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  • Sands China Celebrates 10 Years of Extraordinary of The Venetian Macao resort

    first_imgSands China Ltd. celebrated the 10th anniversary of The Venetian® Macao Monday, highlighted by a ceremony at the outdoor lagoon of the iconic integrated resort.The company’s anchor property on the Cotai Strip quickly became a must-see landmark destination that redefined the Cotai skyline, where it still draws millions of visitors from around the world 10 years later.With a vision to establish a world-class business, leisure and family destination on the Cotai Strip, Chairman and CEO of Las Vegas Sands Corp. and Sands China Ltd. Sheldon G. Adelson brought his successful integrated resort model to Macao with the launch of The Venetian Macao.Ten years on, The Venetian Macao has been joined by three interconnected sister resorts – The Plaza™ Macao, Sands® Cotai Central, and The Parisian Macao – forming an integrated resort city on Cotai attracting nearly half a billion visitors over the last 10 years.With The Venetian Macao leading the way, Sands China continues its long-held strategy of offering a diversified mix of attractions and services to its visitors and to develop Macao into a world centre of tourism and leisure while diversifying the city’s tourism economy.“This property has a very special place in my heart,” said Adelson. “It was my wife, Miriam, who first had the inspiration to recreate Venice in Las Vegas, and opening The Venetian Macao in 2007 marked the beginning of my vision for the Cotai Strip. I’m extremely grateful to every person who helped bring this reality to life and I’m humbled by the dedication and support we’re still receiving 10 years later.”Dr Wilfred Wong, president of Sands China Ltd., said: “Sands China is so grateful to the Macao government, to the local community, and to our team members as we commemorate this important milestone for The Venetian Macao, for our company, and for Macao. It is our honour and pleasure to serve and operate in this vibrant community, and it is our hope to continue to grow with Macao and work in tandem with the Macao government to further support Macao’s transformation into a world centre of tourism and leisure.”last_img read more

  • Slowing Workouts Burn Off CMBS Special Servicer Volume

    first_img August 31, 2012 444 Views in Data, Origination, Secondary Market, Servicing Slowing Workouts Burn Off CMBS Special Servicer Volume Agents & Brokers CMBS Fitch Ratings Investors Lenders & Servicers Processing Service Providers 2012-08-31 Tory Barringercenter_img The slowing pace of workouts hasn’t stopped CMBS special servicer volume from falling, “”Fitch Ratings””: reported.[IMAGE]According to Fitch’s weekly U.S. CMBS Market Trends newsletter, the balance of loans in special servicing as of June 30 was $80.5 billion, a drop from $83.1 billion at the end of 2011 and $85.6 billion in June 2011.[COLUMN_BREAK]This news comes despite a slowdown in resolutions in the year’s first half, with 1,242 loans resolved in that time (compared to 1,556 in the first half of 2011).The most active special servicers have been working out more than 9,600 loans since 2010 (when volume reached $90 billion), totaling $141.6 billion in volume.Of the most active special servicers, LNR Partners, Inc., CIII Asset Management, and CW Capital Asset Management dominated the market in both volume and number of specially serviced loans. All have resolved more than half of their loans in special serving since 2010.Midland Loan Services, Inc., and Berkadia Commercial Mortgage, LLC also made strong showings in volume and number of loans resolved.Fitch also reported that time in special servicing for resolved loans is increasing. For loans resolved in the first half of 2012, the average number of months in servicing was 18.2, double the average in 2009. Sharelast_img read more

  • Fannie Mae Posts 101B Quarterly Profit

    first_imgFannie Mae Posts $10.1B Quarterly Profit in Secondary Market August 8, 2013 425 Views Agents & Brokers Attorneys & Title Companies Fannie Mae Investors Lenders & Servicers Profits Quarterly Earnings Service Providers 2013-08-08 Tory Barringercenter_img “”Fannie Mae’s””: second-quarter profits nearly doubled year-over-year, the GSE reported.[IMAGE]The company reported Thursday net income of $10.1 billion in Q2 2013 compared to $5.1 billion for Q2 2012. It was the sixth consecutive quarter of profit for Fannie Mae.Comprehensive income totaled $10.3 billion, again nearly double that of the same quarter last year ($5.4 billion).According to the enterprise’s earnings report, the second-quarter’s strong numbers were “”driven primarily by continued stable revenues and boosted by a significant increase in home prices in the quarter, which resulted in a reduction in the company’s loss reserves.””The yearly improvement was also helped primarily by gains on the company’s assets recorded at fair value (due to increases in interest rates) and an increase in credit-related income.As of June 30, Fannie Mae’s net worth was reported at $13.2 billion–$10.2 billion of which will go to Treasury as dividends, bringing aggregate dividends payments to approximately $105 billion. Under the terms of the GSEs’ bailout, each must maintain a reserve of $3.0 billion, with any amount over that threshold going to the government. Fannie Mae’s report came one day after Freddie Mac released “”its own earnings””:, revealing a profit of $5.0 billion–the second largest in its history. Sharelast_img read more

  • LRES Brings PennyMac On as New Valuation Services Client

    first_img December 3, 2013 405 Views “”LRES””:, a national provider of commercial and residential valuations and asset management, announced it is now serving the retail lending division of California-based “”PennyMac Financial Services””:[IMAGE][COLUMN_BREAK]As part of its services for PennyMac, LRES is managing appraisals that comply with all USPAP requirements as well as all state and federal appraiser independence regulations for the company’s customers.””We look forward to nurturing a long-term partnership with PennyMac and providing quality service and customizable valuation solutions for its customers,”” said LRES CEO Roger Beane.LRES’ automated selection process assigns the most experienced local appraiser for PennyMac for each appraisal in every market. LRES’ staff then reviews the appraisal, ensuring it meets underwriter readiness and fits all regulatory requirements, including those set by PennyMac and HUD. “”We developed our relationship with LRES because the company has a solid reputation throughout the industry for cost effectively managing its network of appraisers, which delivers quality appraisals quickly, with a strong focus on compliance,”” said Paul Atkinson, first VP of PennyMac. Share LRES Brings PennyMac On as New Valuation Services Clientcenter_img Agents & Brokers Appraisals Attorneys & Title Companies Company News Investors Lenders & Servicers Processing Service Providers 2013-12-03 Tory Barringer in Data, Government, Origination, Secondary Market, Servicinglast_img read more

  • Builder Study Shows Signs of Stabilizing Affordability

    first_img February 24, 2014 495 Views Homebuilders Housing Affordability National Association of Home Builders 2014-02-24 Tory Barringer in Daily Dose, Data, Headlines, News The National Association of Home Builders (NAHB) released recently its fourth-quarter Housing Opportunity Index (HOI), one in a string of recent analyses examining housing costs.While most other reports have indicated a decline in Americans’ ability to pay for homes at the national median price ($205,000 as of Q4), NAHB’s latest index actually shows relative stability, with 64.7 percent of new and existing homes sold in Q4 classified as “affordable” to families earning the median income of $64,400.That result is a slight step up from the index reading of 64.5 percent recorded in Q3.“Housing affordability is stabilizing at a time when pent-up demand and ongoing job growth are helping housing markets across the nation to gradually strengthen,” said NAHB chairman Kevin Kelly.While strengthening affordability is a positive sign, Kelly notes builders continue to face a number of challenges, “including tight credit for home buyers, inaccurate appraisals, and a shortage of workers and buildable lots.”Among major markets, the Youngstown-Warren-Boardman area in Ohio/Pennsylvania claimed the title of most affordable market, with 89.4 percent of homes sold last quarter fitting into the areas’ median household income of $53,900.At the bottom (for the fifth consecutive quarter) sat California’s San Francisco-San Mateo-Redwood City metro area, where just 14.1 percent of home sold were affordable to families earning the median income of $101,200.In the range of smaller markets, Kokomo, Indiana, was ranked most affordable, with 96.3 percent of homes sold in Q4 being affordable to those earning the median income of $60,100.As with major markets, California ranked lowest in affordability. At the bottom was the Santa Cruz-Watsonville metro, where 18.6 percent of new and existing homes sold were affordable for the median income of $73,800. It was joined by Salina, San Luis Obispo-Paso Robles, Napa, and Santa Rosa-Petaluma—all located in the Golden State.center_img Builder Study Shows Signs of Stabilizing Affordability Sharelast_img read more

  • FHFA Stress Tests Reveal How Low House Prices Can Go

    first_imgFHFA: Stress Tests Reveal How Low House Prices Can Go The Federal Housing Finance Agency (FHFA) recently released a new working paper titled, “How Low Can House Prices Go? Estimating a Conservative Lower Bound,” identifying a conservative lower bound for home prices in relation to long-term trend. Contributors to the paper included Alexander Bogin, senior economist for FHFA, Stephen Bruestle, lecturer at Penn State Erie, and William Doerner, senior economist for FHFA.Both credit risk and capital are associated with mortgage assets and are usually calculated using a stress test, the authors note.  Factors that should be considered when determining the severity of credit-related losses include: how far house prices are above long-term trend and how far they are below trend. The paper describes how to determine how far homes are falling below trend.“Leveraging a model based upon consumer and investor incentives, we are able to explain the depth of housing market downturns at both the national and state level over a variety of market environments,” the authors said. “In brief, as house prices fall below trend, housing becomes an increasingly attractive investment—it’s empirically documented, mean-reverting nature may engender higher expected returns.”According to the working paper, when home prices are on a steady decline, this is an incentive that attracts investors and consumers to the market which causes a huge mass of demand that causes home prices to rebound. The same approach held true for an in-sample back-test using data from 1987 to 2001, where the authors found that their estimation approach does not understate any state-level house price declines. Their estimation approach only understates severity in three states in an out-of-sample back test using data from the most recent financial crisis.“This estimation technique could prove particularly helpful in measuring the credit risk associated with portfolios of mortgage assets as part of evaluating static stress tests or designing dynamic stress tests,” the authors said.An important determinant of how severe the stress test results will be is the price path the house is on, and this can either be static or dynamic in nature, the paper reveals. A static path means there is a fixed decline in home prices that is usually based on historical experience. A fixed decline can mean different levels of effective stress when applied at different points in the housing cycle or the depth of the house price shock relative to long-term trend. This results in an inadequate level of stress where house prices are above their long-term trend, but an improbable amount of stress when the market is downs and home prices are at or under their long-term trend.On the other hand, the paper says that fixed house price shocks have caused stress situations that are unlikely by any historical standard based on the recent crisis but applied during recovery (2012-present). Unlike a fixed house price shock, a dynamic path responds to the current market conditions and provides a precise estimate of the severity of the future of house price downfalls. This is an important part of dynamic stress testing and is used to assess how accurate the static stress test is.“Since the recent financial crisis, there has been an increasing focus on improving stress testing and thus far, the stressed housing paths have been largely static in nature, essentially ignoring current market conditions.” the authors conclude. “This area of work is particularly important for evaluating the reasonableness of static stress tests or developing dynamic stress tests that could help prepare financial institutions for low probability but high impact events such as the recent financial crisis.” Share May 14, 2015 550 Views center_img in Daily Dose, Data, Government, Headlines, News, Origination Conservative Lower Bound Federal Housing Finance Agency Home Prices 2015-05-14 Staff Writerlast_img read more

  • FinTechs are Testing Banks Strategic Risk

    first_img Share in Daily Dose, Headlines, News, Technology FinTechs are Testing Banks’ Strategic Risk November 18, 2016 689 Views center_img Speaking to a group of community bankers at the Chicago Fed on Friday, U.S. Comptroller of the Currency Thomas J. Curry said that mitigating strategic risk should be at front of mind for all banking executives and boards heading into the new year—and one issue that is testing banks’ strategic risk today is the shift taking place with innovation and financial technology in the industry.Curry noted that community banks are the “heart and soul of banking across our nation” and that “our nation and economy are stronger when community banks are a healthy, vibrant part of our financial services industry.”The OCC has defined strategic risk as “the risk to current or anticipated earnings, capital, or franchise value arising from adverse business decisions, improper implementation of decisions, or lack of responsiveness to industry changes”—which for community bankers, Curry said, means they need to have the right plan to meet their business goals in their own respective markets.“Strategic planning helps a community bank position its business, identify its best opportunities, and make hard choices about the unknown and uncontrollable,” Curry said. “The future is always uncertain, but strategic planning provides a context for making decisions.”The phenomenal growth of financial technology companies, or FinTechs, in the last few years is testing banks’ strategic risk, Curry said. FinTechs numbered approximately 4,000 between the United States and U.K. at the end of 2015. These companies provide financial products and services through a variety of alternative platforms and delivery channels, and a major factor driving the growth of FinTechs is the 85 million millennials entering the market who are willing to seek alternative platforms to meet their financial needs, Curry said.“While FinTech companies are still a small portion of the industry, their rapid growth requires banks and regulators to ask big-picture questions about the future of banking, how consumer needs are being met, and whether we have the necessary regulatory tools and structure to ensure that the changes occur in a safe and sound manner, promote financial inclusion, and avoid consumer abuse,” Curry said.Curry noted that he understands why banks may be hesitant to work with FinTechs or use their products.“By definition, they are new,” he said. “Their technology may not be as familiar or easily understood, and most don’t have long-term track records that could provide a measure of reassurance. Vetting new companies can be costly and daunting, and small banks without specific expertise may have to rely on yet another third party to support their due diligence. Even after entering a partnership, overseeing the vendor can present similar challenges.”The bank’s responsibilities as far as third-party risk management include assuring an outsourcing arrangement that aligns with the bank’s strategic direction, assessing the appropriateness of the fee structure for the services received, implementing the necessary user controls, and monitoring the performance of service providers, Curry said.“Working together to evaluate and monitor third-party service providers can help manage the risk, and some community banks already are finding success with this type of collaboration,” Curry said. “Many community banks that use large technology service providers already belong to user groups that work together to manage the third-party relationship.”Click here to read Curry’s complete speech. Fintechs OCC Strategic Risk 2016-11-18 Seth Welbornlast_img read more

  • Home Sales Waiting for Good News

    first_img Share Contract Signings Home Sales HOUSING Lawrence Yun NAR Pending-Home Sales Regions 2019-01-30 Radhika Ojha January 30, 2019 677 Views Contract signings declined 9.8 percent year-over-year in December marking the twelfth straight month of annual decreases, according to a report on pending home sales by the National Association of Realtors (NAR). Pending home sales also saw a month over month decrease of 2.2 percent from November 2018, the report indicated.While many factors were responsible for the decline in contract signings in December, the partial government shutdown was not one of them, according to Lawrence Yun, Chief Economist at NAR. “Seventy-five percent of Realtors® reported that they haven’t yet felt the impact of the government closure. However, if another government shutdown takes place, it will lead to fewer homes sold,” Yun said. He added that as the government reopens more mortgage options would become available for consumers.Watch this video to see what other factors impacted pending home sales in December:<span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span>center_img in Daily Dose, Data, Featured, News Home Sales: Waiting for Good News?last_img read more

  • Thanks to Las Vegas Tourism the agents also enjoye

    first_imgThanks to Las Vegas Tourism the agents also enjoyed visits to Planet Hollywood, Paris Las Vegas, The Bellagio, Vdara and the Aria hotels, rounding out their Las Vegas leg of the famil before hitting their next destination – California!In California, some of the group tried surf lessons, watched spectacular sunsets and enjoyed VIP shopping experiences, while others opted for the short 30 minute shuttle to Disneyland!.Overall the agents were thrilled with their USA experience, and thanks to Viva! Holidays, Air New Zealand and Las Vegas Tourism, they will have a lasting connection from this trip through the Helloworld Travel family.Attending the famil were: Carolyn Rogers – Helloworld Travel Waurn Ponds, Ainsley Murphy – Helloworld Travel Toowoomba Range, Kathryn King – Helloworld Travel Bateau Bay, Karen Vella – Helloworld Travel Rowville, Stacey Skinner – Helloworld Travel Warrnambool, Scott Sherriff – Temora Travel, Kimberley Hall – Helloworld Travel Belconnen, Lauren Bloch – Helloworld Travel Merimbula, Vito Giudice – Helloworld Travel Ltd, Anthony Moore – Tripaway Cruise & Travel Tweed City, Bart Druitt – Las Vegas Tourism, Stella Hritis – Air New Zealand, Ella Halliwell – Mid Coast Travel & Cruise Air New ZealandEvent & Famil photosHelloworld TravelLas Vegas TourismViva! Holidays Ten lucky Helloworld Travel branded and associate agents recently took off to the USA on a famil thanks to Helloworld Travel, Viva! Holidays, Air New Zealand and Las Vegas Tourism.Kicking off their tour with two nights at the Cosmopolitan in Las Vegas, the agents enjoyed exhilarating experiences in Papillion Helicopters and a hot lap in a Corvette Z06 thanks to Exotics Racing. Moving onto the Wynn Las Vegas hotel, agents attended the famous, but controversial, Spiegelworld show ‘Absinthe’, and wrapped up their stay in true Las Vegas style – attending a mock wedding ceremony at the Graceland Wedding chapel.last_img read more

  • Agents now have until 30 April 2018 to book their

    first_imgAgents now have until 30 April 2018 to book their clients on a 2018 Scenic Tour to receive:Included return flights for 23 Day Treasures of the West Coast (includes taxes up to $190 per person) – a saving of up to $1,350* per couplePartner fly free for bookings on the 12 Day Top End and Kimberley Spectacular, 17 Day South Western Tapestry or 21 Day Territory Explorer and The Kimberley (includes taxes of up to $250 per person) – a saving of up to $900* per coupleEarlybird savings of up to $600* per couple for bookings on the 9 Day Territory Explorer, 13 Day Ultimate Tasmania, 11 Day Taste of South Australia or 8 Day Historic Norfolk IslandFor more information call Scenic on 138 128 or visit Gorge, Northern Territory, Australia earlybirdsSceniclast_img