REALTORS® Report Cash Sales of Commercial Properties at Close to 30%
Lending conditions continue to remain tight for commercial real estate investments. This is especially pertinent for small businesses and investors looking for properties in secondary and tertiary markets. In addition to tight underwriting, down-payment conditions also require substantial commitment. According to the 2012 Commercial Lending Survey, 72 percent of closed sales required a down-payment larger [...]
Forget Greece, China Biggest Risk to Global Economy: Faber
Forget Greece, which is an "insignificant" economy, it is China that's posing the biggest risk to the global economy, Marc Faber the editor and publisher of the Gloom, Boom and Doom report told CNBC on Friday….(read more)
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A Note on The Implications Of Flat Fee Pricing; Lender Updates Continue; Ready For Another Refi Wave?
Posted To: Pipeline Press
Facebook…Facebook…Facebook…I guess the financial press is tired of discussing things like Europe’s woes. ( Even today’s closing paragraph at the bottom is about Facebook. ) Say what you want, but it is influencing real estate down in San Francisco . To help keep things in perspective, I received this note about small [...]
MGIC Files Suit To Resolve Pool Dispute
MILWAUKEE, May 17, 2012 /PRNewswire/ – MGIC Investment Corporation (NYSE: MTG) announced today that its Mortgage Guaranty Insurance Corporation subsidiary has filed a lawsuit in Federal District Court in Milwaukee, Wisconsin against Freddie Mac and the Federal Housing Finance Administration (Freddie Mac's conservator) regarding the pool insurance dispute between MGIC and Freddie Mac. The dispute has [...]
S&P Raises Outlook on Ally Financial
NEW YORK -(MarketWatch)- Standard & Poor's raised its outlook on Ally Financial Inc. to positive from stable Thursday as it expects the prearranged bankruptcy of its mortgage subsidiary to help it address mounting litigation risk….(read more)
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MGIC sues Freddie Mac in insurance dispute
(Reuters) – Mortgage insurer MGIC Investment Corp has sued mortgage financier Freddie Mac and the Federal Housing Finance Administration to settle a dispute over coverage limits on certain insurance policies….(read more)
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Principal Reductions Won’t Solve US Mortgage Mess – Bloomberg
Principal Reductions Won't Solve US Mortgage Mess Bloomberg Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe ……(read more)
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Fortress Gathering Capital for Mortgage-Servicing Rights – Bloomberg
Fortress Gathering Capital for Mortgage-Servicing Rights Bloomberg Fortress Investment Group LLC (FIG), the New York-based investment firm overseeing $46.4 billion, is seeking capital to buy residential mortgage-servicing rights as banks sell the loans, according to a presentation to clients….(read more)
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Buffett tried to buy ResCap before bankruptcy: report
(Reuters) – Billionaire investor Warren Buffett sought to buy Residential Capital (ResCap) from Ally Financial before the U.S. auto and mortgage lender put its home-lending unit into bankruptcy, Bloomberg said, citing three persons familiar with the matter….(read more)
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Market Is in Trouble
This market is in serious trouble. For three years, traders have been accustomed to buying on modest dips of 3 to 6 percent or so. It's not working this time….(read more)
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The Day Ahead: Markets Free To "Trade It Out" Amid Data-Free Session
Posted To: MBS Commentary
With so many unprecedented and hefty considerations, markets might enjoy today’s complete absence of scheduled economic data as some sort of chance to seek its own equilibrium. That sentence was actually lifted from an article we wrote in July 2011 when European drama was first beginning to collide with impending Fed policy [...]
ABA Statement on Jeremy Stein and Jerome Powell’s Appointment to the Federal Reserve Board of Governors
Washington, May 17, 2012 — "ABA applauds the Senate for confirming Jeremy Stein and Jerome Powell to the Federal Reserve Board. Their strong backgrounds and extensive experience will prove invaluable as they work on our nation's banking, economics and financial issues. We are also pleased that today's action will allow the Federal Reserve Board to [...]
SEC Charges New Jersey Man in Real Estate Investment Scam
FOR IMMEDIATE RELEASE 2012-94 Washington, D.C., May 17, 2012 ? The Securities and Exchange Commission today charged a New Jersey man with operating a Ponzi-like scheme involving a series of investment vehicles formed for the purported purpose of purchasing and managing rental apartment buildings in New Jersey and Pennsylvania. The SEC alleges that David M. [...]
AIG’s Benmosche: Government Could Be Out By End of Year
Benmosche acknowledged this request in an interview with CNBC's Mary Thompson after Wednesday's annual meeting. Benmosche has been battling cancer, and had agreed to stay to the end of this year. Now he's ready to stay longer….(read more)
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MBS RECAP: Snowball Buying As Fedspectations Team Up With Euro-Drama
Posted To: MBS Commentary
MBS Live : MBS Afternoon Market Summary Two of our favorite made-up terms joined forces today to carry MBS to yet another all-time high and 10yr yields to the high 1.6’s! The day looked as if it would be a deceleration in terms of volume and volatility this morning, but we turned [...]
Mortgage Rates Officially Hit New All-Time Lows!
Posted To: Mortgage Rate Watch
Mortgage Rates hit new all-time lows today. In most cases, lenders’ offerings are just slightly better across the board than they were in late January, the last time we officially noted “new all-time lows,” though some lenders are not quite back to their previous best levels. A much weaker-than-expected reading on [...]
Commercial-Mortgage Bonds Slide as $9 Billion Weighs on Market – Bloomberg
Commercial-Mortgage Bonds Slide as $9 Billion Weighs on Market Bloomberg Commercial-mortgage securities are slumping as a flood of bonds dumped on the market during the past month weighs on values amid mounting concerns that Europe's debt crisis can't be contained. Relative yields on top-ranked debt tied to property loans ……(read more)
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New Democracy Moves Ahead of Syriza, Greek Poll Shows – Bloomberg
New Democracy Moves Ahead of Syriza, Greek Poll Shows Bloomberg A Greek opinion poll showed the bailout-supporting New Democracy party, Greece's biggest, ahead of its main rival for the first time since the inconclusive May 6 elections as the campaign for the June 17 rerun kicked off. New Democracy got 23.1 percent … and more »…(read [...]
Greece Aims to Clear Bank Funding By May 24 as ECB Loans Halted – Bloomberg
Greece Aims to Clear Bank Funding By May 24 as ECB Loans Halted Bloomberg A Greek official said the nation should clear a 18 billion-euro ($23 billion) capital boost for its four biggest banks by May 24, paving the way for a return to European Central Bank funding. "I hope that all technical and legal [...]
ABA Offers Free Fair Lending Compliance Resource
Washington, May 17, 2012 — The American Bankers Association has released a free, members-only resource to assist bankers with their continued compliance with fair lending laws….(read more)
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NAHB, NAR Agree, Homes Never More Affordable
Posted To: MND NewsWire
For the second time in a week a national housing trade organization has shown that purchasing a home is now within the reach of a record number of Americans. On Tuesday the National Association of Realtors® (NAR) published its affordability index indicating the purchasing power of American households had broken through 200 [...]
MBS MID-DAY: More Gains On Philly Fed Miss
Posted To: MBS Commentary
MBS Live : MBS Morning Market Summary The main market-mover of the morning was the release of the Philadelphia Fed Survey, the chief component of which fell from 8.5 last month to -5.8 today. This happens occasionally with regional manufacturing reports and particularly, we’re reminded of the August Philly Fed Index that [...]
Another run?
Greek banks are not the only ones experiencing daily deposit withdrawals. Bankia, the Spanish bank that was half nationalized last week, is reportedly losing deposits and this will likely lead to a full nationalization at some point soon. The Spanish IBEX is at a fresh 9 yr low as also the country’s biggest banks, Banco [...]
Nationwide Housing Affordability Reaches New Record High
Press Release…(read more)
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Fixed Mortgage Rates Hit Record Lows Again
MCLEAN, Va., May 17, 2012 /PRNewswire/ – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates again hitting new r……(read more)
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