zogby poll commissioned by a coalition of advocacy groups has found that nearly 70% of Americans would be more likely to vote for a presidential candidate in 2008 "who articulated his or her detailed plan for providing affordable housing." (Read More)
Fannie Prices Benchmark REMIC
March 22, 2007
Fannie Mae has priced a $1.0 billion REMIC guaranteed maturity class with a class coupon of 5.450%. (Read More)
SL Green Sub Prices Exchangeable Notes
March 22, 2007
SL Green Realty Corp., New York, has announced that its subsidiary, SL Green Operating Partnership LP, has priced an offering of $750 million of exchangeable senior notes. (Read More)
Fitch Eyes Citi MBS Classes
March 22, 2007
Four classes from four Citigroup Mortgage Loan Trust transactions have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Resales Highest in 10 Months
March 23, 2007
Existing single-family home sales rose to 5.88 million units in February, the best reading in 10 months, according to figures compiled by the National Association of Realtors. (Read More)
WMC Cuts 500 More, Gets LOC From GE
March 23, 2007
Hammered by the meltdown in the subprime sector, the General Electric-owned WMC Mortgage slashed 500 jobs -- including most of its junior account executive sales force -- on March 22 while its president testified before the Senate Banking Committee. (Read More)
New Century Taking Loss on Barclays LOC
March 23, 2007
New Century Financial Corp., says it will realize a $46 million loss on a deal struck with Barclays Bank PLC to settle $900 million in buyback/financing claims. (Read More)
Freddie Posts 4Q Loss
March 23, 2007
Mortgage secondary market giant Freddie Mac lost $480 million (under generally accepted accounting principles) in the fourth quarter as losses in the market value of derivatives and the company's credit guarantee portfolio offset interest income and guarantee fee income. (Read More)
Freddie: 18% of Portfolio Subprime
March 23, 2007
Freddie Mac has disclosed that it held $124 billion of securities backed by subprime home loans at the end of last year, though virtually all were triple-A rated tranches from mortgage securities deals. (Read More)
Beanstalk Unveils License Cop
March 23, 2007
Beanstalk Networks LLC, the West Palm Beach, Fla.-based developer of OpenClose mortgage automation systems, has announced the release of License Cop, which allows lenders to electronically track the licenses of brokerage companies or loan originators. (Read More)
NRMLA Elects Co-Chairs
March 23, 2007
Joe DeMarkey, director of corporate development at BNY Mortgage Co., and Bart Johnson, president of Financial Freedom, have been elected co-chairs of the National Reverse Mortgage Lenders Association. (Read More)
REIT Prices Stock Offering
March 23, 2007
National Retail Properties Inc., a real estate investment trust based in Orlando, Fla., has priced a public offering of 5.0 million shares of common stock at $24.70 per share. (Read More)
Capital Trust Closes Credit Facility
March 23, 2007
Capital Trust Inc., a New York-based real estate investment trust, has announced the closing of a $50 million senior unsecured revolving credit facility with WestLB AG. (Read More)
Feedback
March 23, 2007
"What would happen to housing if 100% loans went away?" (Read More)
Morgan to Auction $2.5 Billion of NCFC Loans
March 26, 2007
On Thursday morning Morgan Stanley will hold a public auction of $2.48 billion in mortgages originated by ailing subprime giant New Century Financial Corp. (Read More)
New Home Sales Weakest in Seven Years
March 26, 2007
New home sales fell to a seasonally adjusted annual rate of 848,000 units in February, the weakest reading in seven years, according to newly released government figures. (Read More)
Foreclosure Activity Falls in February
March 26, 2007
Nationwide, the number of new foreclosure filings totaled 130,786 in February, down 4% from January, according to RealtyTrac. (Read More)
Archive Launches Aspen 360 LoanDepot
March 26, 2007
Fairfield, N.J.-based Archive Systems has chosen the Mortgage Bankers Association's tech conference in Tampa, Fla., to announce the introduction of LoanDepot as a collaborative service to manage content throughout the entire loan document life cycle. (Read More)
LendingForms.com Names Chairman
March 26, 2007
Bob Dart has been named chairman of LendingForms.com, a provider of printed and electronic mortgage forms and related services based in Southfield, Mich. (Read More)
Senior Executive to Leave ResCap
March 26, 2007
The CFO of Residential Capital, a subsidiary of GMAC Financial Services, has resigned. (Read More)
EverBank Buys Interest in BNY Mortgage Company
March 26, 2007
EverBank, Jacksonville, Fla., has purchased the Bank of New York's interest in BNY Mortgage Company. (Read More)
First Franklin MBS Classes Downgraded
March 26, 2007
Nine classes from four First Franklin Financial Corp. residential mortgage-backed security transactions have been downgraded by Fitch Ratings. (Read More)
Calyx Releases Plans Upgrade to Point Software
March 26, 2007
Calyx Software has previewed point 6.0, the first version of its software to include mortgage banking specific functionality, at the MBA Mortgage Technology Conference in Tampa. (Read More)
NJ Bank Revises Earnings on Subprime Losses
March 26, 2007
OceanFirst Financial Corp., Toms River, N.J., has revised its fourth quarter and full year 2006 earnings after previously revealing it failed to set aside reserves for early payment defaults for subprime loans made by its Columbia Home Loans subsidiary. (Read More)
S&P Equity Analysts: Housing Not a 'Contagion'
March 26, 2007
While slowing housing starts have contributed to a global sell-off in stocks, S&P said the recent drop in equity prices is not a harbinger of a bear market. (Read More)
First Franklin MBS Classes Downgraded
March 26, 2007
Eight classes from four First Franklin Financial Corp. residential mortgage-backed security transactions have been downgraded by Fitch Ratings. (Read More)
Home Price Indices See First Decline
March 27, 2007
Standard & Poor's/Case-Shiller housing price indices dipped into negative territory in January for the first time as prices in 11 of 20 cities posted negative annual returns. (Read More)
Fed, in Eyeing 2/28 Guidance, Sees Concern
March 27, 2007
The Federal Reserve Board is looking at incorporating proposed underwriting guidance on adjustable-rate 2/28 mortgages into its anti-predatory lending regulations, but it could open the door to private lawsuits against lenders and investors, a Fed staffer told a House panel. (Read More)
Government Loan Standards Set for MISMO Publication
March 27, 2007
Electronic mortgage standards for government loans are slated to be published through the Mortgage Bankers Association's Mortgage Industry Standards Maintenance Organization subsidiary and paired with a single Government Underwriting System. (Read More)
MI Firm, University Create Quarterly Index
March 27, 2007
Genworth Financial, Richmond, Va., has teamed up with a professor at the University of Pennsylvania's Wharton School of Economics to create the U.S. Mortgage Index, a quarterly report to look at trends in residential real estate financing. (Read More)
Subprime Woes May Challenge Servicers
March 27, 2007
Fitch Ratings says that the liquidity pressure currently squeezing the subprime residential mortgage sector may affect their loan servicing operations. (Read More)
S&P Sees 5.25% to 7.75% Loss Rate on '06 Deals
March 27, 2007
Standard & Poor's Ratings Services estimates that the expected loss level for deals issued in 2006 is between 5.25% and 7.75%. (Read More)
Subprime Deal Certificates Downgraded
March 27, 2007
Moody's Investors Service has downgraded two certificates from a subprime mortgage transaction issued by Structured Asset Securities Corp., series 2005-AR1. (Read More)
Cody to Manage ABC's Dallas Branch
March 27, 2007
American Brokers Conduit, the wholesale division of American Home Mortgage Investment Corp., has named Carl Cody branch manager in Dallas. (Read More)
Commercial Defeasance Opening L.A. Office
March 27, 2007
Commercial Defeasance, a Charlotte, N.C.-based company that helps manage the process of defeasing commercial mortgage-backed securities loans, is opening a new office in Los Angeles next month. (Read More)
CRL: Subprime Has Hurt Homeownership
March 28, 2007
The Center for Responsible Lending said high foreclosure rates on subprime loans have resulted in a net loss of homeownership since 1998, directly contradicting claims by the mortgage industry about the benefits of subprime lending. (Read More)
Panel OKs Clarification of GSE Regulator Powers
March 28, 2007
Concerned about "overreaching by the government," the House Financial Services Committee on Wednesday agreed by a voice vote to clarify the GSE regulator's powers to limit the size and growth of Fannie Mae and Freddie Mac portfolios. (Read More)
Amendment Could Force GSE Pricing Data Submission
March 28, 2007
Fannie Mae and Freddie Mac would have to submit loan pricing data to their new regulator under a manager's amendment Rep. Barney Frank, D-Mass., intends to offer during a House Financial Services Committee markup of a GSE reform. (Read More)
FHFB Finalizes Appointment Process
March 28, 2007
The Federal Housing Finance Board has finalized an appointment process for public interest directors that allows the individual Federal Home Loan Banks to nominate one or two candidates for the FHFB's approval. (Read More)
U.S. AG Eyeing Beazer Mortgage Docs
March 28, 2007
The U.S. attorney general has requested documents "generally relating" to builder Beazer Homes' mortgage business, the company said. (Read More)
MBA: Apps Inch Down
March 28, 2007
The Market Composite Index, an overall measure of mortgage applications, slipped slightly from 672.1 to 671.0 on a seasonally adjusted basis during the week ended March 23, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
IBM Offering Origination Services
March 28, 2007
IBM has formed a new business unit that will specialize in mortgage origination services. (Read More)
80/20 Stated EPDs Hurt Pennsylvania Bank
March 28, 2007
Fulton Financial Corp. of Pennsylvania said it will take a $5.5 million pretax charge in the first quarter because of early payment defaults on 80/20 stated-income loans it sold into the secondary market. (Read More)
Cross-Border Deal's Rating Falls
March 28, 2007
Moody's Investors Service has downgraded the global scale, foreign currency rating of Metrofinanciera's cross-border series 2005-1 notes from Aaa to Baa1 and put the rating on review for possible downgrade. (Read More)
Clarification:
March 28, 2007
After MortgageWire went to press on Tuesday, a spokesman for the Merrill Lynch-owned First Franklin Financial Corp. called to say no layoffs have occurred at the company, noting that it has just started the process of consolidating some of its loan processing operations. He said the consolidation will "last months" rather than weeks but admitted that jobs likely will be lost even though affected employees can apply for open positions or transfers. On Monday, he declined to offer an estimate on possible layoffs. On Tuesday, when the story ran, MW reported that FFFC had cut an untold number of loan processors and related workers. (Read More)
Fed: Subprime Crisis Contained
March 29, 2007
The nation's central banker told elected officials on Wednesday that problems in the subprime mortgage market are "contained" and likely will not spill over to the overall economy. (Read More)
New Century Terminates Freddie Eligibility
March 29, 2007
Ailing subprime giant New Century Financial Corp. -- which is expected to file for bankruptcy protection in the next week -- said it has voluntarily terminated its seller/servicer eligibility with Freddie Mac. (Read More)
Suitability Bill On The Way
March 29, 2007
Senator Chuck Schumer, D-N.Y., is drafting a predatory lending bill that would create suitability standards for mortgage lending and a national regulatory system for all mortgage brokers. (Read More)
Home Equity Delinquencies Rise
March 29, 2007
The delinquency rate on home equity loans held by banks rose 13 basis points to 1.92% in the fourth quarter of last year, according to the American Bankers Association. (Read More)
Bank Atlantic Cuts 225 Jobs
March 29, 2007
Bank Atlantic Bancorp Inc., Ft. Lauderdale, a residential and commercial lender, has laid off 225 employees, or about 8% of its workforce. (Read More)
FDIC Summit Looks to Help Subprime Borrowers
March 29, 2007
The Federal Deposit Insurance Corp and other regulators are looking for ways to help delinquent subprime borrowers avoid foreclosure and have invited Wall Street bond market officials to a forum on April 16 to help. (Read More)
W.J. Bradley Buys SB Financial
March 29, 2007
W.J. Bradley Co. Merchant Partners has purchased SB Financial of Los Angeles, a mortgage brokerage firm that originated $650 million in mostly prime and alt-A loans last year. (Read More)
Clayton Buys U.K. Risk Consultancy
March 29, 2007
Shelton, Conn., Clayton Holdings Inc., a provider of information-based analytics, consulting and outsourced services for capital markets firms, lending institutions, fixed income investors and loan servicers, will acquire Euro Risk Management Limited, Bristol, a credit and risk consultancy operating in the United Kingdom, Italy and Holland. (Read More)
New Service Gives Lenders MLS listings
March 29, 2007
After securing agreements with multiple listing services across the nation, Domania founder Steve Kropper is set to launch a new service, Bank on Real Estate (http://www.bankonrealestate.com), that will give lenders branded websites which navigate to all homes for sale in particular communities, MortgageWire has learned. (Read More)
Vendors Partner to Allow for Straight-Through Processing
March 29, 2007
Ellie Mae, Dublin, Calif.,-based loan origination vendor, and Alpharetta, Ga.-headquartered workflow and e-collaboration vendor Advectis have partnered to enable mortgage originators to transmit their electronic loan documents via Ellie Mae¹s LenderConnect solution to lenders using Advectis' BlitzDocs. (Read More)
Lydian Adds Post-Closing and QC Services
March 29, 2007
Boca Raton, Fla.-based Lydian Data Services, a provider of end-to-end outsourcing services for all aspects of the mortgage operation, is now offering post-closing quality control services to supplement the capabilities of InvestorExpress, its electronic loan delivery platform. (Read More)
DRI Launches Web Services Capability
March 29, 2007
Default management vendor DRI Management Systems, Newport Beach, California, has deployed a Web services portal for its flagship software, The Default Solution. (Read More)
CIT Group to Release IPO
March 29, 2007
CIT Group, New York, is coming out with an initial public offering of common shares on Care Investment Trust, a real estate investment trust that will invest in healthcare-related mortgage debt and real estate. (Read More)
Block: "Recent Events" Affecting Sale of Option One.
March 30, 2007
H&R Block, Kansas City, Mo., said that "recent events in the subprime mortgage industry" are affecting its efforts to sell Option One Mortgage Corp., Irvine, Calif., the nation's seventh largest subprime funder. (Read More)
House Committee Approves GSE Bill
March 30, 2007
The House Financial Services Committee has approved GSE regulatory reform bill by a 45-19 vote. (Read More)
FHA Reform Bills Introduced
March 30, 2007
Democrats and Republicans on the House Financial Services Committee have introduced competing bills to reform the Federal Housing Administration single-family program. (Read More)
Impac Forms New Unit for Nonperforming Loans
March 30, 2007
Impac Mortgage Holdings, Irvine, Calif., has formed a new subsidiary to acquire, restructure, and remarket nonperforming mortgage loans and real estate property. (Read More)
Impac Cuts Dividend
March 30, 2007
In other news from Impac, the company is cutting its dividend by 60% in the first quarter to $0.10 a share, but it also completed two securitizations totaling $2.2 billion in alt-A and commercial loans. (Read More)
First MBS for Former Soviet Republic
March 30, 2007
The first publicly rated residential mortgage-backed securities deal in Kazakhstan has come to market. (Read More)
Tackling Defaults with Technology
March 30, 2007
CoreLogic, a Sacramento, Calif.-based provider of mortgage risk assessment and fraud prevention solutions, said at the MBA's National Technology in Mortgage Banking Conference and Expo, Tampa, Fla., that loan defaults are on the rise and a large number of lending institutions are left to foot the bill. (Read More)
LSSI Releases Web Ordering Tool
March 30, 2007
Lender Support Systems Inc., a provider of origination and loan servicing technology solutions, has released LSSIConnect, an Internet connection point for ordering any LSSI product, service and specific third-party partner service sold through LSSI. (Read More)
FICS Updates iNetAp Architecture
March 30, 2007
Financial Industry Computer Systems Inc., a mortgage technology vendor that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, has enhanced the architecture of its iNetAp product. (Read More)
HomeTeam Adds Strategic Partners
March 30, 2007
HomeTeam, creator of the nationally syndicated "cause" television program of the same name, has added real estate and mortgage partners to its first-time homebuyer online portal beta, www.hometeam.com. (Read More)
Feedback
March 30, 2007
A Mortgage Grapevine post discusses whether an account executive should inform a mortgage broker of possible fraudulent acts done by an employee. (Read More)
April
New Century Files for Bankruptcy
April 2, 2007
New Century has unveiled its long-expected bankruptcy reorganization, saying it has agreed to sell its servicing assets and platform to Carrington Capital Management for $139 million, subject to court approval. (Read More)
SouthStar Shutting Down
April 2, 2007
Atlanta-based SouthStar Funding LLC has ceased mortgage lending operations, according to a statement posted on the nonconforming lender's website. (Read More)
First NLC Consolidating Wholesale Ops
April 2, 2007
First NLC Financial Services LLC, a nonprime mortgage originator based in Deerfield Beach, Fla., has announced the closing of several wholesale operations centers and an unspecified number of employee layoffs, according to Market Wire. (Read More)
NAR: B&C Tightening Hurts Home Sales
April 2, 2007
Tighter underwriting of subprime loans could reduce new- and existing-home sales by up to 3% over the next two years, according to new projections by economists at the National Association of Realtors. (Read More)
FBR: B&C Defaults Rise 40bps
April 2, 2007
The subprime default rate rose to 10.52% in January, up 40 basis points from that of December, and the foreclosure rate on securitized subprime loans hit 4.33%, according to researchers at the investment banking firm Friedman Billings Ramsey. (Read More)
FHLBank Earnings Up 3% in '06
April 2, 2007
The 12 Federal Home Loan Banks reported combined 2006 earnings of $2.6 billion, up 3% from the previous year, due to a slowdown in member borrowings, declines in their mortgage investments, and a large increase in retained earnings. (Read More)
Chicago FHLBank Reports Lower Profits
April 2, 2007
The Federal Home Loan Bank of Chicago has reported a 23% drop in profits for 2006, and the bank says it expects "significantly lower net income" this year as it continues to operate under a supervisory agreement. (Read More)
Advectis Updates BlitzDocs Tool
April 2, 2007
Advectis Inc., Alpharetta, Ga., has updated its BlitzDocs tool to include new features that enable enhanced password management, configuration, and additional investor delivery options. (Read More)
Sollen Shortens Rate Acquisition Process
April 2, 2007
Sollen Technologies, an Internet-based application services provider of product, pricing, and best-execution capabilities, has announced improvements to its rate acquisition procedure and processing performance that are designed to improve the time to market for its customers' rate sheets and online pricing. (Read More)
COFI Dips
April 2, 2007
The Eleventh Federal Home Loan District Cost of Funds Index fell less than 2 basis points in February, bringing it to 4.376%. (Read More)
S&P Downgrades Austrian Lender
April 2, 2007
Standard & Poor's Rating Services has downgraded Austrian housing lender Oberösterreichische Landesbank AG due to the abolishment of the state guarantees that Austrian Landehypothekenbanks previously had. (Read More)
Option One MBS Classes Downgraded
April 2, 2007
Eleven tranches from five deals issued by Option One Mortgage Loan Trust have been downgraded by Fitch Ratings, and five classes have been placed on Rating Watch Negative. (Read More)
Dem FHA Bill Would Limit Zero-Down Loans
April 3, 2007
Only first-time homebuyers could get a zero-downpayment loan from the Federal Housing Administration or come to the closing table with less than 3% down under an FHA reform bill sponsored by House Democrats. (Read More)
Pending Home Sales Index Down
April 3, 2007
A leading indicator of existing-home sales was down 8.5% in February from the level recorded a year ago, signaling that the prime homebuying season in March and April will be less than robust and could be disappointing for sellers. (Read More)
CharterMac Rebrands Itself as Centerline
April 3, 2007
CharterMac, a New York-based lender, investor, and manager of capital for the real estate industry, has announced the renaming of the company as Centerline Holding Co. and of its wholly owned subsidiary, CharterMac Corp., as Centerline Capital Group. (Read More)
Inland-American to Buy Winston Hotels
April 3, 2007
Winston Hotels, Raleigh, N.C., has decided to go with an offer from Inland American Real Estate Trust, a part of the Oakbrook, Ill.-based Inland Capital Markets group of real estate companies, to acquire the real estate investment trust for $15 per share in cash. (Read More)
America First to Explore Strategic Options
April 3, 2007
America First Apartment Investors Inc., a real estate investment trust based in Omaha, Neb., has announced the retention of Lazard Freres & Co. to assist in exploring the company's "strategic alternatives." (Read More)
New Century Debt, Stock Downgraded to D
April 3, 2007
The senior unsecured debt and preferred stock ratings of New Century Financial Corp. have been downgraded to D by Standard & Poor's Ratings Services. (Read More)
Greystone Introduces Mortgage Marketing Kit
April 3, 2007
Greystone Residential Funding Inc., Middleton, Wis., has introduced a customizable marketing tool kit designed to help financial institutions promote their mortgage programs during the spring buying season. (Read More)
Fitch: Ratings Pressure Rising for '05, '06 CDOs
April 3, 2007
Collateralized debt obligations issued in 2005 and 2006 will come under greater ratings pressure as stresses continue in the subprime market because they have substantially larger concentrations of subprime residential mortgage-backed securities, according to Fitch Ratings. (Read More)
CBRE Realty Closes $1B CDO
April 3, 2007
CBRE Realty Finance Inc., Hartford, Conn., has announced the closing of a $1.0 billion collateralized debt obligation collateralized in part by mortgage loans and mortgage-backed securities. (Read More)
REIT to Redeem Preferred Shares
April 3, 2007
Ramco-Gershenson Properties Trust, Southfield, Mich., has announced that it will redeem all 1.888 million outstanding shares of its series C cumulative convertible preferred shares of beneficial interest on June 1. (Read More)
Fannie Plans Hundreds of Layoffs
April 4, 2007
Fannie Mae says it will reduce its work force by several hundred full-time employees as part of an effort to cut operating expenses by $200 million in 2007. (Read More)
Groups Seek B&C Foreclosure Moratorium
April 4, 2007
Civil rights group are calling for an immediate six-month moratorium on foreclosures so that borrowers with subprime hybrid mortgages can transition to a more affordable loan product. (Read More)
B&C 'Meltdown' Cited in CA MF Forecast
April 4, 2007
The Southern California apartment market will get a boost this year from various factors, including the "subprime mortgage meltdown," according to a forecast released by the Lusk Center for Real Estate at the University of Southern California. (Read More)
Manhattan Residential RE Surging
April 4, 2007
Sales of Manhattan residential real estate surged 73% in the first quarter compared with the level recorded a year earlier, running counter to the trend seen virtually everywhere else in the United States, according to the Prudential Douglas Elliman Manhattan Market Overview. (Read More)
Apps Decline
April 4, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 671.0 to 649.5 on a seasonally adjusted basis during the week ended March 30, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Mortgage Marketing Letter Service Launched
April 4, 2007
Write Way Solutions, Phoenix, has announced the introduction of a new service to help lenders create more effective mortgage marketing letters. (Read More)
REIT Reports 2nd Liquidation Distribution
April 4, 2007
G REIT Inc., Santa Ana, Calif., has announced the approval by its board of a second special liquidating distribution of approximately $131.76 million, or $3.00 per share of common stock, to its stockholders. (Read More)
Freddie Prices RefNotes
April 4, 2007
Freddie Mac has priced $3 billion of 5.00% 10-year Reference Notes due April 18, 2017. (Read More)
Freddie Auctions RefNote Reopening
April 4, 2007
Freddie Mac has announced the online auctioning of a $1 billion reopening of a 4.75% two-year Reference Notes security due March 5, 2009. (Read More)
MBA Raps Moratorium Proposal
April 5, 2007
Lenders are already using a number of tools to help financially stretched borrowers avoid foreclosure, but these cases need to be addressed individually rather than with a blanket moratorium, according to the Mortgage Bankers Association. (Read More)
Dallas Fed Chief: B&C Problems 'Contained'
April 5, 2007
Problems in the subprime market are "largely contained" and the economy will "weather this storm," Dallas Federal Reserve Bank president Richard Fisher says, but the outlook for the housing market isn't as clear. (Read More)
Rates Hold Steady
April 5, 2007
The average 30-year fixed mortgage rate rose from 6.16% to 6.17% for the seven-day period ended April 5, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Wachovia Tops MBA Commercial/MF Ranks
April 5, 2007
Wachovia and Wells Fargo again ranked No. 1 and No. 2, respectively, among commercial and multifamily loan originators in 2006, according to the Mortgage Bankers Association. (Read More)
KB Home Elects 1st Non-Executive Chair
April 5, 2007
Stephen F. Bollenbach, co-chairman and chief executive officer of Hilton Hotels Corp., has been elected non-executive chairman of the board of Los Angeles-based KB Home. (Read More)
Nat'l City Names Prez/COO
April 5, 2007
Joe Cartellone has been named president and chief operating officer of Cleveland-based National City Corp., the parent company of National City Mortgage, Miamisburg, Ohio. (Read More)
RealtyTrac, Yahoo Redesign Foreclosure Center
April 5, 2007
RealtyTrac, an online marketplace for foreclosure properties, has announced a redesign of Yahoo! Real Estate Foreclosure Center that integrates three key functions: foreclosure searches, trend analysis, and education about buying properties in foreclosure. (Read More)
Wells Unveils Home Rebate Card
April 5, 2007
Wells Fargo & Co., San Francisco, has announced the introduction of the Wells Fargo Home Rebate Card, a credit card designed for customers of Wells Fargo Home Mortgage who want to pay down their mortgage faster. (Read More)
Citizens Home Launches New Option ARM
April 5, 2007
Citizens Home Loan, a national mortgage lender based in Charlotte, N.C., has announced the introduction of the Five Year Fixed Wealth Builder Option ARM. (Read More)
Turkey Bank 1st in Europe to Use Anti-Fraud Tool
April 5, 2007
Turkey's AkBank has become the first lender on the European continent to deploy Fair Isaac's Falcon ID anti-fraud tool, according to the Minneapolis-based company. (Read More)
Citi Renews ACB Partnership
April 5, 2007
CitiMortgage has renewed its partnership with America's Community Bankers' for-profit subsidiary to continue providing ACB members with secondary-market execution and services. (Read More)
Mortgage Jobs Rise
April 6, 2007
Mortgage companies added 3,000 full-time employees to their payrolls in February after laying off 16,400 workers over the previous three months. (Read More)
Congress Adds Funding for OFHEO GSE Suits
April 6, 2007
The House and the Senate have included additional funding for the Office of Federal Housing Enterprise Oversight in an emergency supplemental appropriations bill to cover litigation expenses involving former Fannie Mae and Freddie Mac executives. (Read More)
Clinton: Feds Have Been Lax on Lending Abuse
April 6, 2007
Federal regulators should have the authority and the responsibility to end abusive lending practices, Sen. Hillary Rodham Clinton says in a letter that urges the Federal Reserve Board to act quickly in finalizing guidance on subprime lending. (Read More)
Court OKs New Century DIP Financing
April 6, 2007
New Century Financial Corp., Irvine, Calif., has reported bankruptcy court approval of a motion to give the company interim access to up to $50 million of the $150 million debtor-in-possession financing arranged by The CIT Group and Greenwich Capital Financial Products Inc. (Read More)
Foreclosure Sales Jump 27% in California
April 6, 2007
Foreclosure sales jumped 27% in California last month and now represent 15% of home sales in the state, according to Foreclosure Radar, a foreclosure listings and software company based in Discovery Bay, Calif. (Read More)
Mortgage REIT Lowers Earnings Projections
April 6, 2007
American Home Mortgage Investment Corp., Melville, N.Y., has announced that it expects lower income in the first quarter and in 2007 overall than previously forecast due to conditions in the secondary-mortgage and mortgage-backed securities markets. (Read More)
Fitch Rates LoanCare Subservicing
April 6, 2007
Fitch Ratings has assigned LoanCare Servicing Center Inc., Virginia Beach, Va., an RPS3-plus residential subservicer rating for prime loans. (Read More)
Feedback
April 6, 2007
Replies to our latest survey question are running strongly against the idea that the FHA should insure acquisition, development, and construction loans for single-family houses. (Read More)
Fieldstone Cutting Work Force
April 9, 2007
In a cost-cutting move, Fieldstone Investment Corp. says it is reducing its work force by 125 employees and consolidating its wholesale operations into three offices. (Read More)
NovaStar Closing Warehouse Unit
April 9, 2007
NovaStar Financial Inc. is closing down its small warehouse lending unit, WarehouseUSA Capital Corp, over the next few weeks in response to the correction in the subprime mortgage market. (Read More)
State Regulators Backing Federal B&C Guidance
April 9, 2007
State regulators are taking steps to ensure that mortgage brokers and state-licensed lenders adhere to the same standards as federally chartered and regulated financial institutions when it comes to subprime hybrid adjustable-rate mortgages like 2/28s. (Read More)
HUD: FHA Helping to Avoid Foreclosures
April 9, 2007
The loss mitigation tools available to Federal Housing Administration lender/servicers have helped 36,500 thousand families who were behind in their mortgage payment keep their homes during the first half of fiscal year 2007, according to the Department of Housing and Urban Development. (Read More)
Tech, Consulting Companies Join Forces
April 9, 2007
Encomia, a Houston-based provider of electronic mortgage technology, and Mortgage Banking Services Direct, a management consulting company based in Horseshoe Bay, Texas, have announced a partnership aimed at offering lenders greater access to e-mortgage software and consulting services. (Read More)
BioMed Forms Venture With PREI
April 9, 2007
BioMed Realty Trust Inc., a real estate investment trust based in San Diego, has announced the formation of a joint venture with Prudential Real Estate Investors to acquire a portfolio of assets from Lyme Timber Co. (Read More)
ARC Eyes MH Asset Sale to Farallon
April 9, 2007
Affordable Residential Communities Inc., Englewood, Colo., has announced that it will negotiate exclusively with Farallon Capital Management LLC through April 16 regarding Farallon's possible acquisition of ARC's manufactured home business. (Read More)
Centro Names 5 New Plan Directors
April 9, 2007
Super MergerSub Inc., an affiliate of Australian property investment manager Central Properties Group, has announced the designation of five members of the New Plan Excel Realty Trust Inc. board of directors. (Read More)
OFHEO Sees Progress, but 'Much to Do,' at GSEs
April 10, 2007
Fannie Mae and Freddie Mac are making progress in correcting their systems, controls, and financial reporting, but "they still have much to do," according to the Office of Federal Housing Enterprise Oversight's 2006 report on its examinations of the two government-sponsored enterprises. (Read More)
OFHEO: Higher Risk Taxing Fannie's Systems
April 10, 2007
Fannie Mae is becoming more involved in higher-risk loan products, but it needs additional staffing and better information systems to deal with the risks, according to the Office of Federal Housing Enterprises 2006 annual report. (Read More)
NAR: Refi of B&C Loans Needn't Be Bailout
April 10, 2007
The Department of Housing and Urban Development could refinance distressed subprime borrowers into more affordable Federal Housing Administration loans in a prudent way that would not be a "bailout" for the lenders, according to the National Association of Realtors. (Read More)
Freddie Warns of Unsold Home Inventory
April 10, 2007
A large inventory of unsold homes on the market could continue to put downward pressure on homes prices even with strong home sales this spring, according Freddie Mac chief economist Frank Nothaft. (Read More)
Accredited Gets New Auditor
April 10, 2007
Subprime lender Accredited Home Lenders -- which is in danger of being delisted by the NASDAQ Stock Market -- has hired Squar, Milner, Peterson, Miranda & Williamson LLP as its new independent auditor. (Read More)
American Home Share Price Still Falling
April 10, 2007
American Home Mortgage, a real estate investment trust based in Melville, N.Y., saw its stock price continue to fall on Tuesday, sliding another 6%. (Read More)
Kaleidico Lead Widget Ranks Providers
April 10, 2007
Lead-management specialist Kaleidico has reported a tripling of website traffic since the beta launch of a new Lead Marketwatch widget on its homepage that ranks lead providers in order of their conversion of leads to loan applications. (Read More)
Agency MBS Speeds Rise
April 10, 2007
Prepayments on 30-year fixed-rate mortgages in agency mortgage-backed securities climbed 16% in March, in part because of a three-day increase in the business calendar and a seasonal rise in housing turnover activity, according to the Bear Stearns Prepayment Commentary. (Read More)
Consulting Group Issues B&C Risk Report
April 10, 2007
Huron Consulting Group, Chicago, has issued a report on the top questions board members and chief executives should ask when evaluating the risk of a subprime mortgage portfolio. (Read More)
Zacks Dubs ARC 'Bear of the Day'
April 10, 2007
Zacks Equity Research, Chicago, has declared Affordable Residential Communities Inc., Englewood, Colo., its "Bear of the Day" -- a stock expected to underperform the markets over the next three to six months -- for April 10. (Read More)
Fitch Revises Beazer's Outlook to Negative
April 10, 2007
Fitch Ratings has affirmed its ratings on Beazer Homes USA but changed the Atlanta-based homebuilder's rating outlook from Stable to Negative. (Read More)
Metrocities Slated For Sale
April 11, 2007
Metrocities Mortgage of California -- one of the largest remaining privately held nondepositories in the United States -- is slated for sale to a hedge fund, industry sources have told MortgageWire. (Read More)
Changes Coming at ABN Amro
April 11, 2007
ABN Amro Mortgage of Michigan -- which is now owned by Citigroup -- is expected to hold town hall meetings at several company sites Thursday to announce a companywide restructuring plan, industry sources have told MortgageWire. (Read More)
OFHEO to Press GSEs on 'Exotics' Guidance
April 11, 2007
Fannie Mae and Freddie Mac have not adopted federal nontraditional mortgage guidance yet, but their regulator is trying to get them on the same page as other financial institutions. (Read More)
Top Panel Republican Backs Assignee Liability
April 11, 2007
The top Republican on the House Financial Services Committee supports the concept of making secondary-market investors accountable for the performance of subprime loans through an assignee liability provision that is modeled after a New Jersey anti-predatory-lending law. (Read More)
Street, Mortgage Execs Facing Mock Foreclosures?
April 11, 2007
The Neighborhood Assistance Corporation of America is planning to conduct protests and mock foreclosures at the homes of Wall Street and mortgage company executives -- demanding loan modifications for subprime borrowers who are facing foreclosure. (Read More)
NAR Projecting Dip in Resale Prices
April 11, 2007
National Association of Realtors economists are projecting that tighter subprime underwriting will dampen home sales and that existing-home prices will decline nationally by 0.7% this year. (Read More)
Applications Dip
April 11, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 649.5 to 646.6 on a seasonally adjusted basis during the week ended April 6, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
S&P Cautions About CMBS/CDO Trends
April 11, 2007
Standard & Poor's Ratings Services has expressed concern about trends in the U.S. commercial mortgage-backed securities and collateralized debt obligation market that it says could result in higher risk to investors. (Read More)
IXIS RE Changes Name
April 11, 2007
New York-based IXIS Real Estate Capital Inc., the U.S. commercial real estate financing subsidiary of the recently formed Natixis, has changed its name to Natixis Real Estate Capital Inc. (Read More)
Ocwen Donates $200K for Foreclosure Prevention
April 11, 2007
The Homeownership Preservation Foundation, Minneapolis, has received $200,000 in support from Ocwen Loan Servicing LLC, West Palm Beach, Fla. (Read More)
Freddie Prices Preferred Stock
April 11, 2007
Freddie Mac has announced the pricing of $500 million of fixed-rate noncumulative perpetual preferred stock at $25 per share, with a dividend rate of 5.66%. (Read More)
Seiders: New-Home Slump May Last Till 2011
April 12, 2007
The new home market may not return to normal until 2011, a top housing economist has told a meeting of multifamily builders and developers in Hollywood, Fla. (Read More)
NovaStar Eyes 'Strategic' Options
April 12, 2007
NovaStar Financial, the nation's 16th-largest subprime funder, has revealed that it may sell the company and has hired Deutsche Bank Securities as its adviser. (Read More)
Report Suggests FHA Foreclosure Rescue Fund
April 12, 2007
With the possibility of accelerating foreclosures this year and next, Congress might consider creating a rescue fund that would allow the Federal Housing Administration to purchase and cure defaulted mortgages, according to a congressional report. (Read More)
Bankruptcy Reform Urged for Homeowners
April 12, 2007
Consumer advocates are urging Congress to amend the bankruptcy code so that homeowners can restructure high-cost loans and avoid foreclosure. (Read More)
Rates Rise
April 12, 2007
The average 30-year fixed mortgage rate rose from 6.17% to 6.22% for the seven-day period ended April 12, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Ventas Hikes Bid for Sunrise REIT
April 12, 2007
Ventas, a Louisville, Ky.-based health care real estate investment trust, has agreed to pay $16.50 (Canadian) per unit for the acquisition of Toronto-based Sunrise Senior Living REIT, the companies have reported. (Read More)
Countrywide Reports Hefty Boost in Refis
April 12, 2007
Of the $43 billion in mortgage loans originated in March by Countrywide Financial Corp., Calabasas, Calif., $26 billion were for refinancings, a $3.4 billion increase from the refi level recorded the previous March, according to the company. (Read More)
Millennium Revises Mortgage-Related Earnings
April 12, 2007
Millennium Bankshares Corp., Reston, Va., has revised its results for the fourth quarter of 2006 and the full year due to a $4.5 million pretax increase in the amount of reserves recorded in those periods for the wind-down of its mortgage operating subsidiaries at the end of last year. (Read More)
Earnings at MGIC, Largest MI, Fall 43%
April 12, 2007
Earnings at the nation's largest mortgage insurance company, MGIC Investment Corp., fell 43% in the first quarter from the level recorded in the same quarter last year. (Read More)
Ex-MLN CEO Seeks Injunction on Charges
April 12, 2007
Mitch Heffernan, the former president and chief executive of the defunct Mortgage Lenders Network, recently sought an injunction in bankruptcy court to stop the Connecticut Department of Labor from pursuing criminal charges against him, according to an article published in the Hartford Courant. (Read More)
Ex-Comptroller to Chair Office of Finance
April 12, 2007
Charles A. Bowsher, a former comptroller general of the United States, has been named the private-citizen director on the board of directors of the Office of Finance, and as such, he will be chairman of the board. (Read More)
Colonial Savings Buys $1.7B MSR Package
April 12, 2007
Colonial Savings, Fort Worth, Texas, has purchased the servicing rights on 18,431 home loans with a combined principal balance of approximately $1.7 billion from a Midwestern bank. (Read More)
Genworth Launches New MI Website
April 12, 2007
Genworth Financial Inc., Raleigh, N.C., has announced the introduction of a new and interactive website designed to educate users about mortgage insurance. (Read More)
Fannie Prices Benchmark Notes
April 12, 2007
Fannie Mae has priced $3 billion of 5.000% 10-year Benchmark Notes due May 11, 2017. (Read More)
Wachovia Gets Construction Loan Servicer Rating
April 12, 2007
Fitch Ratings has assigned an "Acceptable" construction loan servicer rating to Wachovia Securities, Charlotte, N.C. (Read More)
DASH CDO Classes Downgraded
April 12, 2007
Classes A-1 and A-2 of Diversified Asset Securitization Holdings I LP have been downgraded from BB to B/DR1 by Fitch Ratings. (Read More)
JPMorgan CMBS Class Downgraded
April 12, 2007
Class M of JP Morgan Commercial Mortgage Finance Corp.'s commercial mortgage pass-through certificates, series 2000-C10, has been downgraded from CC/DR4 to C/DR5 by Fitch Ratings. (Read More)
Correction
April 12, 2007
In a March 27 item, the Government Underwriting System (GUS), formerly known as the USDA Guaranteed Underwriting System, was erroneously referred to as the Ginnie Mae Underwriting System. (Read More)
B&C Crisis Shaking Market's Foundation?
April 13, 2007
The crisis in the subprime mortgage sector is shaking the very foundation of the housing market, according to one of the nation's largest homebuilders. (Read More)
First Horizon Shuts B&C Wholesale Unit
April 13, 2007
First Horizon Home Loans, Irving, Texas, has decided to exit the subprime wholesale channel, citing razor-thin profit margins and low bids on loan pools. (Read More)
California Wholesaler Closes Unit
April 13, 2007
Homefield Financial, Irvine, Calif., has shut its wholesale lending division, according to a posting on its website. (Read More)
Countrywide Bank Chief Departs
April 13, 2007
James Furash, chief executive of a depository owned by Countrywide Financial Corp., Calabasas, Calif., has left the company, according to combined news reports. (Read More)
GOP Bill Would Restrict GSE Portfolios
April 13, 2007
Fannie Mae and Freddie Mac could add only affordable housing loans and securities to their mortgage investment portfolios under a regulatory reform bill introduced by four Republican GSE hardliners on the Senate Banking Committee. (Read More)
FHA Reform Hearing on Tap
April 13, 2007
Democrats and Republicans on the House Financial Services Committee will get a chance to debate the merits of their respective Federal Housing Administration reform bills April 19 at a housing subcommittee hearing. (Read More)
Market Turmoil Points to Loss for Irwin
April 13, 2007
Irwin Financial Corp., Columbus, Ohio, expects to take a loss for the first quarter, blaming conditions in the consumer mortgage market and one impaired commercial credit in Michigan. (Read More)
MISMO Releases Credit Report Reissue Advice
April 13, 2007
The Mortgage Industry Standards Maintenance Organization and its Credit Reporting Workgroup have announced recommendations regarding the use of the MISMO standard for reporting reissues of credit reports to credit repositories. (Read More)
Fannie Auctions $1B BenchNote Reopening
April 13, 2007
Fannie Mae has reported the auction results for a $1 billion reopening of a 4.750% three-year Benchmark Notes security due March 12, 2010. (Read More)
Fieldstone Closes $358M Securitization
April 13, 2007
Fieldstone Investment Corp., Columbia, Md., has announced the securitization by an affiliate, Fieldstone Mortgage Investment Corp., of approximately $358 million of notes. (Read More)
RAIT Financial Prices Stock Offering
April 13, 2007
RAIT Financial Trust, Philadelphia, has priced an offering of $350 million in aggregate principal amount of 6.875% convertible senior notes due 2027. (Read More)
REIT Prices Stock Offering
April 13, 2007
Health Care REIT, Toledo, Ohio, has priced an offering of 5.5 million shares of common stock at $44.01 per share. (Read More)
Feedback
April 13, 2007
Are some lenders offering guarantees to retain account executives and "ride it out until the market corrects"? (Read More)
All Fund Late on Payroll
April 16, 2007
Net branch operator All Fund Mortgage of Tacoma, Wash., is late on paying some of its branch managers, with one senior officer blaming the problem on "accounting issues." (Read More)
Ameritrust Cuts B&C Wholesale
April 16, 2007
Ameritrust Mortgage, Charlotte, N.C., has stopped funding subprime loans through its wholesale network. (Read More)
Fremont Inks $2.9B Loan Sale
April 16, 2007
Fremont General Corp., Santa Monica, Calif., will sell $2.9 billion in subprime loans to an unidentified buyer, booking a $100 million pretax loss on the deal. (Read More)
Countrywide Enters State Settlement Pact
April 16, 2007
Countrywide Home Loans Inc., Calabasas, Calif., has entered into a $500,000 settlement with a Connecticut regulator for charging excessive financing fees on 473 borrowers and for failing to register 147 originators with the state banking department. (Read More)
Apollo to Buy Innkeepers USA
April 16, 2007
Innkeepers USA Trust, a Palm Beach, Fla.-based hotel real estate investment trust, is being acquired by an associate of New York-based Apollo Investment Corp. for $1.5 billion. (Read More)
10-Year Yield in Higher Range
April 16, 2007
The rate-indicative 10-year Treasury yield has returned to a higher range not seen since roughly mid-February. (Read More)
LandAm Reports $21M Writedown
April 16, 2007
LandAmerica Financial Group Inc., a provider of real estate transaction services based in Richmond, Va., has announced a noncash writedown of approximately $21 million ($13 million after taxes) of its customer-relationship intangible asset in the lender services segment. (Read More)
Foreclosure Filings Surpass 250K in 1Q
April 16, 2007
More than a quarter of a million pre-foreclosures and notices of pending foreclosure auctions were filed nationwide in the first quarter, a rise of 22.5% from the level recorded in the fourth quarter of 2006, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm. (Read More)
FBR: Subprime MBS Issuance Down From 1Q06
April 16, 2007
The issuance of subprime mortgage-backed securities rose in February and March, but was off 15.8% for the whole quarter compared with that of the first quarter of last year, according to a Friedman Billings Ramsey report. (Read More)
Meridian Cap Names New Chairman
April 16, 2007
Alan H. Fishman has been named chairman of Meridian Capital Group LLC, a New York-based mortgage brokerage firm, replacing Howard J. Zuckerman, who will become vice chairman. (Read More)
PMI Guaranty Hires ABS Chief
April 16, 2007
Christopher C. Mortello has been named managing director of asset-backed securities at PMI Guaranty Co., a Jersey City, N.J.-based provider of credit enhancement for mortgages and other asset classes. (Read More)
REIT Amends $300M LOC
April 16, 2007
LaSalle Hotel Properties, Bethesda, Md., has announced an amendment to its $300 million senior unsecured bank facility. (Read More)
BALL CMBS Class Downgraded
April 16, 2007
Class K of Banc of America Large Loans Inc.'s commercial mortgage pass-through certificates, series 2004-BBA4, has been downgraded from BBB-minus to BB-plus by Fitch Ratings. (Read More)
Clarification
April 16, 2007
Credit-Based Asset Servicing and Securitization LLC, a specialty servicer controlled by mortgage insurance giants MGIC and Radian, agreed in March to acquire Fieldstone Investment Corp., Columbia, Md., for $4 a share under an amended purchase agreement. A recent item referred to the fact that Fieldstone had put itself on the auction block late last year, leaving the erroneous impression that it was still for sale. (Read More)
SF Starts Up Slightly -- but Off 24.6% From '06
April 17, 2007
Single-family housing starts inched up 2% in March from the total recorded in February to a seasonally adjusted annual rate of 1.218 million units, but they were down 24.6% compared with the level of a year ago, according to government figures released April 17. (Read More)
GSE Bill Seeks Probe of Fannie Lobbying
April 17, 2007
Fannie Mae's lobbying efforts in 2004 would be the subject of a special study under a newly introduced GSE reform bill to see whether Fannie executives "intended to obstruct" an Office of Federal Housing Enterprise Oversight examination that uncovered a $10 billion accounting scandal at the government-sponsored enterprise. (Read More)
Fannie Refi Program Targets Payment Shock
April 17, 2007
Fannie Mae is relaxing its underwriting standards to help refinance homeowners who are facing imminent payment shock due to adjustable-rate subprime mortgages. (Read More)
Freddie Speeding Delivery of B&C Products
April 17, 2007
Freddie Mac is speeding up the delivery of new subprime products that might offer more stable refinancing alternatives to subprime borrowers by midsummer. (Read More)
Wells Sees Jump in Residential Overdues
April 17, 2007
Wells Fargo & Co., San Francisco, saw its 90-days-or-more residential delinquencies spike in the first quarter, with its government-insured loan repurchases also shooting up significantly. (Read More)
ResCap CEO Paradis to Retire
April 17, 2007
Residential Capital Corp. chief executive Bruce Paradis will retire on June 1 and be replaced by Jim Jones, who currently serves as the firm's chief operating officer and president. (Read More)
ARC Selling MH Biz to Farallon
April 17, 2007
Affordable Residential Communities, Englewood, Colo., is selling its manufactured home community business to an affiliate of Farallon Capital Management for a total of $1.794 billion, including cash and assumption of debt. (Read More)
Wells REIT Internalizes Advisers
April 17, 2007
Wells Real Estate Investment Trust Inc., Norcross, Ga., has announced the acquisition of its adviser companies for an undisclosed amount, making itself a self-advised REIT. (Read More)
JER Names CRE Mezzanine Lending Chiefs
April 17, 2007
Jeffrey A. Wiseman and Kevin D. Walsh have been named co-heads of mezzanine lending at JER Investors Trust Inc., a McLean, Va.-based company that originates and acquires commercial real estate structured finance products. (Read More)
S&P Announces Index Changes
April 17, 2007
Standard & Poor's has announced changes to the S&P MidCap 400 and SmallCap 600 indices involving real estate investment trusts. (Read More)
Panama Does 1st Cross-Border MBS Deal
April 17, 2007
The first cross-border mortgage-backed securities transaction from Panama, a $149.1 million deal, has been rated by Moody's Investors Service. (Read More)
Fitch: FICO Less Critical if Other Risks Present
April 17, 2007
FICO scores are less significant as an early default indicator when other high-risk loan attributes, such as no income verification, are present, according to a Fitch Ratings report on defaults of subprime mortgages underlying residential mortgage-backed securities. (Read More)
MBA, NeighborWorks to Fight Foreclosures
April 17, 2007
The Mortgage Bankers Association has announced a partnership with NeighborWorks America to support a national campaign to help borrowers stay in their homes. (Read More)
Feldman Reports $25M Credit Pact
April 17, 2007
Feldman Mall Properties Inc., Great Neck, N.Y., has announced a $25 million credit agreement between its affiliate, Feldman Equities Operating Partnership, and Kimco Capital Corp. (Read More)
Key Senators Rule Out Subprime Bailout
April 18, 2007
The chairman of the Senate Banking Committee and the ranking Republican member on Wednesday ruled out any type of government bailout for delinquent subprime borrowers. (Read More)
Did FDIC Summit Find Subprime Reset Fix?
April 18, 2007
A Federal Deposit Insurance Corp. summit may have found a way to restructure adjustable-rate 2/28s mortgages in subprime securitizations and prevent foreclosures, according to FDIC Chairman Sheila Bair. (Read More)
Feds Encourage B&C Workouts Via CRA Credit
April 18, 2007
Federal regulators are encouraging banks and thrifts to help distressed subprime borrowers through loan modifications and other workout arrangement by awarding Community Reinvestment Act credit. (Read More)
Supreme Court Upholds Comptroller's Power
April 18, 2007
State regulators cannot interfere with the mortgage banking subsidiaries of national banks, according to a U.S. Supreme Court ruling that upholds the comptroller of the currency's exclusive authority over national banks and their subsidiaries. (Read More)
Pols Reconsidering Jumbo Loan Mandate
April 18, 2007
Key congressional supporters of raising the conforming-loan limit are reconsidering a provision in a GSE reform bill that would require Fannie Mae and Freddie Mac to securitize and sell all jumbo mortgages. (Read More)
Credit Suisse to Buy Lime Financial
April 18, 2007
Credit Suisse has agreed to buy nonprime wholesale residential lender Lime Financial Services, Lake Oswego, Ore. (Read More)
WMC 1Q Production Plunges by 50%
April 18, 2007
The General Electric-owned WMC Mortgage -- the nation's fourth-largest subprime lender -- funded $3.4 billion in residential mortgages in the first quarter, a stunning 50% decline from its funding level in the same quarter last year. (Read More)
Applications Decline
April 18, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 646.6 to 630.6 on a seasonally adjusted basis during the week ended April 13, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
WaMu Unveils $2B B&C Assistance Program
April 18, 2007
Washington Mutual Inc., Seattle, has announced a $2 billion assistance program designed to help homeowners with subprime mortgage loans avoid foreclosure. (Read More)
WaMu's Mortgage Unit Takes 1Q Loss
April 18, 2007
Washington Mutual Inc.'s home loan segment incurred a net loss of $113 million in the first quarter as a result of weakness in the subprime mortgage market, the Seattle-based thrift has reported. (Read More)
JPMorgan's Mortgage Profits Rise
April 18, 2007
JPMorgan Chase & Co., New York, has reported net income from its mortgage banking operations of $84 million for the first quarter, up from $39 million a year earlier. (Read More)
Walsh Vacates Del Mar
April 18, 2007
After running origination vendor Del Mar Database, San Diego, for several years, the company's president, John Walsh, has decided to leave the company. (Read More)
GAO Cites Competition, Pricing in Title Biz
April 18, 2007
A report from the Government Accountability Office has cited competition and pricing as areas of concern in the title insurance business. (Read More)
Freddie Prices Reference REMIC
April 18, 2007
Freddie Mac has priced Reference REMIC R011, a $1.24 billion issue of real estate mortgage investment conduit securities. (Read More)
Blue Heron V CDO Classes Downgraded
April 18, 2007
The class A-1 and A-2 notes issued by Blue Heron Funding V Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded from F1-plus to F1 by Derivative Fitch. (Read More)
Blue Heron IX CDO Class Downgraded
April 18, 2007
The class A notes issued by Blue Heron Funding IX Ltd., a collateralized debt obligation consisting partly of residential and commercial mortgage-backed securities, has been downgraded from F1-plus to F1 by Derivative Fitch. (Read More)
DASH CDO Class Downgraded
April 18, 2007
Class B-1 of Diversified Asset Securitization Holdings II LP has been downgraded from B/DR4 to CCC/DR4 by Fitch Ratings. (Read More)
Freddie Makes $20B Subprime Commitment
April 19, 2007
Freddie Mac has announced that it will purchase $20 billion in fixed-rate and hybrid adjustable-rate mortgage products that will provide more options for lenders to offer subprime borrowers. (Read More)
Dispute Could Slow Passage of FHA Reform
April 19, 2007
A partisan dispute over an affordable housing trust fund could slow passage of a Federal Housing Administration reform bill that many in Congress view as a way to help subprime borrowers get into safer and more affordable home loans. (Read More)
HUD Close to Issuing DPA Limit Proposal
April 19, 2007
The Department of Housing and Urban Development is getting closer to issuing a proposed rule for public comment that restricts downpayment assistance on Federal Housing Administration single-family loans if the funds come from a person or company selling the house. (Read More)
REIT Era Not Over, Exec Says
April 19, 2007
The era of publicly traded real estate is not over, as some have speculated following the privatization of a number of real estate investment trusts, and the REIT structure is likely to gain more favor as it catches on worldwide, according to Sam Zell, chairman of Equity Group Investments. (Read More)
Rates Decline
April 19, 2007
The average 30-year fixed mortgage rate fell from 6.22% to 6.17% for the seven-day period ended April 19, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
RealtyTrac: New Foreclosures Up 47% From '06
April 19, 2007
RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that new foreclosure filings rose 7% in March and were 47% higher than the level recorded a year earlier. (Read More)
Fitch: CMBS Overdues Dip
April 19, 2007
Delinquencies on mortgages supporting commercial mortgage-backed securities fell 1 basis point in March to 0.33%, but the recovery in the office sector may be slowing, according to a Fitch Ratings loan delinquency index. (Read More)
New Stewart Group Names Prez
April 19, 2007
Matthew W. Morris has been named president of Stewart Professional Solutions, a newly formed support services group for Stewart Title Co. and Stewart Title Guaranty Co. (Read More)
Sovereign Reports Mortgage Banking Loss
April 19, 2007
Sovereign Bancorp Inc., Philadelphia, has reported that its mortgage banking business incurred a loss of $107 million in the first quarter, in large measure due to a $120 million charge related to the sale of correspondent home equity loans. (Read More)
BoA Reports Mortgage-Related Rise in Profits
April 19, 2007
Bank of America Corp., Charlotte, N.C., has reported net income of $5.26 billion ($1.16 per share) for the first quarter, an increase of 5% from $4.99 billion ($1.07 per share) a year earlier that it attributed partly to a rise in mortgage banking income. (Read More)
FHLBanks Price $4B Global Bond
April 19, 2007
The Federal Home Loan Banks have priced a $4 billion, 4.750%, two-year global bond due April 24, 2009. (Read More)
Merrill CMBS Class Downgraded
April 19, 2007
Class E of Merrill Lynch Mortgage Investors Inc. mortgage pass-through certificates, series 1998-C1-CTL, has been downgraded from Ba3 to B1 by Moody's Investors Service. (Read More)
Fitch Eyes First Horizon MBS Classes
April 19, 2007
Three classes of First Horizon Home Loan Mortgage Trust mortgage-backed securities have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
GMAC Owner Buys Option One
April 20, 2007
Hedge fund Cerberus Capital Management -- which controls GMAC Mortgage -- has agreed to buy Option One Mortgage Corp., Irvine, Calif., from H&R Block for just under $1 billion in cash. (Read More)
GE Shocker: WMC Cuts 50% of Work Force
April 20, 2007
The General Electric-owned WMC Mortgage, Burbank, Calif., a top-ranked subprime lender, on Thursday laid off 50% of its work force -- roughly 771 full-time positions. (Read More)
Opteum Exits Conduit, Wholesale Channels
April 20, 2007
Opteum Inc., Vero Beach, Fla., is no longer accepting applications in Opteum Financial Services' conduit and wholesale channels and will exit those lines of business. (Read More)
Cuomo Subpoenaing NY Mortgage Companies?
April 20, 2007
New York Attorney General Andrew Cuomo has issued generic subpoenas to about 30 mortgage lenders and servicers asking about industry practices, and he may focus on mortgage broker compensation, according to a mortgage banking attorney. (Read More)
Transnational Terminates Texas Cap Purchase
April 20, 2007
Transnational Financial Network Inc., a San Francisco-based wholesale and retail mortgage banking firm, has announced an agreement with Texas Capital Bank to terminate contractual arrangements regarding TFN's acquisition of the bank's mortgage lending division. (Read More)
PA Banking Official Pushing Mortgage Reform
April 20, 2007
Citing a need to improve accountability in the mortgage industry and keep families from losing their homes, Pennsylvania Acting Banking Secretary Victoria A. Reider has urged swift action on legislation to stop abusive lending practices blamed for many foreclosures. (Read More)
Cap One Mortgage Segment Takes 1Q Loss
April 20, 2007
The mortgage banking sub-segment of Capital One Financial Corp., McLean, Va., incurred a $12.6 million net loss in the first quarter, Capital One has reported. (Read More)
Farmer Mac Touts $8B Portfolio
April 20, 2007
The Federal Agricultural Mortgage Corp., Washington, D.C., has announced the guarantee of a $1 billion note transaction that boosted its total guarantee volume to a record level of over $8 billion. (Read More)
Fannie Declares 2Q Dividends
April 20, 2007
Fannie Mae has announced a common stock dividend of $0.40 per share for the second quarter, unchanged from that of the previous quarter. (Read More)
Ashford Prices Stock Offering
April 20, 2007
Ashford Hospitality Trust, a real estate investment trust based in Dallas, has priced a follow-on public offering of 42.5 million shares of common stock at $11.75 per share. (Read More)
First Franklin MBS Classes Downgraded
April 20, 2007
Five classes from three deals issued by First Franklin Mortgage Loan Trust have been downgraded by Moody's Investors Service. (Read More)
Fitch Eyes Harborview MBS Class
April 20, 2007
Class B5 of Harborview Mortgage Loan Trust Inc. series 2006-6 has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Feedback
April 20, 2007
Subprime blues got you thinking about other careers? (Read More)
Top 20 Wholesaler MILA Closes
April 23, 2007
MILA Inc., Mountlake Terrace, Wash., a top-20-ranked subprime wholesaler, closed its doors April 20, the apparent victim of loan buyback requests it could not afford. (Read More)
OFHEO Mulling GSE Subprime Guidance
April 23, 2007
Fannie Mae and Freddie Mac are some of the biggest investors in subprime securities, and their regulator -- the Office of Federal Housing Enterprise Oversight -- is looking for ways to ensure that their purchases of private-label securities comply with federal subprime underwriting standards. (Read More)
Congress Warned Against Subprime Overreaction
April 23, 2007
Although subprime defaults are rising in Florida and the West Coast, a market correction is under way and Congress should leave it to regulators and the mortgage industry to help troubled subprime borrowers, according to a top housing regulator. (Read More)
Deerfield Triarc to Buy External Manager
April 23, 2007
Deerfield Triarc Capital Corp., a Chicago-based real estate investment trust, has announced an agreement to acquire Deerfield & Co. LLC from Triarc Cos. for a total consideration of approximately $290 million in stock and cash. (Read More)
CoreLogic: Foreclosure Risk Rising
April 23, 2007
Core Mortgage Risk Monitor's foreclosure index has "increased dramatically" in the second quarter, although the risk index overall is showing signs of stabilization, according to First American CoreLogic, a Sacramento, Calif.-based provider of mortgage risk assessment and fraud prevention systems. (Read More)
Thomas Properties Prices Stock Offering
April 23, 2007
Thomas Properties Group Inc., Los Angeles, has priced a public offering of 8 million shares of common stock at $16 per share. (Read More)
Fitch Downgrades IndyMac Outlook
April 23, 2007
Fitch Ratings has affirmed the long-term issuer default rating of IndyMac Bancorp, but it has revised the company's outlook from Positive to Stable. (Read More)
GSAMP MBS Classes Downgraded
April 23, 2007
Fifteen classes from three issues of GSAMP Trust mortgage-backed securities have been downgraded by Moody's Investors Service, and eight classes have been placed under review for possible downgrade. (Read More)
Ace MBS Classes Downgraded, on Watch
April 23, 2007
Four certificates from Ace Securities Corp. Home Equity Loan Trust series 2006-SL2 have been downgraded and maintained on review for possible further downgrade by Moody's Investors Service, and 10 other certificates from the deal have been placed on review for possible downgrade. (Read More)
Fitch Downgrades Long Beach MBS Classes
April 23, 2007
Twenty-three classes from 10 Long Beach Mortgage Loan Trust transactions have been downgraded by Fitch Ratings. (Read More)
Moody's Downgrades Long Beach MBS Classes
April 23, 2007
Three certificates from Long Beach Mortgage Loan Trust series 2006-A have been downgraded and maintained on review for possible further downgrade by Moody's Investors Service, and nine other certificates from the deal have been placed on review for possible downgrade. (Read More)
CWABS Classes Downgraded
April 23, 2007
Four classes of Countrywide asset-backed securitizations have been downgraded by Fitch Ratings, and eight classes have been placed on Rating Watch Negative. (Read More)
DASH CDO Classes Downgraded
April 23, 2007
Two classes of Diversified Asset Securitization Holdings III LP, a collateralized debt obligation based in part by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Resales Down Almost 10%
April 24, 2007
Sales of existing single-family homes fell almost 10% in March from those of the previous month to an annualized rate of 5.32 million units, according to new figures released by the National Association of Realtors. (Read More)
Dems Demand Ability-to-Pay Subprime Standard
April 24, 2007
Democrats on the Senate Banking Committee are turning up the heat on the Federal Reserve Board, demanding that it establish an ability-to-repay standard on subprime mortgages and designate the failure to escrow homeowners' insurance and property taxes as a deceptive lending practice. (Read More)
Chase-Shiller HPI: Housing Prices Still Falling
April 24, 2007
Housing prices continued to decline in February and were down 1.0% over the past 12 months, according to the Standard & Poor's/Case-Shiller housing price indices covering 20 major metropolitan areas. (Read More)
S&P: Rising Defaults May Worsen Housing Glut
April 24, 2007
Rising subprime mortgage defaults threaten to exacerbate an oversupply of housing inventory, according to a new report published by Standard & Poor's Ratings Services. (Read More)
Foundation Says Borrower Distress Calls Surging
April 24, 2007
The Homeownership Preservation Foundation, Minneapolis, has reported a "significant jump" in the number of homeowners calling its 888-995-HOPE hotline for assistance in avoiding foreclosure. (Read More)
Countrywide Forming Unit to Review Processes
April 24, 2007
Countrywide Financial Corp. Calabasas, Calif., is creating a new 15-person unit in Calabasas to review the entire company's processes from top to bottom, one mortgage executive familiar with the matter has told MortgageWire. (Read More)
JER Buying Highland Hospitality
April 24, 2007
JER Partners Acquisitions, a private equity investor, is acquiring McLean, Va.-based Highland Hospitality Corp. for a total of $2.0 billion. (Read More)
Fidelity Chalks Up 20,000 E-Closings
April 24, 2007
Charlotte, N.C.-based Wachovia is one of the lenders drawing high marks for its just-launched campaign to offer customers the option of closing a mortgage loan refinancing online without ever leaving their home or office. (Read More)
CML: UK Mortgage Lending Hits Record High
April 24, 2007
Gross mortgage lending in the United Kingdom reached a March record of £31.3 billion (about $62.6 billion), according to the latest data from the Council of Mortgage Lenders, London. (Read More)
SAIL MBS Classes Downgraded
April 24, 2007
Fifty-eight classes from 15 Structured Asset Investment Loan Trust mortgage pass-through certificates have been downgraded by Fitch Ratings. (Read More)
CSFB Home Equity Classes Downgraded
April 24, 2007
Twenty-nine classes from 10 Credit Suisse First Boston home equity securitizations have been downgraded by Fitch Ratings. (Read More)
SASCO ARC MBS Classes Downgraded
April 24, 2007
Twenty-five classes from nine Structured Asset Securities Corp. Amortizing Residential Collateral Trust transactions have been downgraded by Fitch Ratings. (Read More)
Fitch Downgrades SASCO MBS Classes
April 24, 2007
Three classes of Structured Asset Securities Corp. residential mortgage-backed certificates have been downgraded by Fitch Ratings. (Read More)
Terwin MBS Classes Downgraded
April 24, 2007
Two classes of Terwin Mortgage Trust mortgage-backed securities have been downgraded by Moody's Investors Service, and five classes have been placed under review for possible downgrade. (Read More)
Finance America Classes Downgraded
April 24, 2007
Two classes of Finance America Mortgage Loan Trust series 2004-2 have been downgraded by Fitch Ratings, and two classes from series 2004-1 have been placed on Rating Watch Negative. (Read More)
Mesa MBS Class Downgraded
April 24, 2007
Class B of Mesa Trust 2001-2 has been downgraded from B3 to Caa3 by Moody's Investors Service. (Read More)
Moody's Eyes SACO MBS Classes
April 24, 2007
Fifteen classes from six deals issued by SACO I Trust have been placed on review for possible downgrade by Moody's Investors Service. (Read More)
New-Home Sales Rise
April 25, 2007
New-home sales rose 2.6% in March after falling 16% since December as homebuilders continued to struggle with large inventories of unsold homes. (Read More)
Feds Offer CRA Credit for Special B&C Workouts
April 25, 2007
Banks and thrifts can earn Community Reinvestment Act credit by placing their troubled subprime borrowers into newly refinanced loans, but not for ordinary workouts and loan modifications, according to regulators. (Read More)
HUD Can Help B&C Borrowers, Official Says
April 25, 2007
While rejecting the idea of a government bailout for delinquent subprime borrowers, a top government housing official said Wednesday that the Federal Housing Administration can come to the aid of "tens of thousands" of consumers through the refinancing process. (Read More)
Mark-up Slated for FHA Reform Bill
April 25, 2007
The House Financial Services Committee will mark up a Federal Housing Administration reform bill next week, according to the committee chairman, Rep. Barney Frank, D-Mass. (Read More)
Applications Rise
April 25, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 630.6 to 653.3 on a seasonally adjusted basis during the week ended April 20, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Illness, Debt Play Growing Role in Overdues
April 25, 2007
A study by Freddie Mac has found that illness and excessive debt are gaining ground on job or income loss as the leading cause of mortgage delinquencies. (Read More)
RealtyTrac: Foreclosures Surge in 1Q
April 25, 2007
More than 430,000 foreclosure filings were reported nationwide in the first quarter, up 27% from those of the previous quarter and 35% from a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif. (Read More)
1Q Foreclosures Set Record in MA
April 25, 2007
Foreclosures are continuing to "escalate at a record-setting pace" in Massachusetts, according to ForeclosuresMass, a provider of foreclosure data based in Framingham, Mass. (Read More)
Vendors Align to Mitigate Fraud
April 25, 2007
Rapid Reporting, Fort Worth, Texas, has announced a partnership with Calyx Software, a broker loan origination vendor based in San Jose, Calif., to help brokers detect fraud earlier in the process. (Read More)
Colliers: Office Market Slows, but Trend Still Up
April 25, 2007
The national office market "took a bit of a breather" in the first quarter, although the upward trend remains intact, according to Colliers International, a Boston-based commercial real estate manager. (Read More)
CSFB HEAT Classes Downgraded
April 25, 2007
Twenty-nine classes from 10 Credit Suisse First Boston Home Equity Asset Trust transactions have been downgraded by Fitch Ratings. (Read More)
SASCO MBS Classes Downgraded
April 25, 2007
Seventeen classes from six Structured Asset Securities Corp. residential mortgage-backed securitizations have been downgraded by Fitch Ratings. (Read More)
Fitch Downgrades MASTR RMBS Classes
April 25, 2007
Four classes of mortgage pass-through certificates in Mortgage Asset Securitization Transactions Second Lien Trust 2005-1 have been downgraded by Fitch Ratings. (Read More)
MASTR ABS Classes Downgraded
April 25, 2007
Two classes of mortgage pass-through certificates in Mortgage Asset Securitization Transactions Asset Back Securities Trust deals have been downgraded by Fitch Ratings. (Read More)
Citi MBS Classes Downgraded
April 25, 2007
Three classes from two CitiFinancial Mortgage Securities Inc. securitizations have been downgraded by Fitch Ratings. (Read More)
Fitch Downgrades Putnam CDO Classes
April 25, 2007
Three classes of Putnam Structured Products CDO 2001-1 Ltd., a collateralized debt obligation consisting partly of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
7% of Mortgagors Have Negative Equity
April 26, 2007
Roughly 7% of U.S. homeowners have negative home equity, and the housing industry is currently in the throes of a "deep recession," according to the chief economist for Global Insight Inc., a forecasting firm. (Read More)
Lawmakers Request GAO Foreclosure Study
April 26, 2007
The ranking members of the House Financial Services Committee have asked the Government Accountability Office to conduct a study into the recent surge of foreclosures and promptly report back to the committee. (Read More)
Fed: Housing Markets Weaken Further
April 26, 2007
Housing markets "continued to weaken" in March and early April, while many Federal Reserve banks reported declining home construction activity in their districts, according to the Fed's Beige Book. (Read More)
BoA Buying Reverse Mortgage Biz
April 26, 2007
Bank of America, Charlotte, N.C., has announced an agreement to acquire the reverse mortgage business of Seattle Mortgage Co., the third-ranked producer of federally backed reverse mortgages, for an undisclosed price. (Read More)
Gulf Rental Aid Extended
April 26, 2007
The Bush administration has developed a plan that extends rental assistance to victims of 2005 Gulf Coast hurricanes until March 2009 and transfers management of the disaster housing voucher program to the Department of Housing and Urban Development on Sept. 1. (Read More)
Rates Dip
April 26, 2007
The average 30-year fixed mortgage rate fell from 6.17% to 6.16% for the seven-day period ended April 26, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Countrywide Links Earnings Dive to B&C Ops
April 26, 2007
Countrywide Financial Corp., Calabasas, Calif., has reported net earnings of $434.0 million ($0.72 per share) for the first quarter, a 37% decline from $683.5 million ($1.10 per share) in the first quarter of 2006 that the company attributed largely to its subprime operations. (Read More)
FBR Takes Subprime-Related Loss
April 26, 2007
Friedman, Billings, Ramsey Group Inc., Arlington, Va., has reported a net loss of $185.9 million ($1.08 per share) for the first quarter, down from after-tax earnings of $26.6 million ($0.16 per share) a year earlier, citing its nonprime mortgage businesses as the reason for the loss. (Read More)
REIT Obtains New Credit Facility
April 26, 2007
Associated Estates Realty Corp., Richmond Heights, Ohio, has announced the replacement of two smaller secured lines of credit with a $100 million senior unsecured revolving credit facility. (Read More)
SAIL MBS Classes Downgraded
April 26, 2007
Ten classes from five Structured Asset Investment Loan mortgage pass-through certificate deals have been downgraded by Fitch Ratings, and four classes have been placed on Rating Watch Negative. (Read More)
Soundview HEL Classes Downgraded
April 26, 2007
Six classes in two Soundview Home Equity Loan Trust securitizations have been downgraded by Fitch Ratings, and one other class has been placed on Rating Watch Negative. (Read More)
CSFB Home Equity Classes Downgraded
April 26, 2007
Four classes from two Credit Suisse First Boston Home Equity Asset Trust securitizations have been downgraded by Fitch Ratings, and six others have been placed on Rating Watch Negative. (Read More)
Merrill MBS Classes Downgraded
April 26, 2007
Four classes of Merrill Lynch Mortgage Investors Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings, and four other classes have been placed on Rating Watch Negative. (Read More)
B&C Wholesaler Cuts Jobs, Halts Funding
April 27, 2007
Millennium Funding Group, a nonprime wholesaler based in Indianapolis, laid off some of its staff the week of April 23 and has stopped accepting new loans, company officials have confirmed to MortgageWire. (Read More)
MBA Raps GOP Bill's Portfolio Limits
April 27, 2007
The Mortgage Bankers Association considers a GSE regulatory reform bill introduced by four Republican senators to be "well-crafted" but says it cannot go along with the limits on the Fannie Mae and Freddie Mac mortgage portfolios. (Read More)
Rising SF Vacancies Leave 'Huge Overhang'
April 27, 2007
The number of vacant single-family homes for sale rose 3.8% in the first quarter, leaving a huge overhang of 2.2 million vacant homes on the market in the middle of the spring selling session, according to a Census Bureau report. (Read More)
Wells Settles B&C Lending Practices Suit
April 27, 2007
Wells Fargo Financial Inc., the consumer finance subsidiary of San Francisco-based Wells Fargo & Co., has announced the settlement of a class action lawsuit involving its nonprime mortgage lending practices in California. (Read More)
IndyMac Reports 1Q Profit Plunge
April 27, 2007
IndyMac Bancorp Inc., Pasadena, Calif., has reported net earnings of $52.4 million ($0.70 per share) for the first quarter, down 34% from $79.8 million ($1.18 per share) a year earlier. (Read More)
Opteum Sub Selling Servicing Portfolio
April 27, 2007
Opteum Inc., Vero Beach, Fla., has announced an agreement by its subsidiary, Opteum Financial Services LLC, to sell a majority of its private-label and agency mortgage servicing portfolio. (Read More)
Inland Western Forms $1B JV
April 27, 2007
Inland Western Retail Real Estate Trust, a real estate investment trust affiliated with Oak Brook, Ill-based Inland Real Estate Group of Cos., has formed a $1 billion joint venture to invest in U.S. retail properties with a state pension fund investor advised by Morgan Stanley. (Read More)
Partnership Boosts AH in Louisiana
April 27, 2007
Federal, state and private entities have entered into a unique $47 million partnership designed to provide needed capital to affordable and mixed-income housing developers operating in Louisiana's Gulf Opportunity Zone-designated parishes. (Read More)
K&B French Unit to Buy Stake in Seniors Sante
April 27, 2007
The French affiliate of U.S. builder Kaufman & Broad has agreed to buy a 33.3% equity stake in Seniors Sante, a French nursing home operator. (Read More)
Terwin MBS Classes Downgraded
April 27, 2007
Eleven classes from four Terwin Mortgage Trust issues of mortgage pass-through certificates have been downgraded by Fitch Ratings, and one has been placed on Rating Watch Negative. (Read More)
Soundview 2nd Lien Classes Downgraded
April 27, 2007
Ten classes in three Soundview Home Equity Loan Trust Second Lien securitizations have been downgraded by Fitch Ratings. (Read More)
Fitch Downgrades Merrill MBS Classes
April 27, 2007
Eight classes of Merrill Lynch Mortgage Investors Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings, and one other class has been placed on Rating Watch Negative. (Read More)
1st Franklin MBS Classes Downgraded
April 27, 2007
Seven certificates from four transactions issued in 2004 by First Franklin Mortgage Loan Trust have been downgraded by Moody's Investors Service. (Read More)
Meritage MBS Classes Downgraded
April 27, 2007
Seven classes from two Meritage Mortgage Loan Trust securitizations have been downgraded by Fitch Ratings, and two other classes have been placed on Rating Watch Negative. (Read More)
CDC MBS Classes Downgraded
April 27, 2007
Four classes from three issues of CDC Mortgage Capital Trust mortgage pass-through certificates have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative. (Read More)
Moody's Downgrades GSMPS MBS Classes
April 27, 2007
Two classes of GSMPS Mortgage Loan Trust series 2003-1 have been downgraded by Moody's Investors Service. (Read More)
MKP CBO Classes Downgraded
April 27, 2007
Two classes of notes issued by MKP CBO I Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings. (Read More)
Feedback
April 27, 2007
Interested in finding out why one broker has "ceased doing any and all foreclosure bailout loans"? (Read More)
Groups Seek GSE Fund Foreclosure Earmark
April 30, 2007
Minority real estate groups are calling on House Financial Services Committee leaders to earmark a portion of a GSE affordable housing fund to support foreclosure prevention funds. (Read More)
Coalition: FHA Needs to Realign Procedures
April 30, 2007
The Federal Housing Administration may not be able to revive its single-family program unless the agency adopts private-sector policies and procedures in originating, insuring, and servicing mortgages, according to the Consumer Mortgage Coalition. (Read More)
Lereah Leaving NAR to Join Move
April 30, 2007
Economist David Lereah is leaving the National Association of Realtors in mid-May to take a top position at Move Inc., a provider of real estate information that operates the NAR's website and owns Realtor.com. (Read More)
Stewart Title Gets New Prez
April 30, 2007
Michael B. Skalka has been named president of Stewart Title Guaranty Co., the primary underwriter of Houston-based Stewart Information Services Corp. (Read More)
JV Buying Eagle Hospitality
April 30, 2007
AP AIMCAP, a joint venture of two private equity firms, is acquiring Eagle Hospitality Properties Trust for $13.35 per share in cash. (Read More)
Downgrade Blizzard Linked to B&C Loans
April 30, 2007
Rating agencies issued a blizzard of news releases during the week of April 23 announcing downgrades and other rating actions on mortgage-backed and mortgage-related securities, many of them linked to subprime mortgage loans. (Read More)
Moody's Downgrades SAIL MBS Classes
April 30, 2007
Twenty-seven classes from seven transactions issued by Structured Asset Investment Loan Trust have been downgraded by Moody's Investors Service. (Read More)
Fitch Downgrades SAIL MBS Classes
April 30, 2007
Two classes of Structured Asset Investment Loan Trust residential mortgage-backed certificates have been downgraded by Fitch Ratings, and seven classes have been placed on Rating Watch Negative. (Read More)
SACO MBS Classes Downgraded
April 30, 2007
Twenty classes from 11 deals issued by SACO I Trust have been downgraded by Fitch Ratings, and one class was placed on Rating Watch Negative. (Read More)
Delta Funding MBS Classes Downgraded
April 30, 2007
Fifteen classes from seven Delta Funding Corp. home equity issues have been downgraded by Fitch Ratings. (Read More)
Long Beach MBS Classes Downgraded
April 30, 2007
Twelve classes from 10 issues of Long Beach Mortgage Loan Trust residential mortgage-backed securities have been downgraded by Fitch Ratings, and nine classes have been placed on Rating Watch Negative. (Read More)
Renaissance HEL Classes Downgraded
April 30, 2007
Ten classes from six Renaissance Home Equity Loan Trust securitizations have been downgraded by Fitch Ratings. (Read More)
People's Choice MBS Classes Downgraded
April 30, 2007
Seven classes from two People's Choice Home Loan Securities Trust securitizations have been downgraded by Fitch Ratings, and three others have been placed on Rating Watch Negative. (Read More)
May
McQuade to Step Down at Freddie
May 1, 2007
Freddie Mac president and chief operating officer Eugene McQuade has unexpectedly turned down an offer to be the mortgage company's chief executive, and he plans to relinquish his executive duties Sept. 1. (Read More)
Hedge Fund Seeks to Scotch PHH Deal
May 1, 2007
Pennant Capital Management LLC, a Chatham, N.J.-based hedge fund with a 7.8% stake in PHH Corp., has called on the company to terminate its agreement to sell out to GE Capital and The Blackstone Group, a private equity giant. (Read More)
Pending Sales Index Drops
May 1, 2007
A leading indicator of existing-home sales fell 4.9% in March, signaling that sales in April and possibly May will be "soft," according to the National Association of Realtors. (Read More)
Cash-out Refis Held Strong in '06
May 1, 2007
Despite a slowdown in home sales and refinancing activity, homeowners extracted $460.1 billion in home equity last year, down only slightly from $461.4 billion in 2005, according to Eric Belsky, executive director of the Joint Center for Housing Studies at Harvard University. (Read More)
Freddie: Cash-Out Refis Holding Steady
May 1, 2007
Meanwhile, Freddie Mac has reported that 82% of the homeowners who refinanced their homes in the first quarter got a mortgage at least 5% larger than the original loan. (Read More)
Vacation Home Market Share Declines
May 1, 2007
Purchases of second homes accounted for 36% of all home sales in 2006, down from 40% the previous year, as investment-property activity fell sharply, according to the National Association of Realtors. (Read More)
New MI Has Banner Month
May 1, 2007
March was the best month for the traditional category of primary new insurance written in terms of dollar volume since August 2005, according to data from the Mortgage Insurance Companies of America. (Read More)
Hybrid E-Notarization Alliance Formed
May 1, 2007
Cincinnati-based eLynx has formed a strategic partnership with MortgageDocs, a nationwide mobile notary and attorney service provider, to further facilitate the use of hybrid electronic mortgage practices. (Read More)
Colliers: Industrial Market Shaky in 1Q
May 1, 2007
The industrial real estate market posted a "shaky" first quarter as absorption fell well below expected levels, according to Colliers International, a Boston-based real estate services firm. (Read More)
Casa Latino Expands Into Florida
May 1, 2007
Casa Latino, which calls itself the only national Latino real estate brand in the United States, has announced the expansion of its franchise into Florida. (Read More)
S&P Adds Clayton Unit to Select Servicer List
May 1, 2007
Quantum Servicing Corp., the special servicing unit of Clayton Holdings Inc., Shelton, Conn., has been added to the Standard & Poor's Select Servicer List. (Read More)
FHLBanks Price $3B Global Bond
May 1, 2007
The Federal Home Loan Banks have priced a $3 billion, 4.875%, 10-year global bond due May 17, 2017. (Read More)
THDA Offers $120M in Homeownership Bonds
May 1, 2007
The Tennessee Housing Development Agency has announced an offering of $120 million of Homeownership Program Bonds to retail and institutional investors, the largest such offering in six years. (Read More)
Fannie Finally Releases '05 Profits: Up 28%
May 2, 2007
Fannie Mae, which is still trying to get its financial books in order, says it earned $6.35 billion in 2005, a 28% increase from the profits recorded in the prior year. (Read More)
Fannie's CFO to Depart
May 2, 2007
Fannie Mae's chief financial officer, Robert Blakely, will leave that post and be replaced by Stephen Swad, the company has announced. (Read More)
Massachusetts Imposes Foreclosure Moratorium
May 2, 2007
Massachusetts Gov. Deval Patrick has ordered state banking regulators to seek delays of up to two months on foreclosures against homeowners who have filed complaints with the Division of Banks. (Read More)
Should Judges Be Able to Modify MBS Loans?
May 2, 2007
Granting bankruptcy judges the authority to modify mortgage loans would provide relief to homeowners facing foreclosure who can't get the servicers of mortgage-backed securities to restructure their loans, a consumer bankruptcy attorney has told a House Judiciary subcommittee. (Read More)
Colorado Eyeing Tough Mortgage Laws
May 2, 2007
The Colorado legislature is on track to pass some of the toughest laws in the country governing the conduct of state-licensed mortgage bankers, loan officers, and mortgage brokers in response to the state's foreclosure problems. (Read More)
All Fund Net Branch Director Departs
May 2, 2007
All Fund Mortgage, Tacoma, Wash., a net branch operator that has been slow in paying its managers, has named a new national branch director, Fallon Vaughan, a former vice president for Wells Fargo. (Read More)
Survey: CRE Execs 'Exuberant'
May 2, 2007
Cautious optimism in the commercial real estate industry "has given way to a new type of exuberance," according to a survey by DLA Piper US LLP, an international law firm. (Read More)
Fitch: CRE Volatility Likely to Fall
May 2, 2007
Volatility in the U.S. commercial real estate markets is likely to continue declining this year, with the office sector leading the way, according to the latest Property Market Metric annual report from Fitch Ratings. (Read More)
Applications Rise
May 2, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 653.3 to 657.2 on a seasonally adjusted basis during the week ended April 27, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
COFI Declines for 3rd Consecutive Month
May 2, 2007
For the first time since it bottomed out in May 2004, the Eleventh Federal Home Loan District Cost of Funds Index has declined for several months in a row. (Read More)
FHLBanks' 1Q Earnings Reported
May 2, 2007
The 12 Federal Home Loan Banks posted $621 million in total earnings for the first quarter, up slightly from the $619 million recorded a year earlier, according to a report by the FHLBanks' Office of Finance. (Read More)
Equity Residential Reports 1Q Earnings Drop
May 2, 2007
Equity Residential, Chicago, has reported net income of $126.23 million for the first quarter ($0.40 per share), compared with $377.8 million ($1.25 per share) for the first quarter of 2006. (Read More)
RESPRO Elects New Chairman
May 2, 2007
Arthur Sterbcow, president of New Orleans-based Latter & Blum Realtors Inc., has been elected chairman of the Real Estate Services Providers Council, a Washington, D.C.-based trade association. (Read More)
Camden Prices Note Offering
May 2, 2007
Camden Property Trust, a Houston-based real estate investment trust, has priced a $300 million offering of 5.7% senior unsecured notes at 99.65. (Read More)
GSAMP MBS Deals Downgraded
May 2, 2007
Three certificates from two deals issued by GSAMP Trust in 2002 and 2003 have been downgraded by Moody's Investors Service. (Read More)
CWABS Classes Downgraded
May 2, 2007
Two certificates from two transactions issued by CWABS Asset-Backed Certificates Trust have been downgraded by Moody's Investors Service. (Read More)
Fitch Eyes GCCFC Class
May 2, 2007
Class N-SO of GCCFC 2004-FL2 has been placed on Rating Watch Negative by Fitch Ratings. (Read More)
Citing B&C Woes, ResCap Loses $910M in 1Q
May 3, 2007
Residential Capital LLC, the holding company for GMAC's residential lending affiliates, posted a stunning $910 million loss in the first quarter, citing deterioration in its U.S. subprime business. (Read More)
ResCap Downgraded, Outlook Revised
May 3, 2007
A key rating of Residential Capital LLC was lowered by Standard & Poor's Ratings Services after the announcement of ResCap's huge subprime-related first-quarter loss, and Moody's Investors Service and Fitch Ratings revised ResCap's ratings outlook from stable to negative. (Read More)
Companies Agree to Dodd Subprime Principles
May 3, 2007
Citigroup, JPMorgan Chase, Litton Loan Servicing, and HSBC have agreed to a set of principles espoused by Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., to take early action to help subprime borrowers through loan modifications to avoid foreclosure. (Read More)
Schumer Pushing Fiduciary Duty for Brokers
May 3, 2007
Mortgage brokers and other nonbank lenders would have a fiduciary duty to their borrowers under a bill introduced by Sen. Charles E. Schumer, D-N.Y., that also holds lenders accountable for the subprime loans they fund and purchase from brokers. (Read More)
Treasury Dumps 3-Year Note
May 3, 2007
The U.S. Treasury Department has decided to discontinue the three-year note that has been used to some extent as a reference point in the mortgage market. (Read More)
Rates Hold Steady
May 3, 2007
The average 30-year fixed mortgage rate held steady at 6.16% for the seven-day period ended May 3, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
MBA: Commercial/MF Originations Rose 10%
May 3, 2007
Commercial and multifamily mortgage originations were up 10% in 2006, with mortgage bankers closing a record high $406.1 billion in commercial and multifamily loans, according to the Mortgage Bankers Association. (Read More)
Zillow: Home Values Decline 2nd Q in a Row
May 3, 2007
Home values declined slightly on a year-over-year basis for the second consecutive quarter in the first quarter of 2007, though the Pacific Northwest is bucking the trend, according to Zillow.com, an online real estate community based in Seattle. (Read More)
Is CMBS Performance Peaking?
May 3, 2007
The performance of commercial mortgage-backed securities may be peaking as a result of cyclical conditions in the real estate and capital markets, according to a report by Moody's Investors Service. (Read More)
ULI: RE Execs Favor 'Responsible' Investing
May 3, 2007
More than 80% of real estate executives in a recent survey said their company goes beyond legal requirements to address social or environmental issues, according to the Urban Land Institute. (Read More)
CMBS Firm Expands Into Asia
May 3, 2007
Trepp LLC, a New York-based commercial mortgage-backed securities technology firm, is expanding into the Asian CMBS market. (Read More)
LB-UBS CMBS Classes Downgraded
May 3, 2007
Six classes of commercial mortgage pass-through certificates issued by LB-UBS Commercial Mortgage Trust 2002-C2 have been downgraded by Moody's Investors Service. (Read More)
Mortgage Employment Down Almost 4%
May 4, 2007
The residential mortgage industry employed 484,100 workers in March, a 3.8% decline from the level of a year earlier and an indication that the subprime crisis is starting to result in permanent job losses. (Read More)
House Panel Okays FHA Reform
May 4, 2007
The House Financial Services Committee, in a 45-19 vote, has approved a Federal Housing Administration reform bill that would encourage more mortgage brokers to market FHA loans and raise the loan limits on these federally insured mortgages. (Read More)
Groups Urge Updating of REMIC Regs
May 4, 2007
Regulations governing real estate mortgage investment conduits are outdated and should be amended, according to the Mortgage Bankers Association and other trade groups in the commercial real estate arena. (Read More)
Fitch Launches SMARTView for Subprime RMBS
May 4, 2007
Fitch Ratings has announced the launch of SMARTView for U.S. subprime residential mortgage-backed securities. (Read More)
UBS to Shut Unit in MBS-Linked Move
May 4, 2007
UBS has made plans to shut down its Stamford, Conn.-based Dillon Read Capital Management unit after noting that the division saw "negative trading revenues" of "approximately 150 million Swiss francs [about $123 million] in the context of difficult market conditions in U.S. mortgage securities." (Read More)
Pacific Coast Nat'l Bank Names RE Group Chief
May 4, 2007
David L. Adams has been named executive vice president of Pacific Coast National Bank, San Clemente, Calif., and will head its Real Estate Industries Group. (Read More)
Essex Prices Stock Offering
May 4, 2007
Essex Property Trust, Palo Alto, Calif., has priced an offering of 1.5 million shares of common stock at $128.65 per share. (Read More)
Thornburg Prices Stock Offering
May 4, 2007
Thornburg Mortgage Inc., Santa Fe, N.M., has priced an offering of 4.5 million shares of common stock at $27.05 per share. (Read More)
REIT Prices Preferred Stock Offering
May 4, 2007
Entertainment Properties Trust, Kansas City, Mo., has priced a public offering of 4.0 million shares of 7.375% series D cumulative redeemable preferred shares at $25 per share. (Read More)
BrooksAmerica Retracts Announcement
May 4, 2007
BrooksAmerica Mortgage Corp., a direct wholesale mortgage lender based in Irvine, Calif., has retracted a recent announcement on the introduction of a 60% debt-to-income ratio for alternative and niche loans. (Read More)
Feedback
May 4, 2007
By well over a 2-to-1 margin, responses to our survey question on whether the FHA should insure acquisition, development, and construction loans for single-family houses opposed the idea. (Read More)
NAMB: Prime, Fixed-Rate Loans Gain Popularity
May 7, 2007
The residential mortgage market may be returning to more traditional products this year, according to a survey by the National Association of Mortgage Brokers and Wholesale Access. (Read More)
Deloitte: Nearly All Major Lenders Will Offshore
May 7, 2007
Nearly all major mortgage companies and many smaller ones will be offshoring some business processes in three to five years, according to a new report from Deloitte Consulting LLP. (Read More)
Minton Exits MBA for Mortgage Cadence
May 7, 2007
After joining the Mortgage Bankers Association and starting the Mortgage Industry Standards Maintenance Organization over seven years ago, Gabe Minton is stepping down to assume the role of chief strategy officer at Mortgage Cadence, a Denver-based enterprise lending solution company. (Read More)
FTSE Licenses Exchange-Traded RE Index Funds
May 7, 2007
FTSE Group, a global index provider, has announced the licensing of Barclays Global Investors to create five new iShares Exchange Traded Funds that track the FTSE NAREIT U.S. Real Estate Index Series. (Read More)
JPMorgan CMBS Classes Downgraded
May 7, 2007
Six classes of J.P. Morgan Chase Commercial Mortgage Securities Corp. commercial mortgage pass-through certificates, series 2005-LDP2, have been downgraded by Moody's Investors Service. (Read More)
Ace HEL Classes Downgraded
May 7, 2007
Four certificates from Ace Securities Home Equity Loan Trust series 2004-HE1 have been downgraded by Moody's Investors Service. (Read More)
Aames MBS Classes Downgraded
May 7, 2007
Two tranches from Aames Mortgage Trust 2003-1 have been downgraded by Moody's Investors Service. (Read More)
Net Branch Firm Closes
May 8, 2007
Net branch operator Dana Capital Corp., Irvine, Calif., closed its doors last week after being hit with hefty licensing-related fines, according to past employees of the firm. (Read More)
Opteum to Sell Retail Origination Platform
May 8, 2007
Opteum Inc., Vero Beach, Fla., has announced an agreement between its subsidiary Opteum Financial Services and Prospect Mortgage Co. to sell substantially all the assets of OFS's retail mortgage origination business for approximately $5 million plus the assumption of certain liabilities. (Read More)
Ranking GOP Rep Opposes Assignee Liability
May 8, 2007
The ranking Republican on the House Financial Services Committee says he does not believe secondary-market investors should be held liable for onerous subprime loans made to consumers. (Read More)
Panel Cautions Against Federal Mortgage Regs
May 8, 2007
The Shadow Financial Regulatory Committee has cautioned against federal intervention in the mortgage markets other than requiring "vastly simplified disclosures," arguing that market solutions to the subprime crisis are already under way. (Read More)
What's KPO?
May 8, 2007
Boasting offshoring credentials for the mortgage industry going back to 2000, Global Realty Outsourcing, Blackheath Financial, and Zenta (formerly H-Cube) have announced that they are uniting under the Zenta brand to offer business process outsourcing and knowledge process outsourcing (KPO) services to the real estate and financial services industries. (Read More)
LFC Integrates Into Calyx Point
May 8, 2007
Lenders First Choice, Simi Valley, Calif., and Calyx Software, San Jose, Calif., have announced the integration of LFC's title insurance and settlement services application into Calyx Point, which connects loan officers and processors to lenders and service providers. (Read More)
HUD to Aid Tornado-Ravaged Kansas
May 8, 2007
The Department of Housing and Urban Development has announced that it will speed disaster assistance to tornado-ravaged Kiowa County, Kan., and provide support to homeowners and low-income renters forced from their homes after the recent devastating storms. (Read More)
FirstAm Opens RE Guaranty Unit in China
May 8, 2007
The international division of First American Title Insurance Co., Santa Ana, Calif., has established what it says is the first wholly foreign-owned enterprise dealing with real estate guaranty in China. (Read More)
Family Lending Now Standard Pacific Mortgage
May 8, 2007
Family Lending Services Inc., the mortgage banking arm of Standard Pacific Corp., a homebuilder based in Irvine, Calif., has changed its name to Standard Pacific Mortgage Inc. (Read More)
Agency MBS Speeds Little Changed
May 8, 2007
Prepayment rates for 30-year mortgages in Fannie Mae and Freddie Mac mortgage-backed securities were little changed in April, according to the Bear Stearns Prepayment Commentary. (Read More)
R&G Financial Downgraded
May 8, 2007
The long-term issuer default ratings of R&G Financial Corp., San Juan, Puerto Rico, and R&G Mortgage have been lowered from BB to BB-minus by Fitch Ratings. (Read More)
GSAMP MBS Classes Downgraded
May 8, 2007
Thirteen classes of GS Mortgage Securities Corp. residential mortgage pass-through certificates from four GSAMP transactions have been downgraded by Fitch Ratings. (Read More)
Fremont MBS Classes Downgraded
May 8, 2007
Six classes of Fremont Home Loan Trust's residential mortgage-backed certificates, series 2006-B pool 2, have been downgraded by Fitch Ratings. (Read More)
NAR Lowers Home Sales Forecast
May 9, 2007
The National Association of Realtors has lowered its forecast for home sales this year, citing the effects of stricter lending standards and a decline in subprime mortgage origination. (Read More)
Refis Up at Countrywide; B&C Down
May 9, 2007
Thanks to a strong refinancing market, Countrywide Home Loans originated $40.4 billion of home mortgages in April, an 11% gain from its volume in the same month last year. (Read More)
Freddie Reminds Servicers of Discretion
May 9, 2007
Freddie Mac is reminding its servicers that they have the discretion to provide up to a year's worth of mortgage relief to borrowers with homes damaged by the tornados that ripped through Greensburg, Kan., and other towns that President Bush has designated major disaster areas. (Read More)
HUD Hosting Homeownership 'Security' Meeting
May 9, 2007
The Department of Housing and Urban Development will sponsor a homeownership "security" conference May 14 offering industry officials advice on working with troubled borrowers who might be in danger of foreclosure. (Read More)
AIG-FP Buys Stake in REX Group
May 9, 2007
AIG Financial Products Corp., Wilton, Conn., has acquired a "significant" minority stake in The REX Group, a group of San Francisco-based home finance companies, according to AIG-FP. (Read More)
Zacks Labels Regency 'Bull of the Day'
May 9, 2007
Regency Centers, a real estate investment trust based in Jacksonville, Fla., has been named the "Bull of the Day" for May 9 by Zacks Equity Research, Chicago. (Read More)
Thornburg Names Nat'l Broker Sales Exec
May 9, 2007
Michael McMinn has been named national broker sales executive of Thornburg Mortgage Inc.'s recently developed broker origination channel. (Read More)
Irwin Servicer Ratings Downgraded
May 9, 2007
Irwin Home Equity Corp.'s residential primary servicer ratings for home equity and high loan-to-value products have been downgraded from RPS2-minus to RPS2 by Fitch Ratings. (Read More)
IndyMac ABS Classes Downgraded
May 9, 2007
Nine classes from four IndyMac ABS Inc. home equity issues have been downgraded by Fitch Ratings. (Read More)
Fitch Downgrades PNC CMBS Class
May 9, 2007
Class M of PNC Commercial Mortgage Acceptance Corp.'s commercial mortgage pass-through certificates, series 2000-C1, has been downgraded from B-minus to CCC/DR2 by Fitch Ratings. (Read More)
CSFB CMBS Class Downgraded
May 9, 2007
Class I of Credit Suisse First Boston Mortgage Securities Corp.'s commercial mortgage pass-through certificates, series 1998-C2, has been downgraded from B-minus to CCC/DR3 by Fitch Ratings. (Read More)
PNC to Buy ARCS Commercial Mortgage
May 10, 2007
The PNC Financial Services Group Inc., Pittsburgh, has announced an agreement to acquire ARCS Commercial Mortgage, Calabasas Hills, Calif. (Read More)
NCRC Charges NovaStar With Bias
May 10, 2007
The National Community Reinvestment Coalition has filed a lawsuit against the subprime lender NovaStar, charging that the company discriminated against minorities wanting to buy row houses and individuals wanting to buy adult foster care for people with disabilities. (Read More)
Council Releases Homeownership Ed Standards
May 10, 2007
The National Advisory Council has released national standards for consumer homeownership education and counseling that it says would help prevent a repeat of today's wave of foreclosures if widely adopted. (Read More)
Fixed Rates Little Changed
May 10, 2007
The average 30-year fixed mortgage rate fell from 6.16% to 6.15% for the seven-day period ended May 10, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Applications Rise
May 10, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 657.2 to 680.7 on a seasonally adjusted basis during the week ended May 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
SRG Launches Warehouse Information Network
May 10, 2007
Atlanta-based Street Resource Group Inc. has announced the launch of the Warehouse Information Network, which offers a loan registry alert tool to prevent fraudulent drawing of funds from multiple warehouse lines simultaneously. (Read More)
MortgageFlex Lands Key Freddie Certification
May 10, 2007
MortgageFlex Systems Inc. has announced its certification by Freddie Mac as one of only six companies to offer a loan origination system interface that meets the specifications of Loan Prospector, version 4.1. (Read More)
New Vista Launches REO-to-AH Effort
May 10, 2007
New Vista Asset Management, a nationwide minority-owned asset management company, has announced an initiative to turn real-estate-owned properties into affordable housing that would increase minority homeownership. (Read More)
Bank of England Raises Rates
May 10, 2007
The Bank of England has raised rates from 5.25% to 5.50% in a move a United Kingdom lenders' group believes will affect about half of all mortgage borrowers in the bank's jurisdiction. (Read More)
Luminent Obtains $1B Warehouse Facility
May 10, 2007
Luminent Mortgage Capital Inc., San Francisco, has entered into a $1 billion warehouse facility with Greenwich Capital Financial Products Inc., according to Luminent. (Read More)
Ace MBS Classes Downgraded
May 10, 2007
Fourteen classes of Ace Securities Corp.'s mortgage securitizations have been downgraded by Fitch Ratings. (Read More)
Ace HEL Classes Downgraded
May 10, 2007
Four certificates from Ace Securities Corp. Home Equity Loan Trust series 2005-SL1 have been downgraded by Moody's Investors Service. (Read More)
Bear Stearns MBS Class Downgraded
May 10, 2007
Class M-7 of Bear Stearns Asset Backed Securities Inc. mortgage pass-through certificates, series 2005-1, has been downgraded from BB to B-plus by Fitch Ratings. (Read More)
Fitch Eyes ABFC Classes
May 10, 2007
Three classes of Asset Backed Funding Corp. mortgage-backed securities have been placed on Rating Watch Negative by Fitch Ratings. (Read More)
NovaStar Benefits From One-time Gain
May 11, 2007
NovaStar Financial earned $44.4 million in the first quarter thanks to an $84.2 million one-time tax gain tied to the subprime lender ending its REIT status next year. (Read More)
Impac Loss Due to Buybacks, Derivatives
May 11, 2007
Impac Mortgage Holdings, one of the nation's largest alt-A funders, posted a $121.7 million loss in the first quarter, citing market-to-market losses on derivatives and charges tied to large loan buyback requests. (Read More)
Opteum Has Huge 1Q Loss, Stock Hammered
May 11, 2007
Opteum Inc., Vero Beach, Fla., posted a $78.1 million loss in the first quarter, blaming its problems on its residential mortgage business and "significant distress" in the secondary market. (Read More)
WMC Auctioning Off Scratch & Dent Loans
May 11, 2007
The General Electric-owned WMC Mortgage is trying to sell "hundreds of millions" of dollars in subprime scratch and dent loans, according to one market participant. (Read More)
HomeBanc Posts Loss During Restructuring
May 11, 2007
HomeBanc Corp., Atlanta, has reported a loss to common stockholders of $23.8 million ($0.42 per share) for the first quarter 2007, vs. profits of $986,000 ($0.01 per share) a year earlier. (Read More)
AIG Reveals OTS Discussions
May 11, 2007
In its first quarter earnings release, American International Group, New York, said its domestic consumer finance operations are in discussions with the Office of Thrift Supervision over non-prime mortgages originated by AIG Federal Savings Bank from July 2003 through May 2006. (Read More)
SNL: 3 Mortgage Lenders Among Top 20 Thrifts
May 11, 2007
Three savings-and-loan institutions engaged in mortgage lending ranked among the 20 top-performing thrifts in 2006, according to SNL Financial, a Charlottesville, Va.-based research firm. (Read More)
Luminent Promotes Prez to CEO
May 11, 2007
S. Trezevant Moore Jr. has been promoted to the post of chief executive officer of Luminent Mortgage Capital Inc., succeeding Luminent founder Gail P. Seneca, who will remain as chairman. (Read More)
Root Markets Names Chief Marketer
May 11, 2007
Mark L. Korell has been named chief marketing officer of Root Markets Inc., which operates a New York-based commodities exchange for trading and monetizing Internet-generated consumer leads. (Read More)
Farmer Mac's Core Earnings Flatten
May 11, 2007
Farmer Mac, a secondary market agency for rural housing and agricultural real estate loans, achieved record volume in the first quarter, but its official earnings fell substantially from the first quarter of 2006. (Read More)
MBS Researcher Leaves Barclays
May 11, 2007
Mortgage-backed securities researcher Art Frank has left Barclays Capital. (Read More)
CSBS Adds 4 Mortgage-Related Certifications
May 11, 2007
The Conference of State Bank Supervisors has announced the addition of four new nondepository certifications for state examiners who specialize in mortgage examinations. (Read More)
MF JV Fund Created
May 11, 2007
Mid-America Apartment Communities, a Memphis, Tenn.-based multifamily real estate investment trust, has set up a joint venture fund to invest $500 million in multifamily properties over the next three years. (Read More)
Ace MBS Classes Downgraded
May 11, 2007
Two classes of Ace Securities Corp. series 2005-HE2 mortgage-backed securities have been downgraded by Fitch Ratings and four classes have been placed on Rating Watch Negative. (Read More)
LB-UBS CMBS Class Downgraded
May 11, 2007
Class Q of LB-UBS Commercial Mortgage Trust's commercial mortgage pass-through certificates, series 2005-C2, has been downgraded from B3 to Caa1 by Fitch Ratings. (Read More)
Feedback
May 11, 2007
Early responses to our latest survey question have strongly endorsed the idea that the Federal Reserve Board should establish an ability-to-repay standard for subprime mortgages. (Read More)
HUD May Ban Certain Downpayment 'Gifts'
May 14, 2007
The Department of Housing and Urban Development wants to ban all downpayment "gift" assistance provided to homebuyers by sellers and, in some instances, nonprofits working with sellers. (Read More)
Commercial Data Sent Using MISMO Standards
May 14, 2007
Bridger Commercial Funding, San Francisco, has implemented the Mortgage Industry Standards Maintenance Organization's Commercial Servicing Transfer Standard with Midland Loan Services Inc. (Read More)
Marathon Plans IPO
May 14, 2007
Marathon Real Estate Finance, a New York-based commercial real estate finance company, is planning an initial public offering of its common shares. (Read More)
LendingTree Names New CEO, Prez/COO
May 14, 2007
C.D. Davies has been named chief executive officer of LendingTree LLC, Charlotte, N.C., and Bob Harris has been named president and chief operating officer of the company. (Read More)
Brokerage Sale Cuts Fog Cutter Loss
May 14, 2007
Fog Cutter Capital Group Inc., Portland, Ore., has reported a gain of $2.5 million for the first quarter from the sale of its commercial mortgage broker subsidiary, George Elkins Mortgage Banking Co. (Read More)
REIT Forms Panel to Eye Strategic Options
May 14, 2007
Republic Property Trust, Herndon, Va., has announced the formation of a special committee to evaluate strategic options, including a possible merger or sale of the company. (Read More)
Fannie Prices Benchmark REMIC
May 14, 2007
Fannie Mae has priced a $1.0 billion REMIC guaranteed maturity class with a class coupon of 5.500%. (Read More)
CSFB Securities Downgraded
May 14, 2007
Five tranches from three securitizations issued by Credit Suisse in 2001 and 2002 have been downgraded by Moody's Investors Service. (Read More)
GSMPS Nonperforming Classes Downgraded
May 14, 2007
Three subordinate certificates from the GSMPS Mortgage Loan Trust 2005-LT1 have been downgraded by Moody's Investors Service. (Read More)
ACE HEL Class Downgraded
May 14, 2007
Class M-3 of ACE Securities Corp. Home Equity Loan Trust series 2002-HE3 has been downgraded from Baa1 to B3 by Moody's Investors Service. (Read More)
Fed: Banks Tightening Up on B&C, 'Exotics'
May 15, 2007
A significant number of federally insured depositories are tightening up their subprime and "nontraditional mortgage" guidelines, according to the Federal Reserve's just-released April survey of senior loan officers. (Read More)
Ohio AG to Sue B&C Lenders & Wall Street?
May 15, 2007
Ohio Attorney General Marc Dann says he is ready to sue subprime mortgage lenders and their secondary-market investors on Wall Street on behalf of borrowers and the Ohio Public Employees Retirement System (which invested in subprime mortgage-backed securities). (Read More)
B&C Bankruptcies Could Affect Servicing Fees
May 15, 2007
Rating agency DBRS is warning that the bankruptcy of prominent subprime mortgage lenders could lead to a change in the servicing fee on loans serviced by those companies. (Read More)
IndyMac Launches Hispanic Wholesale Unit
May 15, 2007
IndyMac Bank FSB, Pasadena, Calif., has announced the introduction of GrupoMac, a Hispanic wholesale division that will serve mortgage brokers and emerging bankers in markets with significant Spanish-speaking populations. (Read More)
Icon Forms Wholesale Lending Unit
May 15, 2007
Icon Residential Capital LLC, Newport Beach, Calif., has announced the formation of a wholesale mortgage lending division to be headed by Kathleen Lipps as national production manager. (Read More)
Fairway Ends Multiyear Prepayment Penalties
May 15, 2007
Fairway Independent Mortgage Co., a mortgage banker based in Sun Prairie, Wis., with more than 100 branches nationwide, has announced a new policy that prohibits any loan officer from charging a prepayment penalty longer than one year on any payment-option adjustable-rate mortgage product. (Read More)
Coalition Seeks Pause in California Foreclosures
May 15, 2007
Over 100 community and consumer groups led by the California Reinvestment Coalition have called upon six top mortgage lenders to declare a temporary moratorium on home foreclosures in the state. (Read More)
RealtyTrac: Foreclosures Dip in 1Q
May 15, 2007
More than 147,700 foreclosure filings were reported nationwide in April, down about 1% from the level recorded in March but up 62% from that of a year earlier, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif. (Read More)
Rapid Reporting Streamlines Income Verification
May 15, 2007
Rapid Reporting, Fort Worth, Texas, has added a Taxpayer Summary Report to its flagship IncomeChek income verification product that is designed to reduce underwriting time by auto-populating critical information for income verification. (Read More)
NY Mortgage Reports 1Q Loss
May 15, 2007
New York Mortgage Trust Inc., a New York-based real estate investment trust, has reported a consolidated net loss of $4.7 million ($0.26 per share) for the first quarter, including a $3.8 million loss from its discontinued mortgage lending operations. (Read More)
Moody's: Jumbo Mortgage Overdues Rise
May 15, 2007
The performance of prime jumbo mortgages weakened in February, as Moody's Investors Service's index of 60-plus-day delinquency rates rose from 0.349% to 0.383%. (Read More)
CSFB Home Equity Classes Downgraded
May 15, 2007
Ten classes from seven Credit Suisse First Boston home equity securitizations have been downgraded by Fitch Ratings, and four have been placed on Rating Watch Negative. (Read More)
Option One to Trim 600 Jobs, Consolidate Offices
May 16, 2007
Wholesale subprime giant Option One Mortgage Corp. plans to close 12 mortgage processing offices and trim 600 workers by early September, industry sources have told MortgageWire. (Read More)
Housing Starts Up Slightly
May 16, 2007
Single-family housing starts rose 1.6% in April from the level recorded in March to a seasonally adjusted annual rate of 1.23 million units, according to new figures released Wednesday by the Commerce Department. (Read More)
White House Backs GSE Reform Bill
May 16, 2007
The White House has announced its support for a bill that would create a new regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, according to American Banker Online, a MortgageWire affiliate. (Read More)
Applications Decline
May 16, 2007
The Market Composite Index, an overall measure of mortgage applications, fell from 680.7 to 675.5 on a seasonally adjusted basis during the week ended May 11, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
NAR: State 1Q Resales Down From '06
May 16, 2007
State sales of existing homes generally fell below those of a year earlier in the first quarter, but a growing number of states are showing improvements, according to the National Association of Realtors. (Read More)
Fitch Launches Presale Reports for B&C RMBS
May 16, 2007
Fitch Ratings has announced the introduction of presale reports for U.S. subprime/home equity loan residential mortgage-backed securities. (Read More)
FHLBanks' 1Q Earnings Reported
May 16, 2007
The 12 Federal Home Loan Banks posted $621 million in total earnings for the first quarter, up slightly from the $619 million recorded a year earlier, according to a report by the FHLBanks' Office of Finance. (Read More)
Wachovia Funds 'Just Price Solutions'
May 16, 2007
Neighborhood Housing Services of America has announced the receipt of a $2 million grant from the Wachovia Foundation to support Just Price Solutions, which helps borrowers qualify for prime loans by establishing their credit history through nontraditional means. (Read More)
Fannie Prices BenchNotes
May 16, 2007
Fannie Mae has priced $3 billion of 4.875% five-year Benchmark Notes at 99.759. (Read More)
Freddie Prices Reference REMIC
May 16, 2007
Freddie Mac has priced Reference REMIC R012, class AB, a $1.22 billion issue of real estate mortgage investment conduit securities. (Read More)
Bernanke Sees Street Filling Subprime Void
May 17, 2007
While the supply of subprime credit has fallen, it has not "evaporated," says Federal Reserve Board Chairman Ben Bernanke, thanks to increased purchases by investment banks and hedge funds. (Read More)
Panelist Predicts Evolution of New B&C Loan
May 17, 2007
A new subprime product totally different from anything seen before will be created within six months, according to a panelist at the SourceMedia Nonprime Lending Symposium in Las Vegas. (Read More)
Countrywide Sells $4B in Bonds; Will Buy Shares
May 17, 2007
Countrywide Financial Corp., Calabasas, Calif., has announced the sale of $4 billion of convertible bonds through a private placement and said it will use some of the proceeds to buy back up to 23 million shares of its common stock. (Read More)
Fixed Rates Rise
May 17, 2007
The average 30-year fixed mortgage rate rose from 6.15% to 6.21% for the seven-day period ended May 17, according to Freddie Mac's Primary Mortgage Market Survey. (Read More)
Technology to Predict Nonperforming Loans?
May 17, 2007
Interthinx, Agoura Hills, Calif., has released the results of its latest data analysis, which it says can accurately predict which loans will be nonperforming over time. (Read More)
Greystone Launches New MF Loan Product
May 17, 2007
Greystone Servicing Corp., a Fannie Mae Delegated Underwriting and Servicing lender, has announced the launch of GreyStoneExpress, a product designed to serve the growing demand for multifamily loans ranging from $400,000 to $2,400,000. (Read More)
BNY Unveils Fixed-Rate Jumbo Reverse
May 17, 2007
BNY Mortgage Co., Newburgh, N.Y., has announced the introduction of Prime Advantage, which the company termed the first fixed-rate jumbo reverse mortgage. (Read More)
New Century Names Winner of Servicing Auction
May 17, 2007
New Century Financial Corp., the Irvine, Calif.-based subprime lender that filed for Chapter 11 bankruptcy protection in April, has announced that Carrington Capital Management LLC and an affiliate have submitted the highest bid, $188 million, for New Century's loan servicing platform. (Read More)
Acadia Forms 3rd RE Fund
May 17, 2007
Acadia Realty Trust, a White Plains, N.Y.-based real estate investment trust, has reported the formation of a third discretionary investment fund with $500 million of discretionary institutional capital. (Read More)
Fannie Auctions $1B BenchNote Reopening
May 17, 2007
Fannie Mae has reported the auction results for a $1 billion reopening of a 5.000% 10-year Benchmark Notes security due May 11, 2017. (Read More)
MASTR ABS Classes Downgraded
May 17, 2007
Seven classes of certificates from two deals issued by MASTR Asset Backed Securities Trust in 2006 have been downgraded by Moody's Investors Service. (Read More)
Fremont MBS Classes Downgraded
May 17, 2007
Three classes from two Fremont Home Loan Trust deals issued in 2005 have been downgraded by Moody's Investors Service, and three classes from another deal have been has placed under review for possible downgrade. (Read More)
SG Mortgage MBS Classes Downgraded
May 17, 2007
Two certificates from SG Mortgage Securities Trust 2006-FRE1 have been downgraded by Moody's Investors Service. (Read More)
Moody's Eyes Renaissance HEL Classes
May 17, 2007
Four certificates from Renaissance Home Equity Loan Trust deals issued in 2002 and 2003 have been placed under review for possible downgrade by Moody's Investors Service. (Read More)
ASC CMBS Class Revised to 'Evolving'
May 17, 2007
The rating on class A-5 of Asset Securitization Corp.'s commercial mortgage pass-through certificates series 1995-MD IV has been revised from Rating Watch Negative to Rating Watch Evolving by Fitch Ratings. (Read More)
House Okays GSE Systemic Risk Amendment
May 18, 2007
Despite objections by the Bush administration, the House has approved an amendment by voice vote that restricts a new GSE regulator from using systemic risk as a reason for scaling back the size of Fannie Mae's and Freddie Mac's mortgage portfolios. (Read More)
NJ Thrift Closing B&C Unit
May 18, 2007
Hammered by early payment defaults, OceanFirst Financial Corp., Toms River, N.J., will close its subprime mortgage affiliate, Columbia Home Loans LLC, according to a new filing with the Securities and Exchange Commission. (Read More)
Block Taking $19M Hit on Option One Cuts
May 18, 2007
H&R Block will take a $19 million pretax charge in connection with a restructuring plan for its subprime wholesale affiliate, Option One Mortgage Corp., Irvine, Calif. (Read More)
Aegis Settles With NCRC
May 18, 2007
Aegis Mortgage Corp. has agreed to change its underwriting restrictions on row houses and eliminate a $60,000 minimum property value requirement in settling a fair housing complaint filed by the National Community Reinvestment Coalition. (Read More)
Berson: $60B in B&Cs Could Refi as Prime
May 18, 2007
About $60 billion in subprime adjustable-rate mortgages that will reset upward this year can refinance into prime or near-prime mortgages, according to David Berson, Fannie Mae's chief economist. (Read More)
MBA: No Residential Growth Till Late '07 or '08
May 18, 2007
Inventory in the residential housing market will not grow until the end of 2007 (after two years of decline), and tightened credit could delay the growth to the first quarter of 2008, according to Jamie Woodwell, senior director of commercial/multifamily research with the Mortgage Bankers Association. (Read More)
Doral Announces Major Recapitalization
May 18, 2007
Doral Financial Corp., a San Juan, Puerto Rico-based mortgage lender, has announced a recapitalization plan under which it will sell $610 million of its common stock to a newly formed bank holding company backed by Bear Stearns Merchant Banking and eight other companies. (Read More)
Cap Markets Co-op Names COO
May 18, 2007
Kent Saari has been named chief operating officer of Capital Markets Cooperative, a provider of expertise and economies of scale in the secondary mortgage market based in Ponte Vedra Beach, Fla. (Read More)
NAMB Names SVP for Ops
May 18, 2007
John U. Sepulveda has been named senior vice president for operations at the National Association of Mortgage Brokers. (Read More)
FHLBanks Price $3B Global Bond
May 18, 2007
The Federal Home Loan Banks have priced a $3 billion, 4.875%, three-year global bond due May 14, 2010. (Read More)
Ameriquest HEL Class Downgraded
May 18, 2007
Class M-3 of Ameriquest Mortgage Securities Inc. Quest 2003-X4 has been downgraded from BB-minus to CC/DR3 by Fitch Ratings. (Read More)
RASC HE Class Downgraded
May 18, 2007
Class M-I-3 of Residential Asset Securities Corp.'s home equity mortgage asset-backed pass-through certificates, series 2001-KS2, has been downgraded from B3 to Caa2 by Moody's Investors Service. (Read More)
Feedback
May 18, 2007
A recent visitor to the Grapevine complained of brokers who exhibit "such ignorance and lack of common sense that the public should be scared out of their minds." (Read More)
Trade Groups Back Feds' Subprime Efforts
May 21, 2007
Mortgage lenders support the efforts of federal regulators to strengthen underwriting standards on subprime loans and will help troubled borrowers avoid foreclosure, according to a joint statement issued by five industry groups. (Read More)
Dems Prod Regulators on Subprime Guidance
May 21, 2007
Senate Banking Committee Democrats are prodding the Federal Reserve Board and the other banking regulators to issue subprime guidance on adjustable-rate 2/28 and 3/27 mortgages as quickly as possible. (Read More)
MBA Exec Calls Out Originators on Suitability
May 21, 2007
Originators who made loans knowing that borrowers would not be able to pay were called out by an MBA official in the opening general session of the Mortgage Bankers Association National Secondary Market Convention as among the factors responsible for the subprime sector's woes. (Read More)
Mozilo Cites 'Complex' Causes of B&C Woes
May 21, 2007
The industry has to be careful of blaming itself too much for the subprime niche's recent wave of performance concerns, says Countrywide Financial chairman and chief executive officer Angelo Mozilo, citing other "complex" contributing factors such as home price depreciation, Federal Reserve interest rate hikes, and fraud. (Read More)
MortgageHub Acquires Dynatek
May 21, 2007
In an attempt to expand further into the mid-tier, MortgageHub Inc., Conshohocken, Pa., has acquired loan origination vendor Dynatek, Livonia, Mich. (Read More)
Rapid Reporting Unveils Anti-Fraud Initiatives
May 21, 2007
Addressing pain points currently haunting the mortgage industry, Fort Worth, Texas-based Rapid Reporting has announced major initiatives addressing fraud prevention and buybacks. (Read More)
Ellie Mae Touts 1st Loan Matching System
May 21, 2007
Ellie Mae, a Dublin, Calif.-based provider of software and services for the mortgage industry, has released Dynamic Loan Screening, which it touts as the industry's first virtual inter-operable platform that matches loan applications with the products and services of lenders, investors, and settlement service providers. (Read More)
Overture, Tavant Launch Custom Conduit System
May 21, 2007
Overture Technologies, Bethesda, Md., and Tavant Technologies, Santa Clara, Calif., have announced the launch of a customizable end-to-end lending system for conduits and correspondent lenders. (Read More)
Compass, S&P Tout Enhanced Loan Valuation
May 21, 2007
Compass Analytics LLC and Standard & Poor's Ratings Services have announced the integration of S&P's Levels credit model and Spire cash flow model into Compass's Mortgage Analytics system, CompassPoint. (Read More)
Wms & Wms Unit to Buy REO Assets
May 21, 2007
Williams & Williams Assets, a newly formed division of Tulsa, Okla.-based real estate auction firm Williams & Williams, has announced that it will directly acquire mortgage investors' collateral risk. (Read More)
EverBank Buying NetBank's Servicing Portfolio
May 21, 2007
EverBank, Jacksonville, Fla., has announced an agreement to acquire the mortgage servicing portfolio of NetBank, as well as its direct banking and small business financing divisions. (Read More)
FBR: '06 Subprime ARM Defaults Jump
May 21, 2007
The default rate on subprime adjustable-rate mortgages originated in 2006 "rose briskly" to 7.4% in April, according to a Friedman Billings Ramsey report. (Read More)
eMagic Names Managing Director
May 21, 2007
Paula Stretz has been named managing director of eMagic, a subsidiary of Mortgage Guaranty Insurance Co., Milwaukee. (Read More)
New Century B&C Classes Downgraded
May 21, 2007
Four classes from two subprime New Century Mortgage Corp. securitizations have been downgraded by Fitch Ratings. (Read More)
GE Cap Classes Downgraded
May 21, 2007
Two classes of GE Capital home equity loan pass-through certificates have been downgraded by Fitch Ratings. (Read More)
iStar to Acquire Fremont's CRE Biz
May 22, 2007
New York-based iStar Financial, a commercial real estate lending company, is acquiring the commercial real estate business of Fremont General Corp., Santa Monica, Calif., for a total cash purchase price of about $1.9 billion. (Read More)
Impac Buying Pinnacle, a $5B Funder
May 22, 2007
Impac Funding Corp., Irvine, Calif., has agreed to buy Pinnacle Financial Corp. of Florida, a $5 billion-a-year funder that plays in both the conventional and alternative-A markets. (Read More)
House Nixes Commercial Acquisition of ILCs
May 22, 2007
The House has passed a bill that prohibits commercial firms, such as WalMart and Home Depot, from gaining control of state-chartered industrial loan companies and entering the banking business. (Read More)
Lenders Grumble Over HECM Fee Provision
May 22, 2007
A Federal Housing Administration reform bill would reduce origination fees on government-insured home equity conversion mortgages, and some reverse mortgage lenders don't like it. (Read More)
Fifth Third to Buy R&G Sub
May 22, 2007
Mortgage lenders Fifth Third Bancorp, Cincinnati, and R&G Financial Corp., San Juan, Puerto Rico, have signed an agreement under which Fifth Third will acquire the Puerto Rican company's R-G Crown Bank, which operates 30 branches in Florida and three in Augusta, Georgia. (Read More)
NCRC Files Fair-Housing Complaints
May 22, 2007
The National Community Reinvestment Coalition has filed fair-housing complaints against four lenders alleging that their policies of not providing mortgage financing on group homes for the elderly and people with disabilities are discriminatory. (Read More)
Report Finds Subprime Disparities in New Orleans
May 22, 2007
African-Americans and Latinos in New Orleans are about twice as likely to receive a subprime home loan as nonminorities, according to a new report released by the Louisiana Community Reinvestment Coalition. (Read More)
Lydian Boosting Electronic Loan Delivery
May 22, 2007
Lydian Technology Group, a mortgage technology provider based in Jacksonville, Fla., has enhanced its Mortgage Connectivity Hub to enable investors to accept loans from sellers electronically regardless of how the sellers submit the loan data. (Read More)
CRE Index Hits Record, but Decelerates
May 22, 2007
A commercial real estate index maintained by the National Association of Realtors rose slightly in the first quarter to the highest level on record, though its rise has decelerated over the past year, according to the NAR. (Read More)
CRE Jobs Soaring, Report Says
May 22, 2007
Job postings for the commercial real estate industry soared by 35% in the first quarter, and 60% of industry employers expect to increase hiring over the next six months, according to the first SelectLeaders Job Barometer report. (Read More)
HUD Names GSE Research Chief
May 22, 2007
The Department of Housing and Urban Development has promoted Paul B. Manchester to head up the research division that analyzes Fannie Mae and Freddie Mac data for mission compliance. (Read More)
House Passes GSE Reform Bill
May 23, 2007
The House has passed the GSE regulatory reform bill by a 313-104 vote after reaffirming that the new regulator cannot use systemic risk as a reason for scaling back the size of Fannie Mae's and Freddie Mac's mortgage portfolios. (Read More)
Reich: B&C Guidance Will Be Little Changed
May 23, 2007
Federal banking regulators could issue subprime mortgage guidance in the next few weeks, and it will look a lot like the original proposal, according to John Reich, director of the Office of Thrift Supervision. (Read More)
MBA: Overreach by Feds Could Trigger Crunch
May 23, 2007
Mortgage Bankers Association chairman John Robbins has urged Congress and federal regulators to refrain from mandating underwriting standards that could precipitate a credit crunch. (Read More)
Ex-FBI Director Joins Fannie Board
May 23, 2007
Louis J. Freeh, a former director of the Federal Bureau of Investigation, has been elected to the board of directors of Fannie Mae. (Read More)
Morgan Stanley Buying Texas REIT
May 23, 2007
Continuing the wave of real estate investment trust merger-and-acquisition deals, Crescent Real Estate Equities Co., a Fort Worth, Texas-based REIT, is being acquired by Morgan Stanley Real Estate for a total price of about $6.5 billion. (Read More)
G&E, NNN Realty Sign Merger Pact
May 23, 2007
Grubb & Ellis Co., a real estate services firm based in Northbrook, Ill., and NNN Realty Advisors Inc., a commercial real estate management and services firm based in Santa Ana, Calif., have announced a merger agreement. (Read More)
Applications Climb
May 23, 2007
The Market Composite Index, an overall measure of mortgage applications, rose from 675.5 to 686.2 on a seasonally adjusted basis during the week ended May 18, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. (Read More)
Summit Forms Reverse Mortgage Unit
May 23, 2007
Summit Mortgage, a private Boston-based mortgage banking firm, has announced the formation of a reverse mortgage division. (Read More)
AmEx Unveils Mortgage Payments by Credit Card
May 23, 2007
American Express has announced a new program enabling members to make monthly home mortgage payments on the American Express card. (Read More)
OTS: Thrift Originations Flat in 1Q
May 23, 2007
Refinancings constituted 47% of thrift single-family originations in the first quarter, but overall origination activity was flat compared with that of the fourth quarter, according to the Office of Thrift Supervision. (Read More)
First Potomac Names New Chairman
May 23, 2007
Douglas J. Donatelli has been named chairman of the board and chief executive officer of First Potomac Realty Trust
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