Articles by Diana Golobay

EXCLUSIVE! The Trillion Dollar Man

Will the new boss of Ginnie Mae, Ted Tozer, usher in an outstanding MBS balance that hits the thirteen-digit mark in 2010? Ginnie Mae holds the unique market position of supplying the only government-backed mortgage securities in the secondary market. And now it has a new boss. TED TOZER sits down with HousingWire to talk strategy in this EXCLUSIVE INTERVIEW. TO READ THE FULL STORY, SUBSCRIBE NOW.
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US commercial property deals may slow, Inland's Cosenza says

US commercial real estate purchases may slump later this year as prices rise and lenders require buyers to put more cash into deals, said Inland Real Estate Group Inc. Vice Chairman Joe Cosenza. A "double-dip" in the commercial real estate market may come as soon as September when lenders "start seeing these high prices and say, 'Wait a minute, we just came through this,'" Cosenza said today.
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LNR Property gets $417m infusion

LNR Property Corp., a large commercial real-estate company controlled by Cerberus Capital Management, recapitalized its balance sheet by issuing $417m in new equity to a group including Vornado Realty Trust, iStar Financial Inc. and Cerberus.
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Henry Paulson: Housing policy must be set on sustainable basis

The financial reform bill enacted last week is a significant step toward a much-needed modernization of our regulatory structure. It will provide tools to help mitigate and manage the next financial crisis. But the job remains unfinished until Congress addresses the housing policies that fueled the crisis -- a big part of which requires reforming and dramatically scaling back Fannie Mae and Freddie Mac, the two government-sponsored housing enterprises that brought our nation's financial system and our entire economy to the brink of collapse.
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Standard Pacific swings to profit

Standard Pacific Corp. posted second-quarter earnings of $10.7m, or four cents a share, the Irvine homebuilder said Thursday. Homebuilding revenue jumped as the average price of homes sold increased, and the company reduced the number of its costly land sales in the quarter ended June 30, helping it rebound from a loss of $23.1m, or 10 cents a share, in the same period last year.
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Goldman hops over the Volcker fence

So much for the Volcker Rule. Although the ink from President Obama's signature is barely dry on the financial regulation bill that became law last week, investment banks are already hard at work searching for loopholes. One of the more aggressive new requirements, the so-called Volcker Rule, would limit proprietary trading to 3% of Tier 1 capital. But the rule may be easy to sidestep. Goldman Sachs is leading the way around the regulation, by simply reclassifying many of its prop traders as asset managers.
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Lehman's Eurosail mortgage bond judged not in default

Investors in a mortgage-backed security sold by Lehman Brothers Holdings have lost their application for the notes to be declared in default. A court in London ruled against holders of bonds that were part of the Eurosail-UK 2007-3BL PLC transaction. Lehman, which filed for bankruptcy protection in September 2008, raised £650m ($1bn) from the 2007 deal which packaged UK home loans.
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UK mortgage approvals drop

UK mortgage approvals slipped to their weakest level since February and net consumer lending remained tame in June, data from the Bank of England showed Thursday. Mortgage approvals, a good leading indicator of activity in the housing market, fell to 47,643 in June from a downwardly revised 49,461 in May. That was the weakest level since February and was below the 49,000 forecast by economists in survey last week.
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CMBS Defaults on Track to Break 11% by Year-End: Fitch

Defaults on fixed-rate conduit US commercial mortgage-backed security (CMBS) loans continued at record speeds, on track to reach a cumulative default rate of 11% by year-end 2010, according to credit-rating agency Fitch Ratings. Cumulative defaults rose to 9.48% through June -- a 133bp-climb from Q110. This increase is in line with Fitch's expectation of an 11% cumulative default rate by year-end. Recent vintages drove the pace of defaults -- which include loans reported 60+ days delinquent at least once.
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