Deputy Treasury Secretary Neal Wolin told the Securities Industry and Financial Markets Association (SIFMA) conference in New York recently that Treasury will not propose housing finance reform measures until 2011, and will probably do so in conjunction with the agency’s enforcement of the new financial reform law just passed by the Senate and due to… CONTINUE
Bank Repossessions to Hit 1 Million in 2010
RealtyTrac reports that with 528,000 foreclosures in the first half of 2010, it is likely that more than one million American homeowners will lose their homes to foreclosure by the end of the year. If true, that number will be 10 percent above the number of foreclosures in 2009, a number that a RealtyTrac executive… CONTINUE
Housing Market Double Dip a Reality?
According to Capital Economics, a Toronto-based independent macroeconomic research firm, a double dip in the U.S. housing market is beginning to show itself. In addition, the Double Dip Begins report found that for every home currently on the market, there are two more waiting to be sold. In an article at HousingWire.com, the report author… CONTINUE
Architects Say CRE Construction Stalled Until 2012
Architecture trade group the American Institute of Architects said in a press release issued on July 14 that commercial real estate construction is expected to decrease by more than 20 percent this year and will only see a marginal increase of just over three percent in 2011. The AIA says that, even with modest improvements… CONTINUE
Banks Gearing Up to Lend
Even in the face of a disastrous dip in new home sales in May (down 30%), many banks have hit the restart button on their mortgage lending operation. JP Morgan Chase has announced that it will hire 1,200 new mortgage officers for what it anticipates will be a greater need in the not-so-distant future. Citizens… CONTINUE
California AG Launches Tenant Abuse Investigation
California Attorney General Jerry Brown has opened an investigation to protect tenants of properties that have been foreclosed on – a group he calls “the forgotten victims” of the housing market collapse. Brown said that it is estimated more than one-third of all California foreclosures are rental units and that over 200,000 tenants have been… CONTINUE
Fannie Mae Updates Appraisal Policy
As the result of a post-purchase review of mortgage loan files that identified a number of appraisal issues, Fannie Mae has updated its Selling Guide with additional appraisal guidance. The new policy requirements and clarifications concerning existing lender requirements – which take effect on all mortgage applications dated on or after Sept. 1, 2010 —… CONTINUE
Mortgage Brokers Fight Proposed Lending Rules
The National Association of Mortgage Brokers (NAMB) has sent an alert to its members urging them to urge their congressional representatives to oppose the national financial overhaul legislation that is scheduled for a vote in mid-July. NAMB president Roy DeLoach told his membership that the new legislation would hurt competition in the mortgage market and… CONTINUE
CRE Loans Making a Comeback
Commercial real estate loans – which went from a high of $230 billion in 2007 to just $3 billion two years later – are making a comeback as major bank players cautiously dip their toes back in the market, lured by more conservative underwriting and the perception that property values have bottomed out. In the… CONTINUE
Who’s Winning the Short Sale Service Race?
Deutsche Bank has issued a report ranking U.S. mortgage servicers on the speed of completing short sales transactions. For prime lenders, the winner is GMAC, with an average transaction time of six months. CitiMortgage was in second place at 7.5 months. Countrywide, now owned by BofA, sucks wind in the prime category, coming in last… CONTINUE
Moody’s Says U.S. CRE Values Up
For the first time in three months, U.S. commercial real estate property values rose in April, according to Moody’s Investors Service. The Moody’s/REAL Commercial Property Price Index rose 1.7% from March; however, prices declined 16% from April of 2009 and are down 41% from the Index’s October 2007 high. From a Bloomberg report: Economic growth… CONTINUE
What’s Next? Poodle Skirts and Duck Tails?
Mortgage rates are now the lowest they have been since the 1950s. Unfortunately, the low rates also come at a time when unemployment is high and credit scores are low. The average rate for a 30-year fixed loan fell to 4.69 percent last week; rates for 15- and 5-year mortgages also hit record lows. Realtors… CONTINUE
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