Today’s News Synopsis:
Nationwide Insurance in Ohio reported the housing market it is at its best in 14 years. Obama said in his latest address to the mortgage industry that things have gotten a little out of control with the CFPB and they are carrying out things they were not originally created to do. Predictions that the single-family rental asset class would grow over time are coming to light as more rental securitizations for this class are becoming available.
In The News:
Bloomberg – “U.S. Stocks Decline Amid Weaker-Than-Forecast Jobs, Factory Data” (3-31-15)
“U.S. stocks fell, after a ninth straight quarterly gain, as weaker-than-estimated data on hiring and manufacturing reinforced concern that economic growth may be slowing.”
Housing Wire - “Mortgage lending continues seismic shift from large banks to nonbanks” (4-1-15)
“A new study released by the American Enterprise Institute’s International Center on Housing Risk found that the seismic shift in home purchase loan originations away from large banks to nonbanks continued in February, and the mortgage risk is increasing.”
Mortgage Professional America - “Report: Housing market in best shape since 2001″ (4-1-15)
“A report by Ohio-based Nationwide Insurance concluded that the U.S. housing market is in its best shape since 2001 and talks of a bubble are unfounded. The Leading Index of Healthy Housing Markets ranks markets using data on employment, mortgages and demographics with anything over 100 showing strength and the United States is currently it is at 109.8.”
Mortgage Bankers Association - “MBA Welcomes 16 New Members” (4-1-15)
“Today, the Mortgage Bankers Association (MBA) announced that in February it welcomed 16 new regular members to its ranks, which currently numbers more than 2,200 member companies.”
“A New York court has dismissed a lawsuit filed by the state’s attorney general against HSBC Mortgage Corporation nearly two years ago which alleged that HSBC failed to follow the state law related to foreclosure actions.”
Realty Trac – “Fannie Mae & Freddie Mac: Too Profitable To Dump?” (4-1-15)
“Fannie Mae and Freddie Mac are back in the news, in large measure for the crime of being too profitable and raising a very uncomfortable question: When will shareholders get back their companies?.”
Housing Wire – “Multi-borrower single-family rental securitizations officially arrive” (4-1-15)
“It appears that a new asset class is quickly developing, borne out of the single-family rental asset class, which itself is less than two years old. Speaking at a panel at ABS East in September 2014, Ryan Stark, managing director at Deutsche Bank, predicated that the single-family rental asset class would morph over time, with several forms of securitizations made available for investors.”
Mortgage Professional America - “Daily Market Update: Obama says creating CFPB wasn’t intentional” (4-1-15)
“n a heartfelt speech to the mortgage industry, U.S. President Barack Obama admitted that the Consumer Financial Protection Bureau (CFPB), which he created in the aftermath of the financial crisis, has gone too far.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
Spending on residential construction continued to remain low, having increased by only 0.1% month-over-month in February. At the same time, home prices increased in February by 12.22% year-over-year. A new rule regarding mortgage disclosure was established by the CFPB in order for their loan disclosures to be in line with the Truth in Lending Act.
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