Today’s News Synopsis:
As of last month, pending home sales are at their highest they have been in 21 months. This is a big week in the news for banks. The market saw the closure of two more banks, one taken over by the Federal Deposit Insurance Corporation and the other closed completely. In other news, more and more people are choosing smaller banks as almost 11% of customers left the larger institutions last year.
In The News:
DS News – “Two Banks Closed, One Left Without Purchaser” (2-27-12)
“Two more banks went under over the weekend, and one of those banks did not find another financial institution to take over.”
CNN Money – “More customers leaving big banks” (2-27-12)
“New fees and poor customer service have sparked an exodus among big bank customers, many of whom switched to smaller institutions last year.”
Housing Wire – “NAR: Pending home sales hit 21-month high” (2-27-12)
“Pending home sales rose to their highest level in 21 months in January, according to the National Association of Realtors, as agents signed more contracts for existing homes.”
Bloomberg – “Banks Win Reprieve on Home Equity Loans in Settlement” (2-27-12)
“Bank of America Corp. (BAC), Wells Fargo & Co. (WFC) and three other banks that settled a nationwide probe of foreclosure practices this month will get a bonus from the deal: protection for $308 billion of home-equity loans they hold.”
Realty Times – “Real Estate Outlook: Bernanke on Housing” (2-27-12)
“The recovery of the housing market and economy has been slow and arduous. Legislators and leading economists alike know that housing is the key to helping jobs and Americans get back on their feet.”
Bloomberg – “Buffet: Banks Victimized by Evicted Homeowners” (2-27-12)
“Warren Buffett, who controls the biggest shareholding of the No. 1 U.S. mortgage lender, said banks were victimized by some homeowners who refinanced their loans before getting evicted.”
Housing Wire – “HUD charges BofA with housing discrimination” (2-27-12)
“The Department of Housing and Urban Development charged Bank of America ($7.88 -0.14%) with allegedly discriminating against disabled mortgage applicants.”
Housing Wire – “Deutsche Bank Americas CEO steps down” (2-27-12)
“Deutsche Bank Americas chief executive Seth Waugh will leave his post for personal reasons, according to the global investment bank.”
DS News – “AGA Seeks to Overturn Fed Ruling” (2-27-12)
“The American Guild of Appraisers (AGA) petitioned the Fed and the Consumer Financial Protection Bureau to overturn a regulation that allows appraisers to be paid a fraction of what can be defined as a “customary and reasonable fee,” a release from the AGA stated.”
Housing Wire – “Household debt declines, student debt edges up” (2-27-12)
“Americans are showing signs of cutting back on real estate debt, while other types of debt are creeping up slowly on their balance sheets.”
Hard Money Loan Closed
Fontana, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 3 bedroom, 2 bathroom home appraised for $155,000.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Self Directed Investors Conference on March 8, 2012.
The Norris Group posted a news event. Bruce Norris of The Norris Group will be at the Downey Association of Realtors on March 14, 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.