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California Real Estate Headline Roundup

Posts Tagged ‘David Stevens’

The Norris Group Real Estate News Roundup 2/9/12

Thursday, February 9th, 2012

Today’s News Synopsis:

A settlement has finally been reached in the recent rob-signing scandal between top mortgage servicers and 40 other states.  A recent ruling with MERS was upheld by the 10th Circuit Court of Appeals, allowing them to foreclose on loans that were part of a securitization trust.  DS News reported 30-year fixed mortgage rates continue to be at record lows, while at the same time fixed rates and adjustable-rate mortgages showed signs of improvement.

In The News:

Los Angeles Times – “Mortgage giants to pay $26 billion in foreclosure settlement” (2-9-12)

“Federal and state officials on Thursday announced a landmark $26-billion agreement with the nation’s five largest mortgage servicers to settle investigations involving foreclosure abuses and try to stabilize the housing market.”

Mortgage Bankers Association – “MBA Statement on Mortgage Settlement” (2-9-12)

“Said David H. Stevens, President and CEO of MBA, ‘A final agreement can play an important role stabilizing and providing certainty and confidence to the housing and mortgage markets.  With all the rumors and speculation surrounding these negotiations behind us, it is now imperative that policymakers, lenders, servicers and other stakeholders work together on policies and initiatives that will allow us to get the housing market on the road to recovery’.”

Realty Times – “Home Equity Use No Longer Home Equity Abuse” (2-9-12)

“Record numbers of refinancing homeowners have stopped using their home equity as an ATM machine for withdrawals and instead are making more deposits.”

Housing Wire – “10th Circuit upholds MERS right to foreclosure” (2-9-12)

“The 10th Circuit Court of Appeals upheld a lower court’s ruling, giving the Mortgage Electronic Registration Systems and a trustee overseeing securitized loans standing to foreclose on a mortgage pooled into a securitization trust.”

CNN Money – “Fewer young adults hold jobs than ever before” (2-9-12)

“The share of young adults with jobs has hit its lowest level since the government started keeping records just after World War II.”

Housing Wire – “Wells Fargo to start $5.3 billion foreclosure settlement relief in March” (2-9-12)

“Wells Fargo ($30.63 0%) will begin implementing the mortgage refinancing requirements under the state and federal foreclosure settlement in March.”

San Francisco Chronicle – “Consumer Comfort Index in U.S. Climbs to Highest Level in a Year” (2-9-12)

“Consumer confidence in the U.S. climbed last week to a one-year high, spurred by improving employment opportunities and a rally in the stock market.”

DS News – “Report: 30-year Fixed Rate Unchanged, Other Rates Climb” (2-9-12)

“While the 30-year fixed rate mortgage remained at a record low, data released Thursday by Freddie Mac reported other rates are steadily moving upward.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 2 bedroom, 1 bathroom home appraised for $209,000.

California Real Estate Investor Events:

The Norris Group posted a new event. The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported mortgage applications decreased 5.5% the previous week. Zillow claimed national home prices dropped 2.6% during the 4th quarter of 2010. Bernanke and Geithner said the economy was still having trouble, but had strong hope for stable growth.

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 8/10/11

Wednesday, August 10th, 2011

Today’s News Synopsis:

Rismedia reported the rate for 15-year fixed loans is now at 3.54%, lowest it has been in 20 years.  HOPE NOW recently released data showing both mortgage delinquencies and foreclosure sales decreased this year.  Bloomberg also reported a decrease in home prices in 75% of metropolitan areas in the U.S.  Median prices also decreased for single-family existing homes, according to Inman. 

In The News:

Housing Wire - “Obama administration expects new push for REO rentals” (8-10-11)

“The Obama administration will begin working on new strategies for how to better sell previously foreclosed homes held by Fannie Mae, Freddie Mac and the Federal Housing Administration, which may include renting more REO.”

Rismedia - “Rates on15-Year Fixed Lowest Ever Recorded” (8-10-11)

“The average rate for a 15-year fixed loan dropped to 3.54 percent last week from 3.66 percent the week before, according to Freddie Mac—the lowest result since 1991.”

DS News - “HOPE NOW: Delinquencies and Foreclosure Starts Decline” (8-10-11)

“Mortgage delinquencies declined 27 percent in the first half of 2011 compared to the first half of 2010, according to data from HOPE NOW.  For the first half of 2011, the number of 60 day plus delinquencies was 2.7 million, down 1 million from the first half of 2010.”

Bloomberg - “Home Prices Decline in Almost Three-Fourths of U.S. Metropolitan Areas” (8-10-11)

“Home values fell in almost three- fourths of U.S. cities in the second quarter as foreclosures that sell at cut-rate prices devalued real estate.  The median price of a single-family home declined in 109 metropolitan areas out of 150 measured, the National Association of Realtors said in a report today.”

Realty Times - “Low Mortgage Rates Survive Debt Crisis and U.S. Downgrade” (8-10-11)

“Things have been quite active this past week with the debt ceiling crisis coming to an end last Tuesday when an agreement was finally reached at the last minute. By the end of the week, Standard and Poor’s went ahead and downgraded the U.S. credit rating. Although the stock market is dropping, low mortgage rates have survived both the debt crisis and U.S. downgrade.”

Mortgage Bankers Association - “Mortgage Applications Increase Significantly, Driven by Surge in Refinance Activity” (8-10-11)

“Mortgage applications increased 21.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 5, 2011.  The Market Composite Index, a measure of mortgage loan application volume, increased 21.7 percent on a seasonally adjusted basis from one week earlier.”

Inman - “Median real estate prices drop in nearly 3 of 4 metros in Q2″ (8-10-11)

“Median sales prices for existing single-family homes fell in the second quarter in the vast majority of metropolitan areas covered by the National Association of Realtors in its latest quarterly report.”

Housing Wire – “BofA marks down billions from Countrywide portfolio” (8-10-11)

“Bank of America (BAC: 6.77 -10.92%) has been forced to mark down billions of dollars worth of the troublesome Countrywide Financial Corp. mortgage portfolio since acquiring it in early 2008.”

Los Angeles Times - “Treasury sells 10-year notes at record low yield as buyers pour in” (8-10-11)

“The continuing global stock market panic is the gift that keeps on giving to the U.S. Treasury.  Despite the U.S. credit-rating downgrade by Standard & Poor’s last week, the Treasury on Wednesday saw huge demand when it sold $24 billion in new 10-year notes.”

Realtor Magazine - “Fed to Keep Interest Rates Low Until 2o13″ (8-10-11)

“In an unusual step, the Federal Reserve vowed Tuesday to keep interest rates low for at least the next two years.  The Fed said it’ll keep its key benchmark interest rate near zero through mid-2013. The Fed’s commitment was welcome news to many in the real estate industry who see it as a positive move for the housing industry, allowing buyers more time to take advantage of ultra low mortgage rates.”

Looking Back:

The new FHA short refinancing program provided additional refinancing options to underwater homeowners starting Sept. 7, 2010. According to Integrated Asset Services, nationwide home prices increased 1.1% in the second quarter of 2010. Zillow reported California’s then current rate on 30-year mortgages was 4.34%. CoreLogic estimated that short sales in Arizona, California, Florida and Texas would cost lenders $310m in unnecessary losses in 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 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 3/31/11

Thursday, March 31st, 2011

Today’s News Synopsis:

The Office of Thrift Supervision reports serious delinquencies decreases in the 4th quarter of 2010. Riverside was pronounced to be the most likely city to experience further economic trouble. Commercial and multifamily mortgage originations increased 88% in the last few months of 2010. Fannie Mae’s mortgage portfolio decreased by 15% in February.

In The News:

CNN - “JPMorgan’s Dimon: No mortgage writedowns” (3-31-11)

“The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can make payments, an idea at the center of talks aimed at fixing the mortgage mess.”

Housing Wire - “Chief risk officer Bob Ryan to head up FHA” (3-31-11)

“The Department of Housing and Urban Development tapped Bob Ryan, formerly the chief risk officer at the Federal Housing Administration as its acting commissioner, replacing David Stevens. Stevens departs the FHA Thursday and will run the Mortgage Bankers Association.”

Housing Wire – “Fannie Mae’s gross mortgage portfolio drops 15.2%” (3-31-11)

“Fannie Mae said its gross mortgage portfolio fell at a compound annualized rate of 15.2% in February, while the government-sponsored enterprise’s entire book of business fell 0.7%.”

Housing Wire - “Jobless claims drop slightly for a third consecutive week” (3-31-11)

“The number of initial jobless claims filed by unemployed Americans fell to 388,000 in the week ending March 26, down from last week’s upwardly revised figure of 394,000, the Labor Department said Thursday.”

Office of Thrift Supervision – “Mortgage Performance Slightly Better in Fourth Quarter of 2010; Serious Delinquencies Drop for the Fourth Consecutive Quarter” (3-31-11)

“The quarterly report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision showed that 87.6 percent of the 32.9 million loans in the portfolio were current and performing at the end of the fourth quarter of 2010.”

Mortgage Orb – “Legislation Dismantles GSEs Piecemeal-Style” (3-30-11)

“Republicans on the House Financial Services Committee have introduced eight targeted bills that, taken together, aim to reduce the government’s involvement in housing and spark a resurgence among private capital.”

Yahoo - “Cities Where Things are Getting Worse” (3-29-11)

“Six California cities claim spots on our list of Cities Where The Economy May Get Worse. Riverside took the number one spot, thanks to a high unemployment rate (13.9%) coupled with weak job growth, a hefty number of mortgage loans 90 days or more delinquent (8.21% of all loans) and a projected migration pattern that finds 4,000 residents expected to leave the area this year.”

Housing Wire – “Commercial and multifamily mortgage originations up 88%” (3-31-11)

“Commercial and multifamily mortgage originations grew 88% in the fourth quarter of 2010 when compared to 4Q 2009, the Mortgage Bankers Association said in its Fourth Quarter Commercial Real Estate-Multifamily Finance Quarterly Report.”

Housing Wire – “Barney Frank says mortgage interest tax deduction is safe” (3-31-11)

“Rep. Barney Frank (D-Mass.) said at a House subcommittee hearing Thursday that the mortgage interest tax deduction would be safe. Currently, interest on a mortgage taken out to buy or improve a home can be fully deducted if the amount of the loan is less than $1 million for married couples and $500,000 for singles. Home equity loans taken out for anything else is limited to $100,000 for couples and $50,000 for singles.”

Housing Wire – “Freddie Mac mortgage interest rates inch up this week” (3-31-11)

“The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.86% for the week ending Thursday from 4.81% a week earlier. The average rate for a 15-year, fixed mortgage increased to 4.09% from 4.04 the prior week, according to the Freddie Mac survey.”

Housing Wire – “Judge dismisses securities fraud case against Freddie” (3-31-11)

“A federal district court judge in New York dismissed a lawsuit filed by Southeast and Southwest Areas Pension Fund and National Elevator Industry Pension Plan — two Freddie investors, who allege Freddie mislead a class of investors after experiencing a $2 billion loss for the third quarter of 2007 by ‘materially misrepresenting Freddie’s exposure to risky mortgage products.’”

Looking Back:

One year ago, Mortgage loan application volume increased by 1.3 percent from the previous week. Vacation home sales increased by 7.9 percent in 2009.  Fannie Mae reported the percentage of seriously delinquent loans increased to 5.52% in January. FHA allowed mortgages to borrowers who sold their residence under short-sale provisions and then purchase a new home without the standard 3 year wait.

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 11/18/10

Thursday, November 18th, 2010

Today’s News Synopsis:

Delinquencies on residential properties dropped 9.13% in the third quarter, according to the MBA. MDA DataQuick’s monthly statistics releases shows that 6,122 new and resale houses and condos closed escrow in the Bay Area. The CBIA reports California housing affordability increased 1.7% in the 3rd quarter. Jobless claims increased by 2,000, said the Labor Department.

In The News:

Mortgage Bankers Association – “Delinquencies and Loans in Foreclosure Decrease, but Foreclosure Starts Rise in Latest MBA National Delinquency Survey” (11-18-10)

“The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 9.13 percent of all loans outstanding as of the end of the third quarter of 2010, a decrease of 72 basis points from the second quarter of 2010, and a decrease of 51 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate decreased one basis point to 9.39 percent this quarter from 9.40 percent last quarter.”

DQNews - “Bay Area Home Sales Fall Sharply; Median Price Dips Below Last Year” (11-18-10)

“A total of 6,122 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 3.3 percent from 6,334 in September and down 22.8 percent from 7,933 in October 2009, according to MDA DataQuick of San Diego.”

CBIA - “California Housing Affordability Increases Slightly in Third Quarter, CBIA Announces” (11-18-10)

“California housing affordability increased slightly in the third quarter of 2010 with all of the state’s 28 metropolitan areas included in the report showing increases in affordability, the California Building Industry Association said today. On a statewide basis, the HOI found that a family earning the median income could have afforded 61.1 percent of the new and existing homes that were sold during the third quarter, up from 58.4 percent in the second quarter.”

Housing Wire – “MERS to testify it forecloses only by mortgage servicer request” (11-17-10)

“In written testimony for the House Financial Services Committee, R.K. Arnold, CEO of MERS Corp, will state that the electronic mortgage registry system only begins a foreclosure when instructed by the mortgage servicer and receives no financial compensation when it does so.”

Housing Wire – “Weekly jobless claims up 2,000 to 439,000″ (11-18-10)

“The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 13 increased by 2,000 from the previous week’s figure of 437,000, which was revised upward a few thousand.”

Housing Wire – “Bank of America monthly modifications increase 51% in October” (11-18-10)

“Bank of America (BAC: 11.70 +0.69%) completed nearly 25,000 mortgage modifications in October, up 51% from the 16,500 done the month before.”

Housing Wire – “Freddie Mac survey shows mortgage rates at highest level since August” (11-18-10)

“Freddie Mac said its Primary Mortgage Market Survey showed the average 30-year, fixed-rate mortgage rose to 4.39% this week from 4.17% a week earlier. The average rate for the conventional 30-year loan was 4.83% a year ago.”

Housing Wire – “FHA’s Stevens: Mortgage servicers are falling short of HUD expectations” (11-18-10)

“Federal Housing Administration Commissioner David Stevens said early indications of a review into mortgage servicer operations has shown they are not meeting the loss mitigation needs of the Department of Housing and Urban Development.”

Looking Back:

One year ago, the MBA’s weekly survey showed that mortgage application volume decreased 2.5 percent on a seasonally adjusted basis. According to the Commerce Department, housing starts fell 8.5 percent in the West. Jones Lang LaSalle Inc. and Grubb & Ellis Co. believed that U.S. office vacancies would reach 20 percent.

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 200 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 8/12/10

Thursday, August 12th, 2010

Today’s News Synopsis:

Freddie Mac’s claims the average rate for 30-year fixed loans this week fell to 4.44 percent. RealtyTrac reports that national foreclosures increased 3.6% from last month. Initial unemployment insurance claims increased this week by 2,000 to 484,000, according to the Department of Labor. Foreclosure Radar announced notices of default filings in California slipped 4.8% from June, and notices of trustee sale fell 18.9%.

In The News:

NAHB - “Active Adult Home Builder Activity, Confidence Drop” (8-12-10)

“Builder confidence in the mature-housing market retreated during this year’s second quarter, according to data from the National Association of Home Builders’ 55+ Housing Market Index (55+ HMI) – a quarterly survey of the association’s builder members engaged in the production of mature-market housing. This past quarter’s index values dropped for all areas surveyed, compared to the previous year’s second quarter.”

Associated Press – “Mortgage rates hit low of 4.44 pct.” (8-12-10)

“Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That’s the lowest since Freddie Mac began tracking rates in 1971.”

Inman - “FHA premium changes pushed to Oct. 4″ (8-12-10)

“FHA Commissioner David Stevens announced last week that upfront premiums for FHA mortgage insurance would be rolled back from 2.25 percent to 1 percent on Sept. 7, while annual premiums would nearly double. FHA had raised upfront premiums from 1.75 percent to 2.25 percent in April, to cope with rising losses on FHA-guaranteed loans. The Obama administration promised to reduce upfront premiums if Congress gave it the authority to raise annual premiums beyond their statutory limit of 0.55 percent.”

CNN - “Foreclosures rise in July” (8-12-10)

“The latest foreclosure numbers carried a mixed message: They’re up 3.6% from the month before but down 9.7% from 12 months earlier. In July there were more than 325,000 foreclosure filings — including notices of default, auctions notices and bank repossessions. That is the 17th month in a row total filings exceeded 300,000, said RealtyTrac’s CEO, James Saccacio.”

Sacramento Bee – “42,000 of California’s jobless will get help with mortgages” (8-12-10)

“More than 42,000 laid-off California homeowners are about to get a break. Starting Nov. 1, the government will help them make mortgage payments while they look for another job. Wednesday, the U.S. Treasury Department added $476.2 million to a $64 million state program that will pay jobless homeowners up to $1,500 a month.”

Housing Wire – “Weekly Jobless Claims Swell to 484,000″ (8-12-10)

“The number of initial unemployment insurance claims grew by 2,000 to 484,000 in the week ending August 7, swelling more than expected after last week’s initial figure was revised upward. The four-week moving average rose to 473,500, from the previous week’s revised average of 459,250, according to new data today from the US Department of Labor (DOL).”

Housing Wire - “California Foreclosure Activity Remains Mixed in July” (8-12-10)

“California mortgage defaults and foreclosure activity remained mixed in July, according to ForeclosureRadar, which tracks filings across the state. Foreclosure filings and cancellations dropped in July after rising in June while foreclosure sales rose after dropping last month. Notices of default filings slipped 4.8% from June and 47% from the same month last year. Notices of trustee sale fell 18.9% from June and 30.5% from July 2009″

Housing Wire – “Freddie Mac Economist Finds Growing Investor Preference for Hard Cash” (8-12-10)

“In Freddie Mac’s report, ‘Where Have All the Originations Gone?’ released Wednesday, the government sponsored entity (GSE) said that 25% of 2010 existing home sales are all-cash transactions. This proves to be a growing trend in home buying as the percentage of cash transactions was between 5% and 10% just a few years ago.”

Wall Street Journal - “Foreclosed On—By the U.S.” (8-12-10)

“The Federal Reserve Bank of New York is facing the prospect of foreclosing on a number of properties in the coming months, from homes to commercial buildings, a result of a souring mortgage portfolio it took over when it helped bail out Bear Stearns in 2008.”

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 8/11/10

Wednesday, August 11th, 2010

Today’s News Synopsis:

The MBA’s weekly survey shows mortgage application volume increased by 0.6 percent. The Obama will provide the Treasury Department and HUD with $3 billion for aiding homeowners. The NAR reports that most U.S. metro areas experienced a decrease in home prices during the second quarter, and distressed homes accounted for 32 percent of second quarter sales.

In The News:

Mortgage Bankers Association – “Mortgage Applications Essentially Unchanged Despite Lowest Rates in MBA Weekly Survey” (8-11-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending August 6, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.4 percent compared with the previous week.”

Associated Press - “Obama administration to provide $3B in housing aid” (8-11-10)

“The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs. Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.”

NAR - “Broad Stabilization in Second Quarter Metro Area Home Prices with Strong Sales” (8-11-10)

“In the second quarter, 100 out of 155 metropolitan statistical areas1 (MSAs) had higher median existing single-family home prices in comparison with the second quarter of 2009, including 14 with double-digit increases; two were unchanged and 53 metros showed price declines. In the first quarter of this year 91 areas had higher prices, while only 26 MSAs experienced annual price gains in second quarter of 2009. The national median existing single-family price was $176,900 in the second quarter, up 1.5 percent from $174,200 in the same period of 2009. The median is where half sold for more and half sold for less. Distressed homes accounted for 32 percent of second quarter sales, down from 36 percent a year ago.”

Sign on San Diego – “Price reductions on San Diego homes increase” (8-11-10)

“As of Aug. 1, 23 percent of all the homes for sale in the City of San Diego had seen a price reduction, says a report by Trulia.com, a real estate website. That’s compared to July where 20 percent of the homes for sale in San Diego had experienced a price cut. The average price reduction was 8 percent. On a national level, Trulia estimated that 25 percent of all home listings have had at least one price reduction. The average size of the cut was 10 percent of the original list price, chopping an estimated $30.1 billion in value.”

Housing Wire – “Foreclosures Down 5% in First Half of 2010: Foreclosure Listings Nationwide” (8-11-10)

“Foreclosure Listings Nationwide said second-quarter foreclosures rose 1% from the year ago and declined 4% from the prior quarter. More than 1.6m properties began the foreclosure process during the six months ending June 30, representing a nearly 7% decline from a year ago.”

Housing Wire – “Fitch Sees $100bn in Special Servicing CMBS Loans by Year End” (8-11-10)

“Commercial real estate loans that require special servicing continue to climb with the total volume projected to reach $100bn by the end of 2010. These loans are used as collateral in commercial backed mortgage securitizations (CMBS).”

Housing Wire – “FHA Postpones Premium Changes until October” (8-11-10)

“Last week, Federal Housing Administration (FHA) commissioner David Stevens announced plans for implementing FHA’s new mortgage insurance premium structure. Based on industry feedback to the announcement, the FHA postponed the premium fee changes on all new case numbers for one month, and will now implement them on Oct. 4, 2010.”

Housing Wire – “Most Borrowers Choose Fixed-Rate Mortgages for Refinancing, Freddie Says” (8-11-10)

“Borrowers who are refinancing their homes are taking advantage of the lowest fixed-mortgage rates in the past 50 years, according to Freddie Mac’s quarterly Product Transition Report today. The report indicates 95% of refinance loans completed in Q210 were processed with a fixed-rate mortgage (FRM).”

Bloomberg - “Fed Reverses Exit Plans, Sets $2 Trillion Floor for Holdings” (8-11-10)

“Officials directed the New York Fed’s trading desk to reinvest what economists estimate will be $15 billion to $20 billion a month in maturing agency and mortgage-backed securities back into U.S. Treasuries. The purchases will help keep Treasury yields and mortgage costs low and prevent the level of monetary stimulus from shrinking further.”

Realty Times – “Top 10 Things You Need to Know About Self-Directed IRAs” (8-11-10)

“IRAs Can Purchase Almost Anything. A common misconception about IRAs is that purchasing anything other than CDs, stocks, mutual funds or annuities is illegal in an IRA. This is false. The only prohibitions contained in the Internal Revenue Code for IRAs are investments in life insurance contracts and in ‘collectibles.’ Since there are so few restrictions contained in the law, almost anything else which can be documented can be purchased in your IRA. A ‘self-directed’ IRA allows any investment not expressly prohibited by law. Common investment choices include real estate, both domestic and foreign, options, secured and unsecured notes, including first and second liens against real estate, C corporation stock, limited liability companies, limited partnerships, trusts and a whole lot more.”

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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