California Real Estate Headline Roundup

Posts Tagged ‘Colonial Bank’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/20/12

Tuesday, March 20th, 2012

Today’s News Synopsis:

As of last month, housing starts are at their highest they have been in three years as well as building permits increased.  Fannie Mae and Freddie Mac have completed a total of 1.1 million loan modifications since September 2008.  The Chief Financial Officer for Taylor, Bean, and Whitaker pleaded guilty today for his role in a $2.9 billion mortgage fraud scheme.

In The News:

Housing Wire“Homebuilding permits returning in top foreclosure states” (3-20-12)

“Single-family building permits began to return in the back half of last year for states hardest hit by the foreclosure crisis, according to Census Bureau data compiled by the Federal Deposit Insurance Corp.”

DS News“GSEs Complete Nearly 1.1M Mods but Number of Mods Still Declining” (3-20-12)

Since the September 2008 conservatorship, Fannie Mae and Freddie Mac have completed nearly 1.1 million loan modifications, according to the FHFA’s fourth quarter 2011 Foreclosure Prevention and Refinance report.”

Bloomberg“U.S. Housing Heals as Starts Near Three-Year High: Economy” (3-20-12)

“Housing starts in the U.S. hovered in February near a three-year high and building permits rose, adding to signs that the industry at the heart of the last financial crisis is stabilizing.”

San Francisco Chronicle“Treasury 10-Year Notes End Longest Streak of Losses Since 2006″ (3-20-12)

“Treasuries rose, pushing 10-year note yields down from four-month highs, and ending a nine-day decline that was the longest run of losses since 2006, as yields climbed to levels that lured investors.”

DS News“Arizona Woman Sentenced to 15 Years of Prison for Fraud” (3-20-12)

“An Arizona woman was sentenced to 15 years in prison and ordered to pay $22 million in restitution after pleading guilty to various charges related to a mortgage fraud scheme and to charges of bankruptcy, wire, mail, and bank fraud in two separate indictments, according to a March 8 release from the U.S. attorney’s office.”

Housing Wire“Taylor, Bean & Whitaker CFO pleads guilty in mortgage fraud scheme” (3-20-12)

“Former Taylor, Bean & Whitaker Chief Financial Officer Delton de Armas, pleaded guilty for his role in a $2.9 billion fraud scheme that brought down the firm and Colonial Bank.”

Bloomberg“BofA’s McNiff Said to Resign From Mortgage-Trading Unit” (3-20-12)

“Bank of America Corp.’s John McNiff, a managing director who served as co-head of trading in commercial mortgage securities, resigned yesterday amid the latest staff cuts, said two people with knowledge of the move.”

Housing Wire“$73.8 million awarded to foreclosure mitigation programs” (3-20-12)

“NeighborWorks America, an organization that works to create affordable communities, is lauding the fact that $73.8 million in funds from the National Foreclosure Mitigation Counseling Program will be provided to organizations and housing finance agencies across the country.”

CNN Money“Federal Reserve turns $77 billion profit” (3-20-12)

“Call it the most profitable bank in the world.  The Federal Reserve once again made a hefty profit in 2011, as the central bank went on a bond buying binge to stimulate the economy.”

Hard Money Loan Closed

La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $147,000 on a 3 bedroom, 1.5 bathroom home appraised for $238,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

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.

The Norris Group Real Estate News Roundup 10/21/10

Thursday, October 21st, 2010

Today’s News Synopsis:

According to MDA DataQuick, 6,334 houses and condos closed escrow in Northern California during September. The government estimates that the financial rescue involving Fannie Mae and Freddie Mac. Bank of America is suing the FDIC for $1.75 billion. The Labor Department reports jobless claims decreased 4.8% last week.

In The News:

MDA DataQuick“Bay Area September Home Sales Second-Lowest in 19 years” (10-21-10)

“A total of 6,334 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 5.4 percent from 6,698 in August and down 19.6 percent from 7,879 in September 2009, according to MDA DataQuick of San Diego.”

Associated Press“Tab for Fannie, Freddie could soar to $259B” (10-21-10)

“The government spelled out Thursday just how much the most expensive rescue of the financial crisis will end up costing taxpayers — as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac.”

Housing Wire“Moody’s analysts don’t see mortgage ownership as an issue for RMBS” (10-21-10)

“Moody’s Investors Service said mortgage ownership in trust shouldn’t be an issue within the residential mortgage-backed securities space as delayed foreclosures become more of a risk for the housing market.”

Housing Wire“HUD Secretary: Foreclosure problems not ‘systemic’” (10-21-10)

“Department of Housing and Urban Development Secretary Shaun Donovan said recent foreclosure problems at some mortgage servicers are not ‘systemic issues.’ Donovan spoke after a meeting among regulators who will review foreclosure processes among the major servicers. Bank of America (BAC: 11.38 -3.15%), JPMorgan Chase (JPM: 37.678 -1.11%) and Ally Financial (GJM: 22.22 +0.45%) suspended foreclosures in 23 states after admitting employees signed affidavits without reviewing documents or having a notary present.”

Housing Wire“Credit unions originated high-quality mortgages in 2010 in QMS survey” (10-21-10)

“Credit unions are originating the highest quality mortgage loans so far this year, according to survey results released Wednesday by Quality Mortgage Services. According to the data, nearly 50% of loans originated by credit unions were rated ‘excellent,’ meaning their loans had few to no defects.”

Housing Wire“BofA sues FDIC to recover $1.75 billion for TBW investors” (10-21-10)

“Bank of America (BAC: 11.39 -3.06%) filed suit against the Federal Deposit Insurance Corp. to recover $1.75 billion for Ocala Funding investors allegedly swindled by Colonial Bank, Platinum Community Bank and Taylor, Bean & Whitaker.”

Housing Wire“Jobless claims fall nearly 5% to 452,000″ (10-21-10)

“Initial jobless claims fell 4.8% last week to 452,000, which is roughly inline with analysts’ estimates but still too high to indicate much change in the job market. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Oct. 16 decreased by 23,000 from the previous week’s revised figure of 475,000 that was up sharply from the 462,000 previously reported.”

Housing Wire“Freddie Mac: 30-year fixed mortgage rate up for first time in five weeks” (10-21-10)

“The average rate on a 30-year fixed-rate mortgage increased for the first time in five weeks to 4.21% with an average 0.8 point for the week ending Oct. 21, according to the weekly Freddie Mac market survey.”

Bloomberg - “General Growth Plan Approval Resolves Biggest U.S. Real Estate Bankruptcy” (10-21-10)

“General Growth Properties Inc., the second-largest mall owner in the U.S., won court approval of the last stage of its restructuring, a year and a half after filing the biggest real estate bankruptcy in U.S. history.”

Looking Back:

One year ago, the MBA reported that mortgage applications decreased by 13.7 percent on a seasonally adjusted basis from the previous week. According to Altos Research, asking prices increased by 1.5 percent in Los Angeles. The Federal Reserve believed that commercial real estate would not begin to recover for at least 9 more months. Lehman announced that it intended to begin funding home loans again.

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.