News

Point2 Technologies Inc., an inventory management and marketing software developer for the real estate industry, recently announced that board member Walter T. Baczkowski Jr. will join Point2's executive management team as chief sales officer and VP of industry relations for the company's real estate business, effective June 1, 2010.

A report released this week by the Congressional Budget Office (CBO) says the U.S. Federal Reserve more than doubled the size of its asset portfolio to over $2 trillion through its purchases of mortgage-backed securities and other crisis-mode acquisitions, and assumed far more risk than is considered ""normal"" for the central bank. But the risk-taking Fed is proving to be a savoir-faire investor. According to CBO estimates, the central bank will turn a record $70 billion profit this year.

Newark, New Jersey-based Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc., recently appointed John DeWitt and Marty Fayer as managing directors and joint leaders of the company's Freddie Mac Program Plus platform. Together, DeWitt and Fayer will be responsible for managing all aspects of the platform, including originating new loans. Additionally, they will arrange multifamily loans on behalf of Prudential's other capital sources.

April marked yet another month of increased sales activity in Florida's residential real estate market. According to the latest housing data released by Florida Realtors, existing home sales surged 27 percent in April from the same month last year, and during the same period, existing condo sales soared 55 percent. Homebuying conditions in the Sunshine State remain favorable, with a variety of housing options available in local markets at attractive prices.

It's hard to pinpoint just what brought the nation's thriving residential real estate market to its knees. Everyone's got an opinion, but trying to nail down the exact trigger in order to prevent a sequel is a difficult task. The Mortgage Bankers Association (MBA) is attempting to do just that. According to a study released Wednesday by the trade group, it was poor risk management habits, coupled with a short-term focus and unrealistic optimism among senior business managers that brought down the U.S. housing and mortgage markets.

The commercial real estate market continues to be plagued with rising vacancy rates. But according to a recent report by the National Association of Realtors, vacancies should level out in most markets by the end of this year or early 2011. The Society of Industrial and Office Realtors (SIOR), in its SIOR Commercial Real Estate Index, an attitudinal survey of nearly 700 local market experts, confirmed that significant fallout from the recession remains, but to a lesser extent.

Prism Title & Closing Services recently announced the promotions of Angi Schuerman to business development and relationship manager and Karen McDonald to director of operations.

Mortgage insurer Genworth Financial reported Wednesday that it saved nearly $3.4 billion in mortgages from foreclosure in the 12 months ending March 31, 2010. Mortgage dollars saved were up more than 81 percent from the same period last year. Over the last year, Genworth's U.S. mortgage insurance division worked with its lender partners and servicers to complete more than 23,000 mortgage workouts nationwide through its Homeowner Assistance Program.

Although purchase applications declined further, total mortgage loan application volume jumped 11.3 percent for the week ending May 21, 2010, due to a continued increase in refinance applications, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Applications Survey, the purchase index fell 3.3 percent from one week earlier, but during the same period, the refinance index surged 17 percent.

Freddie Mac recently announced the appointment of Mike McRoberts, an 18-year veteran of the company, as VP of multifamily production and sales. In his new position, McRoberts is responsible for the origination and purchase of conventional multifamily loans nationwide, the Program Plus Seller/Servicer network, and the four multifamily regional sales offices.