Today’s News Synopsis:
Two more banks closed in Georgia and Illinois, bringing the total up to 15 for the year. The number of contracts signed to buy homes in the U.S. decreased slightly to 96.5% from 97% last month after being at a two-year high. The German bank Deutsche Bank is expected to pay $32.5 million in a lawsuit that they gave false information on the quality of home loans they sold.
In The News:
Housing Wire – “Bernanke discusses the long-term unemployment puzzle” (3-26-12)
“A housing recovery is dependent on more jobs, but Federal Reserve Chairman Ben Bernanke says the sustainability of recent employment growth in the economy is uncertain.”
Los Angeles Times – “Pending home sales down monthly but up yearly” (3-26-12)
“Indications that the housing market is shaky but generally improving are continuing to roll in: February’s pending home sales – which represent signed contracts for home purchases – are up over the year but down from January, according to the National Assn. of Realtors.”
DS News – “Two More Bank Failures, National Tally Now 15” (3-26-12)
“Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year. Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year.”
Mortgage Bankers Association – “MBA Selects 35 Real Estate Finance Professionals for Future Leaders Program Class of 2012” (3-26-12)
“The Mortgage Bankers Association (MBA) today announced the selection of 36 mortgage professionals into its CampusMBA’s Future Leaders Program, an executive leadership development program that delivers a comprehensive curriculum for middle- and senior-level managers.”
Bloomberg – “Deutsche Bank to Pay $32.5 Million to Settle Mortgage Suit” (3-26-12)
“Deutsche Bank AG (DBK), Germany’s biggest lender, agreed to pay $32.5 million to settle claims in U.S. litigation that it lied about the quality of home loans underlying securities it sold.”
DS News – “HousingPulse Survey Reveals More Investors Pursuing Short Sales” (3-26-12)
“Investors are making it a practice to endure through obstacles that come with the price of short sales and pursued them at a greater pace in February compared to previous months, according to the latest results of the monthly Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.”
Housing Wire – “FHA to deny mortgage backing for credit disputes above $1,000” (3-26-12)
“Beginning April 1, potential borrowers with ongoing credit disputes totaling more than $1,000 will not be able to get a mortgage insured by the Federal Housing Administration.”
DS News – “Genworth Offers Relocation Product with Discounted Premiums” (3-26-12)
“For the first time, the U.S. Mortgage Insurance (USMI) unit of Genworth Financial is offering a relocation product with discounted mortgage insurance premiums to help credit unions target populations that tend to be in transition often such as those in the military.”
Mortgage Bankers Association – “CampusMBA Announces New Continuing Education Requirement for Certified Mortgage Banker (CMB) Designation” (3-26-12)
“CampusMBA, the award winning education division of the Mortgage Bankers Association (MBA), today announced a new Continuing Education (CE) requirement for all Commercial, Residential and Master Certified Mortgage Banker (CMB) designates. Beginning June 1, 2012, all CMB designates will now be required to complete ongoing continuing education to maintain their respective designation.”
Hard Money Loan Closed
Hawthorne, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 3 bedroom, 2 bathroom home appraised for $334,000.
Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 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: Ben Bernanke, bruce norris, CampusMBA’s Future Leaders Program, Deutsche Bank, federal housing administration, Federal Reserve, Genworth Financial, Inside Mortgage Finance HousingPulse Tracking Survey, mortgage bankers association, National Association for Business Economics, national association of realtors, short sales, the norris group