Today’s News Synopsis:
According to the FHA and the latest Case-Shiller Index, home prices decreased for the third quarter. In other news, Housing Wire reported a downgrade in JPMorgan Chase commercial mortgage securities by Fitch Ratings. Recent data released by the Labor Department shows unemployment benefits in the last four years have cost $434 billion.
In The News:
Housing Wire - “Fitch downgrades JPMorgan Chase commercial mortgage securities” (12-5-11)
“Eight classes of JPMorgan Chase Commercial Mortgage Securities Corp. (JPM: 33.51 +3.65%) securities certificates were downgraded by Fitch Ratings.”
Bloomberg - “FHA Unlikely to Follow Fannie Mae Offering Refinancing Aid, Barclays Says” (12-5-11)
“The Federal Housing Administration is unlikely to change its stance of forcing homeowners with older mortgages to pay larger insurance premiums in refinancings as Fannie Mae (FNMA) and Freddie Mac loosen their rules to help borrowers lower their payments, according to Barclays Capital.”
Realty Times - “Real Estate Outlook: Home Prices Fall” (12-5-11)
“Home prices were on the downswing in the third quarter, according to the latest report from both the Case-Shiller Index and the Federal Housing Finance Agency.”
CNN Money - “Cost of federal unemployment benefits so far: $434 billion” (12-5-11)
“Jobless Americans have collected $434 billion in unemployment benefits over the past four years. Taxpayers have footed $184.7 billion of the tab incurred during the federal government’s unparalleled response to the Great Recession, according to Labor Department data. State and federal taxes on employers cover the rest.”
DS News - “Foreclosure Crisis Isn’t Even Halfway Over: Study” (12-5-11)
“The foreclosure crisis has had a long and destructive run – five years and counting, and more than 3 million families have lost their homes. According to the Center for Responsible Lending (CRL), we’re not even halfway through the devastation.”
Housing Wire – “November bank failures tied to CRE exposure, more closures to come” (12-5-11)
“The five banks that failed in November were victims of exposure to commercial real estate, analytics firm Trepp LLC said Monday.”
Mortgage Bankers Association - “MBA Announces Completion of MISMO Transition” (12-5-11)
“The Mortgage Bankers Association (MBA) today announced it has completed the transition, announced in September, and will resume support for the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO®). With the successful transition, MISMO will now focus efforts on regulatory implementation and advocating for broader adoption of data standards throughout the industry.”
San Francisco Chronicle - “Services in U.S. Expand at Slowest Pace Since 2010: Economy” (12-5-11)
“Service industries in the U.S. expanded in November at the slowest pace since January 2010 as employment cooled, a sign improvement in the biggest part of the economy will be uneven.”
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About Bruce Norris
Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years experience. Bruce has been involved in over 2,000 real estate transactions as a buyer, seller, builder and money partner.
Tags: Barclays Capital, bruce norris, Case-Shiller index, Center for Responsible Lending, fannie mae, federal housing administration, Federal Housing Finance Agency, fitch ratings, freddie mac, JPMorgan Chase Commercial Mortgage Securities Corp., mortgage bankers association, Mortgage Industry Standards Maintenance Organization, Service industries, the norris group, Trepp LLC