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.The trade group said loans backed by office properties and loans for commercial bank and savings institution portfolios led the increase. "Conduits packaging loans for commercial mortgage-backed securities, collateralized debt obligations, and other asset-backed securities continued to be the dominant investor group in 2006, and office properties surpassed multifamily as the dominant property type," said Jamie Woodwell, the MBA's senior director for commercial/multifamily research. The increase in originations in 2006 was driven both by higher loan amounts -- the average loan size rose to $11.5 million -- and by the closing of a greater number of loans. Among major investor groups, real estate investment trusts saw the greatest percentage increase in volume in 2006, followed by commercial banks/thrifts.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11