Today’s News Synopsis:
Fannie Mae will fine loan servicers who take too long to complete foreclosures after a borrower fails to qualify for a modification. The total value of all California properties fell 1.8% this year to $4.4 trillion. The Labor Department reports the federal employment got rid of 121,000 jobs in August.
In The News:
Housing Wire – “Most GSE capital reductions due to single-family credit guarantee” (9-3-10)
“The first Conservator’s Report on the Enterprises’ Financial Condition from the Federal Housing Finance Agency showed the single-family credit guarantee programs accounted for 73% of the capital reduction. Although declines in housing prices and prolonged economic weakness have hurt credit performance of traditional mortgages, as well, the FHFA said.”
Inman - “Fannie cracks the foreclosure whip” (9-3-10)
“Fannie Mae says it will begin fining loan servicers who take too long to complete foreclosures once it’s been determined that delinquent borrowers don’t qualify for a loan modification or other alternatives like short sales”
Los Angeles Times – “Value of California’s properties falls 1.8% to $4.4 trillion” (9-3-10)
“The value of all types of properties fell 1.8% this year to $4.4 trillion, the California Board of Equalization reported Thursday. The total value fell 2.4% last year.”
Housing Wire - “Another homebuyer tax credit won’t solve economic crisis” (9-3-10)
“Whether a policy is deemed a success or not depends on what it intends to achieve. If the Obama administration hoped that the first homebuyer tax credit, which ran from January 2009 to April this year, would provide a temporary kick to home sales, then let’s break out the ticker tape. Over this period, total home sales increased by 27%, from an annualized 4.9 million to 6.2 million. Of course, not all of these extra sales were due to the tax credit; some homes were brought without the credit while others would have been purchased regardless. Nonetheless, the credit did temporarily boost sales.”
Housing Wire – “August nonfarm payrolls shed 54,000 jobs” (9-3-10)
“Nonfarm payroll employment for August came in below analysts’ estimates, as 54,000 jobs were lost during the month, and the unemployment level rose slightly to 9.6%. The Labor Department’s Bureau of Labor Statistics reported federal employment shed another 121,000 jobs in August, including 114,000 temporary Census workers many of whom continue to trudge back to the ranks of the unemployed.”
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: Board of Equalization, borrower, capital, credit, delinquent, economic, employment, fannie mae, gse, housing, labor department, modification, properties, short sale, single-family