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Lenders, Brokers Add 900 Jobs in Sept. American Banker (11/08/10) P. 8 Muolo, Paul Mortgage bankers and brokers employed 246,400 full-time workers in September, a gain of 900 jobs from August but a decline of 12,800 jobs from a year ago, reports the Bureau of Labor Statistics. Recent interviews in National Mortgage Newsreveal that residential finance companies are adding more staff due to a rising volume of refinancings; and many servicers hired workers in October because of the foreclosure documentation crisis, which should ease as more mortgagors return to the job force. (More)

NAR: Record Share of First-Time Buyers Inman News (11/08/10)> The 2010 NAR Profile of Home Buyers and Sellers shows that first-time buyers accounted for half of all sales from July 2009 through the end of this year’s second quarter, the highest share of first-time-buyer purchases since the survey began 29 years ago. The results were based on 8,449 responses to a survey sent to buyers and sellers nationwide whose transactions took place during the above time span. Some 93 percent of respondents participated in a federal home buyer tax credit program. (More)

Commercial Mortgages: Light at End of Tunnel for CMBS Richmond Times-Dispatch (VA) (11/08/10) Little, Andrew The Commercial Mortgage Alert newsletter calculates that some $11 billion in new U.S. commercial mortgage-backed securities will be sold in 2010, compared to about$2.7 billion last year — a 400 percent jump but only a fraction of the $231 billion sold three years ago. At the same time, life insurers are looking to fund more commercial property mortgages. Total originations this year by life insurance companies are on track to outpace last year’s tally of $43 billion by a considerable margin. (More)

Dividends From Fannie and Freddie Surpass Aid New York Times (11/08/10) Sorkin, Andrew Ross The third quarter marks the first time the U.S. government has made a profit on its rescue of Fannie Mae and Freddie Mac. The firms made $3.7 billion in dividend payments to the government, which provided $2.6 billion in new aid to the companies. Although the government turned a profit of $1.1 billion, Fannie Mae said it lost $3.5 billion and will need an additional $2.5 billion and Freddie Mac said it lost$4.07 billion and will require another $100 million. (More)

Taxpayers’ Bill on Freddie, Fannie Foreclosures: $2B USA Today (11/08/10) Schmit, Julie; Armour, Stephanie Fannie Mae and Freddie Mac owned more than 240,000 foreclosed homes as of Sept. 30, or about a quarter of the U.S. inventory, and spent more than $2 billion on related expenses this year. The Federal Housing Finance Agency said the Treasury could spend $142 billion to $259 billion on the companies through December 2013, with taxpayer costs rising the longer that the firms hold on to the properties. (More)

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