MBA Newslinks Archive

“Make no mistake, Proposition 10 will not lead to more affordable housing. Instead, it will remove any incentive to develop new affordable housing units and lead to higher housing costs in California’s already expensive market. This will harm the entire real estate finance industry in general and especially multifamily mortgage lenders. Moreover, if Proposition 10 succeeds, it is certain to be emulated by other states.”–From an MBA Mortgage Action Alliance Call to Action on Proposition 10, a controversial California ballot initiative.

“Hurricanes, and especially the flooding associated with these natural disasters, create the potential and opportunity for significant misrepresentation of collateral condition.”–First American Chief Economist Mark Fleming.

“MBA would like to commend the House for passing last evening–by voice vote–H.R. 6737, which addresses an unintended consequence from the enactment of Title III of S.2155, ‘Protecting Veterans from Predatory Lending,’ by allowing VA-guaranteed refinance loans to remain eligible for pooling in Ginnie Mae securities. More broadly, it will help to ensure the confidence in the VA home loan program that is necessary for it to remain a viable choice for the nation’s service members and veterans.”–Mortgage Bankers Association President and CEO Robert Broeksmit, CMB.

“The net impact of strong economic growth and only somewhat higher mortgage rates should remain a positive environment for the home purchase market, while continuing to winnow refinance demand.”–MBA Chief Economist Mike Fratantoni.

“People love living on barrier islands. They have a great ocean view. But they’re also right in the path of hurricanes. This is greatly increasing companies’ risk profile.”–Howard Botts, Chief Scientist with CoreLogic, Irvine, Calif.

“The quality of business we do today exceeds anything in my 36 years in this industry–any time in this industry. We are doing things better today than we’ve ever done them, and quality control professionals are the ones who made this happen.”–MBA Chairman-Elect Chris George, addressing the MBA Risk Management,Quality Assurance and Fraud Prevention Forum.

“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic. That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning.” –RE/MAX CEO Adam Contos.

“The idea that nearly one in six American homeowners views ‘keeping up with regular household bills’ as an appropriate reason to borrow from home equity speaks to how far some households are stretched on a monthly basis.”–Bankrate.com chief financial analyst Greg McBride.

“While the gain [in housing starts] was larger than consensus estimates, it does not signal a significant improvement in home building. Most of the gain was in the volatile multifamily segment, and both multifamily and single-family starts remain below the pace seen earlier this year.”–Mark Vitner, senior economist with Wells Fargo Securities, Charlotte, N.C.

“In the first full week following Labor Day, applications bounced back. Purchase applications slowed earlier in the summer, but have shown year-over-year increases for the past five weeks.”–MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.