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Tag Archives: Investors

JPMorgan to Slash $154B Mortgage Portfolio

On Thursday news reports confirmed that mortgage giant JPMorgan plans to scale back a $154 billion mortgage portfolio to a bare minimum on its balance sheets, even as it battles through continuing mortgage losses, multiple suits and settlements over past loan-servicing practices.

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Housing Analysts Jittery About Debt Default Scenario

Fueling fears about a federal default scenario, fragile debt-ceiling negotiations continued to splinter and stagnate this week, with Republicans refusing to budge on proposed tax increases and Democrats fighting to keep entitlements off the chopping block. If trends continue and the federal government defaults on its national debt, housing economists and mortgage rate analysts predict spikes in interest and mortgage rates, with steep and potentially catastrophic declines in homes sales.

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Capital Economics: Seasonal Uplift Raises Prices

A monthly update from Capital Economics holds that small upticks in home prices and sales reflect anomalous behavior in the market, thanks in part to a generous seasonal uplift. The report predicts continued falls in home sales.

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Companies Eye RMBS, Signaling Comeback

If two companies have their way, residential mortgage-backed securities may make a comeback. BlackRock Inc. and Two Harbors Investment Corporation said they may make a return to AA bond ratings.

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Freddie Reveals Declines in Mortgage Rates

Freddie Mac released a southerly primary mortgage market survey Thursday, revealing downward trends for mortgage rates across the board against a backdrop of anemic job growth and steadily increasing unemployment figures. According to the GSE, 30-year fixed-rate mortgages dipped to 4.51 percent falling from 4.60 percent last week and staying just under the 4.57 percent average it struck last year. The data for 15-year fixed-rate mortgages yielded a fall from 3.75 percent last week to 3.65 percent this week.

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Prudential Mortgage Venture Aims for $1B in CMBS

On Friday lending giant Prudential Mortgage Capital Company announced a joint venture with Perella Weinberg Partners that will allow the two companies to store and originate future commercial mortgage-backed securities (CMBS). Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena, David Twardock, president of Prudential Mortgage, said in a statement.

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MBA: Commercial, Multifamily Originations Sluggish

According to a recent quarterly report released by the Mortgage Bankers Association, commercial and multifamily originations slowed to a rate 25 percent lower in the quarter this year than the last quarter in 2010. Titled the Commercial Real Estate/Multifamily Finance Quarterly Data Book, the report documented new signs of life in the economy, denoting $7.8 billion in profits for mortgage commitments, the highest in the first quarter in three years, reflective of a 60-percent increase from the first quarter last year.

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Leery Lenders Delay Housing Recovery

Wary of an uncertain economic climate, new regulatory legislation, and the potential for burdensome capital restrictions, the nation's top lenders financed fewer mortgage loans in 2010 than in 2009 to keep their ledgers in the black a cumulative pattern that analysts and news reports say hampers housing and, potentially, recovery in the broader economy. According to analysis conducted by The Wall Street Journal, the 10 largest mortgage lenders in the country denied 26.8 percent of loan applications last year, up from 23.5 percent in 2009.

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NAR: Commercial Market Looking Up

The National Association of Realtors released statistics showing a northerly thrust for commercial markets, as job growth and brightening spots in the U.S. economy contributed to a growing level of confidence.

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