Today’s News Synopsis:
Inman News reported that mortgage rates have reached a record low. As an easier and faster way to check appraisal reports early on, Government sponsored enterprises Fannie Mae and Freddie Mac are planning to set up a new database for appraisers to submit their appraisal reports for selling mortgages. And DS News reported that Nevada AG is planning to withdraw from its settlement with Bank of America reached back in 2008.
In The News:
Housing Wire – “Treasury withholds HAMP funds from BofA, Chase again” (9-1-11)
“The Treasury Department will withhold payments once again to Bank of America (BAC: 7.91 -3.18%) and JPMorgan Chase (JPM: 36.30 -3.35%) for their poor performance modifying mortgages in the second quarter.”
Inman - “Mortgage rates hover around all-time lows” (9-1-11)
“Mortgage rates remained at or near historic lows this week on continued weak economic and housing data, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.”
DS News - “Nevada AG Moves to Withdraw from 2008 Countrywide Settlement” (9-1-11)
“Nevada is asking to be cut loose from a multi-state settlement agreement reached in October 2008 with Bank of America following its acquisition of Countrywide just four months earlier.”
Bloomberg - “Goldman Will Pay Penalties, Alter Practices to Win Approval of Litton Sale” (9-1-11)
“Goldman Sachs Group Inc. (GS) agreed to pay future Federal Reserve penalties and write down $53 million of mortgage loans in New York to gain approval for its sale of Litton Loan Servicing LP.”
Rismedia - “Foreclosures Now Take 20 Months” (9-1-11)
“The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.”
Housing Wire – “New GSE appraisal database to tighten scrutiny on mortgage lenders” (9-1-11)
“Appraisers began submitting electronic property data for mortgages sold to Fannie Mae and Freddie Mac under new guidelines that took effect Thursday.”
Realtor Magazine - “Man Found Squatting in $2 Million Home” (9-1-11)
“Police are warning that squatters are getting more clever, even presenting fake deeds to try to prove ownership of a property without ever paying a dime. A Raleigh, N.C., man was recently arrested and faces several charges for allegedly squatting for at least seven months in a home valued at nearly $2 million and filing a fake deed and paperwork with the county, according to police.”
Rismedia - “Home Prices Could Drop in Fall” (9-1-11)
“With an uptick in June, home prices in major U.S. cities have recorded three consecutive months of gains. But the glimmer of improvement is almost certainly seasonal in nature, real estate experts say, and prices could begin to fall again when the slower sales season begins.”
One year ago, the MBA’s weekly survey showed mortgage applications increased 2.7% the week of August 30, 2010. SB1275, the foreclosure/modification bill, was rejected by congress in a 36-30 vote. Fannie Mae’s new rule regarding appraisal cutting took effect on this day. Construction spending decreased 1 percent in July 2010, according to the Commerce Department.
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 event 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, bruce norris, fannie mae, federal housing administration, foreclosure, freddie mac, Goldman Sachs Group Inc., hamp, JPMorgan Chase, Litton Loan Servicing LP, mortgage rates, Nevada AG, Primary Mortgage Market Survey, squatting, the norris group, Treasury Department