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Email not displaying correctly? View it in your browser. Quarter of HAMP Mods in Default Again More than 25 percent of homeowners who've received assistance under the administration's Home Affordable Modification Program (HAMP) have fallen behind on their payments, stirring up more doubt about the effectiveness of the government's foreclosure prevention campaign. The news comes just as the administration is ramping up efforts to make 375,000 trial mods permanent by year-end. According to DS News' Washington Bureau, Treasury officials summoned representatives from the 10 largest servicers for a closed-door meeting Monday, to ensure each is pulling their weight to meet the new deadline. BofA Sells $460M New-Issue CMBS without TALF Support Last month marked the first new issuance of commercial mortgage-backed securities (CMBS) since mid-2008, when Developers Diversified Realty Corp. tapped the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF) to sell $400 million in debt underwritten by Goldman Sachs. That's all it took to spark renewed interest in the previously stagnant secondary market for commercial real estate. Last week, Bank of America priced the second new CMBS deal – and this one traded without government backing, yet another hopeful sign for the securitization world. Commercial and Multifamily Mortgage Performance Falls in Third Quarter: MBA According to a report released Monday by the Mortgage Bankers Association (MBA), delinquency rates continued to increase in the third quarter for most commercial and multifamily mortgage investor groups. MBA's VP of commercial real estate research says the deterioration in commercial and multifamily loan performance is generally in line with what is being seen in other parts of the economy, with loans backed by commercial properties continuing to perform far better than construction and development loans. TARP Bailout to Cost $200 Billion Less, Officials Say The nation's financial bailout will carry a smaller price tag than originally anticipated, government officials say. In a report to be submitted to Congress this week, the administration will cut its long-term projection for the cost of the Troubled Asset Relief Program (TARP) by $200 billion. The revised numbers put the expense to taxpayers for the rescue plan at about $141 billion over 10 years, compared to previous estimates published as recently as August of $341 billion. You are receving this email because you opted in at our website dsnews.com or attended a Five Star Conference. Unsubscribe roballey.434-974-5586@blogger.com from this list. Corporate Office: DS News 1909 Woodall Rodgers Suite 300 Dallas, TX 75201 Add us to your address book Washington Bureau: 1101 Pennsylvania Avenue NW Suite 600 Washington, D.C. 20004 Copyright (C) 2009 DS News All rights reserved. Forward this email to a friend Update your profile QUICK LINKS DSNews.com DS News' Red Book DS News' Black Book 2009 Five Star Conference DARE