Former Freddie CEO ordered to testify

Former Freddie Mac CEO Leland Brendsel has been ordered to testify in a federal regulator's investigation of the mortgage finance corporation's accounting problems.

Judge Leonie Brinkema of the U.S. District Court for the Eastern District of Virginia in an order issued Monday upheld a subpoena by the Office of Federal Housing Enterprise Oversight that requires Brendsel to appear and testify in OFHEO's examination of Freddie Mac. OFHEO issued the subpoena Oct. 10, 2003. The judge's order directs Brendsel to comply within 14 days.  more...

Web site developer captures real estate business

What's new on the Web for real estate brokers and salespeople? Who's doing it and how well is it working? Inman News asked Marc Davison, VP of VREO Software in San Luis Obispo, Calif., for the answers.

IN: How many years has VREO been in business?

VS: Three years.

IN: What is your company vision?  more...

Real estate purchases cool

Overall home mortgage applications slipped 1.5 percent last week on a seasonally adjusted basis, as long-term interest rates continue to climb, according to the Mortgage Bankers Association's weekly survey.

The MBA seasonally adjusted purchase index decreased by 1.7 percent to 444 from 451.6 the previous week. The seasonally adjusted refinance index decreased by 1.4 percent to 3,250.6 from 3,296.7 one week earlier.  more...

More borrowers tap into home equity

Borrowers who refinanced during the fourth quarter did so primarily to cash out home equity rather than to secure lower interest rates, according to Freddie Mac's quarterly refinance review.  more...

Multifamily construction poised for increase

The increasing popularity of condominiums is expected to continue in the coming year, driving construction starts of for-sale multifamily units to highs not seen for more than 10 years, according to David Seiders, chief economist of the National Association of Home Builders.  more...

RealEC appoints new president

RealEC Technologies, whose products aim to facilitate the origination, servicing, statusing and closing of real estate transactions, today announced the appointment of company board member Dwayne Walker as president.  more...

Fannie, Freddie stumble into the spotlight

F&F, get your act together, NOW!

Fannie and Freddie, knock, knock, anyone there? Open up and listen up, reform is at the door and you are no longer operating behind closed doors as a bi-polar institution (some days quasi-government, other days private sector money machine). Your behavior and your business decisions must be brought fully and completely into the town square for regulators, lawmakers and the public to see.

President Bush's new budget makes that clear, calling for tougher controls on the mortgage giants.

We agree.  more...

Overnight interest rates dip

Long-term mortgage interest rates were slightly lower Tuesday, and the benchmark 10-year Treasury bond yield decreased to 4.1 percent.

The 30-year fixed-rate average slipped to 5.36 percent, and the 15-year fixed-rate dropped to 4.67 percent. The 1-year adjustable was unchanged at 3.31 percent.

The 30-year Treasury bond yield decreased to 4.95 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.  more...