Servicing

Property investors and owners eager to learn "What You Need to Know (But Nobody Will Tell You) About Buying Distressed Commercial Real Estate" filled the room at this recent seminar in New York.

Following a key committee vote, Sen. Sherrod Brown, D-Ohio, and Rep. Tim Ryan, D-Ohio, discussed critical legislation that would improve the livability of Ohio communities and direct federal assistance to communities with a high concentration of vacant and abandoned homes due to major population and job loss.

Unemployed homeowners in areas hard hit by the economic downturn may be eligible for zero-interest loans to make their mortgage payment for up to two years under a new foreclosure prevention program HUD will roll out in the weeks ahead.

Fannie Mae and Freddie Mac together sold 136,000 foreclosed single-family properties during the first half of this year, a 50% jump from the same six-month period in 2009.

Less competition and more work for the ones that are left. Problem is that many of the loan officers were classified as independent contractors when they did not meet the criteria under federal or state law. Especially in California.

Kevin Villani, a former chief economist at Freddie Mac, writes that there are no legitimate public policy objectives served by reincarnating Fannie and Freddie.

PennyMac Mortgage Investment Trust this week filed a shelf registration statement with the Securities and Exchange Commission to sell up to $500 million worth of securities, be it common or preferred shares or warrants.

The benchmark 10-year Treasury as of day-end Wednesday had fallen to a new low for the year below 2.7%, pressuring mortgage rates downward as the Dow dropped 265 points, dragging most industry stocks down as well.

The aggregate value of commercial real estate loans priced by DebtX that back CMBS rose to 77.4% as of June 30 from 76.6% as of May 28, according to figures released by the auction company. Loan values were 76% as of June 30, 2009.

Cantor Fitzgerald and the CIM Group have formed a commercial real estate financing business that will originate loans for securitization.