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Mortgage Banking News
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• California revenue jumps, tax refunds should be paid on time
California’s revenue in February was $480 million or 8.7 percent above the estimate in Governor Arnold Schwarzenegger’s state budget plan, so tax refundsĀ should be paid on time, State Controller John Chiang said on Wednesday. There had been some talk in the state capital of Sacramento that tax refunds could be delayed, as they were temporarily [...]
MortgageLatestNews,Admin, 03/11/2010
• U.S. dollar still rules, but debt level a risk: S&P
The U.S. dollar is still the most important world currency, Standard & Poor’s said on Thursday, but added that rising levels of U.S. debt and dependence on foreigners to finance much of pose risks to the currency’s primacy. Without a credible plan to rein in fiscal spending, the agency said external creditors could reduce dollar holdings, [...]
MortgageLatestNews,Admin, 03/11/2010
• MBA reports finds economic fallout`s impact on commercial market continues
Delinquency rates continued to increase in the fourth quarter for most commercial/multifamily mortgage investor groups, according to the Mortgage Bankers Association`s (MBA) Commercial/Multifamily Delinquency Report. Between the third and fourth quarters, the 30-plus day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.63 percentage points to 5.69 percent. The 60-plus day delinquency rate on loans held in life company portfolios decreased 0.04 percentage points to 0.19 percent.
NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
• Rates average 4.95 percent last week in latest Freddie mac survey
Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.95 percent with an average 0.7 point for the week ending March 11, 2010, down from last week when it averaged 4.97 percent. Last year at this time, the 30-year FRM averaged 5.03 percent. The 15-year FRM this week averaged 4.32 percent with an average 0.7 point, down from last week when it averaged 4.33 percent.
NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
• Commercial real estate: A protracted recovery
Rising vacancies and falling rents are impacting all sectors of commercial real estate. Landlords are focusing on tenant retention and negotiating lease extensions at low rents with favorable allowances to sustain revenues. The Beige Book Jan. 13, 2010 Summary indicated that while economic activity remains at a low level, conditions have improved modestly further, and those improvements are broader geographically than in the last report. Commercial real estate markets deteriorated in most districts based on information collected on or before Jan. 5, 2009.
NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
• NAMB to testify today on FHA reform before House subcommittee
Today, March 11, 2010, Mike Anderson, CRMS, vice chairman of the Government Affairs Committee for the National Association of Mortgage Brokers (NAMB) will testify before the House Financial Services Subcommittee on Housing and Community Development at a hearing entitled, “The FHA Reform Act of 2010.” The hearing, which will start at 2:00 p.m. EST and be held at the 2128 Rayburn House Office Building, consisting of two panels: Panel I will include Federal Housing Administration (FHA) Commissioner David H.
NationalMortgageProfessional.com,NMP Media Services, 03/11/2010
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