Industry News

October 16, 2005

Baltimore

Oakenshawe to open eight homes for tour

Eight Oakenshawe homes will be open for the North Baltimore neighborhood's third annual house tour Oct 23. An early 20th-century streetcar suburb, Oakenshawe is bounded by University Parkway, Calvert Street, Southway and Greenmount Avenue and has about 450 homes, mostly rowhouses built in groups of seven. A guide to the eight houses was written by architectural historian Matthew Mosca. Tickets are $15 and can be bought the day of the event, which runs from 11 a.m. to 2 p.m. Registration is at 3435 Guilford Terrace. A portion of the proceeds will benefit a New Orleans family that has relocated to Baltimore since Hurricane Katrina.

Maryland

AccuBanc branches will be National City

AccuBanc Mortgage branches in the Baltimore area will be changing their name to that of parent company National City Mortgage. The change, which includes offices in Annapolis, Baltimore, Bel Air, Columbia, Greenbelt and Lutherville, is part of the integration of AccuBanc into National City Mortgage. National City Mortgage's operation includes more than 300 mortgage offices in 37 states across the nation. As a division of National City Bank of Indiana, National City Mortgage is a full-service mortgage company based in Miamisburg, Ohio.

Nation

Freddie Mac seeks investors in Asia

Freddie Mac, emerging from a 2003 accounting scandal, is courting investors in Asia to help it raise more money for U.S. residential mortgages. Mark Hanson, head of mortgage funding for the company, was in Asia last week for the third time this year to market bonds that are backed by home loans. Freddie Mac, the second-largest provider of financing for home ownership, developed a new security in April to entice investors who are uncomfortable with some of the risks of traditional mortgage-backed bonds, such as early repayment of principal. The bonds, known as Reference REMICs, or real estate mortgage investment conduits, have a guaranteed maturity. By contrast, where a typical mortgage bond is expected to be paid in less than 10 years, that time may shorten as interest rates fall or lengthen as they rise. McLean, Va.-based Freddie Mac's Reference REMICs eliminate that risk. Hanson said he would see investors, including commercial banks and insurance companies, and has been to Hong Kong and Beijing.

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