Skip to main content

Sen. Menendez urges Treasury and Fed on rapid decline of commercial real estate

NationalMortgageProfessional.com
Sep 11, 2009

U.S. Sen. Robert Menendez (D-NJ) is urging Treasury Secretary Geithner and Federal Reserve Board Chairman Bernanke to take early and forceful measures to address the rapid decline of the commercial real estate market and its potentially devastating effects on the broader economy. This sector is currently facing primarily two significant hurdles that could pose risk to the economy: 1. Increase in commercial vacancy rates, mortgage defaults, and foreclosure rates. 2. Inability to finance or refinance commercial mortgages because of insufficient lending and the break-down in the secondary market for commercial mortgage-backed securities. “We have already seen the terrible consequences of increasing residential real estate foreclosures, and increasing commercial real estate foreclosures could very soon pose an even bigger problem for the stability of the overall economy.’ said Senator Menendez in his letter. “The federal government can, and must, craft solutions that help kick-start commercial lending and the market for commercial mortgage-backed securities. The U.S. Congress Joint Economic Committee held a hearing on July 9th on commercial real estate and witnesses suggested a range of possible solutions. I look forward to hearing what the Treasury Department’s and Federal Reserve’s positions are on these proposals and what other efforts are underway at your respective agencies to deal with this potential crisis.” Click here to read the letter.
Published
Sep 11, 2009
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021