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The Norris Group Real Estate News Roundup 2/25/10

Thursday, February 25th, 2010

Today’s News Synopsis:

A CAR survey shows that 67 percent of home sellers chose to sell because of their inability to pay mortgage debt. The FHFA reports that U.S. home prices decreased by 1.2 percent in the fourth quarter. A survey shows that agents and brokers are growing increasingly pessimistic of the future of real estate. According to FHFA, the rate for 30-year FRMs increased to 5.1 percent in January.

In The News:

San Francisco Chronicle – “Newsom plan would defer up-front developer fees” (2-25-10)

“The mayor’s administration says the package of legislation, tentatively set to go before the Board of Supervisors’ land use committee March 15, would cut up-front costs for developers, making it easier to get financing in this recession. Newsom said his proposals would speed up start times on four specific projects by as much as two years, including the second tower in the One Rincon Hill development. Work on the four projects could start in two months, he said.”

CAR - “C.A.R. releases ‘2009-2010 Survey of California Home Sellers’” (2-25-10)

“Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in California’s homeowners’ decisions to sell their homes in 2009, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) ‘2009-2010 Survey of California Home Sellers.’ According to the report, 67 percent of all sellers in California did so as a result of difficulties related to meeting their mortgage obligation.”

Bloomberg - “Home Prices Decline 1.2%, Smallest Drop in Two Years” (2-25-10)

“U.S. home prices fell 1.2 percent in the fourth quarter from a year earlier, the smallest loss in two years, as a federal tax credit for homebuyers boosted demand. Prices were down 0.1 percent from the third quarter, the Federal Housing Finance Agency said today in a report. The year- over-year drop was the smallest since a 1.1 percent decline in 2007’s fourth quarter, the Washington-based agency said.”

Inman - “Agents, brokers less rosy on future” (2-25-10)

“Short-term views for the next three to six months deteriorated 2.89 percent, to 5.71, while long-term views for the next 12 to 18 months fell 4.1 percent to 6.32. The survey pointed to expected interest rate hikes, the poor jobs market, and the imminent April 30 deadline (for a home sale to be under contract) for the federal homebuyer tax credit program as participants’ major concerns.”

Housing Wire – “FHFA Mortgage Rate Tracker Posts Increase in January” (2-25-10)

“The average interest rate on conventional 30-year, fixed-rate mortgage (FRM) with a principal of $417,000 or less was 5.1% in January, an increase from 5.05% in December, the FHFA said. The average interest rate on 15-year FRM of $417,000 or less stayed at 4.54% in January.”

Housing Wire – “Delinquent CMBS Triples as Spreads Stabilize” (2-25-10)

“Realpoint reviewed more than $797bn in CMBS pools for the January report. The firm calculated a 5.76% delinquency rate for the pools reviewed, up from 5.22% in December. The rate jumped by more than four times the rate in January 2009, when 1.2% of the reviewed loans fell delinquent. June 2007 held the lowest delinquency rate recorded by Realpoint, at 0.2%.”

Housing Wire – “Bankers Propose Mortgage Forebearance for Unemployed” (2-25-10)

“The program would give incentives to investors and servicers (through Treasury’s TARP) that place unemployed borrowers in a forbearance plan for up to 90 days — a period that can be renewed twice based on borrower’s financial circumstances. This plan would put a borrower in forbearance for up to nine months, at which time (or earlier, at re-employment status) eligibility for a HAMP trial can be determined.”

Bloomberg - “General Growth Is Biggest Real Estate Fight Since Equity Office” (2-25-10)

“The battle for General Growth Properties Inc., owner of more than 200 U.S. malls from Boston to Los Angeles, is turning into the biggest real estate fight since sale of Sam Zell’s Equity Office Properties Trust. Westfield Group, a Sydney-based property investor with stakes in 55 U.S. retail centers, signed an agreement letting it assess General Growth’s finances, a person familiar with the pact said yesterday. That may put Westfield in position to vie for the bankrupt company’s assets as part of a contest already embroiling Simon Property Group Inc. and Brookfield Asset Management Inc.”

Bloomberg - “Obama May Prohibit Home-Loan Foreclosures Without HAMP Review” (2-25-10)

“The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program.”

Looking Back:

One year ago, existing home sales decreased by 5.3 percent. The MBA announced that mortgage loan application volume had decreased by 15 percent from the previous quarter. The Obama administration implemented a stress test of 19 banks. Bernanke claimed to be confident of the federal reserve’s ability to prevent inflation.

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The Norris Group Real Estate News Roundup 2/11/10

Thursday, February 11th, 2010

Today’s News Synopsis:

According to the NAR, home sales increased in 32 states from the 3rd quarter of 2009. Statistics from the CBIA show that the construction industry currently provides only one sixth of the jobs it provided in 2005. Some speculate that Fannie and Freddie’s purchasing of debt could get rid of all mortgage debt within a year. RealtyTrac reports that foreclosure filings increased by 15 percent from last year.

In The News:

NAR - “Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas” (2-11-10)

“Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases. Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate 1 of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.”

CBIA - “Study Shows Housing Industry is Vital to California’s Economic Recovery” (2-11-10)

“Preliminary numbers from the report found that new housing construction in California contributed $14.3 billion dollars to the state’s economy in 2009 and supported nearly 80,000 jobs, representing just a fraction of the $67.7 billion dollars and 487,000 jobs that the industry had contributed in 2005.  The report also found that every dollar spent on new housing construction in California generates another $0.8 in total economic activity and that each job created through residential construction supports an additional 1.2 jobs.”

Inman - “ZipRealty: Fewer sellers slash prices” (2-11-10)

“Fewer sellers cut their list prices for the fifth straight month in January, according to a report by real estate brokerage ZipRealty. The report covered 27 of 36 U.S. metropolitan areas in which the brokerage operates. The statistics in the monthly report reflect the brokerage’s multiple listing service data as of Jan. 4.”

Bloomberg - “Fannie, Freddie Loan Purchases May Spur ‘Wad of Cash’” (2-11-10)

“Fannie Mae and Freddie Mac’s plan to step up purchases of delinquent loans may boost prepayments on their securities to rates that in some cases would erase all of the debt within a year. Yields over government notes on some of their bonds fell to 17-year lows on speculation the move would lead to reinvestments in the mortgage market. ”

Bloomberg - “U.S. Foreclosure Filings Top 300,000 for 11th Month” (2-11-10)

” U.S. foreclosure filings rose 15 percent in January from a year earlier and exceeded 300,000 for the 11th consecutive month as modification programs failed to keep delinquent borrowers in their homes, RealtyTrac Inc. said. A total of 315,716 properties received a notice of default, auction or bank seizure last month, or one in 409 households, the Irvine, California-based seller of default data said today in a statement. Filings fell 10 percent from December.”

Bloomberg - “Mortgage Rates on 30-Year U.S. Loans Fall to 4.97%” (2-11-10)

“Mortgage rates in the U.S. fell for the fifth time in six weeks, making home purchases and refinancing more affordable. The rate for 30-year fixed U.S. home loans fell to 4.97 percent for the week ended today from 5.01 percent, mortgage finance company Freddie Mac said in a statement today. The average 15-year rate was 4.34 percent, according to the Mclean, Virginia-based company.”

Bloomberg - “TARP Watchdog Says Commercial Real Estate Loans Pose Danger” (2-11-10)

“Commercial real estate loans have the potential to go sour and wreck the U.S. economy unless regulators prepare now, according to a report today from a watchdog Congress created for the government’s financial bailout program. The report should be a ‘red flag’ that prompts regulators to increase preparations for staving off another banking crisis, said Elizabeth Warren, a Harvard law professor and chairman of the Congressional Oversight Panel of the Troubled Asset Relief Program. The panel was created in October 2008 to monitor the Treasury’s efforts to rescue the banking system from the worst financial crisis in decades. ”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 44 percent from 2008. A budge proposal in California would have significantly increased income, sales, gas taxes, and car fees. 76 percent of all U.S. homes declined in value in 2008, but only 57 percent of homeowners recognized this decline.

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160-TNG Radio – Philip Tirone 2-6-10

Friday, February 5th, 2010

phil_tirone

Philip Tirone

The Mortgage Equity Group, Inc. and www.7Stepsto720.com

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This week Bruce is joined by Philip Tirone. Philip is the president of the Mortgage Equity Group, and author of Seven Steps to a 720 Credit Score.

At the beginning of the second quarter of 2010, the Fed may not be the MBS-arm. This role may go back to the private sector. If this happens, Philip believes it would cause a disaster which would lock up the entire industry. The Federal Reserve has been helping the problem. The Fed will go from buying nothing to buying $800 billion in order to prop up the economy. Philip believes the Federal Reserve will reach a time in which they will no longer be able to continuously buy. However, both Bruce and Philip agree that the Fed’s limit will not be reached before April.

Right now, people have the mentality that they should not refinance unless they can get a value under 5 percent, but rates are at their lowest in over 60 years. Philip believes that if the rates increased to 6 percent, then the public would have a significant shift in their desire to buy. Philip thinks that if this increase occurs, some people will simply wait for rates to return to the previous low value. Unfortunately, if the government removes its influence from the market, Philip thinks there is a chance that the rate may return to a rate much higher than 6 percent. Bruce believes this sort of change would be very harmful.

We do not currently have enough buyers in the market, because the government is still paying people $8,000 to buy homes. This tax credit has helped realtors greatly in making deals.

For every 1 percent increase in the mortgage rate, the buying power is reduced by 15 percent. Fannie Mae and Freddie Mac are maxing out the back end ratio at 45 percent. The government is trying to stimulate the housing market by keeping rates low, and by buying billions of dollars of debt.

Philip thinks the back end ratio is preventing more loans than the front end, because the front end is simply like a point of interest, but the back end is like a deal breaker.

In Riverside, the home payment does not typically exceed rate. You would think this would make it easy for these citizens to qualify, but many of them have car payments and credit card debt which takes away their qualifying ability. This sort of problem is not something you can change over night, and it is causing a large number of losses in the number of home buyers.

The media has done a good job at scaring people into believing that they are underwater. In Philip’s area, with FHA, you can buy a $750,000 home with only 3.5 to 4 percent down. The problem is that people have now been conditioned to believe that they are incapable of qualifying for a loan. Some people believe that loan qualification currently requires a 30 percent down payment.

Philip has seen many people make strategic defaults on their payments. Philip recently talked to a man who had $150,000 in debt, and was underwater on his payments by $5,000. This man decided he was going to negotiate with all of his money lenders. He stopped paying his debts with the realization that his credit would go down. He then called his lenders and told them that he was will to negotiate for 15 cents on the dollar, payable over six months. He then began to receive threats from the lenders. His home lender threatened to get him put in jail. Nothing happened for 5 or 6 months, but later on he was able to settle for 22 cents on the dollar with his credit card debt. He later said that everyone he talked to about modifications was giving him a different story. Each industry had something different to say about modification. Philip doesn’t even think that the major banks like Bank of America currently understand everything about loan modifications.

Two years ago, strategic defaults would have been looked down on, but now many people consider it acceptable. Bruce has even heard that some college campuses are encouraging people to strategically default. Presently, about 11 percent of people are delinquent on their payments, but if we allow people to strategically default, then things could get worse. Philip thinks that the problem is that we are rewarding people that are behind on their mortgage payments. Those people gave their lenders their word that they would pay, but they have not kept their promise. Philip thinks that people who are current on their payments are getting angry, because they feel like all bad borrowers are being rewarded, but they are being damaged for doing the right thing. Philip thinks some of these good borrowers want to take revenge on the banks via strategic default. Bruce can understand that mentality, but this debt that is being incurred from these defaults is hurting us all in the future.

The fact that it is sometimes significantly cheaper to rent can be demotivational for some home owners. Another problem is that lenders are not being aggressive in foreclosing on properties. For example, Bruce knew someone who had not made a payment for 2 years, and their property went to sale. This person bought the home for $400,000, and then refinanced for $800,000. After the two years without payment passed, the lender opened the trustee sale at $400,000, but no one bid on the property. The lender then canceled the trustee sale and contacted the severely delinquent borrowers in attempt to make a deal. In the end, these two-year delinquent borrowers had all of their back debt forgiven, a $400,000 principal deduction, and a 2 percent interest deduction. When people hear those kinds of stories, it encourages people to strategically default as well.

Philip has asked people, through his blog, about whether or not they know someone who is not making payments on their home. Philip has received many comments from these people. When Philip hears people tell these stories he thinks, “Would you treat your kids this way?” Now that he is a father, he frequently thinks about the values he is teaching his children. Considering this, he would not want to encourage his children to damage other people through strategic default.

Bruce thinks there is big moral problem that develops when you reward people for making bad financial decisions. If a person loses a home, they will learn to not over borrow. When we reward people who are losing their homes, they will learn to expect someone else to take care of the problems they create. People view the real estate bubble busting in a different way that they view the stock bubble busting. Bruce knows people who lost 90 percent of their stock value within 6 months, but they couldn’t complain to someone about receiving bailout money. We have not treated our real estate problems in this way.

Some people did not put money down on their homes, so they did not truly have a financial commitment to their house. The lenders are the people who are really taking the hit on foreclosed homes. Bruce thinks many of those lenders deserved to take that hit, but rather than paying for the foreclosure problems out of their own pockets, they are making tax payers cover their mistakes.

Bruce asks if lenders are doing loan modifications for jumbo loans with the same program as Fannie Mae, or if they are making individual decisions. Philip says that the banks are making individual decisions for jumbo loan modifications, and he does not understand the reasoning behind their choices. Philip believes that banks are lying to borrowers, because they are giving different explanations for their decisions to different people.

Bruce was recently on a debate panel for REOMAC. He asked a lender about a specific trustee sale result. In this trustee sale, there was a $1.1 million loan go to sale for $400,000. After discussing this trustee sale, Bruce asked the lender, “When did you have to realize that loss?” Bruce asks Philip when lenders have to acknowledge a loss, because right now there are a huge number of delinquencies that are not in the default process. Bruce wonders if banks are allowed to keep loan amounts at the same value until a certain time. Banks get concerned when they have REOs on their books, because that causes their reserve requirements to expand dramatically. Banks can have a loan that is delinquent and not have to expand their reserves. So if these banks have an audit coming up, they have to get REOs off their books, but if they do not have an audit, then they are less concerned. This is why people are being allowed to stay in their homes without paying for over a year.

Credit scores dramatically affect your loan rates. Philip is doing a refinance for a man who makes over $500,000 per year, and he has a credit score of 685. The only reason why he has a credit score of 685 is because his credit card company will not report his proper credit limit to the bureaus. This credit card company is affecting his credit score by somewhere between 40 and 80 points. The money he owes is very insignificant.

Philip’s website is www.philiptirone.com. His phone number is 310-453-1901. He will handle any kind of mortgage throughout California.

Join us next week as we interview Christopher Thornberg!

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159-TNG Radio – Philip Tirone 1-30-10

Friday, January 29th, 2010

phil_tirone

Philip Tirone

The Mortgage Equity Group, Inc. and www.7Stepsto720.com

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itunes

download

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This week Bruce is joined by Philip Tirone. Philip is the president of the Mortgage Equity Group, and author of Seven Steps to a 720 Credit Score.

Philip got in the business in 1997; near the beginning of the boom. For the first 9 years of Philip’s loan career, he continuously saw regulators loosen the business guidelines. The people that he worked with were making substantial incomes from 2004 to 2006. There were some loan agents in Philip’s office who were driving Bentleys. Most of those people are now out of Philip’s business, because they matched their income with their expenses, and they lost their wealth during the recession. This reminded Bruce of a recent trustee sale he attended in which many of the homes being sold were previously owned by mortgage brokers.

Three years ago, a mortgage banker was someone who lent their money to property buyers. The second tier of mortgage banking in which a regional firm lends their own money through a warehouse line. Bank of America, Wells Fargo, and Washington Mutual portfoliod their high risk loans. These high risk loans were what caused other big banks to fail.

Mortgage brokers are individuals who can go to banks and take loans. Many banks have retail divisions, in which people can walk off the street, and they have whole sale divisions, in which banks would sell mortgages at lower rates to people who could sell mortgages. Whole sale mortgages allow mortgage banks to sell their loans at a lower rate to people who will bring them business.

Presently, 99 percent of loans being done right now are going to the government through Fannie Mae and Freddie Mac. Fannie and Freddie are the mortgage backed security outlet. Because loans are being heavily regulated, there is little difference between mortgage bankers and mortgage brokers. This is because there are no longer a large variety of loan programs with different fees; everyone is selling the same product.

The value of a mortgage broker is more appreciated for large mortgages, because they know how to get the deals. Unfortunately, those loans have dried up. The amount of financing being done over $729,000 has probably decreased by over 80 percent. This is partially because mortgage brokers could use stated income loans. There were some scenarios where stated income loans were not a bad idea. For example, a company owner with $5 million in the bank, who wants to buy a $3 million property with 30 percent down, is a good applicant for a stated income loan. Stated income loans did not always mean “no proof” loans. When Philip first got into the business, bankers would check out bank statements. Little by little, stated income became a no document program.

Bruce Norris estimates that over 1,000 foreclosures will occur within the next 30 days on houses valued above $1 million. It is not easy to refinance a bill that expensive, and there are not enough people to buy expensive homes like that.

Another presently occurring problem is poor appraisals. Philip refinanced for a man who bought a loan for $850,000. The value of his property increased to over $1 million. When he ordered the appraisal, the appraisal value came in at $850,000. The borrower was very frustrated with his property’s devaluation, but he didn’t choose to try and sell the property immediately. Later on, he asked for another appraisal, and the appraisal value came in at $1,170,000. These mistakes are making investors want to pull their hair out. We are bringing in appraisers from outside areas who don’t know about the areas they are working in. The AMCs are supposed to behave as a wall between lenders and mortgage bankers, but the reality is that the lenders who were defrauding the banks are not in the business any more.

Bruce asks Philip to discuss the different regulations that have come into the industry. The regulation in the loan industry is so overdone right now; it is literally causing people in the industry to do 2 to 3 times as much work. Regulation X states that mortgage bankers must give extremely precise estimates. These estimates must be so precise that if the escrow fee comes even $200 above the estimate, then the lender must pay for it. This need for precision in estimates is causing people to require over-disclosure. People are complaining about how expensive the fees are, and Philip has to explain that we are in a terrible scenario with over regulation. Any time new regulations come out the loan process is slowed down. For example, one month ago Philip submitted a loan on a $2.5 million property with a 5 year fixed loan, but he later decided that he wanted a 3 year fixed loan. Once he chose to make that change, everything in the loan process had to stop. The underwriter couldn’t underwrite it. If you send the corrections through email then you have to wait at least 3 days. If you are an investor selling a property, you will not be able to sell any faster than within 30 days.

Throughout Philip’s career, refinances and purchases have equally dominated the industry. Currently, more people are doing refinancing because of the great rates.

In 2005 and 2006, about 85 percent of the people who came to Philip were able to get loans. In 2009, only about 15 percent of Philip’s potential customers were able to get loans. Bruce asks what happened to those people who made them incapable of getting loans. Philip says that it is a combination of bad personal scenarios and bad lending policies. Some have severely damaged their savings. In the majority of the cases, the lending guidelines are the cause of trouble. Philip could get great approval for a buyer with a statistically low default risk, but now mortgage bankers are not allowed to back anyone with a default ratio over 45 percent. These policies also prevent refinancing for people who could safely take on extra debt. Some people are being restricted from getting a loan, because they bought a car that slightly tipped them over the 45 percent risk scale. A great borrower could increase their lease by 42 dollars, and then disable themselves from getting a loan. Philip advises people who are looking for a loan to not put anything on their credit card. Even paying off a collection account can damage your credit score.

Jumbo loans include anything over $729,000. These loans do not have typical 30-year fixed loan rates. A five year fixed loan will have an interest rate in the low 5s, and ten year fixed loan rates will be in the high 5s.

Philip’s website is www.philiptirone.com. His phone number is 310-453-1901. He will handle any kind of mortgage throughout California.

Reserve requirements for banks have changed significantly for those involved in jumbo loans. Jumbo loans must be backed by six months’ income or 12 months’ payment, but this can vary depending on the situation. Reserve requirements are not as black and white as credit scores.

Bruce and Philip will continue this discussion next week.

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The Norris Group Real Estate News Roundup 1/14/10

Thursday, January 14th, 2010

Today’s News Synopsis:

According to Freddie Mac, the 30-year fixed mortgage rate fell to 5.06 percent this week. 2.8 million properties received a foreclosure notice in 2009. Interactive Mortgage Advisors is selling $130 billion worth of Ginnie Mae’s servicing portfolio. President Obama is proposing a tax on all companies who received bailout money, which would last until all bailout money is paid back.

In The News:

Chicago Tribune – “Rates on 30-year mortgages drop to 5.06 pct, second straight weekly decline” (1-14-10)

“Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last month’s record lows. The average rate on a 30-year fixed mortgage was 5.06 percent this week, down from 5.09 percent a week earlier, mortgage company Freddie Mac said.”

Housing Wire – “Foreclosure Filings Hit New Record in 2009: RealtyTrac” (1-14-10)

“In 2009, a record 2.8 million properties received a foreclosure filing, a 21% jump from 2008 and a 120% increase from 2007, according to online marketplace RealtyTrac, which reported the numbers Thursday.”

Housing Wire – “Barack Wants ‘Responsibility Fee’ to Get Bank Bailout Funds Back” (1-14-10)

“President Barack Obama is proposing a ‘Financial Crisis Responsibility Fee’ to tax large financial institutions that received government funds through the Troubled Asset Relief Program (TARP). The news comes in the midst of reports that the government may earn billions of dollars on bailouts. The proposed fee would last for at least 10 years, until all taxpayer dollars are repaid. The fee would apply to the debt of financial institutions with more than $50bn of consolidated assets.”

Housing Wire - “Congressman Proposes 50% Tax on Wall Street Bonuses” (1-14-10)

“Rep. Peter Welch (D-VT) introduced legislation this week to levy new taxes on yearly employee bonuses at financial institutions receiving assistance from the Troubled Asset Relief Program (TARP). Under the bill, bonuses above $50,000 in either cash or stock would be taxed at a rate of 50%.”

Housing Wire – “BofA Permanent HAMP Modifications Jump from 98 to 3,200 in December” (1-14-10)

“The Bank of America (BAC: 16.82 +1.20%) book of permanent loan modifications under the Home Affordable Modification Program (HAMP) grew from 98 mortgages by the end of November 2009 to 3,200 by January 2010, according a company announcement. In the US Treasury Department’s November progress report, BofA completed 98 permanent modifications from the program’s launch in March 2009 through November. Since then, nearly 3,200 borrowers received a completed HAMP modification, and another 12,000 of the BofA borrowers sent their finally modified loan documents under HAMP to be signed and returned by BofA.”

Housing Wire – “Height-of-Boom Subprime Performance Keeps Getting Worse: Moody’s” (1-14-10)

“The basket of mortgage backed securities that the credit rating agency reviewed for its report deal with loans originated during the recent boom years in housing finance. Moody’s is now projecting cumulative losses of 18.7% for 2005 vintage securitizations, 38.4% for 2006 RMBS and 48.1% for 2007 RMBS.”

Housing Wire – “IMA to Sell $130m Ginnie Mae Servicing Portfolio” (1-14-10)

“Interactive Mortgage Advisors (IMA) is facilitating the sale of a $130m Ginnie Mae bulk servicing portfolio on behalf of an undisclosed seller, an independent mortgage banker, according to an offering obtained by HousingWire. The offering covers 937 loans with a combined principal balance of more than $130m. The loans bear a weighted average interest rate of 6.17% and a weighted average service fee of 0.53%.”

Bloomberg - “Issa Proposes Inspector General for Fannie, Freddie Agency” (1-14-10)

“The companies’ regulator, the Federal Housing Finance Agency, has been without an inspector general for at least 17 months since the Federal Housing Finance Board that oversaw the 12 regional Federal Home Loan Banks was merged with Fannie Mae and Freddie Mac’s former overseer to create FHFA. The companies in that time have been taken over by FHFA and given access to what is now an unlimited amount of emergency Treasury Department funding.”

Bloomberg - “Lehman Wins Court Approval to Spend $1.4 Billion to Buy Loans” (1-14-10)

“Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, won a U.S. judge’s approval to spend $1.4 billion to buy loans and mortgages from an insolvent German affiliate, Lehman Brothers Bankhaus.”

Looking Back:

One year ago, the NAR estimated that a homebuyer tax credit could result in 555,000 home sales. Barclay’s Capital claimed that allowing judges to reduce the principal amount on mortgages would not reduce foreclosures. Fannie Mae created a policy allowing people leasing a property to continue occupying their property for a short time after the foreclosure process. PMI Mortgage Insurance estimated that home prices would continue to fall until the 3rd quarter of 2009.

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The Norris Group Real Estate News Roundup 1/6/10

Wednesday, January 6th, 2010

Today’s News Synopsis:

California Governor Schwarzenegger announced a new home buyer tax credit. The Mortgage Bankers Association reports that mortgage applications have increased by .4 percent since Christmas. The FOMC confirmed plans to buy $1.25 trillion in mortgage-backed-securities from Freddie Mac, Fannie Mae and Ginnie Mae. Eugene Ludwig believes that commercial real estate losses will break historical records in 2010.

In The News:

CBIA - “Homebuilders Applaud Governor Schwarzenegger for Prioritizing Jobs, Economic Recovery and Housing in State of the State Address” (1-6-10)

“Enacting a new homebuyer tax credit and streamlining the building process would definitely help continue that positive momentum and help our economy recover more quickly.”

Mortgage Bankers Association - “Mortgage Applications Drop the Week of Christmas and Remain Flat the Week After in Latest MBA Weekly Surveys” (1-6-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the weeks ending December 25, 2009 and January 1, 2010. For the week ending December 25, 2009, the Market Composite Index, a measure of mortgage loan application volume, decreased 22.8 percent on a seasonally adjusted basis from the prior week. For the week ending January 1, 2010, this index  increased 0.5 percent on a seasonally adjusted basis.  Both weeks’ results include an adjustment to account for the Christmas and New Year’s Day holidays. On an unadjusted basis, the Index decreased 46.9 percent the week before Christmas and increased 0.4 percent the week after.”

Housing Wire - “FOMC Eyes Extending Scope of MBS Purchases” (1-6-10)

“The Federal Open Market Committee, in its mid-December meeting, considered extending and expanding its initiatives to buy assets from mortgage agencies Fannie Mae (FNM: 1.10 -4.35%), Freddie Mac (FRE: 1.38 -3.50%) and Ginnie Mae. The FOMC also confirmed plans to buy $1.25trn of agency mortgage-backed securities (MBS) and $175bn of agency debt by the end of Q110, according to minutes released Wednesday.”

Housing Wire – “FHA Proposal Will Stifle Competition, Claims NAMB” (1-6-10)

“The National Association of Mortgage Brokers (NAMB) criticized a Department of Housing and Urban Development (HUD) proposal that would change how brokers and lenders operate in the Federal Housing Administration (FHA) loan program. The association contends HUD’s actions will adversely affect competition in the FHA loan market and have far-reaching economic impacts on lenders and correspondents both.”

Housing Wire – “Dodd to Leave Senate, Banking Committee Chair” (1-6-10)

“Senate Banking Committee chairman Christopher Dodd (D-Conn) on Wednesday said he will leave his post in Congress when his term expires and not seek reelection.”

Bloomberg - “Commercial Property Is Biggest Risk, U.S. Bank Examiners Find” (1-6-10)

“‘Losses from commercial real estate will be quite high by historic standards,’ said Eugene Ludwig, former Comptroller of the Currency who is now chairman of Promontory Financial Group, a Washington-based consulting firm to financial institutions.”

Bloomberg - “Regional Mall Vacancies in U.S. Rise to Record on Unemployment” (1-6-10)

“Vacancies at the largest U.S. shopping centers reached a record 8.8 percent in the fourth quarter as unemployment rose and consumers spent less, Reis Inc. said. Vacancies at smaller neighborhood and community centers increased to 10.6 percent, the highest level since 1991, from 8.9 percent a year earlier, New York-based Reis, a real estate research company, said today in a statement.”

Bloomberg - “U.S. Office, Shopping Center Construction Spending May Fall 13%” (1-6-10)

“Construction spending on hotels, office buildings and retail centers may fall 13 percent this year, the second straight annual decline amid a drop in property prices, the American Institute of Architects said. ”

Bloomberg - “Mortgage-Bond Spreads Narrow to Lowest in More Than 17 Years” (1-6-10)

“Yields on Fannie Mae and Freddie Mac mortgage securities fell to the lowest relative to Treasuries in more than 17 years, narrowing further on news Federal Reserve officials last month reiterated they may favor expanding their program to purchase $1.25 trillion of home-loan debt. ”

Looking Back:

One year ago, the NAR reported that the pending home sales index decreased by 4 percent from October to November. President Obama promised a tax break for business that would cover 5 years of expenses. Gary Watts forecasted that home prices below $500,000 would strengthen in 2009. Grubb & Ellis Co. anticipated that apartment rentals would increase during 2009.

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The Norris Group Real Estate News Roundup 12/17/09

Thursday, December 17th, 2009

Today’s News Synopsis:

Research from NAR shows that most small-scale, exterior home modificaitons, such as door replacements and wood deck additions, are the most profitable at resale. The Federal Reserve’s commercial/multifamily mortgage debt decreased by 0.8 percent from the second quarter 2009. Radar Logic estimates that housing will continue to have trouble in 2010, but does not believe that a second collapse will occur. According to ForeclosureRadar.com, foreclosure cancellations in California climbed 40% in November.

In The News:

NAR - “Exterior Remodeling Proves Best Bang for Your Buck, Realtors® Report” (12-17-09)

“Despite a slow market and a slight decrease in the resale value of most remodeling projects, Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by Realtors® who completed a recent survey. On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.”

Mortgage Bankers Association – “MBA Study Shows Narrowing in Profit Margins For Independent Mortgage Bankers and Subsidiaries” (12-17-09)

“Independent mortgage bankers and subsidiaries made an average profit of $902 on each loan they originated in the third quarter of 2009, according to the Mortgage Bankers Association (MBA).  This profit marks a decrease from the second quarter of 2009 when profits averaged $1,358 per loan, according to the MBA’s most recent Quarterly Mortgage Bankers Performance Report. This report measures the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.”

Mortgage Bankers Association – “MBA Analysis: GSEs Increase Multifamily Mortgage Holdings; Banks Decrease Construction Loans and Increase Commercial/Multifamily Mortgages in Third Quarter 2009″ (12-17-09)

“The $3.43 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $28 billion or 0.8 percent from the second quarter 2009.  Multifamily mortgage debt outstanding dropped to $912 billion, a decrease of $1 billion or 0.1 percent from second quarter. The level of commercial/multifamily mortgage debt outstanding decreased in the third quarter, to $3.43 trillion, according to the Mortgage Bankers Association (MBA) analysis of the Federal Reserve Board Flow of Funds data.”

Housing Wire – “Housing Won’t Collapse in 2010, says Radar Logic” (12-17-09)

“The US housing market could be in for some serious trouble in 2010, but predictions of a second collapse are ‘exaggerated,’ according to a report from Radar Logic, a real estate data and analytics company. Housing values could significantly recover in the spring of 2010 as low prices attract a blend of owner-occupiers and investors.”

Housing Wire – “Total Mortgage Has Record Origination Year” (12-17-09)

“Total Mortgage Services said it expects to originate a company-record $750m in mortgages in 2009. It’s a 67% increase from 2008’s level of $450m in originated loans for the Milford, Conn.-based lender, which originates mortgages in more than 20 states. Total Mortgage credits low interest rates for the boost in both purchase and refinance activity.”

Housing Wire – “Foreclosure Cancellations Rise 40% in California” (12-17-09)

“Foreclosure cancellations in California climbed 40% in November, according to a monthly report from ForeclosureRadar.com, which tracks foreclosures in California. Analysts adjusted the numbers to account for November’s four fewer filing days. Average daily foreclosure filings declined only 1%. Notice of trustee sales declined 13.4%, and the amount of real estate owned (REO) property increased 2.4%. Sales to third parties increased 8% on a daily average basis.”

Bloomberg – “Luxury-Home Owners in U.S. Use ‘Short Sales’ as Defaults Rise” (12-17-09)

“Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers.”

Bloomberg - “General Growth Considering ‘Indications of Interest’” (12-17-09)

“General Growth Properties Inc., the mall owner seeking to emerge from bankruptcy next year, will consider all offers for the company and may sell shares to the public to raise capital. General Growth won permission this week from a bankruptcy judge to restructure about $10.25 billion in debt at some of its properties. The Chicago-based company is trying to restructure $3 billion of additional secured debt, it said today in a statement. ”

Bloomberg - “U.S. Mortgage Rates Rise to 4.94%, Freddie Mac Says” (12-17-09)

“Mortgage rates for fixed 30-year U.S. home loans rose for a second consecutive week after hitting a record low this month. The rate for the week ended today increased to 4.94 percent from 4.81 percent. It set a record low 4.71 percent in the week ended Dec. 3. The average 15-year rate was 4.38 percent, the McLean, Virginia-based company said today in a statement.”

Looking Back:

One year ago, Lawrence Yun of the NAR estimated that commercial real estate would be damaged by job losses. CAR expected home prices to increase by 12 percent in 2008. Delinquencies for homes increased to 4.6 percent during the third quarter. The MBA reported that mortgage loan application volume increased during the week of December 12, 2008.

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The Norris Group Real Estate News Roundup 11/4/09

Wednesday, November 4th, 2009

Today’s News Synopsis:

The MBA’s weekly mortgage survey shows that loan application volume increased by 8.2 percent, on a seasonally adjusted bases, from last week. The FHA expects 24 percent of all loans insured in 2007 to default. The Federal Reserve’s FOMC announced that it will not buy the full $200 billion debt amount that it had previously planned to take. BarCap reports that the 30-plus day delinquency rate increased to 5.5 percent in October.

In The News:

Orange County Register – “Are we headed for the same real estate winter doldrums?” (11-4-09)

“Historically, over a 30 year trend, 70% of all Orange County homes sell in the first seven months of the year. Seasonality is the term used by real estate experts. Typically, most buyers are active in the spring and summer markets. Once Labor Day comes, they tend to focus on the holidays. Activity drops off each month. December is the slowest month.”

Mortgage Bankers Association – “Mortgage Refinance Applications Increase in Latest MBA Weekly Survey” (11-4-09)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 30, 2009. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7.9 percent compared with the previous week.”

Wall Street Journal – “FHA Digging Out After Loans Sour “ (11-4-09)

“Although the FHA has tightened credit standards, many of the 2007 and early 2008 mortgages are going bad. The agency expects defaults on 24% of all loans insured in 2007, and 20% of those backed in 2008.”

Housing Wire – “In This Corner: QuestSoft President and Founder Leonard Ryan” (11-4-09)

“Mortgage Disclosure Improvement Act (MDIA) is causing issues because most loan software products keep track of only the latest disclosure dates due to the complexity of the calculations. S.A.F.E. Act is causing the most internal personnel problems due to education and registration requirements that differ from state to state. Higher Priced Mortgage Loans (HPML) with the Home Mortgage Disclosure Act (HMDA) changes as of October 1 are becoming an out and out nightmare without automation because every time an Annual Percentage Rate (APR) changes or the note rate adjusts, the loan must be completely recalculated and possibly re-underwritten.”

Housing Wire – “Fed Won’t Purchase Full $200bn Agency Debt, FOMC Says” (11-4-09)

“The Federal Reserve’s Federal Open Market Committee (FOMC) said it won’t purchase as much agency debt as it previously announced. The $175bn of agency debt purchases is less than the previously announced $200bn, but the FOMC said the amount ‘is consistent with the recent path of purchases and reflects the limited availability of agency debt.’”

Housing Wire – “CMBS Delinquencies Swell to 5.5% in October, says BarCap” (11-4-09)

“The 30-plus day delinquency rate jumped 41bps to 5.5% in October as current loans deteriorated and transferred to special servicers. For the past three months, delinquencies have grown an average of 34bps, and BarCap analysts expect the pace to increase through 2009 and into 2010.”

Housing Wire – “Pulte’s Closings Slip in Q309, Despite Merger” (11-4-09)

“Pulte Homes (PHM: 9.55 +3.47%) lost $361.4m, or $1.15 per share, in Q309, compared to $280.4m, or $1.11 per share, in Q308. Results were impacted by $86.7m in charges and transaction costs associated with Pulte’s merger with Centex Corporation, and $163.8m in inventory impairments and other land-related charges.”

Housing Wire – “GMAC’s Mortgage Unit Loses $747M in Q309″ (11-4-09)

“The Q309 loss was due primarily to legacy assets in GMAC’s mortgage operations. The unit experienced a pre-tax loss from continuing operations of $747m during the quarter. The loss is an improvement from Q308’s $1.9bn pre-tax loss from continuing operations”

Bloomberg - “Senate May Pass Homebuyer Tax Credit Extension Today” (11-4-09)

“The U.S. Senate may approve as early as today a $45 billion plan to expand a tax credit for first- time homebuyers, extend jobless benefits and provide tax refunds to money-losing companies.”

Bloomberg - “U.S. Home Price Slump to Last to Mid-2010, Pimco Says” (11-4-09)

“The slump in U.S. housing prices is unlikely to end before the middle of next year, and statistics portraying rising values are misleading, according to Pacific Investment Management Co. An S&P/Case-Shiller index for 20 metropolitan areas showed values rising 4.8 percent in the four months through August after a record 33 percent drop from its July 2006 peak. Such statistics are being distorted by U.S. efforts to reduce foreclosures, which are temporarily limiting sales of seized homes, said Scott Simon, Pimco’s mortgage-bond chief.”

Inman - “ZipRealty narrows losses” (11-4-09)

“ZipRealty Inc. edged closer to profitability during the third quarter, as transactions grew 30.6 percent and revenue by 12.8 percent from a year ago, the company said.”

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The Norris Group Real Estate News Roundup 9/24/09

Thursday, September 24th, 2009

Today’s News Synopsis:

Research from the Construction Industry Research Board shows that the number of home building permits taken in August was down 5 percent from July. The NAR reports that existing home sales decreased by 2.7 percent from July to August. A study showed that foreclosure prevention laws in California have failed to significantly help home owners. The Federal Reserve intends to continue its stimulus plan and will continue to buy mortgage securities.

In The News:

CBIA - “Housing Production Slips Again in August, CBIA Announces” (9-24-09)

“According to statistics compiled by the Construction Industry Research Board (CIRB), homebuilders pulled permits for 2,911 total housing units in August, down 5 percent from July. When compared to August of last year, production in 2009 was way down.”

NAR - “Existing-Home Sales Ease Following Four Monthly Gains” (9-24-09)

“Existing-home sales – including single-family, townhomes, condominiums and co-ops – declined 2.7 percent to a seasonally adjusted annual rate1 of 5.10 million units in August from a pace of 5.24 million in July, but remain 3.4 percent above the 4.93 million-unit level in August 2008. In the previous four months, sales had risen a total of 15.2 percent.”

MBA - “Commercial/Multifamily Mortgage Debt Outstanding Declines in Second Quarter 2009″ (9-24-09)

“The $3.47 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $9.9 billion or 0.3 percent from the first quarter 2009. Multifamily mortgage debt outstanding grew to $914 billion, an increase of $6 billion or 0.7 percent from first quarter.”

San Francisco – “Foreclosure-mediation laws not much help” (9-24-09)

“Laws in California and other states requiring mortgage companies to talk to troubled homeowners before foreclosing on them are toothless, according to a study released Wednesday.”

Mercury News – “‘Equity share’ loans of up to $75K offered to Silicon Valley homebuyers” (9-24-09)

“Under the ‘equity share co-investment,’ or ESCO program, The Housing Trust will advance as much as $75,000 to first-time home buyers who make up to 140 percent of the region’s area median income, or about $147,700 a year for a family of four. The money will be used to match a buyer’s 5 percent to 15 percent down payment.”

Bloomberg - “Luxury Hotels in U.S. Risk Default as $850 Rooms Remain Empty” (9-24-09)

“Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion may be in danger of default, according to Realpoint LLC, a credit rating company that tracks commercial mortgage-backed securities. Some of the biggest loans, put on the company’s watch list because of late payments, decreasing occupancies or cash flow, were made to luxury properties where rooms can cost more than $850 a night.”

Bloomberg - “Fed Signals Growth Return Not Enough to End Stimulus” (9-24-09)

“While the economy has ‘picked up,’ the central bank’s planned asset purchases will help ensure a ‘gradual return to higher levels of resource utilization,’ the Fed’s Open Market Committee said yesterday. Policy makers committed to complete their $1.25 trillion in purchases of mortgage securities and extended the end-date of the program to March from December.”

Bloomberg - “New Home Sales in U.S. to Climb 30% in 2010, Goldman Sachs Says” (9-24-09)

“New U.S. home sales may jump 30 percent next year, buoyed by low mortgage rates and a ‘greater than 50 percent probability’ that Congress will extend a tax credit for first-time buyers, Goldman Sachs Group Inc. said.”

Orange County Register – “O.C. property investor seeks bankruptcy rescue” (9-24-09)

“Unable to pay off construction loans coming due, office developer Mammoth Equities LLC has filed four bankruptcy cases seeking to rescue half its properties from foreclosure. The San Juan Capistrano developer owes nearly $68 million on loans that came due or are about to come due on five California office buildings it owns, said senior Mammoth officer Joe Ryerson. He estimated that the collective value of those properties is about $41 million today.”

Inman - “Facebook app promotes property listings” (9-24-09)

“That caveat out of the way, CenterStage looks promising for spreading property listings information on Facebook. If you aren’t using Facebook, then CenterStage is a no-go. Though perhaps you could use it to jump-start a Facebook campaign.”

Looking Back:

One year ago, the NAR reported that existing home sales fell by 2.2 percent. Research from the CBIA showed that housing permits were down 61 percent from the previous year. The MBA’s mortgage application survey showed that mortgage applications fell by 10.6 percent from the previous week.

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127-TNG Radio – John Mauldin 6-20-09

Friday, June 19th, 2009

John-Mauldin

John Mauldin

Millennium Wave Investments

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This week Bruce is joined by John Mauldin from Millennium Wave Investments. John is a New York Times best seller author, and he is the writer of “Thought from the Front Line e-letter”, which goes out to 1.5 million readers every week. He is frequently interviewed on TV shows around the world.

Bruce begins by asking John what his company does, and who his typical client is. John helps investors find investment managers that will work best for them.

John has a new series of books called “Eavesdropping on Millionaires.” Bruce asks John what has surprised him most about wealthy individuals. John says that he was surprised by how many of them felt a need to be in the market, and how many of them have rode the market all the way to the bottom. They did not have a sense of preservation. They did not understand they had won the race, and that they could stop running. They could have lived a comfortable lifestyle, but they continued to invest, and they have lost a large amount of their net worth. This is unlike anything we’ve ever seen. From here we are creating a new “normal.” This time it really is different. We’re watching a new generation become frugal. Savings rates are increasing from 0% to 5%.

Bruce asked John if it is more painful to go backwards financially then to have never been there before. John thinks that it is. John found some stats from David Rosenberg showing that people 55 years and over have seen an increase in employment. John says that people need to be careful when they are listening to people who are anticipating what will happen in the financial future based on what has happened in the past because the underlying forces in our current market are much different than they were before. Statistics also say that the boomer generation has not accumulated any wealth for 12 to 15 years.

Bruce asked John if most people become millionaires because of earning power or investments. John says that everyone has their own path. A large number of people who become financially successful are good savers. Many of them save 20 percent of their earnings. Most lived a frugal lifestyle and saved diligently. The number of people who made money investing is not as big as you would think. John’s company has surveyed 17,000 people, and they have found that it is harder to become a millionaire through investing than it seems.

Ludwig von Mises once said, “It may sometimes be expedient for a man to heat the stove with his furniture. But he should not delude himself by believing that he has discovered a wonderful new method of heating his premises.” When Bruce looks at how we are solving the crisis that started in 2008, he wonders if we are hurting our future by what we are doing. John thinks that in the short term, the answer is “no” but people disagree with him.

The problem we have started 15 years ago when we started leveraging ourselves and we started selling securitized mortgages that were not going to be paid. We have a certain amount of deleveraging pain that we are going to have to go through in order to get through this problem. We can do it in one year or ten years. One year means 25 percent unemployment and breadline depression. If we work through this problem over 10 years then we will experience slow growth, 10 percent unemployment, and difficulty in recovering the stock market.

John would rather take the longer route. John thinks that the Fed did the right thing by stepping in and putting liquidity into the market. People associate credit with cash which it is not. The level of credit that the world is using is imploding. There is far less credit to finance our future. The Fed can print money right now without creating too much future inflation. Someday they will have to stop and they will.

John thinks that the stimulus package idea was not a bad idea, but the way that we have created it and used it is wrong. We used the stimulus package to finance political objectives rather than actually doing things to stimulate the economy. We are borrowing money that our grandchildren will have to pay instead of building infrastructure they can enjoy.

We are planning on going into debt $1 trillion dollars per year for the next ten years but you cannot finance that much money that quickly; there are not enough takers. We were running a $700 billion dollar trade deficit, but that money came back and was invested in some sort of debt. That allowed us to create a large deficit, but now we only have $300 billion dollars worth of trade debt, which means that we have to go out and find $1.7 trillion dollars of money to buy more bonds. John thinks that we will probably raise taxes.

John says we could suspend all these new projects like healthcare like Republicans but there’s no chance that will happen. If this were the path, the dollar would become stringer but we’d still have to work through deleveraging and the housing problem. But, it doesn’t destroy the dollar. John feels the current administration’s solutions will only work for so long. The bond market will implode eventually if this keeps up and it’s an ugly scenario. If there are a enough democrats that come along that agree that the huge deficits aren’t good, taxes will roll out to keep paying for these programs. As long as the deficit is growing as fast as the nominal GDP.

John thinks out of these scenarios the last solution will result.

Bruce asks John if he thinks that we have seen the bottom of the housing market. John does not think we have. He thinks that housing problems will continue through 2010. We have more foreclosures coming. If you are at the point where you would like to buy a house, this is a great time to do so.

More coming next week. Visit thenorrisgroup.com or John at johnmauldin.com.

John is a Fort Worth, Texas businessman, now living in Uptown Dallas, and the father of seven children, ranging from ages 13 through 30, five of whom are adopted.

He was Chief Executive Officer of the American Bureau of Economic Research, Inc., a publisher of newsletters and books on various investment topics, from 1982 to 1987. He was one of the founders of Adopting Children Together Inc., the largest adoption support group in Texas. He currently serves on the board of directors of The International Reconciliation Coalition and the International Children’s Relief Fund. He is also a member of the Knights of Malta, and has served on the Executive Committee of the Republican Party of Texas.

He is a frequent contributor to numerous publications, and guest on TV and radio shows as well as quoted widely in the press.

John is the President of Millennium Wave Advisors, LLC (MWA) which is an investment advisory firm registered in multiple states. John Mauldin is President of Millennium Wave Securities, LLC a FINRA registered broker-dealer. MWS is also a Commodity Pool Operator (CPO) and a Commodity Trading Advisor (CTA) registered with the CFTC, as well as an Introducing Broker (IB).

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