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Mortgage company donates more than $96,000 during Green Day ceremony at International Builders' Show.
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In the current market, the banks hold all the cards.
Everybody knows that Congress tends todrag its feet when making decisions on the major issues of the day. But as we saw by the tail end of last year, that definitely was not the case when it came time to consider what to do to stop the nation’s deepening mortgage credit crunch and build a new founda...
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Last night, WCI Communities got another reprieve from its lenders, which agreed to amend the terms of its senior secured revolving credit line and term loan. This was the fourth time in as many months that its banks have extended their loans after the Bonita Springs, Fla.-based builder and developer...
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The continued existence of Kimball Hill Homes, one of the housing industry's largest privately owned builders, as a business entity now hinges on the outcome of its negotiations with lenders over the terms of its debt and finding some way to stop the cash draining from its operations. In its 10-k fi...
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Bank of America will become the country's largest mortgage lender and servicer if its agreement to purchase the beleaguered Countrywide Financial is approved by both companies' shareholders and regulatory agencies. Late yesterday, Charlotte, N.C.-based Bank of America revealed that it had agreed to ...
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Countrywide Financial Corp.'s stock price was still shaky this morning after it lost 28.4 percent of its value yesterday. And as if mortgage meltdown weren't enough of a headache, Countrywide found itself fending off rumors that it was about to file for bankruptcy protection, and defending itself ag...
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THE SUBPRIME-INDUCED TIGHTENING OF credit conditions in home mortgage markets now is being joined by tightening in credit markets where builders and developers raise funds—the markets for land acquisition, land development, and construction loans (AD&C). Some tightening in AD&C markets has been inev...
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When 800 registered voters were asked last fall about what would motivate them to either purchase a new green home or “green” their existing home, 64 percent said that reduced energy costs would be the biggest reason. With energy prices on the rise, now's the time to improve the energy efficiency of...
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- Fannie Mae announced plan to impose an “Adverse Market Delivery Charge."
- Home-price appreciation rates among resale homes vary significantly among the nation's top markets, according to the latest monthly S&P/Case-Shiller home-price statistics.
- The NAHB and NAHB Research Center to conduct 4...
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Government continues to react to the turmoil in the mortgage market. The latest to take action is the Federal Reserve, which voted unanimously to endorse a new set of regulations aimed at protecting homeowners from abusive lending practices. The new guidelines range from a ban on low-documentation l...
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The NAHB's top executive blasted mortgage lender Fannie Mae for the government-sponsored group's plan to impose a 25-basis-point surcharge on all new mortgages that it backs or purchases after March 1, 2008. Jerry Howard, the NAHB's president and CEO, called the new surcharge a "broad tax on homeown...
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The NAHB's top executive blasted mortgage lender Fannie Mae for the government-sponsored group's plan to impose a 25-basis-point surcharge on all new mortgages that it backs or purchases after March 1, 2008. Jerry Howard, the NAHB's president and CEO, called the new surcharge a "broad tax on homeown...
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Last week, the Bush administration unveiled initiatives designed to battle the worsening mortgage crisis, including a voluntary interest rate freeze for subprime mortgages. In the days immediately following the administration's announcement, the HOPE Hotline (888-995-HOPE), which was established to ...
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A subprime relief plan that will freeze interest rates for subprime borrowers who meet certain requirements was announced on Thursday by the Bush administration. Under the plan, mortgage servicers would agree to the five-year rate freeze voluntarily. The plan will apply to subprime adjustable mortga...
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Confronting one of the greatest challenges our industry has seen in decades, at its Fall Board Meeting in Seattle the NAHB directors resolved to pursue a prompt response on several fronts to limit the damage of the mortgage credit crunch and restore confidence in the housing market.
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The mortgage mess just got murkier. Government-sponsored lender Freddie Mac is reporting a net loss of $2 billion for the third quarter, and an $8.1 billion, or 25 percent drop, in the fair value of its assets. The announcement may dash the hopes of those in Congress and at the Treasury Department w...
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The International Builders' Show (IBS) is the one place in the world a home builder would expect to find “Everything You Need Under One Roof,” and that's exactly how the February 2008 show in Orlando, Fla., is being billed.
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Even before the Federal Reserve cut the Federal funds rate by 50 basis points on Sept. 18, President George W. Bush stepped in front of the White House press corps and offered his prescription for housing and the mounting number of foreclosures.
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IT HAS GOTTEN A LITTLE EASIER FOR DEVELOPERS and builders to borrow money for green building projects thanks to a recent launch by Second Angel Bancorp (SAB) of a lending program aimed at such projects.