First the good news: it appears the multifamily market could be poised for modest growth in 2006. At a recentforecast press conference, Fannie Mae economist David Berson said that "echo boomers" (thekids of the baby boomers) are now forming new households and will flood the rental market. That's encouraging newsfor multifamily, which has been relatively weak in recent years. (The New York rental market doesn't count, folks.)The other good news is that purchase money lending should be strong in 2006. Now for the bad news: Fannie thinksresidential loan production could decline to just $2.1 trillion in the new year, a 30% decline from the $3 trillionor so that National Mortgage News is forecasting. The biggest question mark for the industry is when,oh when, will the Federal Reserve stop hiking rates -- and when, oh when, will the yield curve get fixed...
An affiliate of GMAC-RFC (GMAC-RFC Auritec SA) along with the original shareholders of CreditoInmobiliario (led by shareholder Gerardo Sierra), have purchased a majority ownership interest (55%)in CI. GMAC-RFC says CI is "a leading Mexican mortgage non-bank"...
Greenwich Capital on the ABS market: "With an extraordinary amount of ABS volume hitting the market,HEL triple-As priced in a wider range last week; non-mortgage still firm." The company notes that subprimemortgage foreclosure inventory is "very near historic lows seen in 1998." Of course, we all know whathappened to the subprime market in the fall of 1998...
CORRECTION: In last week's edition we said that Bear Stearns was, well, a bit guarded when itcomes to releasing production and servicing information on its mortgage affiliate, EMC Mortgage. Apparently,we were wrong. EMC is now disclosing that information. Sorry for the misreporting...
MORTGAGE NEWS BABIES: Congratulations to NMN managing editor (and Wall Street columnist) BonnieSinnock and her husband Aaron. They are now the proud parents of a future managing editor, Tanya.
MORTGAGE PEOPLE: Assurance Capital Home Loans has named Matthew M. Soto chief operatingofficer. MortgageIT Holdings has elected John K. Darr to its board. Mr. Darr is currently CEO andmanaging director of the of the Federal Home Loan Bank System's Office of Finance. The MortgageBankers Association has promoted two people to the position of senior director of government affairs: TimDoyle and Kathy Gibbons.
DATA NOTICE: The new 3Q edition of the Quarterly Data Report is now available. For rankings ofthe nation's top 100 lenders and servicers (plus subprime) contact
