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Secondary Market

Fannie Mae Approves Genworth Subsidiary for Mortgage Insurance

Fannie Mae sent a notice to its lenders and servicers Tuesday announcing that the GSE has approved a unit of Genworth Mortgage Insurance Corporation to provide mortgage insurance for conventional first mortgage loans. Yhe subsidiary, Genworth Residential Mortgage Assurance Corporation, is approved to write coverage on Fannie Mae loans in a limited number of states, which the GSE says may change over time.

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Losses Piling Up in Collateralized Debt Obligations of CRE Loans

Delinquencies and losses on commercial real estate loan collateralized debt obligations (CREL CDOs) increased notably in April, according to the latest U.S. CREL CDO index results from Fitch Ratings. Asset managers reported approximately $164 million in realized losses from the disposal of defaulted and credit-impaired assets, which is substantially higher than March's total of $73 million. The agency says many of the realized losses stemmed from foreclosure or deed-in-lieu actions that wiped out subordinate positions.

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Allonhill Hires New Director of Regulatory Compliance

Scott McNulla is the new director of regulatory compliance at Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management. McNulla will work with executive management to define Allonhill's review requirements related to regulatory compliance to ensure they meet all federal and state regulations and Allonhill standards.

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Bipartisan House Bill Would Put Private Firms in GSE Role

House lawmakers have introduced a bipartisan plan that would replace Fannie Mae and Freddie Mac with a group of private firms to fill the role of issuing government-guaranteed mortgage-backed securities. The bill's authors say it would not only protect taxpayers but would ensure financing for home loans and products like the 30-year fixed-rate mortgage remain available to middle-class families. Market observers say the proposal is the only one so far that could win sufficient support from both sides of the aisle.

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Indiana Restricts Wall Street Home Resale Fees

Indiana Governor Mitch Daniels recently signed legislation to restrict Wall Street home resale fees, also known as private transfer fees. Indiana is the 28th state to ban the use of these fees. The fees require that a private third-party receive a percentage of the final sale price of a home every time the property is sold, typically for 99 years. The Federal Housing Finance Agency has issued a proposed rule that would prevent the GSEs from investing in mortgages with these fees.

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BlackRock Names New Global Head of Real Estate

BlackRock, Inc. recently hired Jack Chandler as global head of real estate. Chandler will oversee BlackRocks global real estate capabilities, which extend across the capital market structure and include both equity and debt investment products. Chandler is the former global chief investment officer and executive chairman, Asia, for LaSalle Investment Management. At BlackRock, he succeeds Paul Audet, senior managing director, who assumed interim leadership for the firm's real estate business in 2008.

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National Servicing Standards Take Center Stage on Capitol Hill

Mortgage servicing in general, and default servicing in particular, is in for its own form of modification. Based on testimony given before a Senate subcommittee Thursday and comments from the senators themselves, national mortgage servicing standards are in the cards. The topic has taken center stage in light of recent documentation errors related to foreclosures, and a growing number of industry analysts and mortgage banking groups are voicing their support.

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Credit Suisse Names Head of CMBS Research

Credit Suisse has hired Roger Lehman as managing director and head of commercial mortgage-backed securities (CMBS) research. Lehman, who will join Credit Suisse August 1, will be responsible for research and analysis that will support the bank's re-entry into CMBS origination as well as its secondary trading desk. He was formerly co-head of structured finance research at Bank of America Merrill Lynch.

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BofA Merrill Lynch Names New Head of CMBS Research

Bank of America Merrill Lynch announced this week that Alan Todd will join the group in August as head of U.S. commercial mortgage-backed securities (CMBS) research. Todd joins the company from JPMorgan, where he served in the same capacity as head of U.S. CMBS research since 2005. He also spent five years at Bear Stearns, also in CMBS research.

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Holliday Fenoglio Fowler Expands Florida Footprint

Holliday Fenoglio Fowler, LP (HFF), a provider of capital markets financing and loan servicing to the commercial real estate industry, announced Monday that it will expand its Florida presence by officially opening an office in Tampa with an immediate focus on investment sales. With the addition of the Tampa facility, HFF operates out of 19 offices nationwide.

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