Number of Properties With Equity Is Rising While Total of Underwater Homes Declines
Fed announces benchmark rate
Banks penalized for rushed foreclosures
TRID effective date pushed back to October
Riverside: New drought rules restrict outdoor watering
Riverside City Council Updates Water Conservation Ordinance
HUD Widely Praised For Amending HECM Program, Helping Seniors Avoid Foreclosure
Group launches homeownership program to boost modest-income buyers
Today’s News Synopsis:
In The News:
DS News – “Five Takeaways from Treasury Secretary Jack Lew’s Testimony Before Congress” (6-19-15)
“During his testimony this week before the full House Financial Services Committee, U.S. Department of Treasury Secretary Jack Lew stated when asked about GSEs and the conservatorship that the system should be restructured, but the time was not right for the conservatorship to end.”
Housing Wire– “CUNA discovers discrepancy in CFPB’s TRID rule, seeks answers” (6-19-15)
“The Credit Union National Association asked the Consumer Financial Protection Bureau to clarify a discrepancy and to exempt credit unions that make five or fewer mortgages in a calendar year from the Know Before You Owe rule, which includes the TILA-RESPA Integrated Disclosures in a letter Friday.”
Mortgage Professional America – “‘Friendship’ threatens key housing markets” (6-19-15)
“Cuba is becoming a hot market for investors as an embargo against U.S. investment could be lifted soon, opening up opportunities for the first time in more than 50 years, according to an Akerman U.S. Real Estate Survey.”
Bloomberg – “Goldman, Deutsche Bank Said to Compete for $4.8 Billion of Loans” (6-19-15)
“Goldman Sachs Group Inc. and Deutsche Bank AG are competing to buy Irish real estate loans with a face value of 4.2 billion euros ($4.8 billion) from Lloyds Banking Group Plc, according to people with knowledge of the matter.”
Housing Wire– “Aggregate market value of housing nearing 4Q06 peak” (6-19-15)
“The aggregate market value of owner-occupied housing hit its high point in the last part of 2006, reaching a high-watermark of $22.5 trillion. Breaking that down, first lien mortgage and home equity loan debt outstanding equaled $9.9 trillion (44%) and homeowner equity equaled $12.6 trillion (56%).”
DS News – “Mortgage Industry Welcomes CFPB’s Proposed TRID Delay” (6-19-15)
“Taking the industry by surprise, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced on Wednesday that a proposal has been released to delay the effective date of the TILA-RESPA Integrated Disclosure (TRID) rule. The proposal is requesting that the TRID rule be postponed until October 1, 2015 due to an administrative error. The rule was originally set to go into effect on August 1, 2015.”
Mortgage Professional America – “Huge opportunity for small originators” (6-19-15)
“Smaller lenders are enjoying a better recovery following the housing market downturn than their big bank counterparts, and industry players are pointing to a number of reasons for the phenomena.”
Housing Wire – “Will homebuilding ever return to the highs of 2006?” (6-19-15)
“While Capital Economics is forecasting housing starts to surge by almost 40% over the next few years, reaching 1.5 million by the end of 2017, they’re not so sure the industry will see a return to pre-recession 2006 levels.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
It was expected that new and existing home sales would decrease 4.1% to 5.28 million homes this year, the first drop in four years. Housing continued to remain affordable despite an increase in home prices. Richard Cordray of the CFPB appeared before the House Financial Services Committee to answer several questions regarding everything from discrimination allegations and concerns about accountability.
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