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Secondary Market

Financial Crisis Probe Puts Former Fannie Execs in the Spotlight

There's plenty of finger-pointing and opinions to go around in the heated debate over what caused the nation's financial meltdown of 2007. To get to the true triggers, President Obama formed the Financial Crisis Inquiry Commission. This week, two former top execs from Fannie Mae found themselves in the hot seat. They said it was Wall Street firms muscling in on the mortgage-backed securities market, unrealistic housing goals, and a public-private business model that led the GSEs to take greater risks in the years before the mortgage crisis.

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Wells Fargo Top Commercial/Multifamily Originator of 2009

Wells Fargo Bank was the top commercial and multifamily mortgage originator last year, according to a set of listings released by the Mortgage Bankers Association (MBA) this week. Other leaders included PNC Real Estate, Deutsche Bank, CB Richard Ellis, and Holliday Fenoglio Fowler.

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CMBS Delinquencies Now Above 7 Percent: Reports

The delinquency rate for commercial mortgage-backed securities (CMBS) surged above 7 percent in March, according to reports recently released by Trepp LLC and Fitch Ratings. According to Trepp the percentage of loans 30 or more days delinquent, in foreclosure, or REO jumped 89 basis points in March to 7.61 percent -- the highest monthly increase since the summer of 2009. Fitch reported the same upward trend, saying CMBS delinquencies soared 85 basis points in March to 7.14 percent.

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PCV Murcor Integrated with Veros for Fannie Mae Appraisals

PCV Murcor Real Estate Services announced this week that it is fully integrated with Veros Real Estate Solutions as part of the Fannie Mae Collateral Data Delivery (CDD) initiative, which will require all lenders to submit full appraisal reports to the GSE in an electronic data format.

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SEC Proposes Rules to Revise Regulatory Regime for ABS

On Wednesday, the Securities and Exchange Commission (SEC) proposed rules that would revise the disclosure, reporting, and offering process for asset-backed securities (ABS) to better protect investors in the securitization market. The proposed rules are intended to provide investors with more detailed and current information about ABS, including mortgage-backed securities, and more time to make their investment decisions.

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Fed in Same Boat as Banks on Soured Real Estate Assets

The Federal Reserve has gotten a first-hand look at the kind of havoc residential and commercial real estate loans can wreak on a balance sheet in today's market. It can now fully appreciate the woes that lenders and mortgage investors have been facing since the downturn. That's because the Fed's New York bank now finds itself in the very same boat, after two monolithic financial bailouts in 2008 - Bear Stearns and American International Group (AIG) - saddled the federal institution's books with a heap of souring loans.

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Fitch: Prime RMBS Delinquencies Increase; Subprime Late-Pays Fall

With serious delinquencies up for the 34th consecutive month, U.S. prime residential mortgage-backed securities (RMBS) late-pays surpassed 10 percent in March, but during the same month, subprime delinquencies fell for the first time in nearly four years, Fitch Ratings reported in its latest edition of Performance Metrics.

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Credit Union Regulator Readies Securitization of $50B in ‘Toxic’ Loans

The National Credit Union Association (NCUA) is planning to securitize more than $50 billion of what the organization has deemed to be ""toxic assets that caused the meltdown."" The NCUA, which serves the same regulatory and depository insurance role for credit unions as the FDIC does for banks, would be following in the fashion of its banking counterpart, turning to the secondary market to quickly dispose of poorly performing loans. The FDIC has successfully completed three such transactions over the past month.

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Fed’s William Emmons on Real Estate and Economy

Federal regulators and economist have been warning the industry, the public, and the administration for a good many months now about the devastation a commercial real estate (CRE) meltdown could leave in its wake. On Tuesday, a gentleman personifying both factions of these red-flag-raisers - William Emmons, economist and assistant vice president at the Federal Reserve Bank of St. Louis - spoke to attendees at The Five Star Institute's Commercial Default 360 event in Dallas.

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Companies Partner to Originate, Service Multifamily Loans for Freddie

Prudential Mortgage Capital Company and Johnson Capital announced last week that the two companies have joined forces to originate and service multifamily loans for Freddie Mac under the Program Plus and Targeted Affordable loan programs offered by the GSE. The companies' joint venture, Prudential Johnson Apartment Capital Express, will originate multifamily loans from $5 million and above in Arizona, California, Maryland, Virginia, and Washington, D.C.

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