Just Home Mortgages

AFP - The Federal Reserve said Monday it began buying troubled mortgage securities through investment managers, kicking off a program expected to spend up to 500 billion dollars to ease a credit crisis.

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• Tags: mortgage securities, credit crisis, investment managers, billion dollars, federal reserve

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AP - The Federal Reserve Bank of New York said Monday it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market.

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• 10.06.08: FHA chief warns on Congress housing rescue bill (Reuters) (0)
• 23.10.08: Financial crisis adds pressure to keep working (Reuters) (0)
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• Tags: mortgage backed securities, federal reserve bank of new york, federal reserve bank, mortgage securities, bank of new york

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John A. Courson has been appointed president and CEO of the Mortgage Bankers Association, a press release said. The appointment was originally announced in July 2008. Courson replaces Jonathan L. Kempner.

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• 19.03.08: Paulson says GSE changes to aid mortgage market (Reuters) (0)
• 15.10.08: Mergers Pick Up Steam (0)
• 06.06.08: Bank of America wins approval to buy Countrywide (AP) (0)
• 30.01.08: Call for bail-out agency to unblock mortgage markets (FT.com) (0)
• 27.08.08: Compliance on HELOC Suspensions (0)

• Tags: mortgage bankers association, mba, ceo, jonathan, press release

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Navy Federal Credit Union reported 2008 mortgage production of $5.7 billion. The level of lending was the second highest ever. During 2009, Navy has committed to $6.0 billion in originations.

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• 14.05.08: Jumbo Mortgage Rates More Affordable; Closer to Conventional Mortgage Rates (0)
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• Tags: navy federal credit union, navy federal credit, mortgage production, originations

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GMAC Financial Service sissued a statement indicating that it had completed separate private-exchange and cash-tender offers to purchase or exchange $17.5 billion in outstanding GMAC notes and $3.7 billion in notes of Residential Capital LLC. An agreement has been reached between PHH Mortgage Corp. parent PHH Corp. and lenders in its Chesapeake Funding LLC program to extend the expiration date of the notes. Flagstar Bancorp Inc. said last week that the audit committee of its board of directors has approved for the company to bypass shareholder approval to issue convertible participating voting preferred stock as part of an investment by MP Thrift Investments L.P.

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• 03.04.08: Fears of Bear Stearns Bankruptcy Fallout Prompted Fed Plan, Says Geithner (0)
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• Tags: flagstar bancorp inc, bancorp inc, phh corp, llc program, shareholder approval

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Mark R. Danahy was named president of PHH Mortgage, a press release said. He was also appointed chief executive officer of the unit. Danahy originally joined PHH  in 2000.

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• 11.01.08: Paragon to unveil discounted rights issue (FT.com) (0)
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• 24.12.08: Mortgage rates fall to new record low (AP) (0)
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• Tags: ceo mark, phh, chief executive officer, press release, nbsp

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The monthly Treasury average was down nearly one-quarter percent from November to December, according to data published by the Federal Reserve Board. MTA was down 270 basis points from December 2007. MTA has fallen each month since April 2007.

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• 01.04.08: U.S. Construction Spending Falls 0.3% in February (0)
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• Tags: federal reserve board, basis points, federal reserve, treasury, mta

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As promised, the New York Fed plans to begin buying U.S. mortgage and student debt effective immediately, in a move geared at thawing frozen credit markets in the country and restore confidence of the economy. "This program, first announced on November…(read more)

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• 10.02.08: Mortgage fraud spirals out of control (FT.com) (0)
• 25.02.08: Private investor could buy public German bank WestLB (AFP) (0)
• 14.11.08: US bank regulator proposes 24.4 billion dlrs in mortgage aid (AFP) (0)
• 16.06.08: Washington Post Sources Say Bernanke has no Plans for Rate Hikes (0)
• 03.09.08: Improving Your Credit Score - Simple and Easy Steps (0)

• Tags: new york fed, credit markets, student debt, confidence, economy

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Construction spending in the United States continued to decline in November, falling by 0.6% month-over-month, according to the U.S. Department of Commerce. The consensus had forecast construction spending in November to decline by 1.4%. The total construction…(read more)

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• 11.06.08: Bank of America CEO committed to Countrywide (Reuters) (0)
• 20.06.08: Housing crisis brings Wall St arrests, veto threat (Reuters) (0)
• 06.03.08: Calls widen for foreclosure solutions (0)
• 10.09.08: Subprime lawsuits outpace S&L cases: study (Reuters) (0)
• 13.05.08: Fed's Lockhart Sees Fragile Credit Conditions in U.S. (0)

• Tags: u s department, department of commerce, decline, consensus, united states

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Some months ago we speculated that the sector of the economy to fall out of the sky would be retail real estate as the proliferation of shopping malls and small strip centers ran headlong into what at that time appeared to be a looming wave of retail…(read more)

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• 24.06.08: Housing aid bill clears key Senate hurdle (AP) (0)
• 17.10.08: Harley-Davidson Slips on Subprime Consumers (BusinessWeek Online) (0)
• 19.05.08: U.S. Leading Economic Index Rises 0.1% in April (0)
• 16.07.08: Despite Market Turmoil, Mortgage Rates Remain Becalmed (0)
• 19.09.08: Obama Says Bailout Plan Must Help Main Street, Not Just Wall Street (0)

• Tags: office vacancies, shopping malls, retail real estate, strip centers, major cities

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