California Real Estate Investing News

Posts Tagged ‘Brian T. Moynihan’

The Norris Group Real Estate News Roundup 7/18/11

Monday, July 18th, 2011

Today’s News Synopsis:

According to NAHB index, confidence for newly-built single-family homes increases two points.  DS News reported former Ohio attorney genereal has been nominated by Obama as the new head of the Consumer Financial Protection Bureau.  Republicans John Campbell and Gary Ackerman have introduced a new bill that will increase the loan limits on mortgages backed by Fannie Mae and Freddie Mac.

In The News:

NAHB – “Builder Confidence Gains Two Points in July” (7-18-11)

“Builder confidence in the market for newly built, single-family homes rose two points to 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released today. The gain largely offsets a three-point dip recorded in June, and marks the ninth time out of the past 10 months in which the index has held within the same three-point range.”

Inman – “NAR hits second CIVIX milestone “ (7-18-11)

“The National Association of Realtors has met a second milestone in a goal of raising $7.5 million in licensing fees to obtain blanket immunity for multiple listing services and Realtor associations from legal claims by a company that holds several patents on location-based Internet search techniques.”

DS News“Obama Nominates Former Ohio Attorney General to Head CFPB” (7-18-11)

“President Obama on Sunday announced his pick to lead the new Consumer Financial Protection Bureau (CFPB) – Richard Cordray, former attorney general for the state of Ohio.”

Housing Wire “Freddie Mac says housing sector unlikely to see double-dip” (7-18-11)

“Despite uncertainty about the debt ceiling and an unemployment rate that remains stubbornly higher than 9%, Freddie Mac said the housing market is unlikely to experience a double dip.”

Realty Times“Real Estate Outlook: Housing Market Struggles” (7-18-11)

“While it might not be at the pace that economists would like, the economy is recovering. Federal Reserve Chairman, Ben Bernanke, reported last week to the Committee on Financial Services, that “the pace of the expansion so far this year has been modest.”

Bloomberg – “BofA Needs $50 Billion Cushion as Mortgage Expenses Swell” (7-18-11)

“Bank of America Corp. (BAC) may have to build its capital cushion by $50 billion and renege again on Chief Executive Officer Brian T. Moynihan’s pledge to raise the firm’s dividend as mortgage losses drain funds.”

Housing Wire “Freddie Mac offering $1 billion of multifamily bonds” (7-18-11)

“Freddie Mac plans to offer $1 billion of pass-through certificates this week backed by 90 recently originated multifamily mortgages.”

DS News – “Top Lenders’ Early Earnings Point to Continuing Mortgage Losses” (7-18-11)

“JPMorgan Chase kicked off the banking sector’s second-quarter earnings season with a $5.4 billion profit. It was followed by Citigroup’s announcement late last week that it pulled in net income of $3.3 billion during the April-June timeframe.”

Realtor Magazine – “Bill Calls for Extending Jumbo Loan Limits” (7-18-11)

“A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.  The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.”

Bloomberg – “Builders Push ‘Green’ Homes to Stand Out in Foreclosure-Filled U.S. Market” (7-18-11)

“In the 20 years Ron Betenbough’s company has been building homes in west Texas, he’s always been willing to compete on price. Now, in a market crowded with cheap properties, he’s also touting environmentally friendly construction and energy-saving features.”

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