Construction spending dipped in October, the Commerce Department reported Thursday, with slight increase in public construction offset by a decline in private construction. Separately, the Institute for Supply Management, Phoenix, reported its Manufacturing Report on Business fell for the first time in two and a half years.
Category: News and Trends
MBA Mortgage Action Alliance Call to Action Urges Support for Affordable Housing Legislation
The MBA Mortgage Action Alliance this week issued a Call to Action, urging its members to contact their members of Congress in support of bipartisan, bicameral legislation designed to improve, expand, and create tax credit programs that increase affordable housing supply for renters, homeowners and buyers.
Initial Claims Down 16,000
In the third of four major jobs report this week, the Labor Department on Thursday said initial claims for unemployment insurance fell by 16,000 from the previous week.
Trepp: Life Insurance Returns on Pace for Worst Performance to Date
Trepp, New York, released its third quarter returns report for its life insurance commercial mortgage index, reporting the 2022 year-to-date return is predicted to be the lowest since Trepp started collecting LifeComps data in 1996.
Dealmaker: VICI Properties Inc. to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas, Mandalay Bay
Blackstone Real Estate Income Trust Inc., New York, and VICI Properties Inc. announced jointly a definitive agreement in which VICI, currently owner of a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, will acquire BREIT’s 49.9% interest in the joint venture for cash consideration of $1.27 billion.
CMBS Sector Outlook: Continued Uncertainty Going into 2023
Kroll Bond Rating Agency, New York, just released its CMBS 2023 Sector Outlook, which looks at key credit trends from 2022 and forecasts U.S. issuance activity for the new year. MBA NewsLink interviewed KBRA’s Larry Kay and Andrew Foster to get their insights on the current lending environment and property fundamentals as well as factors that may affect overall property performance in 2023.
Today’s Top National News
Here’s a summary of Top National News Items from major news sites and industry trade publications. To get started, click on the headline above:
Quote
“In many communities throughout the country – in both urban and rural areas – this absence of adequate housing stock undermines both neighborhood stability and the opportunity for families to build wealth. The passage of these bills will help increase the number of affordable rental units and expand homeownership opportunities for low-income individuals, working families, seniors, veterans, people with disabilities, and people experiencing homelessness in communities nationwide.”
–Bill Killmer, MBA Senior Vice President of Legislative and Political Affairs.
Mark P. Dangelo: 2023: We Who are About to Die Salute You!
The industry strains and the mitigation strategies demanded in 2023 will not follow traditional cycles of boom and bust—more technology, additional standards, and M&A events. The mortgage industry is being remade, reimaged for the next-gen economies, and the solutions and outcomes will be unfamiliar for many leaders, consultants and outsourcers.
MBA News
Today in MBA News: MISMO Winter Summit; MBA Education Webinar, Ensuring HMDA Data Integrity and Common Reporting Issues; MBA Education Fundamentals of Mortgage Banking for Servicing Professionals; Frank Nothaft Memorial Fellowship Fund. To read more, click on today’s MBA News headline.