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Servicing

CMBS Spreads Widen, Signaling Bearishness

Following on the heels of debt downgrades and a bipolar Dow Jones Industrial Average, the market for commercial mortgage-backed securities sauntered back a few steps, showing declines in special servicing loans to 12.3 percent over the second quarter this year. Successive reports from analytics company Trepp and the Wall Street Journal spotted troubling trends for CMBS markets, with credit looking to further tighten and borrowers poised to shoulder the consequences. Performing loans also fell to 29.5 percent over June, down from March.

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What the GSE Downgrades Mean for Housing Markets

Standard & Poor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós continued a bold streak it started Saturday by deflating debt credit ratings for mortgage giants Fannie Mae and Freddie Mac Monday, scaring investors and adding velocity to the Dow's 630-point plunge.

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Strong 2012 Predictions from Fiserv Case-Shiller Indexes

In opposition to the recently recorded declines, the Fiserv Case-Shiller Indexes predicts stable numbers around the country by 2012. Notable stats from the 380 markets that the survey examined include a forecasted rise in housing affordability to pre-crisis levels and an increase in home pricing strength near the start of 2012. The Fiserv Case-Shiller Home Price Insights, available now, indicate that housing affordability could rise, since current pricing is about 5 percent above data from 2000.

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Two More Bank Failures Bring 2011 Tally to 63

A rollercoaster Dow Jones Industrial Average, successive downgrades in U.S. Treasury and GSE debt, and renewed worries over euro zone defaults buried news over the weekend that the FDIC circled wagons around two new failed banks. The federal agency covered the $160.4 bill left by two banks in Illinois and Washington that brought the failed financial institutions tally to 63 for the year. Requiring the FDIC to step in as receiver, Illinois-based Bank of Shorewood and Washington-based Bank of Whitman both closed.

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Markets Shake with GSE, Home Loan Bank Downgrades

Freddie

Standard & Poor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós sent markets into a tailspin Monday when it downgraded credit ratings on debt for mortgage giants Fannie Mae and Freddie Mac, citing majority ownership by the federal government, whose own ratings the agency pulled down to AA+. Showing no remorse, the ratings agency also downgraded debt ratings for 10 Federal Home Loan Banks across the country. The dual downgrades represented a vote of no confidence by S&P that helped create selloff frenzy on Wall Street.

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Treasuries, Analysts Respond to U.S. Debt Downgrade

Markets and investors recoiled Saturday over news that ratings agency Standard & Poor's slapped U.S. Treasury debt with a downgrade, shifting credit ratings for the world's largest economy from the long-prized AAA rating to a weaker AA+ rating. In response, Treasury yields dipped over Monday, as housing analysts suggested that the hyped downgrade would hurt borrower confidence more than mortgage rates. Rather than run, investors bought up Treasuries Monday.

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AIG to Battle BAC

American International Group is heading to court with Bank of America. AIG filed a lawsuit Monday against the bank, targeting BAC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós alleged misrepresentation of mortgage-backed securities. AIG├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós claims focus on BAC├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Merrill Lynch and Countrywide Financial components, and the entity is seeking over $10 billion in compensation in what could be the largest mortgage-security lawsuit ever filed by an individual investor. The suit alleges that the bank fraudulently represented the quality of mortgage-backed securities purchased by AIG.

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Leading Leadership: XINNIX Hires New Trainer

Boosting its mortgage sales and leadership development programs, XINNIX announced the addition of Bruce Grant as a new trainer within the department. With more than 26 years in the industry, Grant is set to join XINNIX in a role that encompasses instructing new and existing loan officers on business development, leadership skills, and executive communications.

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Homeownership Continues a Steady Decline

abandoned house

Alongside the Dow Industrial plunge and news that the U.S. economy added 117,000 jobs, the Census Bureau released a report signaling more troubled waters ahead for homeowners and Americans with the desire to one day live in their own houses. Homeownership rates fell to 65.9 percent, one percent less than rates for the same over the second quarter last year. Homeownership sits at its lowest levels since 1998, according to Census data, matching homeownership levels from 1965.

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