News

Washington, DC - December 14, 2010 - (RealEstateRama) -- The level of commercial/multifamily mortgage debt outstanding decreased in the third quarter, to $3.2 trillion, according to the Mortgage Bankers Association’s (MBA) analysis of the Federal Reserve Board Flow of Funds data.

WASHINGTON, DC - December 14, 2010 - (RealEstateRama) -- Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per loan in the second quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 3rd Quarter 2010 Mortgage Bankers Performance Report released today.

WASHINGTON, DC - December 14, 2010 - (RealEstateRama) -- The Federal Housing Administration’s Mortgagee Review Board (MRB) today announced that it is permanently withdrawing FHA approval of Cambridge Home Capital, LLC (CHC), a Great Neck, New York-based lender. In addition, the MRB will seek a monetary penalty of $182,000.

WASHINGTON, D.C. - December 14, 2010 - (RealEstateRama) -- The Congressional Oversight Panel today released its December oversight report, "A Review of Treasury's Foreclosure Prevention Programs." In the eight months since the Panel's last report on the Home Affordable Modification Program (HAMP), Treasury has made minor tweaks to the program, but the changes have not resolved the Panel's core concerns. The Panel now estimates that, if current trends hold, HAMP will prevent only 700,000 foreclosures -- far fewer than the three to four million foreclosures that Treasury initially aimed to stop, and vastly fewer than the eight to 13 million foreclosures expected by 2012

PITTSBURG, KS - December 13, 2010 - (RealEstateRama) -- Officials from the City of Pittsburg, the Pittsburg Area Chamber of Commerce, Kansas Housing Resources Corporation and Garrison Development Company celebrated the completion of Besse Apartments at 121 E. 4th Street in Pittsburg. A $9.2 million dollar historic rehab, the 83-year-old former hotel now offers 46 affordable apartments in the heart of downtown

WASHINGTON, DC - December 13, 2010 - (RealEstateRama) -- Jose Portillo, 22, was convicted by a jury today of first degree felony murder and other charges in the November 2008 slayings of Virginia and Michael Spevak, who were attacked while in their Northwest Washington home, U.S. Attorney Ronald C. Machen Jr. and Cathy L. Lanier, Chief of the Metropolitan Police Department announced.

New York, NY - December 13, 2010 - (RealEstateRama) -- The New York Housing Conference (NYHC) and the National Housing Conference (NHC) hosted the 37th Annual Awards Luncheon, one of the largest gatherings of housing professionals in the nation, today, Thursday, December 9, 2010, at the Hilton New York in Manhattan.

Washington, D.C. - December 10, 2010 - (RealEstateRama) -- Ken L. Ross, FAIA, FACHA, joined the American Institute of Architects (AIA) in the newly created position of Vice President, Design and Practice. Mr. Ross, who recently retired as Senior Principal and former President of WHR Architects, Inc., a 170-person Houston-based full service architecture, interior design and technology planning firm, will serve in this position on an interim basis

WASHINGTON, D.C. - December 10, 2010 - (RealEstateRama) -- The Department of Justice $2 million settlement with PrimeLending spotlights serious problems on loans insured by the Federal Housing Administration (FHA). The case found inconsistent and abusive pricing on loans to African-American borrowers, revealing that it’s far too easy for lenders making government-backed loans to overcharge home buyers.

McLean, VA - December 9, 2010 - (RealEstateRama) -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that once again, both fixed- and short-term mortgage rates rose this week. This was the fourth week in a row where fixed-rate mortgage rates were up.

WASHINGTON, D.C. - December 9, 2010 - (RealEstateRama) -- Serving as leading indicators for the sector, two composite multifamily indices produced from NAHB's survey of multifamily builders and property managers showed improvement in the third quarter of 2010. The NAHB Multifamily Production Index (MPI) increased to a value of 35.6, up from the 26.6 level reported for the second quarter. This is the highest the MPI has been since 2007

WASHINGTON, D.C. - December 9, 2010 - (RealEstateRama) -- Michael D. Berman, CMB, Chairman of the Mortgage Bankers Association (MBA) and John A. Courson, MBA's President and CEO, announced today the MBA has assembled a task force of key MBA members to examine and issue recommendations for the future of residential mortgage servicing. The Council on Residential Mortgage Servicing for the 21st Century will be led by Debra W. Still, CMB, President and Chief Executive Officer of Pulte Mortgage LLC of Englewood, CO and MBA's Vice Chairman.

WASHINGTON, DC - December 9, 2010 - (RealEstateRama) -- The U.S. Department of Housing and Urban Development announced today that it is launching multiple investigations into the practices of certain mortgage lenders to determine if their home loan policies illegally deny qualified African American and Latino borrowers access to credit.

WASHINGTON, DC - December 8, 2010 - (RealEstateRama) -- PrimeLending, a national mortgage lender with 168 offices in 32 states at the end of 2009, has agreed to pay $2 million to resolve allegations that it engaged in a pattern or practice of discrimination against African-American borrowers between 2006 and 2009.

WASHINGTON, D.C. - December 8, 2010 - (RealEstateRama) -- NAHB’s National Sales and Marketing Council (NSMC) has announced the finalists for The National Sales and Marketing Awards – “The NationalsSM.” Finalists are known as Silver Award Winners, with The Nationals Gold Award winner emerging from the field of Silver Finalists.Gold Awards in each category will be presented at The Nationals Gala, held in Orlando, Fla., next month as part of the NAHB International Builders’ Show (IBS). The awards ceremony is scheduled for Wednesday, Jan. 12th at The Peabody Orlando, and is expected to draw more than 500 attendees.

WASHINGTON, D.C. - December 8, 2010 - (RealEstateRama) -- National Association of Home Builders (NAHB) announced the year's best in multifamily housing today. Among the winners of the 2010 Multifamily Pillars of the Industry were a luxury high-rise in Dallas surrounded by shopping, dining and entertainment; an urban mixed-use condo loft community in L.A. combining living and working spaces for the telecommuting professional; and an adaptive reuse project that transformed a 13-story 1960's concrete superstructure into a sustainable luxury apartment tower overlooking the Washington, D.C., skyline.

BIRMINGHAM, AL - December 8, 2010 - (RealEstateRama) -- A federal judge today sentenced the leader of a mortgage fraud ring in Jefferson County to 6 ½ years in prison, announced U.S. Attorney Joyce White Vance, FBI Special Agent in Charge Patrick Maley and Department of Housing and Urban Development Acting Inspector General Michael Stephens.

LAKE CHARLES, LA - December 8, 2010 - (RealEstateRama) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and First Federal Bank of Louisiana are pleased to announce they have awarded Habitat for Humanity of Calcasieu Area (HFH of Calcasieu) in Lake Charles, Louisiana, a $70,000 Affordable Housing Program (AHP). The grant will assist seven very low-income homeowners in Calcasieu and Beauregard parishes with down payment and closing cost assistance.

WASHINGTON, D.C. - December 8, 2010 - (RealEstateRama) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 3, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22.8 percent compared with the previous week, which included the Thanksgiving Holiday.

NEW YORK, NY - December 8, 2010 - (RealEstateRama) -- The U.S. Department of Labor has recovered nearly $339,000 in back wages for 27 workers employed as electrical mechanics by Sant-Tec Electric Inc., a company incorporated in both New York and New Jersey.