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Most Popular Stories

These were the past week's most frequently emailed stories on our site:

  1. RESPA Rule Delays Many Mortgages, Torpedoes Others
  2. Defendants Arraigned in Suffolk County Mortgage Fraud
  3. Home Equity Won't Be Coming Back for a Very Long Time
  4. Loan Prices Rise As Demand Strengthens for Assets
  5. Private Money Lenders Keep Donors a Secret
If you would like to share a story with a colleague or friend, just click the "Email this page" link at the upper right corner of each page on this site.

Quote of the Week

"It is irresponsible for the administration to give Fannie and Freddie a blank check and offer no strategy for reforming the GSEs."

Rep. Spencer Bachus, R-Ala., and the ranking Republican on the House Financial Services Committee

Reprints

If you would like professionally prepared reprints of articles or permission to re-publish an article or post an article on a Web site, please contact Denise Petratos at 212-803-6557.

Lead Story

CRE Losses Could Pass $150 Billion Next Year

By Matthew Monks

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Losses on commercial real estate loans could top $150 billion by the end of 2011, meaning banks have just started dealing with the problem, Moody's Investors Service said.

The 65 U.S. banks rated by Moody's lost $43 billion on CRE credits from 2008 through the third quarter of 2009. Those lenders are projected to lose another $77 billion through the end of next year, the firm said in a report late last week.

The industry's total losses "may well exceed" $150 billion when taking into account potential losses on the roughly $900 billion of CRE loans sitting on the books of the 8,000 or so community and regional banks that Moody's doesn't cover.

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Daily Mortgage News Briefing

Last updated: February 8, 2010

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iEmergent: Refi Volume Will Plunge 52% This Year

Refinances in 2010 will be down 52% and purchase mortgage volume will be down 5% from 2009, according to the latest projections from iEmergent, a Des Moines, Iowa-based market research firm.

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FHA 4Q Originations Up 21%, Foreclosures Up 41%

Lenders originated $86.1 billion in FHA-insured single-family loans in the fourth quarter, up 21% from same quarter in 2008.

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HUD to Create Sustainability Office

The Department of Housing and Urban Development has created an office of sustainable housing that will work on improving energy-efficient homes and financing for those homes.

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Jumbo Prime Delinquencies Could Reach 10%

U.S. prime jumbo delinquencies have been climbing and could be as high as 10% as early as next month, according to Fitch.

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Dodd and Shelby Hit Impasse, CFPA Part of the Reason

Senate Banking Committee chairman Christopher Dodd, D-Conn., said his talks with the ranking committee Republican have reached an impasse and he wants to move ahead with financial regulatory reform legislation.

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MBA to Vacate DC Headquarters

With the sale of its 10-story headquarters building at 1331 L Street NW completed, the Mortgage Bankers Association will be moving to new digs later this year.

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Canadian Housing Starts Rise

The seasonally adjusted annual rate of Canadian housing starts jumped to 186,300, suggesting an upward trend.

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Equity National Launches Distressed Property Valuation Tool

Equity National has released PACEplus, a predictive valuation tool intended to combine data and human analysis to ensure a more accurate measurement of a distressed property's true market value.

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Wells Endorses Another E-Sign Vendor

Wells Fargo Funding has authorized the use of Docu Prep's EESS product for digital signing documents.

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Appraisal Service Integrates With Ellie Mae

Service 1st Valuation and Settlement Services Inc. has joined the Ellie Mae Network.

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Berkadia Originates FHA Financing for Victory Centre of Galewood

Berkadia Commercial Mortgage, Chicago, has originated $9.55 million in permanent, fixed-rate debt through its FHA program to finance the construction of Victory Centre of Galewood, a seniors' housing community in Chicago.

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Video of the Day

James B. Lockhart III, vice chairman of WL Ross & Co. and the former director of the Federal Housing Finance Agency, talks with Bloomberg Television about the outlook for Fannie Mae and Freddie Mac. (This report is an excerpt. Source: Bloomberg)

Mortgage Video Library

National Mortgage News presents Mortgage Focus, a video library of hot topics addressed by mortgage industry experts. Topics include servicing, government mortgage plans, refis, loan mods, technology, REO and more.

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Editor's Choice

What We're Hearing

Paul Muolo offers late-breaking news, a few scoops and a preview of some of the top stories appearing in National Mortgage News.
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Other Voices

This story is from our sister publication, American Banker

Calif. Group Sees Redlining in Data; Lenders Disagree

By Kate Berry , American Banker

A community group says minorities in California were twice as likely as whites to have a home loan application denied in 2008, raising concerns that large lenders have returned to the practice of redlining.

In a study titled "From Foreclosure to Re-Redlining," the California Reinvestment Coalition used Home Mortgage Disclosure Act data to analyze lending patterns in five California cities.

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Blog of the Week

Join the Discussion!

Each week we will feature a mortgage blog from one of our writers on various topics of interest. To add your two cents, click on the link below, scroll down to the bottom of the blog, type into the comments box, and click submit.

Brad Finkelstein discusses adapting to a changing financial services world in his Making the Sale blog.

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