Today’s News Synopsis:
In a big news story, Obama announced today that he will be lowering refinancing fees as part o his plan to help improve the housing market. Repeat foreclosures are at their highest on record and represent 47% of all foreclosure starts. Mortgage fraud also increased 20% in the third quarter to 19,934 filings. The Bipartisan Policy Center believes the current generation is the key for the housing market despite the fact that many are struggling financially.
In The News:
Bloomberg – “FHA to Lower Insurance Premiums for Mortgage Refis” (3-6-12)
“The Federal Housing Administration will lower mortgage insurance premiums for borrowers who refinance their loans as part of President Barack Obama’s plan to improve the housing market.”
Housing Wire – “Repeat foreclosures hit an all-time high in January” (3-6-12)
“Foreclosure starts rose in January suggesting the pipeline is starting to move, according to the latest mortgage monitor report from Lender Processing Services ($21.45 -0.57).”
DS News – “Reported Mortgage Fraud Filings Increased in Q3” (3-6-12)
“Financial institutions filed 19,934 mortgage loan fraud (MLF) suspicious activity reports (SARs) in the third quarter of 2011, a 20 percent increase compared to the third quarter last year, when 16,567 reports were filed, according to the Financial Crimes Enforcement Network (FinCEN) report of MLF SARs.”
Bloomberg – “S&P Blocked by Banks in CMBS Market After Derailed Goldman Deal: Mortgages” (3-6-12)
“Standard & Poor’s is frozen out of the commercial-mortgage bond market by the biggest underwriters after derailing a $1.5 billion sale by Goldman Sachs Group Inc. (GS) and Citigroup Inc. last July. ”
DS News – “As Home Values Sink, CredAbility Counsels More Borrowers” (3-6-12)
“With more homeowners finding themselves underwater alongside the availability of programs offering potential relief, CredAbility reported that it recently counseled the highest number of homeowners since June 2011.”
Housing Wire – “Housing dependent on young, struggling Americans” (3-6-12)
“The Echo Boomers, better known as children of Baby Boomers and Gen X, are the future of the housing market. Unfortunately, they continue to struggle financially creating uncertainty in the real estate market, the Bipartisan Policy Center said.”
Realtor Magazine – “Home Prices Stabilize Despite Increase in REOs” (3-6-12)
“An increase in distressed properties on the market is no longer chipping away at overall home prices, an “unusual and encouraging” sign, a new report suggests. In fact, the report found that in the top 15 metro areas REOs dramatically increased in February, but those areas still showed average gains or mostly stable home prices compared to the previous month, a new report by Clear Capital shows. Distressed properties typically are known to put downward pressure on nearby home prices.”
Reality Times – “Home Equity Lines of Credit, In Context” (3-6-12)
“Mortgages, which were considered “good debt,” are being swept into the “debt is bad” category. Home equity lines of credit, which were considered “good mortgages,” are being swept into the “debt feeds panic” category, and who knows what’s next?”
Housing Wire – “Judicial Watch sues FHFA over MBS disclosures” (3-6-12)
“Judicial Watch filed suit against the Federal Housing Finance Agency, claiming the regulator failed to turn over information on private-label mortgage-backed securities acquired from 17 banks.”
Hard Money Loan Closed
Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $136,000.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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: barack obama, Bipartisan Policy Center, bruce norris, Clear Capital, CredAbility, fannie mae, federal housing administration, Financial Crimes Enforcement Network, freddie mac, Goldman Sachs, Judicial Watch, Lender Processing Services, mortgage loan fraud, Obama administration, Standard & Poor's, the norris group