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Volume 15 | Issue 38 | Thursday, September 14, 2017

The Lede


MBA Seeks 'Balance' for GSE Single-Family, Multifamily Affordable Housing Goals

The Mortgage Bankers Association, in a letter to the Federal Housing Finance Agency, said affordable housing goals for Fannie Mae and Freddie Mac should ensure sustainable housing for low- and very low-income households, they should be balanced with and accompany other tools and objectives.


Top National News

Couple Launches Video to Raise Awareness of Prostate Cancer

Smith Mountain Laker (Va.), Sept. 12, 2017--Karen Dillon
MBA President and CEO David Stevens talked about his diagnosis, the importance of cancer research and a YouTube video he and Mary recorded and released for National Prostate Cancer Awareness Month.

MBA CEO on the 9-Year Anniversary of GSE Conservatorship

HousingWire, Sept. 8, 2017
"After nine years of this untenable status quo, GSE reform is of the utmost priority," David Stevens, CMB, said in a blog post. "Congress has an obligation now to act to stabilize the housing finance system for the future and make it more resilient in economic downturns."

National Flood Insurance Program Granted 3-Month Extension

HousingWire, Sept. 8, 2017--Brena Swanson
President Donald Trump signed a three-month extension to the National Flood Insurance Program on Friday, giving Congress more time to come up with a long-term financial solution for the program.

One Beneficiary From Hurricane Harvey: Self-Storage Landlords

Wall Street Journal, Sept. 12, 2017--Esther Fung (subscription)
Storage operators, which typically rent units ranging from 5 feet by 5 feet to as large as 10 feet by 25 feet, often report stronger demand following a natural disaster as residents look for a place to keep their belongings while they focus on rebuilding their property.

Why Pricing Terrorism Risk Remains a Challenge for CRE Insurers

National Mortgage News, Sept. 11, 2017--Elina Tarkazikis (subscription)
The Terrorism Risk Insurance Act was created after 9/11 to serve as a crucial federal backstop for commercial real estate insurers, but an analysis of alternatives to fund the program reveals the continued challenges of measuring and predicting terror risk.

In Harvey's Wake, Houston Rethinks Real Estate Development

Wall Street Journal, Sept. 11, 2017--Douglas Belkin, Shibani Mahtani (subscription)
Now, after Hurricane Harvey killed at least 50 people and caused roughly $180 billion in damage, a battle is shaping up over how best to oversee real-estate development in Houston.

London Retains Its Crown as World's Top Financial Center

Bloomberg, Sept. 11, 2017--Gavin Finch
London retained its crown as the world's top financial center in a ranking that surveys industry professionals, extending its lead over New York and Hong Kong despite ongoing uncertainty about the implications of Brexit.

Demand for Student Housing Shows Signs of Slowing Down

National Real Estate Investor, Sept. 11, 2017--Bendix Anderson
This summer--for the first time in several years--student housings beds were not leasing as quickly as the year before.

New York City Property Market Turns Cautious: Broker Survey

Reuters, Sept. 12, 2017--Herbert Lash
Prospects for New York City's property market remain strong yet greater caution can be seen as buyers turn more hesitant and sellers seek unrealistic prices, a trade association's second-quarter survey of broker sentiment showed on Tuesday.

The 10 Highest-Paid REIT CEOs

National Real Estate Investor, Sept. 8, 2017--Mary Diduch
S&P Global Market Intelligence examined compensation information for public real estate investment trust chief executive officers in the U.S. from 2014 to 2016.

The Next Hurricane-Related Shortage: Construction Workers

Wall Street Journal, Sept. 7, 2017--Laura Kusisto, Douglas Belkin (subscription)
A severe shortage of construction workers is expected to cause widespread delays and push labor costs sharply higher as Texas begins to rebuild from Hurricane Harvey. The labor squeeze could get worse still if Hurricane Irma slams the Southeastern U.S. this weekend as expected.

News and Trends

MBA Chart of the Week: Commercial/Multifamily Property Sales, Mortgage Bankers Originations and Non-Bank Maturities ($ Millions)

Traditionally, commercial/multifamily mortgage bankers originations have tracked very closely with property sales volumes, with 2016 recording $490 billion of originations and $496 billion of property sales. That relationship broke down in the first half of 2017.

CREF Highlights

Commercial and multifamily developments and activities relevant to your business and our industry.

Administration Nominates Montgomery as FHA Commissioner

The Trump Administration's nominee for Federal Housing Commissioner is a familiar face to the housing industry and members of the Mortgage Bankers Association.

Ten-X: CRE Volume Bounces Back in 2Q

Commercial real estate investment activity expanded in the second quarter after a "sharp" contraction early in the year, reported Ten-X, Irvine, Calif.

CBRE: Houston 'Resilient' After Hurricane Harvey

Hurricane Harvey dropped more than 50 inches of rain in the Houston area, but the city has survived at least eight other severe floods and hurricanes since 1998 and it will rebound from this, too, said CBRE, Los Angeles.

Renter Demand Puts Pressure on Single-Family Rental Prices

The median monthly rent for single-family rental properties is rising faster than rents for apartment units, reported Zillow, Seattle.

Freddie Mac: Continued Multifamily Market Growth But Increased Affordability Challenges

Most multifamily executives believe the rental housing market will continue to grow, but many are less optimistic about the affordable housing outlook, reported Freddie Mac, McLean, Va.

Commercial/Multifamily Briefs

Arbor Realty Trust, Uniondale, N.Y., closed a $365 million commercial real estate mortgage securitization.

People in the News

Glimcher Appoints Starwood Retail Partners CEO

Starwood Retail Partners named Michael Glimcher CEO effective September 11. He succeeds Scott Wolstein, who will transition to a new role as a Senior Advisor to Starwood Capital Group.

Dealmaker of the Week

Greystone Secures $550M to Refinance New York Tower

Greystone, New York, secured $550 million to refinance Sky Residences on Manhattan's west side, one of the largest residential towers in the country.

MBA News

Now Taking Applications: MBA Education Commercial/Multifamily Future Leaders Program

MBA Education is taking applications for its Commercial/Multifamily Future Leaders Program, an executive leadership development program that delivers a comprehensive curriculum for selected managers who have shown leadership abilities.

MBA Education Multifamily Property Inspection Workshop in Dallas Nov. 8-9

MBA Education presents its popular Multifamily Property Inspection Workshop in Dallas November 8 and 9.

MBA Accounting/Financial Management Conference Nov. 13-15

The Mortgage Bankers Association's Accounting/Financial Management Conference 2017 takes place Nov. 13-15 at the Grand Hyatt San Antonio.

MBA Summit on Diversity and Inclusion Dec. 4-5

The Mortgage Bankers Association's annual Summit on Diversity & Inclusion takes place Dec. 4-5 at the Capital Hilton in Washington, D.C.

About MBA Newslink

President and CEO: Robert Broeksmit, CMB

Publisher: Marcia Davies, Chief Operating Officer

Vice President of Public Affairs: John Mechem

Editor: Mike Sorohan 202/557-2855 

Editorial Director: Michael Tucker 202/557-2851 

Senior Editorial/Advertising Specialist: Lesley Hall 202/557-2856

Advertising Opportunities: Bill Farmakis 203/834-8832

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