Today’s News Synopsis:
In an updated news story, Michael J. Willimas, the Chief Executive for Fannie Mae, resigned yesterday and will step down as soon as a sucessor is found. The latest report from the Lender Processing Services showed a decrease in home values of only 8%, and an overall slowdown in decreasing values. The latest survey from the Mortgage Bankers Association showed an increase in mortgage applications.
In The News:
Housing Wire - “LPS index shows home value declines slowing down” (1-11-12)
“The latest home price index from Lender Processing Services (LPS: 15.3001 -0.52%) shows a slight 0.8% decline in home prices in October. Early data also suggest home price declines stabilized even more in November with a slight dip of 0.5% nationally.”
Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-11-12)
“Mortgage applications increased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 6, 2012. The results include an adjustment to account for the New Year’s Day holiday.”
Housing Wire – “The fight over Bernanke REO rental plan shows political divide” (1-11-12)
“Chairman Ben Bernanke’s plan to fix housing is feeding an ongoing national debate about the appropriate role of the Federal Reserve in America’s housing recovery.”
Realty Times - “Mortgage Rates Remaining Low While European Troubles Persist” (1-11-12)
“It may be a New Year, but European troubles continue to persist which is helping mortgage rates to remain low. Markets remain quiet as investors await fourth quarter earnings which will begin to be released..”
Bloomberg - “Lennar Rises After Reportign New-Home Orders Climbed 20% from Year Earlier” (1-11-12)
“Lennar Corp. (LEN), the third-largest U.S. homebuilder by revenue, rose in New York trading after reporting a 20 percent jump in new orders for the fourth quarter from a year earlier.”
Housing Wire - “FHFA disputes claims of inadequate FHLB oversight” (1-11-12)
“The Office of the Inspector General released a report Wednesday contending Federal Housing Finance Agency supervision of troubled Federal Home Loan Banks is unclear and inconsistent.”
San Francisco Chronicle – “Fed Says U.S. Economic Growth Improves While Hiring Limited” (1-11-12)
“The U.S. economic expansion improved last month across most of the country while hiring was limited and housing remained stagnant, the central bank said.”
Bloomberg - “U.S. Property Deals May Climb to $300 Billion This Year, Real Capital Says” (1-11-12)
“U.S. commercial property deals are likely to climb 50 percent to $300 billion this year as loan maturities force asset sales and the economy grows, Real Capital Analytics Inc. said in its annual list of market predictions.”
“By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a new nationwide survey gauging likely voters’ attitudes towards homeownership and housing policy issues.”
Housing Wire – “FHFA considers paycut for new Fannie, Freddie CEOs” (1-11-12)
“The Federal Housing Finance Agency is taking into consideration what government employees are paid when determining the future compensation for the CEOs at Fannie Mae and Freddie Mac.”
San Francisco Chronicle - “Bernanke Doubles Down on Fed Bet Defied by Recession: Mortgages” (1-11-12)
“Ben S. Bernanke is signaling his willingness to double down on a three-year bet that’s failed to revive housing, showing the extent of the Federal Reserve chairman’s effort to wrest a recovery from the deepest recession.”
FINS - “Fannie Mae CEO Michael Williams Out” (1-11-12)
“Fannie Mae Chief Executive Michael J. Williams resigned Tuesday, saying he will depart as soon as the mortgage-finance giant’s board names a successor.”
Hard Money Loan Closed
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $48,000 on a 3 bedroom, 2 bathroom home appraised for $80,000.
The Norris Group posted a new event. Bruce Norris will be speaking at the Apartment Owners Association-Discover Wealth Strategies for 2012 Los Angeles on January 12, 2012.
The Norris Group will be at the Women’s Council of Realtors on January 18, 2012.
The Charles Schwab Corp. was required to pay $119 million dollars to settle claims that they were deceptive in their YieldPlus fund. Following the release of their earnings for 2010, Goldman Sachs made several changes to the divisions in their business, according to Housing Wire. DSNews reported that four major banks had been asked by New York City Comptroller John C. Liu to evaluate their recent mortgage and foreclosure processes following the then recent robo-signing scandal.
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.