Monday, November 30, 2009

Weekly News Review

Fannie Mae to tighten lending standards
Banks will demand higher credit scores, lower borrower debt
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, November 26, 2009
Fannie Mae, the giant mortgage finance company that helps shape lending guidelines, plans next month to raise minimum credit score requirements and limit the amount of overall debt that borrowers can carry relative to their incomes.

New economic numbers offer modest hope
SPENDING, INCOME RISE
New jobless claims reach 14-month low
By Neil Irwin and Dana Hedgpeth
Washington Post Staff Writer
Thursday, November 26, 2009
A new round of economic data released Wednesday offers evidence that the economic expansion has continued through the latter part of the year but raises questions about the strength of the industrial sector in the months ahead.

New-home sales rise as supply starts to wane
October figures for U.S. get boost from South; other regions suffer
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, November 26, 2009
Sales of newly built homes rose to the highest level in more than a year while the supply of these homes dropped to new lows, according to government data released Wednesday.

American Capital nears agreement with all its lenders on debt restructuring
Bethesda firm scrambling to avoid bankruptcy
By Thomas Heath
Washington Post Staff Writer
Saturday, November 28, 2009
American Capital, a key financial player in the Washington region for decades, said it has reached agreements with lenders on 95 percent of its loans in an attempt to avert bankruptcy, the company said in a regulatory filing Friday.

Wednesday, November 25, 2009

The Washington Post Articles


2.8% drop in lending is largest since 1984
Reduction, especially by large banks, seen as impediment to recovery
By Binyamin Appelbaum
Washington Post Staff Writer
Wednesday, November 25, 2009
Lending by U.S. banks plunged by 2.8 percent in the third quarter, the largest drop since at least 1984 and the fifth consecutive quarter in which banks have reduced lending, the Federal Deposit Insurance Corp. reported Tuesday.


Economy limping back to strength

Tuesday, November 24, 2009

Metro News

Fairfax County Sales Still Down from Last Year

By Julia O'Donoghue
Wednesday, October 07, 2009

Fairfax County retail sales in June 2009 declined significantly from the same month the previous year, according to Fairfax County’s Department of Management and Budget newsletter in September. Virginia distributed about $13 million in sales tax receipts to Fairfax County this past August. That sales tax revenue, which reflects retail purchases at county stores in June, has dropped off by 10 percent from the same time period in 2008. One percent of all sales tax collected in Fairfax goes to fund the public school system. In September, Fairfax County Chairman Sharon Bulova (D-At-large) and Supervisor Patrick Herrity (R-Springfield) announced intentions to start a "Buy Fairfax" campaign, to encourage residents to make purchases at local stores and shops. Shopping in Fairfax’s retail shops, as opposed to online or in another locality, is better for the community, said Herrity.Some of the local sales tax not only goes to funding public schools but shopping at local businesses also helps retain jobs in the county during a difficult economic period, he said.

MCA Approves Three ProjectsVinson Hall expansion, organic food market, storage facility all head to Planning Commission.
By Mike DiCicco
Wednesday, November 11, 2009

On Wednesday, Nov. 4, the board of the McLean Citizens Association approved three projects proposed for the McLean area.Vinson Hall Retirement Community agreed to downsize and alter its proposed expansion, although the facility already had approval to build more units than it had been asking for. The expansion has been debated since the facility filed last year for a plan amendment that would allow it to expand from its current 169 independent living units to 350 units over several years. Currently, up to 276 independent living units are allowed on the site, along with the facility’s 49 assisted living units and 21 nursing beds...

Home sales rebound to early-2007 level


DOUBTS ABOUT RALLY LASTINGMarket still propped up by tax credits

By Dina ElBoghdady
Washington Post Staff Writer
Tuesday, November 24, 2009

Freddie Mac trying to minimize exposure from failed lender, regional bank

Mortgage giant files claim with $1 billion in assets at risk
By Zachary A. Goldfarb
Washington Post Staff Writer
Tuesday, November 24, 2009

Freddie Mac, the government-backed mortgage finance giant, said Monday it's trying to minimize losses on more than $1 billion in assets at risk because of the summer collapse of mortgage lender Taylor, Bean & Whitaker and a regional bank with which it did business.

Friday, November 13, 2009

Today Real Estate News

Obama calls for White House summit on job creation Unemployment is 'one of the great challenges that remains'
By Michael A. Fletcher and Neil Irwin
Washington Post Staff Writers
Friday, November 13, 2009
President Obama plans to hold a White House forum on job creation next month, an attempt to signal his concern about the growing ranks of the unemployed and build consensus on future action to stoke the economy.

Fewer losing homes in D.C. area Bank repossessions down but on track to surpass 2008 total
By Renae Merle
Washington Post Staff Writer
Friday, November 13, 2009
Bank repossessions of homes in the Washington area declined last month but are on pace to surpass last year's total in most parts of the region by the end of the year, according to data released Thursday by RealtyTrac.

Banks to prepay FDIC for failures Agency to collect 3 years of insurance premiums in advance
By Binyamin Appelbaum
Washington Post Staff Writer
Friday, November 13, 2009
The Federal Deposit Insurance Corp. will collect $45 billion from the banking industry to cover the rising cost of bank failures, an unprecedented assessment that reflects the agency's projections that the current round of failures will not peak until next year.

Upbeat reports lift home builder stocks Unemployment, end of stimulus programs could upend gains
By Dina ElBoghdady
Washington Post Staff Writer
Thursday, November 12, 2009
U.S. home builder stocks surged Wednesday, invigorated by Toll Brothers' announcement earlier this week that orders for its homes have jumped during the latest quarter, outpacing expectations.

U.S. foreclosure program helping more people, but how much still unclear
By Renae Merle
Washington Post Staff Writer
Wednesday, November 11, 2009
The number of homeowners getting help from the government's massive foreclosure program is growing, according to data released Tuesday, but it is unclear how many of these borrowers might still lose their homes.

Friday, November 6, 2009

House votes to extend jobless benefits, expand home buyers' tax credit

$24 billion bill intended to shore up economy and political support

By Neil Irwin, Dina ElBoghdady and Perry Bacon Jr.Washington Post Staff Writer Friday, November 6, 2009

Congress gave final approval Thursday for an additional $24 billion to help the jobless and support the housing market as climbing unemployment poses a growing liability for elected officials.
The bill, passed overwhelmingly by the House and headed to President Obama for his signature Friday, extends unemployment insurance benefits that were due to expire and renews an $8,000 tax credit for first-time home buyers, while also expanding it to cover many other home purchases.
The legislation represents an effort by Democrats to strengthen the anemic economy. The Senate passed the measure unanimously Wednesday, reflecting the unwillingness to be seen as opposing measures to stimulate growth even among Republicans who are skeptical of greater government spending.
Despite tentative signs of revival in the economy, unemployment continues to pose a challenge to incumbents. A report due from the Labor Department on Friday morning is expected to show another rise in the jobless rate in October -- possibly into double digits.
Congress and the Obama administration are casting about for policies of limited scale to help buttress the economy. Like the "Cash for Clunkers" program enacted this year to promote auto sales, the latest bill has broad popular support even though economists disagree about its value.
Economists generally support extending unemployment insurance. The bill would prolong benefits for at least 14 weeks for people out of work. The jobless in more than two dozen states where unemployment rates exceed 8.5 percent would receive to 20 additional weeks of benefits.
Because unemployed people tend to be strapped for cash, they often spend most if not all of the money they receive as benefits. This in turn tends to give a bigger boost to the wider economy than do many other forms of government spending...