Today’s News Synopsis:
In The News:
“The U.S. House of Representatives has postponed voting on a bill that will limit the salaries of Fannie Mae and Freddie Mac CEOs due to a hefty lineup of other legislation, including voting on a new Speaker of the House.”
Mortgage Professional America – “Morning Briefing: Underwater homes still too high says report” (11-3-15)
“It may be 7 years since the housing market crash but there is still a worryingly high proportion of underwater homes in the US according to a new report.”
Housing Wire – “CoreLogic: Home prices up 6.4% in September” (11-3-15)
“Home prices nationwide, including distressed sales, increased by 6.4% in September 2015 compared with a year ago, according to CoreLogic’s (CLGX) latest home price index. This is up 0.6% compared to August 2015.”
DS News – “Freddie Mac Reports Q3 Net Loss of Nearly Half a Billion Dollars” (11-3-15)
“Freddie Mac reported a net loss of $475 million for Q3 2015 in its 10-Q filing with the Securities and Exchange Commission on Tuesday, the first time the GSE has reported a quarterly net loss in four years. The good news is that Freddie Mac will not need another draw from the Department of Treasury to continue operations.”
Housing Wire – “Nationstar 3Q earnings drop to $32 million” (11-3-15)
Mortgage Professional America – “Biased lending accusation to benefit originators” (11-3-15)
“A New Jersey-based bank has been accused of discriminatory lending – but it may be indicative of big banks’ desire to take on the easiest possible deals.”
Housing Wire – “Wharf Street acquires majority stake in Kroll Bond Rating Agency” (11-3-15)
“Kroll Bond Rating Agency now has a new majority owner, as the credit ratings agency announced Tuesday that one of its minority investors, private-equity firm Wharf Street, acquired a majority stake in the firm.”
DS News – “Bank of America is Well Ahead of Pace to Fulfill Settlement Obligation” (11-3-15)
“An independent monitor for Bank of America’s historic $16.65 billion mortgage settlement with the Department of Justice and six states in August 2014 reported that the bank is well ahead of its four-year deadline for providing the prescribed amount of $7 billion in consumer relief in slightly more than a year.”
Bruce Norris will be speaking at the Cutting-Edge Financial Tactics Brunch on Saturday, November 7.
Bruce Norris will be speaking at the 2nd Annual TNG VIP Subsriber Brunch on Sunday, November 8.
Spending on construction is down for the second month in a row, having decreased by 0.4% in September. First-time home purchases also decreased to 33% from 38%, its lowest level in almost 30 years. In a case of “doubling up,” over 5 million households have been lost due to rising costs outweighing income and an increase in millennials living with parents and roommates.
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.