Federal Reserve officials repeated their pledge to keep the main interest rate near zero for an “extended period” and confirmed that emergency measures to prop up the housing market will end as planned this month. For more on growth outlook and retail sales — Read more…
Small Businesses Want Same Treatment as Large Corporations
Proposed legislation calls for the Small Business Administration to help business owners find willing lenders and, as a last resort, issue the loan directly. While this provision passed a House vote in October, the direct-lending provision has an uncertain future as it awaits consideration from the Senate. Read more…
Lower Delinquency in Commercial Loans
The Mortgage Bankers Association reports that commercial mortgages were among the best-performing loans and leases held by banks and thrifts in the last three months of 2009.
Commercial and industrial loans had delinquency rates of 4.39 percent, followed by commercial mortgages at 5.06 percent.
Construction loans posted the highest delinquency rate at 18.56 percent, followed by single-family mortgages at 12.49 percent.
Source: Associated Press (03/09/10)
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Charles McMillan, Immediate Past President of NAR Testifies Before Congress
Passage of an appropriate comprehensive national disaster policy is a top legislative priority for REALTORS® nationwide. Charles McMillian testified on March 10 before the Committee on Financial Services and offered that NAR stands ready to work with leadership in Congress to develop a responsible natural disaster policy that addresses the needs of consumers, the economy and the nation. McMillian included commercial member reports about problems with commercial insurance availability and affordability. For the full testimony – Read more…
