A look at stories across HousingWire’s weekend desk, with more coverage to come on bigger issues: The Federal Open Market Committee view on the economy “does not bode well for further asset purchases by the Fed absent a significant weakening of the economy or lowering of growth forecasts,” analysts at Barclays Capital said. Last week, the FOMC projected growth in the coming quarters, but lowered its overall growth projections. In its follow-up report, Barclays Capital said it favored agency MBS and high-loss adjusted yields in the non-agency sector, concluding “credit products in general continue to come under pressure from the threat of asset sales due to macro developments.” Globally significant banks will be subjected to even greater capital requirements, the Basel Committee on Banking Supervision declared over the weekend. The committee, which is overseeing the parameters of the Basel III mandates that will govern the capital safeguards required of certain international banks, said these large banks’ “loss absorbency requirements are to be met with a progressive common equity Tier 1 capital requirement ranging from 1% to 2.5%, depending on the bank’s importance to the system.” On Saturday, the committee’s governors and heads of supervision agreed to set out those standards to “reduce the moral hazard posed by global systemically important financial institutions,” the Basel Committee said in its report. The enhanced requirements will be introduced between January 2016 and 2018 and will take effect on Jan. 1, 2019. Bondholders who accused JPMorgan Chase (JPM) of pressuring the Federal Deposit Insurance Corp. into seizing Washington Mutual Bank for the purpose of benefiting JPMorgan in a fire sale of top WaMu assets back in 2008 won an appeal to revive their case In the original suit, American National Insurance (ANAT), American National Property and Casualty, Farm Family Life Insurance and National Western Life Insurance filed a lawsuit claiming JPMorgan pressured the federal government into seizing WaMu to sell its assets without the accompanying liabilities, creating a negative impact on bondholders. Initially, a federal court dismissed the case for lack of jurisdiction, but a judge at the U.S. Court of Appeals for the District of Columbia Circuit Court disagreed and overturned the dismissal, sending the case back to district court. Federal Capital Partners is experiencing some success with the Washington-based Allegro Apartments complex it acquired out of foreclosure in 2009. FCP said it secured refinancing on the property’s loan from Aareal Capital in the amount of $80.5 million. Steve Walsh, senior vice president at FCP Capital Markets, described the formerly distressed property as a “well-constructed, well-conceived luxury apartment community in one of D.C.’s hottest urban submarkets.” Georgia banking officials and the FDIC closed Mountain Heritage Bank in Clayton, Ga., on Friday. All deposits, with the exception of brokered deposits, were moved to American Bank and Trust in Athens, Ga. Former Mountain Heritage Bank branches will now operate as First American Bank and Trust. Write to: Kerri Panchuk.
Kerri Ann Panchuk was the Online Editor of HousingWire.com, and regular contributor to HousingWire magazine. Kerri joined HousingWire as a Reporter in early 2011 and since earned a law degree from Southern Methodist University. She previously worked at the Dallas Business Journal.see full bio
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Kerri Ann Panchuk was the Online Editor of HousingWire.com, and regular contributor to HousingWire magazine. Kerri joined HousingWire as a Reporter in early 2011 and since earned a law degree from Southern Methodist University. She previously worked at the Dallas Business Journal.see full bio
