Today’s News Synopsis:
Zillow reported rents are showing substantial increases over purchases, in some cities as much as 15% from last year. Edward DeMarco believes if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion. Key members of Congress introduced new bills that would extend the Mortgage Forgiveness Debt Relief Act into 2014.
In The News:
Los Angeles Times – “High household debt makes recessions, recoveries worse, says IMF” (4-10-12)
“What happens when, in boom times, households run up substantial debt through mortgages, personal loans and credit cards? When the economy starts to slump, the recession is deeper and the eventual recovery is much weaker, according to the International Monetary Fund.”
Housing Wire – “Wells Fargo mortgage modifications reach 740,000 homeowners” (4-10-12)
“Wells Fargo & Co. ($33.73 -0.15%) grew its portfolio of active and completed mortgage modifications from 733,180 at the end of January to 740,359 in late February.”
DS News – “New York Companies Involved with Force-Placed Insurance to be Further Probed” (4-10-12)
“Penny-by-penny, the New York Department of Financial Services is uncovering the truth about force-placed insurance, and the department’s superintendent plans to hold public hearings in May to find out the reasons behind all of the extra fees.”
Bloomberg – “DeMarco Says Principal Writedowns May Save FHFA $1.7 Billion” (4-10-12)
“Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some troubled mortgages, the companies’ regulator said today in Washington.”
CNN Money – “Consumer bureau to crack down on mortgage servicers” (4-10-12)
“The Consumer Financial Protection Bureau announced Tuesday that it’s considering new rules aimed at mortgage servicers to help protect consumers against ‘costly surprises’.”
Inman – “Congress considers extension to mortgage-debt relief deadline” (4-10-12)
“For anyone hoping that a fractious, election-bound Congress can manage to extend a law that is crucial to the housing recovery — the Mortgage Forgiveness Debt Relief Act — here’s a little good news: Before heading home for the Easter holiday recess, key members of the House and Senate tax-writing committees introduced bills that would keep the law alive through 2014.”
Realty Times – “Court Upholds HOA Rule Change, Even Though Only One Member Was Affected By It” (4-10-12)
“It is well understood that a homeowners association (HOA) has the ability to amend its operating rules (that is, rules that affect matters such as parking requirements, property maintenance, use of community facilities, etc.). The manner by which such rules may be adopted or amended will be set forth in the association’s by-laws.”
Los Angeles Times – “Group accuses Wells Fargo of bias in maintaining foreclosed homes” (4-10-12)
“A nonprofit group has filed a bias complaint against Wells Fargo accusing the lender of poorly maintaining the foreclosed homes it owns in what the nonprofit calls Latino and black neighborhoods compared with those it owns in white areas.”
Housing Wire – “Rentals outshine single-family home purchases: Zillow” (4-10-12)
“The nation’s rental market continues to strengthen with some big cities seeing rents rise nearly 15% compared to a year ago.”
DS News – “CFPB to Propose Rules for Servicers to Tackle Problems” (4-10-12)
“The Consumer Financial Protection Bureau (CFPB) is looking to propose mortgage servicing rules to keep borrowers from “costly surprises” and prevent servicers from giving customers ‘the runaround’.”
San Francisco Chronicle – “Hot ‘spec’ deal 1st in S.F. since recession began” (4-10-12)
“It’s not every day that a parking lot goes for $41 million. In cash. Except this parking lot, at Howard and First streets in San Francisco, is located in one of the hottest commercial real estate markets in the country. Late last week, New York’s Tishman Speyer Properties closed escrow on the space, which, by the end of next year will be transformed into a 10-story, 286,000-square-foot office building serving “tech tenant demands and needs perfectly,” said Allen Palmer, managing director at Tishman Speyer’s San Francisco office, in an e-mail to Bay Area real estate brokers.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 4 bedroom, 2 bathroom home appraised for $88,000.
The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 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: bruce norris, Consumer Financial Protection Bureau, Department of Financial Services, fannie mae, freddie mac, HOA, International Monetary Fund, Mortgage Forgiveness Debt Relief Act, mortgage servicer, New York, real estate, the norris group, Wells Fargo, zillow