Today’s News Synopsis:
As of last month, housing starts are at their highest they have been in three years as well as building permits increased. Fannie Mae and Freddie Mac have completed a total of 1.1 million loan modifications since September 2008. The Chief Financial Officer for Taylor, Bean, and Whitaker pleaded guilty today for his role in a $2.9 billion mortgage fraud scheme.
In The News:
Housing Wire – “Homebuilding permits returning in top foreclosure states” (3-20-12)
“Single-family building permits began to return in the back half of last year for states hardest hit by the foreclosure crisis, according to Census Bureau data compiled by the Federal Deposit Insurance Corp.”
DS News – “GSEs Complete Nearly 1.1M Mods but Number of Mods Still Declining” (3-20-12)
“Since the September 2008 conservatorship, Fannie Mae and Freddie Mac have completed nearly 1.1 million loan modifications, according to the FHFA’s fourth quarter 2011 Foreclosure Prevention and Refinance report.”
Bloomberg – “U.S. Housing Heals as Starts Near Three-Year High: Economy” (3-20-12)
“Housing starts in the U.S. hovered in February near a three-year high and building permits rose, adding to signs that the industry at the heart of the last financial crisis is stabilizing.”
San Francisco Chronicle – “Treasury 10-Year Notes End Longest Streak of Losses Since 2006” (3-20-12)
“Treasuries rose, pushing 10-year note yields down from four-month highs, and ending a nine-day decline that was the longest run of losses since 2006, as yields climbed to levels that lured investors.”
DS News – “Arizona Woman Sentenced to 15 Years of Prison for Fraud” (3-20-12)
“An Arizona woman was sentenced to 15 years in prison and ordered to pay $22 million in restitution after pleading guilty to various charges related to a mortgage fraud scheme and to charges of bankruptcy, wire, mail, and bank fraud in two separate indictments, according to a March 8 release from the U.S. attorney’s office.”
Housing Wire – “Taylor, Bean & Whitaker CFO pleads guilty in mortgage fraud scheme” (3-20-12)
“Former Taylor, Bean & Whitaker Chief Financial Officer Delton de Armas, pleaded guilty for his role in a $2.9 billion fraud scheme that brought down the firm and Colonial Bank.”
Bloomberg – “BofA’s McNiff Said to Resign From Mortgage-Trading Unit” (3-20-12)
“Bank of America Corp.’s John McNiff, a managing director who served as co-head of trading in commercial mortgage securities, resigned yesterday amid the latest staff cuts, said two people with knowledge of the move.”
Housing Wire – “$73.8 million awarded to foreclosure mitigation programs” (3-20-12)
“NeighborWorks America, an organization that works to create affordable communities, is lauding the fact that $73.8 million in funds from the National Foreclosure Mitigation Counseling Program will be provided to organizations and housing finance agencies across the country.”
CNN Money – “Federal Reserve turns $77 billion profit” (3-20-12)
“Call it the most profitable bank in the world. The Federal Reserve once again made a hefty profit in 2011, as the central bank went on a bond buying binge to stimulate the economy.”
Hard Money Loan Closed
La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $147,000 on a 3 bedroom, 1.5 bathroom home appraised for $238,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 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: Bank of America, Bean & Whitaker, bruce norris, Census Bureau, Colonial Bank, Commerce Department, fannie mae, Federal Deposit Insurance Corp., Federal Reserve, FHFA, Foreclosure Prevention and Refinance report, freddie mac, Homebuilding permits, housing starts, John McNiff, NeighborWorks America, Paige Kinney, Taylor, the norris group