Tag Archives: Investors

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.

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.

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.

The Senate Banking Committee convened a hearing Tuesday to address concerns that large mortgage lenders continue to edge out their smaller rivals. Lawmakers called the current mortgage system unsustainable.

According to a recent report, Ginnie Mae issuers put up over $26 billion in mortgage-backed securities for sale on the secondary market over the course of May, reflecting a 4 percent overall decline from April. HUD released a report indicating the placement of 99.5 percent of FHA-insured loans and 97 percent of VA-backed loans in Ginnie Mae packages over the course of 2010, with an end-point in September. Ginnie Mae also securitized $770 million worth in FHA-insured reverse mortgages and $1.6 billion in multifamily loans over the course of May.

Flagstar Bancorp found itself pitted against bond insurer Assured Guaranty on Monday as the latter sought $82.4 million in damages against it on charges that the Midwestern bank breached the warranties on its home equity loans, according to court documents.

On Wednesday real estate investment company C-III Capital Partners LLC inked its name to an agreement approving acquisition plans for NAI Global, a global network of commercial real estate firms, potentially bringing the firm, with assets valued at nearly $150 billion, up to speed as an increasingly competitive force.

The saga of a nearly $3-billion fraudulent scheme that resulted in two bank failures, billions of dollars in losses, and the loss of over 2,000 jobs came to a close on Wednesday when courts found the culprits guilty on counts of fraud and false statements, among other charges. The sentencing follows several other convictions in a case authorities bill one of the largest instances of bank fraud in U.S. history.

On Thursday Consumer Financial Protection Bureau nominee Elizabeth Warren attended a virtual press conference, delineating six groups of nonbank companies that may soon fall under the agency's broad scope of authority. The agency is responsible for ensuring that both banks and nonbanks comply with consumer financial protection and fair lending laws, Warren said, reading from a prepared statement.

Nearing the conclusion of her tumultuous five-year term, outgoing FDIC chairman Sheila Bair made moves to shape the legacy she leaves behind in July, making the case for sounder policies needed to head off the potential for a replay of the 2008 financial crisis as markets and industries move forward. Meanwhile, analysts fault a mixed legacy for Bair, citing the major roles she played in expanding the FDIC's power and passing crucial language in the Dodd-Frank Act. Bair is set to leave her post as FDIC chairman on July 8.