The total number of failed banks so far in 2010 has now reached 37. Geithner suggests that government officials listen more to harmed families and businesses than to large financial institutions while considering a financial overhaul bill. Lennar is investing over $3 billion into distressed real estate assets. California will offer about $3.1 billion in taxable debt sales this week.

In The News:

Washinton Post – “Geithner says bank overhaul must protect consumers” (3-22-10)

“Treasury Secretary Timothy Geithner says the administration will not accept a financial overhaul bill that does not provide strong consumer protection and restraints on risk taking by large banks. Geithner urged lawmakers to listen to the families and businesses that were harmed by the financial crisis and not the financial institutions that brought on the crisis, the most severe to hit the country since the 1930s.”

Housing Wire - “In Housing, a Supply Problem of Epic Proportion” (3-22-10)

“Consider that 2.5 million loans, current at the start of 2009, had become 60+ days delinquent or in foreclosure by the end of January 2010, according to LPS. Compare that to the roughly 2 million loan modifications in process or processed in generally the same time frame—116,000 permanent HAMP mods + 830,000 trial HAMP mods + 1.0 million completed non-HAMP mods. It’s simple math: 2.5 million is greater than 2.0 million.”

Housing Wire – “TAVMA Questions Accuracy of Appraisal Fee Report” (3-22-10)

“Title/Appraisal Vendor Management Association (TAVMA) called the dataset misleading because it doesn’t include the fees AMCs pay to appraisers, excluding two-thirds of all the appraisals conducted in the United States.”

Housing Wire – “Monday Morning Cup of Coffee” (3-22-10)

“Regulators closed seven banks Friday, bringing the total number of failed banks to 37 so far in 2010. The weekly round of bank failures is estimated to cost the Federal Deposit Insurance Corp.’s (FDIC) Deposit Insurance Fund (DIF) $1.28bn.”

Bloomberg – “Lennar Looks to Distressed Debt as Slump Persists” (3-22-10)

“Lennar Corp., the third-largest U.S. homebuilder, is investing in failed bank loans and distressed real estate assets to boost revenue as demand for new houses shows few signs of revival. The Miami-based company’s purchase last month of a share of $3.05 billion of delinquent loans seized by the Federal Deposit Insurance Corp.”

Bloomberg – “U.S. Property Index Rises for Third Straight Month” (3-22-10)

“U.S. commercial property values rose for a third month in January as the economy grew, according to Moody’s Investors Service. The Moody’s/REAL Commercial Property Price Index climbed 1 percent from December, Moody’s said today in a report. Values are 40 percent lower than the peak in October 2007. The index fell 24 percent from a year earlier.”

Bloomberg – “California to Lead Year’s Biggest Week in Taxable Bond Sales” (3-22-10)

“California, the lowest-rated state, will lead about $3.1 billion in taxable debt sales in potentially the biggest week for such issues since December as investors gain confidence in Build America Bonds. The most-populous U.S. state will offer about $2 billion in taxable notes this week, including $1.3 billion in federally subsidized Build America securities, said Tom Dresslar, spokesman for California Treasurer Bill Lockyer. Oregon’s Transportation Department will sell $556.4 million of the debt and the Arizona Board of Regents will market $164.9 million on behalf of Arizona State University.”