Current Real Estate News

Beige Book: economy increasing at slower rate than prior periods
Wed, 08 Sep 2010 18:03:14 +0000
The economy continued to grow between the middle of July and the end of August but at a slower pace than prior periods, according to the Federal Reserve.The Beige Book, which gathers anecdotal evidence of economic conditions in the dozen Fed districts nationwide, reported modest growth was experienced in most of the western districts, as [...]



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BB&T ditches FHA and VA adjustable-rate mortgages
Wed, 08 Sep 2010 17:56:56 +0000
The financial services giant BB&T (BBT: 23.17 +2.12%) announced that it no longer provides adjustable-rate mortgages backed by the Federal Housing Administration or the department of Veteran Affairs. A spokesperson from the firm told HousingWire it's a strategic business move."At BB&T we consistently evaluate our product line and make adjustments based on clients' needs," the [...]



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HUD awards another $1billion in NSP funding
Wed, 08 Sep 2010 16:07:04 +0000
The Department of Housing and Urban Development awarded another $1 billion in funding through its Neighborhood Stabilization Program and has now doled out about $7 billion in two years.The program was designed to provide state and local communities money to acquire, redevelop or demolish foreclosed properties. This is the third round of NSP grants, following [...]



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El-Erian: Judging Obama, Geithner and Goolsbee
Wed, 08 Sep 2010 16:07:03 +0000
The U.S. Administration will seek today to regain the economic policy initiative. Think of it as an overdue attempt by officials to be seen to be more engaged, and to influence a narrative that has slipped away at a time of unacceptably high unemployment, muted growth and deficit concerns.According to public [...]



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MBA: FHFA 'overly theoretical' with Fannie, Freddie future
Wed, 08 Sep 2010 16:01:30 +0000
In a letter to the Federal Housing Finance Agency (FHFA), the Mortgage Bankers Association (MBA) requested a revision of its latest housing goals for the government-sponsored enterprises (GSEs), calling them"overly theoretical." (The letter can be found here.)Earlier in the summer, the FHFA sent a proposed rule to the Federal Register to clarify the terms [...]



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Amherst: modified Ginnie Mae loans boost buyouts
Wed, 08 Sep 2010 15:53:05 +0000
The reissuance of modified Ginnie Mae loans will boost transition rates, buyouts, and subsequently increase prepayment speeds on new, lower-coupon pools.Amherst Mortgage Insight analysts said avoiding Ginnie Mae interest-only mortgages is a good idea, as"conventionals are a better bet." The firm's MBS strategy group also advises investors to review Ginnie Mae spec pools"to [...]



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Fiserv servicing platform renamed LoanServ
Wed, 08 Sep 2010 15:33:56 +0000
Fiserv's (FISV: 51.97 +0.39%) loan servicing platform is now called LoanServ, a change that marks the consolidation of all of the company's loss mitigation services. The single-platform service integrates mortgage loans, consumer loans, indirect financing, home equity loans, lines-of-credit and distressed-loan functionality into one system.Fiserv began developing their servicing platform earlier this decade under the [...]



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Bank capital rules uncertainty sets up market for an anxious week of waiting
Wed, 08 Sep 2010 15:29:57 +0000
A group of central bankers and regulators from around the world agreed on the new capital requirements for banks, however the industry will have to wait until after a further meeting at the weekend to hear the final proposals.On Sunday, the Group of Governors and Heads of Supervision, the [...]



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Salmon: Are hedge funds abusing bankruptcy?
Wed, 08 Sep 2010 14:14:37 +0000
Bankruptcy cases can, like most contested litigation, become highly contentious things. But the thing which bothers me about the [Wall Street Journal] article is that it seems to assume that if hedge funds profit by trading in and out of debt over the course of these cases, then the company itself is likely to be [...]



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Wall Street firms to cut 80,000 jobs in 18 months, Whitney says
Wed, 08 Sep 2010 14:09:12 +0000
Securities firms around the world will cut as many as 80,000 jobs in the next 18 months as revenue growth begins to slow, said Meredith Whitney, the former Oppenheimer& Co. analyst who now runs her own firm.The reductions, about 10 percent of current levels, will come after 2010 compensation payments, Whitney, 40, said in [...]



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