Mortgage

WASHINGTON, DC - October 1, 2010 - (RealEstateRama) -- Fannie Mae (FNMA/OTC) today announced that its Housing and Community Development (HCD) division will now be called Multifamily Mortgage Business (MMB) or Multifamily. The new name parallels Fannie Mae's Single-Family Mortgage Business, more clearly conveys what the business does, and emphasizes the multifamily mortgage business platform.

WASHINGTON, D.C. - October 1, 2010 - (RealEstateRama) -- WHAT: Mortgage Bankers Association’s (MBA) 97th Annual Convention & Expo: Defining Solutions. Delivering Results.MBA’s Annual Convention and Expo is the premier conference for mortgage banking professionals of all sectors. It addresses key industry-related strategic issues and provides in-depth analysis concerning leadership, growth strategies and trends. Garner insight from influential industry executives as they share their views on the current market, and their projections for the future of real estate finance.

Washington, DC - October 1, 2010 - (RealEstateRama) -- The Center for Housing Policy, the Local Initiatives Support Corporation (LISC) and the Urban Institute have compiled and released the first data on seriously delinquent mortgages for all 366 U.S. metro areas. “Seriously delinquent” mortgages are those that are delinquent 90 days or more or are in the foreclosure process. An analysis of these data for the nation’s 100 largest metropolitan areas reveals a 32 percent increase over a one-year period in the share of mortgages that are seriously delinquent. In March 2010, more than one in ten mortgages (10.2 percent) in the 100 largest metropolitan areas was seriously delinquent – up from one in 13 mortgages (7.7 percent) in March 2009

WASHINGTON, D.C. - September 30, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly DataBook for the second quarter of 2010. The analysis shows that commercial real estate fundamentals are showing signs of a firmer stabilization as businesses eased job cuts and started to hire, consumers began to re-open their pocketbooks and as households increasingly looked to rent rather than own their homes.

WASHINGTON, D.C. - September 30, 2010 - (RealEstateRama) -- Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association, today issued the following statement commending passage of legislation that would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration’s multifamily programs with additional commitment authority.

Waukesha, WI - September 30, 2010 - (RealEstateRama) -- Inlanta Mortgage is pleased to announce the promotion of Chris Knowlton to Vice President of Technology and Marketing. Chris has been with Inlanta Mortgage since June of 1997. Chris will continue to direct and manage the computer and information technology side along with overseeing and developing marketing plans and internet marketing use

Washington, D.C. - September 30, 2010 - (RealEstateRama) -- The Securities and Exchange Commission today charged a pair of employees at Boston-based State Street Bank and Trust Company with misleading investors about their exposure to subprime investments.

Las Vegas, NV - September 29, 2010 - (RealEstateRama) -- The Ballen Group, one of the country’s top-producing real estate teams, is leaving Coldwell Banker Wardley to join the Keller Williams Realty team in the Keller Williams Realty Las Vegas Market Center

LANSING, MI - September 29, 2010 - (RealEstateRama) -- Attorney General Mike Cox today announced that his office, with the assistance of the Michigan State Police, secured a guilty plea against Eddie Zaben of Dearborn for his role in a major mortgage fraud operation in Southeast Michigan. Zaben, 40, pled guilty to two counts of obtaining mortgage proceeds under false pretenses. Zaben will serve 2-10 years in prison and must pay $3 million in restitution. Zaben is the latest conviction resulting from a year-long investigation by the Michigan Mortgage Fraud Task Force and included efforts by the Michigan State Police, the U.S. Secret Service and the Attorney General's office. Six other defendants have already been convicted for their roles in the scheme.

PHILADELPHIA, PA - September 28, 2010 - (RealEstateRama) -- An indictment was filed today against Bernadette Nicholas, Kevin D. McAllister, and Wayne Rosen for engaging in schemes to defraud Wilmington Trust Federal Savings Bank and Malvern Federal Savings Bank involving properties valued at more than $35.5 million,

WASHINGTON, DC - September 29, 2010 - (RealEstateRama) -- Bank of America and United Midwest Savings Bank have become the first financial institutions to assemble SBA 504 first mortgage pools to be sold on the secondary market, the U.S. Small Business Administration announced today.

Washington, D.C. - September 29, 2010 - (RealEstateRama) -- Mike Heid, co-president of Wells Fargo Home Mortgage, testified today before the House Financial Services Committee on “The Future of Housing Finance—A Review of Proposals to Address Market Structure and Transition.” In his capacity as Chairman of the Housing Policy Council, Heid presented the HPC’s proposal for GSE Reform.

Raleigh, NC - September 28, 2010 - (RealEstateRama) -- Attorney General Roy Cooper’s Consumer Protection Division has launched an investigation into questionable tactics during foreclosures by Ally Financial and its subsidiary, GMAC Mortgage.

WASHINGTON, D.C. - September 29, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 24, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.0 percent compared with the previous week.

Washington, DC - September 28, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, used as an index in some ARM contracts, was 4.65 percent based on loans closed in August. This is a decrease of 0.13 percent from the previous month.

WASHINGTON, D.C. - September 28, 2010 - (RealEstateRama) -- Today the Mortgage Bankers Association (MBA) released the attached paper, "A Review of Statistical Problems in the Measurement of Mortgage Market and Credit Risk" conducted by Professor Anthony M. Yezer of the George Washington University and sponsored by MBA's Research Institute for Housing America (RIHA).This paper examines the fundamental assumptions within the statistical analysis of discrimination and credit risk and the impact these flawed models had on the mortgage market ranging from false findings of discrimination to incorrectly detecting the future rise of default rates. Serving as a valuable resource to identify the flaws that continue to be overlooked in today's analyses, the paper promotes the improvement of the measurement of mortgage market discrimination and credit risk for a more accurate assessment.

Atlanta, GA - September 27, 2010 - (RealEstateRama) -- On September 22, 2010, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License issued to United Funding Mortgage Corporation d/b/a Vertical Mortgage Company, license number 20332, formerly located at 6485 Shiloh Road, Building B, Suite 102, Alpharetta, Georgia 30005, became final.

Washington, DC - September 27, 2010 - (RealEstateRama) -- Mortgage features that are restricted in the Dodd-Frank Bill such as longer terms, interest-only periods and flexible payment designs are quite common in other countries and are not associated with higher rates of default, according to a study released today by the Mortgage Bankers Association (MBA).The study entitled, “International Comparison of Mortgage Product Offerings”, which was conducted by Dr. Michael Lea, Director of the Corky McMillin Center for Real Estate at San Diego State University and sponsored by MBA’s Research Institute for Housing America (RIHA), examines the predominant mortgage designs and characteristics that exist in different international markets and how they have performed prior to and during the crisis. The study examined 12 developed countries with distinctly different mortgage market and product configurations

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Scottsdale, AZ - September 24, 2010 - (RealEstateRama) -- If you are a home owner facing foreclosure, or need to execute a short sale, you are in the correct place. If you are a buyer looking to purchase a home in the Gainey Ranch area of Scottsdale, Arizona, you are in the correct place. Please visit http://www.nicholasmcconnell.com for more information.

WASHINGTON, D.C. - September 24, 2010 - (RealEstateRama) -- MBA’s Annual Convention and Expo is the premier conference for mortgage banking professionals of all sectors. It addresses key industry-related strategic issues and provides in-depth analysis concerning leadership, growth strategies and trends. Garner insight from influential industry executives as they share their views on the current market, and their projections for the future of real estate finance.

WASHINGTON, D.C. - September 24, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) applauded yesterday's passage of legislation by the House that will extend the National Flood Insurance Program (NFIP) through September 30, 2011. The bill passed the Senate Tuesday and will now go to the President for his signature. Without agreement on an extension, the program was set to expire on September 30, 2010.

WASHINGTON, D.C. - September 24, 2010 - (RealEstateRama) -- Jay Brinkmann, Chief Economist and Senior Vice President of Research and Economics for the Mortgage Bankers Association (MBA), testified today before the Federal Reserve Board of Governors at a hearing entitled, “Potential Revisions to Regulation C – Implementing the Home Mortgage Disclosure Act (HMDA).”

NORFOLK, VA - September 24, 2010 - (RealEstateRama) -- With a year-over-year 65 percent increase in traffic to the ForRent.com family of sites in August 2010, it is evident consumers are still actively seeking rental options despite the seasonal downtrend at this time. This finding supports the August 2010 quarterly survey conducted by the National Multi-Housing Council (NMHC), which identified a shift in consumer mentality toward short-term rental agreements and away from long-term mortgage debt.

McLean, VA - September 24, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today issued the company's Monthly Volume Summary for August 2010. The summary, available on the company's Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac's mortgage-related portfolios, securities issuance, risk management and delinquencies, including data on seriously delinquent mortgage loans in related mortgage Participation Certificate (PC) pools.

McLean, VA - September 23, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage rate and the 15-year fixed-rate were unchanged; shorter-term rates were mixed.

Washington, DC - September 23, 2010 - (RealEstateRama) -- The level of commercial/multifamily mortgage debt outstanding decreased in the second quarter, to $3.24 trillion, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data.Declines were driven by drops in commercial and multifamily mortgages held in CMBS and loans held by banks and thrifts

WASHINGTON, D.C. - September 23, 2010 - (RealEstateRama) -- Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA) hailed yesterday's passage in the Senate of legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2011.

WASHINGTON, DC - September 23, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development (HUD) today announced a commitment to insure a mortgage loan to Hayes Green Beach Memorial Hospital in Charlotte, Michigan. The $36.6 million loan is made possible through the Federal Housing Administration's (FHA) Section 242 Hospital Mortgage Insurance Program.