New York–The euro hit a new high against the dollar Wednesday as weak U.S. housing results and Federal Reserve comments suggested future rate cuts, The Financial Times reports.Declining consumer confidence and U.S. home prices–coupled with an increase in producer price inflation and comments from the Federal Reserve’s Don Kohn about reduced growth being a greater risk than inflation–helped the euro rise above the dollar.The considerable recent rate cuts most likely would not halt the ongoing economic weakness in the U.S., according to Kohn.

Washington, D.C.–Government-backed mortgage company Fannie Mae said Wednesday that it had lost $3.6 billion in the fourth quarter of 2007, the Washington Post reports.This year’s loss–$2.1 billion–was related to mortgage defaults, declining home prices and “extraordinary disruptions in the credit markets,” according to Fannie Mae chief executive Daniel H. Mudd. Last year, Washington, D.C.-based Fannie Mae posted a profit of $604 million in the fourth quarter and a $4.1 billion annual profit.Fannie Mae–which had previously predicted home prices would drop 10 to 12 percent–now forecasts a 13 to 17 percent fall in home prices before the housing market rebounds.

Washington, D.C.–President Bush said Tuesday he would veto a bill the Senate Democrats are sponsoring to give homeowners facing foreclosure more bargaining options, The New York Times reported Wednesday.Banks and mortgage lenders also don’t support the bill, which would let bankruptcy court judges alter mortgage terms when restructuring debt in a bankruptcy case. The bill’s supporters–which include consumer and civil rights groups who feel it could help families work out new mortgages that have been packaged into complex securities and sold–say it could stop 600,000 home foreclosures, which can cost lenders more than monthly payment reductions. The supporters also feel…

By Anuradha Kher, Online News EditorReno, Nev.–InsideValuation, a Reno, Nev.-based real estate valuation company that provides valuation reports to the commercial and residential mortgage market, has upgraded its collateral risk-scoring model, InsideRisk.The InsideRisk scoring model was initially developed in 2005 to provide Wall Street investment banks with an additional level of risk rating for properties securing pools of mortgages. The upgraded version evaluates key economic and demographic data linked to approximately 43,000 five-digit residential zip codes to measure the level of risk associated with proven economic and demographic variables. This InsideRisk upgrade simplifies and expedites the loan origination process by…

By Anuradha Kher, Online News EditorLaconia, N.H.–Black Widow Network, a social networking site for real estate investors that launched in January 2008, allows its members to connect with people in the industry as well as view, post and send investment deals to their contacts.Kevin Skarritt, who is on the board of advisors of the Boston Area Real Estate Investors Association, and Richard Dale-Mesaros, a board member of the New Hampshire Real Estate Investors Association are spearheading the Black Widow Network, which tries in its name to capture the essence of real estate investors—their business acumen in striking fast.The Black Widow…

By Anuradha Kher, Online News EditorNanjing, CHINA–Los Angeles-based Rothenberg Sawasy Architects (RSA) has been chosen to design Venice Water City, a 2.3-million sq.-ft. mixed-use project overlooking the Yangtze River in Nanjing, China.Developed by Suning Corp., the project will include 10 high-rise residential towers and 53,000 sq. ft. of retail.“Because of the site’s proximity to the Yangtze River, our primary goal is to harmoniously integrate this urban development with the natural beauty afforded by this nautical amenity,” says Mitchell Sawasy, RSA principal.To achieve this goal, Sawasy says, RSA’s plan calls for an elegant and sophisticated array of towers enhanced by surrounding…

By Anuradha Kher, Online News EditorCatskill, N.Y.–The New Jersey office of HFF (Holliday Fenoglio Fowler L.P.), a commercial real estate and capital markets services provider, has arranged $4 million in financing for Catskill Creek Condominiums, a 24-unit condo community in Catskill, N.Y., about 2.5 hours north of New York City. On behalf of Tower Management Service L.P., a multifamily property management company, HFF Senior Managing Director Tom Didio and Associate Director Michael Klein placed the 24-month, adjustable-rate loan with Webster Bank.   Catskill Creek Condominiums is located at 1 Marina Dr. in Catskill approximately 30 miles south of Albany, via Interstate…

Washington, D.C.– Doug Duncan, senior vice president and chief economist at the Mortgage Bankers Association, has joined Fannie Mae as its vice president and chief economist, where he will lead Fannie Mae’s Economics and Mortgage Market Analysis Department within the company’s Business Strategy Group. He will join the company in April.As chief economist at Fannie Mae, Duncan will be responsible for providing all forecasts and analyses on the economy, housing and mortgage markets for the company, and will work with the rest of the company’s Business Strategy Group to provide insights regarding external business dynamics and the broader economic environment….

By Anuradha Kher, Online News EditorManchester, N.H., New Haven, Conn., Boston–The Environmental Protection Agency (EPA) has settled three enforcement actions regarding violation of lead paint disclosure laws in Manchester, N.H., New Haven, Conn. and in the Greater Boston area and Rhode Island.Juliet Ermitano, a landlord in Manchester, N.H. will pay a penalty and take action to reduce the risk of lead poisoning at apartment buildings in Manchester and Antrim, N.H. EPA claims that Ermitano violated lead paint disclosure laws at certain rental properties in Manchester.Under the settlement, Ermitano will pay a $5,121 penalty and complete interior and exterior abatement work…