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The Norris Group Real Estate News Roundup 11/1/11

Tuesday, November 1st, 2011

Today’s News Synopsis:

In a big news story, 14 mortgage servicers are undergoing reviews of their foreclosure processes as reuired by consent orders they signed.  Pending home sales fell another 4.6% last week according to the Realty Times.  Allied Home Mortgage Capital is facing a lawsuit by federal officials for claims of fraud.  The Commerce Department reported a slight increase on construction and manufacturing.

In The News:

Housing Wire - “Foreclosure reviews of largest servicers begins” (11-1-11)

“Independent third-party reviews of foreclosure cases at the 14 largest mortgage servicers began Tuesday.  The reviews are a requirement under consent orders signed between regulators and the servicers
such as Bank of America (BAC: 6.53 -4.39%), JPMorgan Chase (JPM: 33.14 -4.66%), Wells Fargo (WFC: 25.30 -2.35%) and Citigroup (C: 29.39 -6.96%).”

DS News - “Moody’s Cites “Strong Servicing Practices” at GMAC, Ocwen, Wells” (11-1-11)

“Mortgage servicing practices have a major impact on the performance of a portfolio, and according to Moody’s Investors Service, risk composition is diverging based on how individual servicers are dealing with borrowers.”

Realty Times - “Pending Home Sales Decline” (11-1-11)

“Housing took another hit last week with the National Association of Realtors® latest Pending Homes Sales Index report showing that contract signings fells 4.6 percent in September.”

Bloomberg - “Mortgage Bond Prices Show Refinancing Limits: Credit Markets” (11-1-11)

“The mortgage-bond market is signaling changes to refinancing rules will aid fewer homeowners who owe more than their properties’ value than was initially anticipated.  Fannie Mae’s 30-year, 5.5 percent securities have risen to the highest since Oct. 3, erasing a decline later in the month sparked by a plan to expand the Home Affordable Refinance Program.”

Los Angeles Times - “Construction spending and manufacturing growing–slightly” (11-1-11)

“Construction spending and manufacturing activity are both growing, though not by much, according to two reports Tuesday.  Builders in the U.S. spent at a seasonally adjusted annual rate of $787.2 billion in September, up 0.2% from August in the second-straight monthly increase, according to the Commerce Department.”

Housing Wire – “US files $834 million lawsuit against Allied Home Mortgage” (11-1-11)

“Federal officials filed a lawsuit Tuesday against Allied Home Mortgage Capital and two of its senior officials, seeking to recover $834 million in damages stemming from allegedly fraudulent mortgage insurance claims.”

Bloomberg - “Bernanke: Housing Hinges on Refinancing” (11-1-11)

“Fed policy makers, who start a two-day meeting today, are considering buying mortgage-backed securities to push down borrowing costs and help homeowners refinance their debt.  That would reduce monthly payments, freeing up cash for other purchases that could spur the economy and reduce unemployment, Fed Governor Daniel Tarullo said Oct. 20″

Housing Wire - “Sharga: Several more years with nearly 1M foreclosures per year” (11-1-11)

“The housing market faces several more years with 800,000 to 1 million new foreclosed properties per year, according to Rick Sharga, an executive vice president with Carrington Mortgage Services.”

Looking Back:

Credit Suisse estimated Fannie Mae and Freddie Mac would have cumulative losses of $321 billion. Private mortgage servicers modified 119,585 loans in September 2010, over 4 times as many modifications performed through HAMP. Statistics from the Federal Reserve showed home equity accounted for 16.2% of net worth in the 2nd quarter of 2010.

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.

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The Norris Group Real Estate News Roundup 10/19/11

Wednesday, October 19th, 2011

Today’s News Synopsis:

A big story in the news is construction on homes has increased 15% as of last month according to NAHB.  The Mortgage Bankers Association released their latest survey showing that mortgage applications decreased week-over-week.  A new bill is being introduced putting new standards on issuing a government-backed mortgage, this time considering energy costs.

In The News:

Mortgage Bankers Association – “$68.8 Billion of Total Multifamily Lending in 2010; a 31 Percent Increase from 2009″ (10-19-11)

“In 2010, 2,548 different multifamily lenders provided a total of $68.8 billion in mortgage financing for apartment buildings with five or more units, according to a report from the Mortgage Bankers Association (MBA). The 2010 dollar volume
represents a 31 percent increase from 2009 levels. Just one percent of the lenders accounted for 51 percent of the dollar volume, while three-quarters of the lenders made five or fewer loans over the course of the year.”

Bloomberg - “U.S.Banks See Rising Investor-Refund Demands” (10-19-11)

“Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) reported more demands from investors to repurchase faulty mortgages made after 2008, when the banks said they upgraded their standards to curb defaults.”

Housing Wire - “Citigroup to refund investors $285 million for mortgage-related CDO” (10-19-11)

“A Citigroup (C: 30.66 +2.61%) broker-dealer subsidiary sold investors on a $1 billion collateralized debt obligation tied to the housing market, while betting the CDO would default, according to the Securities and Exchange Commission.”

San Francisco Chronicle - “Morgan Stanley earns $2.2 billion, stock rises” (10-19-11)

“Morgan Stanley emerged from the tumultuous third quarter in better shape than  most of its Wall Street rivals.  While other banks reported declines in trading and advisory revenue, Morgan  Stanley increased its income from advising companies on deals and trading for  its clients. The New York investment bank said Wednesday it earned $2.2 billion  in the period, but that also included a big accounting gain.”

Realty Times - “Mortgage Applications Increase as Low Mortgage Rates Remain Steady” (10-19-11)

“As markets changed directions this past week with stocks moving higher, pressure was put on mortgage rates as MBS prices suffered. In the end, Freerateupdate.com’s survey of wholesale and direct lenders show that mortgage rates remained the same regardless of market volatility.”

NAHB - “Housing Starts Rise 15 Percent in September” (10-19-11)

“Nationwide housing starts rose 15 percent to a seasonally adjusted annual rate of 658,000 units in September, marking the strongest pace of residential construction since April of 2010, according to figures released by the U.S. Commerce Department today. The gain was largely attributed to a sharp increase on the multifamily side, which has been trending upward due to increased demand for rental apartments.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (10-19-11)

“Mortgage applications decreased 14.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 14, 2011, which included the Columbus Day holiday.”

Housing Wire - “New bill to include borrower energy costs in mortgage underwriting” (10-19-11)

“A bill introduced Wednesday would force lenders to consider a borrower’s expected energy costs when underwriting a government-backed mortgage.”

DS News - “REOs: Where Are They Now?” (10-19-11)

“In 2006, just as the housing bubble popped, over 355,000 properties proceeded through a foreclosure auction. CoreLogic’s data show that approximately 34 percent (122,000) were successfully bid on by an investor. The remaining 66 percent (233,000) went back to the banks as REO properties.”

Looking Back:

18,091 new and resale homes were sold in Southern California, said MDA DataQuick. Moody’s reported commercial real estate prices fell 3.3% from the previous month. A survey from American Strategies and Myers Research showed 77% of adults considered buying a home to be a good financial decision in general.

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.

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The Norris Group Real Estate News Roundup 9/22/11

Thursday, September 22nd, 2011

Today’s News Synopsis:

According to Bloomberg, claims for unemployment benefits decreased 9,000 last week, although still more filed claims than was predicted.  Month over month prices for homes increased last July, but are still down year-over-year by about 3%.  According to Freddie Mac’s latest survey, mortgage rates continue to remain at their lowest.

In The News:

Housing Wire - “FHFA: Home prices hit 2004 levels” (9-22-11)

“House prices inched higher in July, but are down 3.3% for the year ended July 31 and 18.4% lower than the April 2007 peak, according to the Federal Housing Finance Agency.”

Bloomberg - “Initial Jobless Claims in U.S. Fell Last Week” (9-22-11)

“More Americans than forecast filed first-time claims for unemployment insurance payments last week as the labor market struggled to improve.”

Sacramento Bee - “Fixed-Rate Mortgages Hold Steady, Remain Near Record Lows” (9-22-11)

“Freddie Mac (OTC: FMCC) today released  the results of its Primary Mortgage  Market Survey® (PMMS®), showing fixed-rate mortgages changing little amid  sluggish economic, mixed housing data, and ongoing concerns over the European debt markets. The 30-year fixed remained unchanged at 4.09  percent, while the 15-year fixed dropped a single basis point to 3.29 percent,  marking a new record low.”

DS News - “Banks Respond to Moody’s Ratings Downgrades” (9-22-11)

“The three major banks that received downgraded ratings from Moody’s Wednesday responded with disappointment and assertions of their value.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Increased For First Time Since 2009″ (9-22-11)

“The level of commercial/multifamily mortgage debt outstanding increased by 0.1 percent in the second quarter of 2011, the first quarterly increase since the third quarter of 2009, according to the Mortgage Bankers Association (MBA).”

Inman - “Fed keeping lid on mortgage rates” (9-22-11)

“Mortgage rates remained at or near record lows this week as the  Federal Reserve moved to keep a lid on long-term interest rates in order  to encourage borrowing in the face of ongoing concerns that the  European debt crisis will derail an economic recovery.”

Housing Wire – “Cornerstone Real Estate Advisers names Higgins president” (9-22-11)

“Real estate investment advisory firm Cornerstone Real Estate Advisers appointed Mark Higgins president.  Hartford, Conn.-based Cornerstone promoted Higgins as the firm aggressively
expands activities tied to its portfolio of commercial properties.”

Realtor Magazine - “Down Payment Remains Obstacle to Home Ownership” (9-22-11)

“More than half of renters who wish to buy a home say they are unable to because they’re not able to save enough for a down payment, according to Trulia’s Fall 2011 American Dream survey.”

CNN Money - “Federal Reserve launches Operation Twist” (9-22-11)

“The Federal Reserve announced “Operation Twist” Wednesday, a widely expected stimulus move reviving a policy from the 1960s.”

Wall Street Journal - “Home Resales Up, But Remain Weak” (9-22-11)

“Sales of previously occupied homes in the U.S. rose in August to the highest level in five months but remained weak overall as the sputtering housing market fails to propel the economy.”

Looking Back:

Mortgage loan applications decreased 1.4% the week of September 20, 2010. FHFA reported national house prices fell 0.5% in July 2010. HAMP converted 33,342 trial modifications into permanent status in August 2010. The Bush tax cuts were expected to end soon.

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.

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The Norris Group Real Estate News Roundup 9/21/11

Wednesday, September 21st, 2011

Today’s News Synopsis:

CNN Money reported that existing home sales increased 7.7%.  Mortgage rates are still at their lowest, but not showed any signs of change.  Mortgage delinquencies increase .08% in August from July, although market conditions are expected to improve according to CreditForecast.com’s latest report.

In The News:

MSNBC.com - “Fed moves to push rates lower, boost economy” (9-21-11)

“Faced with a lethargic economy and a jobless rate hovering at 9 percent, the nation’s central bank reached deep into its bag of tricks on Wednesday and pulled out a move to spur growth that it hadn’t used in 50 years.  The move, dubbed “Operation Twist” when it was first used in 1961, is intended to push long-term interest rates lower, which the Fed hopes will spur lending, induce businesses to expand and tempt consumers into spending more.”

DS News - “Report: Mortgage Delinquencies Rise, But Improvement on the Horizon” (9-21-11)

“Mortgage delinquencies rose to 6.62 percent in August, according to a report from CreditForecast.com, supported by Moody’s Analytics and Equifax. This is up from 6.54 percent in July.”

Bloomberg - “BofA, Wells Fargo Downgraded by Moody’s” (9-21-11)

“Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC) had long-term credit ratings downgraded by Moody’s Investors Service, which said U.S. support is less likely in an emergency. Citigroup Inc. (C)’s short-term rating also was cut.”

Housing Wire - “Fed to buy more GSE MBS” (9-21-11)

“The Federal Open Market Committee left interest rates unchanged Wednesday and said it would buy $400 billion of Treasury bonds in an effort to lower long-term borrowing costs. The bond buying program begins Oct. 3.”

Realty Times - “Mortgage Rates Continue to be Stable at Record Lows” (9-21-11)

“Mortgage rates this week continued to be stable at record lows which is the result of the slow economic recovery that has become somewhat worrisome to investors.  On the bright side, this give consumers more time to get in and take advantage of low mortgage rates and low home prices, a double opportunity that does not happen often.”

O.C. Register - “Calif. homesellers pocketing more cash” (9-21-11)

“California homeowners are pocketing the more cash after a home sale this year, with sellers keeping the largest amount after a deal in three years, a Realtor survey of California real estate agents shows.”

CNN Money - “Existing home sales jump in August” (9-21-11)

“Home buyers are starting to creep back into the housing market, lured by rock-bottom prices.  Sales of existing homes rose 7.7% last month to an annual rate of 5.03 million homes, from 4.67 million homes in July, according to the National Association of Realtors.”

Housing Wire - “A nice surprise: Architecture billings index turns positive” (9-21-11)

“The architecture billings index, an economic indicator of construction activity, turned positive in August, according to the American Institute of Architects.”

DS News - “Survey: Home Prices Expected to Increase 1.1% Over Next Five Years” (9-21-11)

“Home prices are expected to grow at an average rate of 1.1 percent through 2015, according to a survey released Wednesday by New Jersey-based MacroMarkets LLC.”

Inman - “California real estate market ‘struggling to gain momentum’” (9-21-11)

“California home sales are expected to remain essentially flat this  year  and rise slightly in 2012, according to a housing market forecast  from the California Association of Realtors.”

Looking Back:

One year ago, loan originations increased 25% from 2008, according to the Federal Financial Institutions Examination Council. The Commerce Department reported new home and apartment construction rose 10.5% in August 2010 to a seasonally adjusted annual rate of 598,000. Zillow claimed interest rates fell again to 4.25%.

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.

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The Norris Group Real Estate News Roundup 8/9/11

Tuesday, August 9th, 2011

Today’s News Synopsis:

Bloomberg reported that Goldman Sachs will possibly be facing a lawsuit from three big organizations, Fannie Mae, Freddie Mac, and AIG, regarding securities related to mortgages.  The recent Housing Scorecard for July showed a slight improvement in home prices but continued negativity for foreclosures and distressed homes.  Obama received a request from Realogy Corp. to hold a White House Summit on housing.   

In The News:

Housing Wire - “Rise in REO value cuts Freddie Mac holding expenses by 90%” (8-9-11)

“Freddie Mac reported $27 million in expenses for maintaining and reselling houses repossessed through foreclosure in the second quarter, a mere fraction of the $257 million the previous period.”

DS News - “The Future of Mortgage Interest Deduction Remains Unstable” (8-9-11)

“After much hype about the possibility of an elimination of the mortgage interest deduction (MID) as part of the debt ceiling agreement, the August 2 agreement included no such provision.  However, the new law does call for major deficit reductions – $2.4 trillion total – to go into place over the next several years.”

Bloomberg - “Goldman Sachs Says AIG, Fannie, Freddie Threatened to Sue Over Mortgages” (8-9-11)

“Goldman Sachs Group Inc. (GS) said American International Group Inc. (AIG), Fannie Mae and Freddie Mac are among companies that have threatened to take legal action
against the firm over mortgage-related securities.”

Rismedia - “July Housing Scorecard Shows Home Improvement” (8-9-11)

“U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the July edition of the Obama Administration’s Housing Scorecard—a comprehensive report on the nation’s housing market.  The latest housing data offer continued mixed signals as home prices improved slightly but showed continued strain from foreclosures and distressed homes.”

Inman - “Realogy calls for White House housing summit” (8-9-11)

“Realogy Corp. has sent a formal request to President Obama calling for a ‘White House Summit on Housing’.”

Los Angeles Times - “Feds sue Goldman Sachs over credit union losses” (8-9-11)

“Federal regulators have filed the fourth in a series of about 10 planned lawsuits against banks that sold questionable mortgage-related securities to big credit unions that subsequently failed.”

Housing Wire – “CitiMortgage rebuilds executive team for global push” (8-9-11)

“CitiMortgage, the home loan origination and servicing division of Citigroup (C: 31.82 +13.85%), restructured its lineup of executives and is planning how to spread its Global Mortgage Community
to various regions beyond the U.S.”

CNN Money - “Housing recovery slips out of sight” (8-9-11)

“Any glimmer of hope that the housing market will stage a recovery in the upcoming months has vanished, thanks to the recent spate of bad economic news that has been making headlines over the past several weeks.”

NAHB - “NAHB Announced Call for Entries for the 2012 National Sales & Marketing Awards” (8-9-11)

“New home sales and marketing professionals are encouraged to submit entries for the 2012 National Sales and Marketing Awards, sponsored by the National Association of Home Builders (NAHB)
National Sales and Marketing Council.”

Rismedia - “Second Quarter Commercial/Multifamily Mortgage Lending Up 107 Percent” (8-9-11)

“Second quarter 2011 commercial and multifamily mortgage loan originations were 107 percent higher than during the same period last year and 52 percent higher than the revised figures for the first quarter of 2011, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.”

Looking Back:

The percentage of American single-family homes with mortgages in negative equity decreased by 1.8% from the first to second quarter of 2010.  Freddie Mac requested $1.8 billion in federal aid after a $6 billion loss in the second quarter of 2010. Freddie Mac’s single-family inventory rose by 84.2% and its multifamily inventory doubled from 2009. PIMCO feared the U.S. would be entering a period of deflation, and JPMorgan Chase expressed concerns that our financial system may crash in 2015.

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.

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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.”

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.

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

Monday, July 11th, 2011

Today’s News Synopsis:

Housing Wire reported a dip in foreclosures for the second month in a row.   The Emergency Homeowners’ Loan Program (EHLP) was recently started by HUD and NeighborWorks America to assist people in with homes in danger of foreclosure, according to RisMedia.  Bloomberg reported that banks associated with Wall Street are selling property loan bonds totalling $3.7 billion to help the economy.   

In The News:

Bloomberg - “Wall Street Banks Market $3.7 Billion of Commercial Mortgage-Backed Bonds” (7-11-11)

“Wall Street banks are marketing about $3.7 billion of bonds tied to property loans, wagering investor demand for the debt will withstand mounting concerns that the U.S. economic recovery is stalling and the European crisis is spreading.”

Housing Wire - “Slim summer home price gains expected to reverse” (7-11-11)

“JPMorgan Chase (JPM: 39.469 -3.12%) analysts stuck to their estimate of further declines in home prices ahead and warned against buying too much into the recent upticks in the busier summer months.”

DS News - “Top Servicers Expand Worforce to Assist Distressed Homeowners” (7-11-11)

“With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers. Servicers have added thousands to their loss mitigation teams over the past few years and most are still recruiting.”

Inman - “Banks taking longer to take back homes with high-balance loans” (7-11-11)

“Banks are taking longer to complete the foreclosure process for homeowners with high-balance mortgages and those who have more than one home loan — in part because of changes in accounting rules that have allowed them to put off recognizing inevitable losses on those loans.”

Realty Times - “Real Estate Outlook: Economic Inclusion” (7-11-11)

“The catch-phrase in the last week has been “economic inclusion,” as it relates to you, me, and mainstream banking. A June 29th speech by Federal Reserve Governor Sarah Bloom Raskin at the New American Foundation Forum revealed that limited access to banking and credit could be having significant damaging effects on the economy.”

Housing Wire - “Foreclosure sales dip for second straight month” (7-11-11)

“Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.”

RisMedia - “New Billion-Dollar Emergency Loan Program Hopes to Stave Off Foreclosures” (7-11-11)

“The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America launched a new Emergency Homeowners’ Loan Program (EHLP) recently to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.”

Bloomberg - “Fed Rates on Hold Longest Since 1940s as Treausury Curve Sees Slower Growth” (7-11-11)

“The Federal Reserve may keep interest rates at record lows for the longest period since World War II as the economic slowdown that sparked a four-month bond rally worsens, according to Treasury market signals.”

Mortgage Bankers Association - “Stevens Reiterates MBA’s Support for Risk Retention” (7-11-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement following remarks by Congressman Barney Frank (D-MA) this morning at the National Press Club:  “MBA, as we have said many times, supports risk retention and believes it is an important step in establishing a regulatory plan to protect borrowers and ensure a safe and sustainable mortgage system.   The QRM exemption in Dodd-Frank was designed to recognize that traditional mortgage loans – standard products, properly underwritten and fully documented – were not the cause of the recent crisis.’”

RisMedia - “Bankrate: Mortgage Rates Hit a 2-Month High” (7-11-11)

“Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.”

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.

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The Norris Group Real Estate News Roundup 3/2/11

Wednesday, March 2nd, 2011

Today’s News Synopsis:

The MBA reports mortgage applications fell 6.5% last week. HUD said mortgage delinquencies declined in January. Wells Fargo predicts California economic growth will remain slow this year.

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-2-11)

“Mortgage applications decreased 6.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 25, 2011.”

Sign On San Diego – “San Diego, Orange counties lead state growth” (3-2-11)

“Job growth in San Diego and Orange counties will help lead California into economic recovery, but the statewide growth rate will remain ‘painfully slow,’ according to a study released Tuesday by the economics group at Wells Fargo Securities.”

Inman - “HUD ramps up grants to fair housing groups” (3-2-11)

“Federal housing regulators are boosting grant funding by 48 percent to fair housing groups and nonprofit agencies that educate the public about housing and lending discrimination laws and help catch violators.”

Bloomberg - “BofA, Citigroup Say Mortgage Database Draws Scrutiny in Foreclosure Probe” (3-2-11)

“Earnings at Bank of America, the largest U.S. lender, may suffer materially if using Mortgage Electronic Registration Systems or MERS is found to be invalid, according to a regulatory filing last week. Citigroup and PNC said fines or other penalties may result from investigations into MERS and allegations of faulty foreclosure practices.”

Office of Thrift Supervision – “Thrift Industry Reports First Annual Profit Since Financial Crisis Began” (3-1-11)

“The U.S. thrift industry posted a profit of $6.6 billion in 2010, the first profitable year for the industry since 2006, the Office of Thrift Supervision (OTS) reported today.”

Housing Wire – “CMBS delinquency slows most since financial crisis, still hits record high” (3-2-11)

“The delinquency rate on commercial mortgage-backed securities increased 5 basis points to 9.39% in February, the smallest monthly gain since the financial crisis in 2008, according to analytics firm Trepp.”

Housing Wire – “Obama administration sees unsettled home prices keeping market down” (3-2-11)

“In its latest housing scorecard released by the Department of Housing and Urban Development and the Treasury Department, the administration said mortgage delinquencies in January continued to decline from record levels seen at the beginning of 2010.”

Housing Wire – “Fed’s Beige Book shows muted results in housing, finance” (3-2-11)

“Overall economic activity continued to expand at a modest to moderate pace in January and early February, although the housing and financial markets outlook was muted, according to the Federal Reserve’s Beige Book.”

Bloomberg - “Treasury Lobbies Congress to Save Housing Assistance Programs” (3-2-11)

“Congress is weighing whether to eliminate programs that have helped fewer homeowners than promised. About 1.5 million households have begun trial mortgage modifications through HAMP, down from initial projections of 3 million to 4 million.”

Looking Back:

One year ago, 68 percent of U.S. citizens supported the government’s involvement in the housing market. Fannie Mae announced plans to buy 150,000 to 200,000 delinquent loans from MBS trusts. Economist Jan Hatzius believed we would not see an interest rate increase any time in the near future. Realtors advised that staging is a critical component of selling a home.

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.

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The Norris Group Real Estate News Roundup 1/11/11

Wednesday, January 12th, 2011

Today’s News Synopsis:

The Charles Schwab Corp. has been 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 will be making several changes to the divisions in their business, according to Housing Wire.  DSNews reported that four major banks have been asked by New York City Comptroller John C. Liu to evaluate their recent mortgage and foreclosure processes following the recent robo-signing scandal.

In The News:

Housing Wire - “MBA warns regulators not to rush mortgage servicing standard” (1-11-11)

“In response to calls for regulators to form a national mortgage servicing standard, the Mortgage Bankers Association said attempting to do so under current risk-retention rulemaking would be ‘short-sighted’.”

Bloomberg - “Schwab Agrees to Pay $119 million to settle SEC Claims” (1-11-11)

“The Charles Schwab Corp. will pay $119 million to settle U.S. regulatory claims that the San Francisco-based brokerage misled investors in its YieldPlus Fund and changed investment strategy without shareholder approval.”

Inman - “Intero Real Estate grows franchise network” (1-11-11)

“Cupertino, Calif.-based real estate brokerage and franchise company Intero Real Estate Services on Monday announced three new franchisees.”

DS News - “New York City Comptroller Issues 2nd Request for Audits from Banks” (1-11-11)

“In November after the robo-signing scandal broke, New York City Comptroller John C. Liu, on behalf of the New York City Pension Funds, called on the directors at four banks to conduct an independent audit of their mortgage and foreclosure practices.”

Housing Wire – “Analyst: Fannie, Freddie pain to taxpayers may be overblown” (1-11-11)

“Fannie Mae and Freddie Mac may not be costing taxpayers as much they think.  The Federal Reserve reported a record payout to the Treasury Department Monday, as its profits were boosted by government-sponsored entity securities it purchased during the financial crisis. Income from these investments totaled roughly one-half of the $148 billion cost of Fannie and Freddie while in conservatorship.”

Inman - “Trulia announces Facebook login integration” (1-11-11)

“Online real estate search and information company Trulia this week will allow its registered users to access the site using their Facebook login.”

Mercury News - “Home value declines surpasses those of Great Depression” (1-11-11)

“Along with the snow and cold, November brought continued declines in home values.”

Housing Wire – “Goldman Sachs to revamp operations after 4Q earnings” (1-11-11)

“Goldman Sachs (GS: 169.36 -0.24%) is making certain changes to its business segments, commencing with its earnings release for the fourth quarter of 2010.”

NAR – “Realtor® Volunteer and Mentor Program Seeks Nominations” (1-11-11)

“REALTOR® Magazine’s Good Neighbor Society is seeking entries for Volunteering Works, a program that matches Realtors® who would like to expand their community service outreach with a mentor who is already a successful volunteer leader.”

The Sacremento Bee - “Brown’s Forecast for California: A Long Slog for Recovery” (1-11-11)

“The economic forecast released Monday by Gov. Jerry Brown is as grim as the budget blueprint he delivered at the same time. It says a troubled housing market will continue to hold back consumer spending in California for the foreseeable future.”

Looking Back:

The national unemployment rate remained at 10 percent during December of 2010. LPS reported that 1 in every 7.5 fell into foreclosure or delinquency during November of 2010. According to Fitch Ratings, 2009 commercial delinquency rates ended at 4.71%.

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.

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The Norris Group Real Estate News Roundup 1/3/11

Monday, January 3rd, 2011

Today’s News Synopsis:

Tom Wind of J.I. Kislak Mortgage expects refinancing activity to drop by nearly 66% in 2011. Moody’s Investor Service forecasts lower supply and higher demand for rental apartments in 2011. The 50 state attorneys general probing U.S. foreclosure practices will first settle with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial. Rick Sharga believes foreclosure activity will improve in Orange County during 2011.

In The News:

Bankrate.com – “Zero-down mortgages endure in rural areas” (1-3-11)

“borrowers must demonstrate they can afford the mortgage payments by meeting the USDA debt-to-income ratios of 29 percent for the housing payment and 41 percent for the overall debt to gross monthly income.”

Housing Wire – “J.I. Kislak expects higher purchase loan activity in 2011″ (1-3-11)

“Tom Wind, managing director of J.I. Kislak Mortgage, expects the refinancing activity to fall to $350 billion in 2011 from $1 trillion last year.”

Housing Wire – “Moody’s sees multifamily REIT credit strengthening in 2011″ (1-3-11)

“Moody’s Investors Service expects lower supply and higher demand to stoke growth in rental apartments and subsequently help the credit of multifamily real estate investment trusts.”

Housing Wire – “Ginnie Mae moves up multiple issuer deadline” (1-3-11)

“The cut-off time for issuers submitting multiple loan packages into real estate mortgage investment conduits (REMICs) was three days before the end of the month. Ginnie is now moving that up to six days before the end of the month.”

Bloomberg - “BofA Resolves Fannie Mae, Freddie Mac Loan Dispute” (1-3-11)

“Bank of America Corp., the biggest U.S. lender by assets, paid $2.8 billion to Freddie Mac and Fannie Mae after the U.S.-owned firms demanded the company buy back mortgages they said were based on faulty data.”

Bloomberg - “Foreclosure Deals to Start With Big Lenders, Iowa Says” (1-3-11)

“The 50 state attorneys general probing U.S. foreclosure practices will first settle with the five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., Iowa Attorney General Tom Miller said. No settlements have been reached yet, Miller said in a telephone interview today. The other three are Citigroup Inc., Wells Fargo & Co. and Ally Financial Inc., said Miller, the leader of the 50-state investigation. The five have 59 percent of the market, Miller said.”

Orange County Register – “Dip in O.C. foreclosures for 2011?” (1-3-11)

“Orange County foreclosure activity has been trending downward over the course of 2010, and may continue to improve marginally over the course of 2011. There are a number of reasons for this, including an unemployment rate that is better than elsewhere in the state, and the fact that Orange County doesn’t have as much excess housing inventory as other areas in California.”

Orange County Register – “No end to high-end foreclosures eyed for ’11″ (1-3-11)

“A recent study by the State Foreclosure Prevention Working Group found that nearly 3 years into the mortgage crisis, more than 60% of homeowners with seriously delinquent loans are still not involved in any loss mitigation/loan modification activity.”

For m ore 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.

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