Vol. 11, No. 13/14, July 2010

НазваVol. 11, No. 13/14, July 2010
Дата канвертавання15.12.2012
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Appraiser News Online

Vol. 11, No. 13/14, July 2010

Government Update—Commercial/General

  • Fed Will Act if Economic Outlook Worsens [Posted July 28, 2010]

  • White House Voices Support for Warren [Posted July 28, 2010]

  • John G. Walsh to Head OCC on Temporary Basis [Posted July 28, 2010]

  • Fed Forecasts Economic Recovery Slowdown [Posted July 21, 2010]

  • Fed Reserve Board Nearing Full Slate of Governors [Posted July 21, 2010]

  • OCC Head Dugan to Resign [Posted July 14, 2010]

  • FHA Makes Changes for Lenders, Underwriters [Posted July 14, 2010]

Government Update—Residential

  • FHA Board Slaps Mortgage Lenders for Non-Compliance [Posted July 28, 2010]

  • Treasury Takes Heat as Foreclosure Prevention Program Stutters [Posted July 28, 2010]

  • PACE Pilot Program Proposed [Posted July 28, 2010]

  • Agencies’ Oil Spill Statement Offers Suggestions to Financial Institutions [Posted July 28, 2010]

  • Mortgage Brokers to Undergo Criminal Checks under New Rules [Posted July 28, 2010]

  • Analyst: GSE Subpoenas Could Force $30 Billion in Buybacks [Posted July 28, 2010]

  • Obama Signs Financial Regulatory Reform Bill [Posted July 21, 2010]

  • Fed Governor Calls for Change in Mortgage Data Reporting [Posted July 21, 2010]

  • Fannie Mae Aims to End Strategic Mortgage Defaults [Posted July 21, 2010]

  • New Fannie Guidance Concerns Lenders [Posted July 21, 2010]

  • FHA Inviting Comment on Risk Proposal [Posted July 21, 2010]

  • Financial Reform Bill Receives Republican Support in Senate [Posted July 14, 2010]

  • Debate over Future of Fannie and Freddie Begins [Posted July 14, 2010]

  • FHFA Taking Steps to Recoup Fannie, Freddie Losses [Posted July 14, 2010]

  • Shift in FHA Policy Creates Demand for Brokers [Posted July 14, 2010]

  • Fannie and Freddie Delist from NYSE, Announce OTC Symbols [Posted July 14, 2010]

  • AI Praises New Fannie Mae Guidelines [Posted July 7, 2010]

  • House Passes Financial Regulatory Reform Bill; Senate Vote to Come [Posted July 7, 2010]

  • FHFA Imposes Energy Retrofit Restrictions to GSEs [Posted July 7, 2010]

Inside the States

  • Appraisers Permitted to Value Florida Oil Spill-effected Properties [Posted July 28, 2010]

  • Fannie/Freddie Overseer Sued by California Attorney General [Posted July 21, 2010]

  • Missouri Governor Signs AMC Legislation into Law [Posted July 14, 2010]

Around the Industry

  • Basel Committee Nears Completion of International Reforms [Posted July 28, 2010]

  • Deutsche Bank Closing its CRE Adviser Group, Report Says [Posted July 28, 2010]

  • Gulf Coast Oil Crisis Spilling into CMBS [Posted July 28, 2010]

  • CMBS Showing Signs of Life [Posted July 28, 2010]

  • Low Loan Volume Equals Higher Profits for Lenders [Posted July 28, 2010]

  • Bank Failures Up to 103 for Year [Posted July 28, 2010]

  • 20 Percent of Americans Experienced Major Economic Loss [Posted July 28, 2010]

  • GM Buys AmericaCredit; Relation with Ally Financial Questioned [Posted July 28, 2010]

  • New Home Sales Up in June from Record Low [Posted July 28, 2010]

  • Existing Home Sales Ease in June [Posted July 28, 2010]

  • Case-Shiller: May Home Prices Slightly Increase [Posted July 28, 2010]

  • Purchase Applications Up in Weekly MBA Survey [Posted July 28, 2010]

  • Freddie Mac: Fixed-rate Mortgages at Record Low [Posted July 28, 2010]

  • Rep. Kanjorski Tells AI Summit “Hard Part of the Bill Occurs Now” [Posted July 21, 2010]

  • Administration Needs Appraisers’ Help, FHA’s Stevens Says at AI Summit [Posted July 21, 2010]

  • JPMorgan Chase Gets Tough on Short Sale Deficiencies [Posted July 21, 2010]

  • 44 Percent of Americans Expect Economy to Improve, Survey Says [Posted July 21, 2010]

  • Foreclosure Filings Reach 1.65 Million in First Half of Year [Posted July 21, 2010]

  • FASB Proposes Fair Value Reporting Change for Investment Properties [Posted July 21, 2010]

  • Homebuilder Confidence Falls for Second Consecutive Month [Posted July 21, 2010]

  • June Housing Starts Dip, Permit Activity Increases [Posted July 21, 2010]

  • Freddie Mac: 30-Year Mortgage Rates Remain at Record Lows [Posted July 21, 2010]

  • Recovery Rates Edge Up in RCA Second Quarter Survey [Posted July 21, 2010]

  • Goldman Fined $550M in Civil Fraud Charges [Posted July 21, 2010]

  • Randy Williams, MAI, SR/WA, Appointed IRWA President-Elect [Posted July 21, 2010]

  • MBA Survey: Refinance Activity Picks Up as Fixed Rates Fall [Posted July 21, 2010]

  • RICS Joins The Appraisal Foundation as International Sponsor [Posted July 21, 2010]

  • Demand for Design Services Continues to Remain Low, AIA Says [Posted July 21, 2010]

  • New AI Seminar: Advanced Spreadsheet Modeling [Posted July 21, 2010]

  • 25 Percent of Americans Hurt by Low Credit Scores [Posted July 14, 2010]

  • Federal Bank Closures Mount to 87 [Posted July 14, 2010]

  • Wells Fargo Downsizes, Cuts Nearly 4,000 Jobs [Posted July 14, 2010]

  • Banks Re-establish “No-doc” Loans [Posted July 14, 2010]

  • Mortgage Rates Continue Falling to Record Lows: Bankrate [Posted July 14, 2010]

  • Yahoo, Zillow Announce Real Estate Ad Partnership [Posted July 14, 2010]

  • MBA Report: Commercial Real Estate Declines Easing [Posted July 14, 2010]

  • Macquarie Enters U.S. Commercial Mortgage Market [Posted July 14, 2010]

  • Mortgage Delinquencies Up after Months of Improvement [Posted July 14, 2010]

  • CMBS Delinquencies Could Reach $90 Billion: Realpoint [Posted July 14, 2010]

  • Appraisal Institute’s Terry Dunkin Appointed to FIABCI Post [Posted July 14, 2010]

  • Purchase Applications Lowest Since 1996, MBA Weekly Survey Shows [Posted July 14, 2010]

  • Appraisal Institute Submits USPAP Comments to ASB [Posted July 14, 2010]

  • The Appraisal Foundation Appoints Three New Trustees [Posted July 14, 2010]

  • New AI Webinar Recording Available: Financial Reform Legislation [Posted July 14, 2010]

  • Closing Date for Homebuyer Tax Credit Extended [Posted July 7, 2010]

  • Mortgage Rates Sink to Lowest Level in 50 Years [Posted July 7, 2010]

  • U.S. Office Vacancy Rate Highest in 17 Years: Reis [Posted July 7, 2010]

  • Discounts on Foreclosures Averaged 27 Percent [Posted July 7, 2010]

  • Distressed CRE at Nearly $167 Billion [Posted July 7, 2010]

  • NAR: May Pending Home Sales Fall after Tax Credit Expires [Posted July 7, 2010]

  • MBA: Mortgage Refinancing Activity Up in Latest Survey [Posted July 7, 2010]

  • Online Lending Application Volume to Triple by 2013 [Posted July 7, 2010]

  • Chinese Bank Infiltrates U.S. CRE Market [Posted July 7, 2010]

  • AI’s Valuation Magazine Wins National Design Award [Posted July 7, 2010]

  • AQB Issues Exposure Draft on Validity of Exam Results [Posted July 7, 2010]

Inside the Institute

  • AI in the News: AI President Praises Passage of Financial Reform Bill [Posted July 28, 2010]

  • In Memoriam [Posted July 28, 2010]

  • AI Media Coverage Potentially Seen 1.3 Billion Times [Posted July 21, 2010]

  • AI in the News: AI Members Comment on Fannie Mae Appraisal Updates [Posted July 21, 2010]

  • AI in the News: AI Committee Chair Hails New Guidelines [Posted July 14, 2010]

  • Appraisal Institute Unveils Core Competency Model [Posted July 14, 2010]

  • New CE Requirements Take Effect for Most AI Members [Posted July 14, 2010]

  • AI in the News: AI President Hails Financial Reform Bill [Posted July 7, 2010]

  • Four Members Named AI “Volunteer of Distinction” for July [Posted July 7, 2010]

  • Appraisal Institute Designates 23 Members in June [Posted July 7, 2010]

Economic Indicators – June 2010

Government Update – Commercial/General

Fed Will Act if Economic Outlook Worsens

Federal Reserve Chairman Ben Bernanke told lawmakers July 21 that he is prepared to take further steps to support the economy should the nation’s economic outlook worsen. In presenting the Fed’s semiannual monetary policy report to Congress, Bernanke testified that his agency is “considering all options,” The New York Times reported.

“We are ready, and we will act if the economy does not continue to improve, if we don’t see the kind of improvements in the labor market that we are hoping for and expecting,” Bernanke told members of the House Financial Services Committee.

Particularly worrisome to Bernanke is continued high unemployment, which has a residual effect on consumer spending and spurs stimulus spending. Democrats especially are urging the Fed chief to move more aggressively to kick-start job growth, according to the Times.

As it stands, the Fed has held its benchmark short-term interest rate at a record low, a range of zero to 0.25 percent, since the end of 2008. While many economists do not expect the Fed to begin to tighten monetary policy until next year at the earliest, Bernanke intimated to lawmakers that his agency could extend the historically low interest rate even longer, the Times reported.

To prop up the struggling economy, Bernanke also indicated that the Fed could lower the interest rates it pays on excess reserves – the funds banks keep at the Fed above what they are required to, currently about $1 trillion, according to the Times. As another option, Bernanke told lawmakers that the Fed could also further expand its balance sheet, which nearly tripled as the central bank bought up mortgage bonds and government debt to put downward pressure on long-term rates.

Bernanke’s verbal commitment to support the economy if conditions worsen came one day after the Fed chair had signaled in his first day of testimony that he had no immediate plans to take any further steps in terms of monetary policy or regulatory action.

White House Voices Support for Warren

Though not a direct endorsement, White House press secretary Robert Gibbs called Elizabeth Warren “very confirmable” when asked by reporters July 26 about her position as the leading candidate to run the new Consumer Financial Protection Agency.

President Obama must select a nominee to head the newly created CFPA, an office that will be housed in the Federal Reserve after it was created by the passage of the financial regulatory reform bill earlier in July.

Warren, who is currently serving as chair of a congressional panel overseeing the 2008 Wall Street bailout, is being touted by Democrats as the ideal candidate to lead the new office. But according to The Hill newspaper and website, there are serious concerns about whether Warren – who Republicans view as unqualified to head the CFPA – will be able to muster the votes necessary to be confirmed by the Senate.

So far, Warren has gained valuable endorsements from a number of notable figures in Washington, including House Financial Services Committee Chairman Barney Frank, D-Mass., and Treasury Secretary Timothy Geithner, The Hill reported.

Obama has yet to put a specific date on when he will announce his nominee – although with the establishment of the CFPA a high priority following the enactment of the reform bill, the President is expected to make his selection in the coming weeks.

John G. Walsh to Head OCC on Temporary Basis

John G. Walsh, currently chief of staff for the Office of the Comptroller of the Currency, has been picked by the Obama administration to head the OCC on a temporary basis following the planned departure of current OCC Chairman John Dugan, The Associated Press reported July 23.

Walsh, who joined the OCC in Oct. 2005, currently serves as the OCC's senior advisor on all matters, represents the comptroller in internal and external meetings and events, provides expert policy advice, and oversees the agency's public affairs, congressional liaison, banking relations, and enterprise governance functions, according to the OCC website.

Prior to joining the OCC, Walsh served on the Senate Banking Committee from 1986 to 1992 and as an international economist for the Treasury Department from 1984 to 1986. He also worked for the Group of 30 before coming over to the OCC, serving as the company’s director from 1995 to 2005.

Dugan, whose five-year term in office expires Aug. 14, announced in early July that he would be stepping down from the position he has held since appointed by President George W. Bush in 2005. As comptroller, he has been responsible for regulating 1,500 of the nation's banks including the largest financial institutions.

His departure does not come without its critics. Dugan faced disapproval from industry analysts for pushing policies that benefited the financial sector at the expense of consumers. According to The Associated Press, he also faced criticism for blocking states' attempts to crack down on abusive lending by national banks, during which time he claimed having separate sets of state rules governing banks would be too costly and confusing for the banks operating across state lines to manage.

Fed Forecasts Economic Recovery Slowdown

In its latest economic forecast released July 14, the Fed predicted that economic growth will slow; high unemployment will persist; and deflation will cause businesses to cut-back on spending, according to a July 15 article on CNNMoney.com. Despite the Fed’s pessimism, however, the central bank declined to take any new policy actions, preferring to leave interest rates alone and not tinker with stimulus programs that could prove risky.

Recent data released by the Fed shows that the economy grew at a rate of just over 2 percent in the April through June quarter, not the 3 to 3.5 percent previously thought. The increase in gross domestic product also lagged behind Fed expectations, growing at a rate of 3 to 3.5 percent this year, not the 3.2 to 3.7 percent predicted.

The Washington Post reported July 15 that the prospect of lower economic growth could translate into prolonged unemployment. Fed leaders expect the jobless rate to be 9.2 to 9.5 percent in the fourth quarter, and to still be 8.3 to 8.7 percent at the end of 2011, both slightly higher than in the Fed’s April forecasts.

On a positive note, the Fed revealed it sees little threat from inflation. The central bank forecasts that prices will rise 1 to 1.1 percent this year, compared with the 1.2 to 1.5 percent rate forecast in April – and well below the 1.7 to 2 percent inflation rate that the Fed targets over the longer term.

In addition, the Fed also sees signs of improvement in the business sector, which saw investment in equipment and software rise rapidly last quarter and household spending continue to advance, despite the weak job market.

But the Post also reported that Fed officials are being cautious about the near- and short-term futures of the economy. While no immediate policy actions have been taken, Fed leaders agreed to explore options for supporting the economy further in case conditions worsen. Potential actions the Fed could take to stabilize the economy would include prolonging the timeframe for near-zero interest rates, cutting the interest rate on banks' reserves and buying some additional mortgage securities.

According to the Post’s report, the Fed could also consider taking more aggressive steps, such as large-scale purchases of Treasury bonds or mortgage backed securities and implementing strategies to increase the money supply and reduce long-term interest rates.

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