Today’s News Synopsis:
The Lender Processing Services said delinquency rates fell last month, but at the same time the economy saw an increase in foreclosures. Real Estate Brokerage firm Grubb & Ellis Co. filed for Chapter 11 bankruptcy and will sell their assets to Newmark Knight Frank’s parent company BGC Partners Inc. In other news, Fannie Mae and Freddie Mac regulators want to create a new mortgage-backed securities market while giving Fannie and Freddie fewer privileges.
In The News:
DS News – “Bank and Non-Profit Unite to Provide Homes to Service Members” (2-21-12)
“Operation Homefront, a non-profit which assists families of service members, partnered with Chase to place at least 100 Wounded Warriors, military, and veteran families into permanent residences this year through the Homes on the Homefront programn.”
Los Angeles Times – “Grubb & Ellis Co. assets sold in Chapter 11 bankruptcy” (2-21-12)
“Venerable commercial real estate brokerage Grubb & Ellis Co. will sell its assets to the parent company of rival Newmark Knight Frank as part of a prepackaged bankruptcy, the firms said Tuesday.”
Housing Wire – “Delinquency rate falls in January but foreclosure starts rise: LPS” (2-21-12)
“The delinquency rate on U.S. mortgages monitored by Lender Processing Services ($22.72 0%) fell in January but foreclosure starts rose.”
Realty Times – “CFPB Proposes New Form For Mortgage Statements” (2-21-12)
“CFPB will affect real estate financing in matters ranging from disclosures to underwriting to appraisal practices. And that’s just the real estate part. CFPB will also have its hand in the business of credit card companies, credit reporting agencies, automobile financing, payday lenders, and many others.”
DS News – “Apraisal Service Delivers 1 Million Reports” (2-21-12)
“a la mode announced February 16 that its DataCourier service reached a milestone of one million appraisal reports delivered since September 1, 2011, the time new Uniform Appraisal Dataset (UAD) requirements went into effect.”
Housing Wire – “FHFA submits plan to build new secondary mortgage market” (2-21-12)
“Federal Housing Finance Agency Acting Director Edward DeMarco sent a plan to Congress on how to fix the nation’s mortgage finance market. His solution is to build a completely new infrastructure for the secondary market while contracting activities at the government-sponsored enterprises, Fannie Mae and Freddie Mac.”
Bloomberg – “Seizures Threatened in Massachusetts With Naked Loans Challenge: Mortgages” (2-21-12)
“The highest court in Massachusetts is poised to rule as soon as this month on a foreclosure case that could lead to a surge in claims from home owners seeking to overturn seizures.”
Los Angeles Times – “Housing regulator wants Congress to shrink Fannie Mae, Freddie Mac” (2-21-12)
“The regulator for Fannie Mae and Freddie Mac wants to gradually shrink the seized housing finance giants and create a new market for mortgage-backed securities to help the private sector to replace them.”
DS News – “Ohio Spends $75M to Demolish Neighborhood Blight” (2-21-12)
“Ohio Attorney General Mike DeWine will use a portion of Ohio’s $335 million reward from the recent national settlement with the nation’s largest servicers for property demolition.”
Housing Wire – “Fitch downgrades CMBS, including bond holding Credit Suisse US HQ” (2-21-12)
“The lagging performance of certain commercial and multifamily properties, including one containing the Credit Suisse ($27.67 0.77%) headquarters in Manhattan, prompted Fitch Ratings to downgrade nine classes of mortgage-backed securities.”
Hard Money Loan Closed
Compton, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 4 bedroom, 2 bathroom home appraised for $238,000.
Bruce Norris of The Norris Group will be at the Riverside Escrow Association today, February 21, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Real Estate Rewind at FIBI Long Beach on February 23, 2012.
For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.
Tags: appraisal, bruce norris, Consumer Financial Protection Bureau, Credit Suisse, fannie mae, Federal Housing Finance Agency, fitch ratings, freddie mac, Grubb & Ellis, Lender Processing Services, Massachusetts, Mike DeWine, mortgage-backed securities, Newmark Knight Frank, Ohio, Operation Homefront, the norris group, Uniform Appraisal Dataset