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204-TNG Radio – Tom Anderson 12-11-10

Friday, December 10th, 2010

Tom Anderson

Chairman and Founder of PENSCO Trust Company


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This week Bruce is joined again by Tom Anderson. Tom is the chairman and founder of PENSCO Trust Company. He is considered by many to be the national expert on the topic of self directed IRAs. He focuses on how investors can increase their wealth-building potential with real estate and private equity investments. He has written articles for nearly all the nation’s and financial magazines. He was recently invited to Washington as part of the “Future of Finance Initiative” for the Obama Administration.

You can loan money to your IRA if you attempting to protect the existence of the IRA. You cannot loan money to your IRA to buy new lots. The loan must also be interest free. If it did have an interest rate, the loan would be considered self dealing, because you would be taking profit out of your IRA. Lastly, if the loan extends more than 60 days, you must provide the custodian with a note explaining that the IRA owes you money.

Tom recently spoke to a member of the Department of Labor who created this exemption, and the member confirmed that you could loan money to your IRA to bail it out of mortgage delinquency.

There are some IRA investments which may or may not be considered illegal depending on which government official is reviewing the investment. For example, Tom once heard of a man who used his IRA to buy a classic car. Because the car is a classic, there is good reason to believe the car will appreciate. However, a government official might consider this self dealing, because they may or may not perceive the classic car to be for personal use. If the government perceives the car to be for personal use, then the car purchase would be labeled self dealing. Depending on which day the car purchase was reviewed, and depending on who reviewed the purchase, this may or may not be a legal IRA purchase. You can perform a large variety of transactions within your IRA, but you must be careful not to purchase anything that the government might perceive as self dealing. If the government believes you are self dealing with your IRA, then your IRA will lose its tax-deferred status.

Bruce’s business is set up to buy and sell real estate. Bruce asks Tom if there is a limit on how much money, or how many houses, he could use for his IRA. Tom believes that this is up for interpretation. In Bruce’s case, he owns a real estate business, so if he performs many transactions through his IRA, the government may possibly perceive Bruce to be running a business through his IRA. All businesses must pay taxes, and if the government determined that Bruce was running his business through his IRA, then he might lose the tax-deferred status of his IRA. Tom believes that if Bruce was both working in his IRA for retirement investments, and out of it for business use, then it would be hard for the government to label Bruce’s IRA as a business. However, if Bruce was retired, and he only purchased and sold properties through his IRA, then the government may perceive Bruce to be running a business through his IRA. You should consult with your CPA to determine whether or not you will be subject to taxes.

A disqualified person is a term in the Internal Revenue Code 4975 which defines certain entities as people you cannot perform transactions with. The government does not want you to touch your IRA assets, because they want your assets to be there when you retire. So you cannot buy a condo in a vacation spot with your IRA, and then use that condo on the weekends. Disqualified persons include yourself, your spouse, your children, and the spouses of your children. Most people in your family are considered disqualified persons, except for siblings, nephews and uncles. If you deal with a sibling or nephew, you should not offer them less than market rates. Giving a member of your family the benefit of low payments through an IRA asset could be considered self dealing.

Bruce heard an unusual example of someone who was taxed for self dealing. An investor owned a commercial building, and his IRA owned the let next to it. The investor would park in the lot next door, and that was considered illegal personal use. You are not allowed to gain a personal benefit from your IRA while the IRA is growing. If a mistake like this occurs, you have 14 days to correct it. However, if the custodian was the cause of the mistake, then you can argue in court that the custodian should be held responsible.

Tom’s company will not accept any member that is not a part of a regulated institution. If he did not check to determine whether or not his members were being regulated, many bad people would have the opportunity to deal through them. A non-regulated company may enter into an agreement with a bank who is a custodian. All banks, credit unions and trust companies are automatically qualified to hold IRAs. If you are not one of those institutions, then you must be authorized by the IRS. There are 257 mutual fund companies, insurance companies, and broker dealers that are licensed by the IRS.

It is good business to protect the consumer, and the government supports that mentality. PENSCO will not help someone enter into a prohibited transaction. If a lender was involved in a prohibited transaction on an IRA, then they would be subject to a 15% tax on the amount of the transaction. So a lender that made a $100,000 bill would receive a $15,000 bill. If the lender was not aware of the prohibited transaction, then they may be exempt from the tax.

When an investor is told that he cannot buy a property from himself with his IRA, he may get the idea of having a friend buy his property, and then re-buying from his friend. However, this is still considered an illegal transaction. This is considered a linked transaction by the IRS. You will not go to jail for performing a transaction like this unless you fail to pay the penalty taxes. However, the IRS tends to not inform you of your mistakes until 3 years later, so you can get caught off guard if you are not careful.

If you buy a property through your IRA while using your brother as a lender, you will not be taxed so long as your brother does not receive more than his regular fee.

A Prohibited Transaction Exemption (PTE) is a request submitted to the Department of Labor when you anticipate that your potential transaction may be prohibited. A PTE is usually granted on the basis that there is no increase or decrease in value because of the transaction. You cannot submit a PTE after the transaction takes place. The exemption comes in writing, so the Good Day rule does not apply.

There are some custodians who offer check book IRAs. Tom believes this practice will probably be extinct soon. There are only two custodians Tom knows of that will do check book IRAs, and PENSCO is one of them.

Tom’s website is www.penscotrust.com

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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203-TNG Radio – Tom Anderson 12-04-10

Friday, December 3rd, 2010

Tom Anderson

Chairman and Founder of PENSCO Trust Company


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This week Bruce is joined by Tom Anderson. Tom is the chairman and founder of PENSCO Trust Company. He is considered by many to be the national expert on the topic of self directed IRAs. He focuses on how investors can increase their wealth-building potential with real estate and private equity investments. He has written articles for nearly all nations and financial magazines. He was recently invited to Washington as part of the “Future of Finance Initiative” for the Obama Administration.

Tom has been in the banking business for 41 years and in the self-directed investment business for 22. The government is paying more attention to retirement issues, because there is concern over social security. Unfortunately, we are still in the dark ages in regards to knowledge of self directed investments. Many people are surprised by the idea that you can buy mutual funds with your retirement account. Many Americans are unhappy with being locked into their 401Ks, other pension plans, and other IRAs. Those retirement plans only offer a limited range of investments, and most of the options are related to Wall Street, which many people have lost a lot of money on recently. The only commodity that hasn’t taken much damage is gold, but Tom thinks most people didn’t get into Gold until after it had already experienced increases, so gold probably won’t be a good long term investment.

When Tom was in Washington, he was surprised by how interested the government was in hearing about his industry. The Retirement Industry Trust Association, which represents 90% of the self-directed custodians in the U.S., was invited to write a white paper on the need for more diversification in retirement accounts. Unfortunately, many of the government workers that Tom was speaking to before have been replace, so he has some influential ground to recover. He does feel though that the government in general has become more open to new ideas on improving retirement savings. As the president of the RITA, it is Tom’s goal to use any opportunity to discuss retirement issues with the government.

IRAs were created in 1974 as part of the ERISA Act. You could self direct an IRA back then. You could buy real estate in New Zealand if you desired to, but most people weren’t aware of that, because the securities and mutual fund companies began lobbying against real estate as a prudent retirement investment plan.

Real estate is a great long term investment. Real estate generally out paces the stock market on a long term basis. In California, you can buy properties that cashflow. When there is a down turn, it’s a great time to take advantage of real estate and ride the curve up.

Before 1974, there were pension plans but no IRAs. One of the reasons IRAs were created was because trustees were abusing their privileges. The trustees were spending the money they received to buy yachts and they would frequently lose the money given to them. Because of this, the government felt it was necessary to allow people to save on their own.

Self-directed is a frequently misunderstood word. IRAs are IRas regardless of where they are held, and the rules are dictated by the IRS. Depending on where the IRA is held, the custodian may limit what an investor can do with their IRA. There are two types of self-directed IRAs. The first is known as a self-directed brokerage account. With a self-directed brokerage account, you can pick from stocks and mutual funds to invest in, but you cannot invest in real estate or private equity. The other type of IRA allows you to invest in anything permitted by law. Some of Tom’s clients have bought companies in Spain and properties in New Zealand. When you buy outside the country, you have to consider the exchange differences. If the foreign monetary value increases against the U.S. dollar, then you can profit from both the investment and the monetary change.

There is a level of sophistication required to invest in certain categories. Tom encourages people to stick to what they know. If you own a gas station and know about gas as an investment, then you may want to use your IRA to invest in another gas station.

There are some laws regarding who and how you can deal with your IRA. There is that limits one’s ability to work with more than 3 unaccredited investors. In some cases, you cannot work with any unaccredited investors. To be an accredited investor you must have a minimum net worth of $1 million, and at least $200,000 in income for the last two years. The SEC may change their definition of “accredited investor”. Tom believes the requirements for an accredited investor will increase, because many people have lost money in stocks and private equity.

If someone wants to buy a trust deed or rental unit, they are free to do that, even if they only have $80,000 in their account.

Tom believes that IRAs are a great form of capital formation in the U.S. PENSCO started out with no assets and now has $3 billion worth of assets. PENSCO is also now funding thousands of companies that could not be started without IRAs, because they couldn’t get funding from traditional sources. There are about $4 trillion in IRA accounts.

Tom had a client who opened a $300 ROTH IRA. His company charges a $375 fee, so Tom knew the client must have had a plan. The client instructed PENSCO to send a $10 check to a lawyer in order to consummate a real estate option contract. This contract gave them the right for 30 days to buy property from a developer. The developer needed cash for $350,000. While the contract was being negotiated, the client found a buyer for a property for $525,000. Once he took the $525,000 from the buyer, he paid the seller $350,000, and moved the profit into his IRA account.

A ROTH IRA offers tax free growth for life and a great rate of return. One of Tom’s clients started a ROTH IRA with $1,800. This client used his ROTH IRA to develop a successful venture, and in 2002, that client cashed out with $32 million. He then took that $32 million and invested in other start ups. He has now increased his IRA holdings into 9 digit levels. Bruce thinks it is hard to believe that the IRS isn’t suspicious of this kind of tax free profit. Tom explains that this client helped create thousands of jobs. This fortunate client stimulated the economy and created tax revenue. 40% of new jobs are from start ups, and 70% are from small, private companies.

We still have 35 days to take advantage of a one time opportunity. Your IRA is now a portable pension plan, and can be converted into a ROTH IRA regardless of your income. Before 2006, this was not allowed. Before January 2010, if you made more than $100,000, you were prohibited from such conversions. You also have the opportunity this year to do the conversion to ROTH IRA and defer the taxation on the converted amount to 2011 and 2012. This means that if you convert in 2010, then in 2011 you must claim 50% of the converted amount on your income. The other 50% of the 2010 amount must be claimed in 2012. If you are expecting to be in a lower tax bracket in the future, this is a great opportunity for you. The government is very supportive of these conversions, because they get to collect the tax upfront.

If you bought assets that are currently depreciating, and if you have these assets in your IRA, then you can convert to a ROTH IRA and pay tax at a lower amount. This can allow those assets some time to recover. It is much better to convert a depreciated asset than an appreciated asset.

Capital gains rules do not apply within an IRA. When you take money out of an IRA, that money is taxed at a normal rate. However, if you have a ROTH IRA that has existed for 5 years, and if you are at age 59 and a half, then you can take out all your money tax free.

If you have a traditional IRA, at age 70 and a half, you have to take out minimum distributions. However, if you have a ROTH IRA, you can leave the money in the IRA as long as you want, and you can leave it to your children after you have died. There is also no estate tax, because the taxes have already been paid.

The use of leverage to purchase real estate is allowed with a ROTH IRA. It is possible to borrow up to 70% on any income producing property types on an IRA. You must put at least 30% down on the property though, because if the loan is recourse, then you would be self-dealing, which is prohibited. The 70% limit is according to bank policy, and they have had great success with this limit. They have very few foreclosures. Rates for loans are generally two points above prime. Many things can be negotiated as well.

There is actually a rule which allows you to bail out you IRA. If you got a 70% loan on a $100,000 house, and you put $30,000 down with your IRA. If you lose your tenant, and you do not have enough money in your IRA to make the payment, then you would typically be foreclosed on. In this kind of situation, there is a Department of Labor provision called AD-26, which allows you to lend money to your own IRA without limitation, so long as the money is being used to bail out the IRA account.

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 12/01/10

Wednesday, December 1st, 2010

Today’s News Synopsis:

Freddie Mac announced it will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011. Automatic Data Processing reports the U.S. economy added 93,000 private-sector jobs during November. The Federal Reserve shared information about more than 21,000 individual transactions which provided $3 trillion in liquidity for market stabilization. According to the MBA, mortgage applications decreased 16.5% last week.

In The News:

NAR - “Realtors® Say Mortgage Interest Deduction Vital to Home Ownership, Economy” (12-1-10)

“The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by NAR and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.”

Wall Street Journal – “Deficit-Panel Chiefs Urge Tax, Spending Changes” (12-1-10)

“A 59-page proposal from the co-chairmen of the White House’s deficit-reduction commission, which they labeled ‘The Moment of Truth,’ calls for sweeping changes in how the country spends money and collects taxes, the starting point for a long debate about how to tackle the U.S. debt.”

Inman - “Move Inc. launches mortgage site” (12-1-10)

“Like other sites and services that enable consumers to shop for mortgages online, MortgageMatch.com employs an automated pricing engine that allows consumers to see the loan products and rates offered by multiple lenders.”

Mortgage Bankers Association – “Refinance Activity Continues to Decline as Rates Rise in Latest MBA Weekly Survey” (12-1-10)

“The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 26, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 16.5 percent on a seasonally adjusted basis from one week earlier. This week’s results include an adjustment to account for the Thanksgiving holiday. On an unadjusted basis, the Index decreased 34.2 percent compared with the previous week.”

Mortgage Bankers Association – “MBA: Commercial and Multifamily Mortgage Delinquency Rates Mixed in Third Quarter” (12-1-10)

“Delinquency rates for different commercial/multifamily mortgage investor groups were mixed in the third quarter, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report. The delinquency rate for loans held in CMBS is the highest since the series began in 1997. Delinquency rates for other groups remain below levels seen in the early 1990′s, some by large margins.”

Housing Wire – “Freddie Mac to suspend foreclosure evictions this holiday season” (12-1-10)

“Freddie Mac will suspend foreclosure evictions from Dec. 20 to Jan. 3, 2011, the company announced Wednesday. Freddie Mac’s mortgage portfolio stands at $39.6 billion as of October, according to its monthly summary report. Its serious delinquency rate stood at 3.82% in October as well.”

Housing Wire – “November employment increase largest in three years” (12-1-10)

“The U.S. economy added 93,000 private-sector jobs in November from the previous month, the largest gain in three years and a sign of a ‘brightening’ employment situation, according to the Automatic Data Processing report Wednesday. However, the improvement will not be enough to lower the unemployment rate, which according to ADP will likely remain above 9% for all of 2011.”

Housing Wire – “Bair says more regulation needed to restore integrity of mortgage servicing” (12-1-10)

“Bair said the robo-signing scandal spawned from misaligned incentives in the servicing industry, and called on the Financial Stability Oversight Council to fill in the regulatory gaps left by the Dodd-Frank Act. Regulation is needed to track the title of a loan and to properly document the foreclosure process, she said.”

Housing Wire – “Secret’s out: Federal Reserve reveals who got help in midst of financial crisis” (12-1-10)

“The Federal Reserve Board on Wednesday posted detailed information about more than 21,000 individual transactions that provided $3 trillion in liquidity to stabilize markets during the nation’s financial crisis.An analysis of the data by The Wall Street Journal showed Goldman Sachs used an emergency overnight loan program from the Fed 84 times for a total of nearly $600 billion. The Primary Dealer Credit Facility, announced in March 2008, was used 212 times by Morgan Stanley”

Bloomberg - “Fannie, Freddie Spar With Regulators on Foreclosures” (12-1-10)

“Acting Comptroller of the Currency John Walsh said in testimony prepared for a congressional hearing today that his agency is directing national bank servicers to suspend foreclosures for borrowers actively seeking to qualify for loan modifications.”

Looking Back:

One year ago, the NAR reported that pending home sales increased during October by 3.7 percent. The California Board of Equalization claimed that most homeowners would see a decline in property tax after a deflation of 0.237 percent.  According to Real Estate Econometrics LLC, the commercial mortgage default rate on loans held by U.S. banks increased to 3.4 percent in the third quarter of 09.

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 11/24/10

Wednesday, November 24th, 2010

Resources:
California Housing Production Continues Decline in October, CBIA Announces
Existing-Home Sales Decline in October Following Two Monthly Gains
California home sales decline from previous month, year
Bank earnings skyrocket in 3Q as FDIC problem list nears 17-year high
Foreclosures of U.S. Homes Fell 36% After Freeze, Lender Processing Says
Shadow Inventory of Homes Rising

Today’s News Synopsis:

The FDIC’s problematic bank list grew by 31 in the 3rd quarter. New home sales decreased 8.1% in September, according to the Commerce Department. Statistics from the FHA show home prices fell 3.2% year over year. LPS reports foreclosures fell 4.4% in October.

In The News:

San Francisco Chronicle – “Mortgage rates rise to 4.40 pct. as Treasurys rise” (11-24-10)

“Freddie Mac said Wednesday that the average rate for 30-year fixed loans rose to 4.40 percent this week from 4.39 percent last week. Two weeks ago, the rate hit 4.17 percent, the lowest level on records dating back to 1971.”

Los Angeles Times – “Bank ‘problem list’ swells but industry’s condition improving, FDIC says” (11-24-10)

“The agency’s so-called problem list consisted of 860 financial institutions at the end of the quarter, two years after the financial crisis hit the nation. That’s up from 829 at the end of June, the agency said Tuesday. The latest figure amounts to about one out of eight FDIC-insured banks.”

CNN - “New home sales: Down 80% from the boom” (11-24-10)

“New home sales dropped to an annual pace of just 283,000, according to the Commerce Department. That was down 8.1% from a slow September and 28.5% from 12 months ago when the annualized sales rate was at 430,000.”

Orange County Register – “Forecast: Calif. home prices to drop 9.9%” (11-24-10)

“Real estate trackers from FiServ and Moody’s Economy.com forecast that California home prices will fall 9.9% in the year ending in June 2011 — fourth biggest drop across the nation.”

Housing Wire – “Delinquent borrowers would rather rent: Fannie Mae survey” (11-24-10)

“Half of homeowners who are delinquent on their mortgages would rather rent than buy a home, according to Fannie Mae’s third quarter national housing survey. This is the first time the rental preference has exceeded the percentage of people who would rather buy.”

Housing Wire – “LPS: Mortgages entering foreclosure fell 4.4% in October” (11-24-10)

“The company said another 263,000 loans entered the foreclosure process last month, which is down 4.4% from September. LPS said the total inventory of foreclosures includes 2.1 million loans with another 2.2 million loans more than 90-days delinquent but not yet in the process.”

Housing Wire – “Mortgage interest rates increase in two nonagency surveys” (11-24-10)

“Mortgage rates fell in two weekly surveys. The Bankrate national mortgage survey reported the interest rate for a 30-year fixed-rate mortgage at 4.58%, down from 4.62% a week prior, while a survey from LendingTree.com reported the rate at 4.55%.”

Housing Wire – “Jobless claims down 7.7% to lowest level in two years” (11-24-10)

“Initial jobless claims fell 7.7% last week to 407,000, which is the lowest level in two years and well below most analyst estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Nov. 20 fell by 34,000 from the previous week’s figure of 441,000, which was revised upward a few thousand.”

Housing Wire – “Nation has 8.6-month glut of new homes on market, Census Bureau says” (11-24-10)

“New home sales dropped to an annualized rate of 283,000 in October, leaving 202,000 new homes (8.6 months worth) on the market, according to a report released Wednesday by the Census Bureau and the Department of Housing and Urban Development. New home sales are down 8.1% from September and 28.5% from October 2009.”

Bloomberg - “U.S. Home Prices Fell 3.2% in Third Quarter, FHFA Says” (11-24-10)

“U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said.”

Looking Back:

One year ago, the CIRB reported that homebuilders pulled 6 percent fewer permits in October. American banks decreased lending by 2.8 percent in the third quarter 09. The FOMC suspected that the economy would take 5 years to return to an acceptable rate of growth.  According to First American CoreLogic, 23 percent of all US homes were less valuable than the mortgages owed on them.

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 11/12/10

Monday, November 15th, 2010

Resources:
Home Values Near Unprecedented Decline as Hints of Stabilization Wane in Third Quarter
FDIC prepares to crack down on officials of failed banks
FDIC OKs plan to overhaul insurance fund payments
Obama commission considers limits to mortgage interest tax deductions

Today’s News Synopsis:

Freddie Mac reports 30-year loan rates decreased to 2.24%. Freddie Mac economists said bank foreclosure programs could cause housing to drop to a new low. President Obama intends to select Joseph Smith as the new director of the Federal Housing Finance Agency. D.R. Horton expects 2011 to be a weak year for the home-building industry.

USA Today – “Stable home prices, low mortgage rates could gas economy” (11-12-10)

“Rates on 30-year fixed loans averaged 4.17%, down from 4.24% a week ago, Freddie Mac reported Thursday. They’ve been below 5% since early May.”

Housing Wire – “California Realtors say cutting mortgage interest tax deduction will devastate nation” (11-12-10)

“Home prices in the affluent California county increased roughly 6% to $699,174 in October, according to the association. It’s up 11% from a year ago. The National Commission on Fiscal Responsibility and Reform, proposed two options in their efforts to overhaul the tax system. One was to reduce how much homeowners could deduct by 20%, and the other was to exclude second residences, home equity loans or mortgages over $500,000.”

Housing Wire – “Excessive risk retention may throttle mortgage finance: ASF” (11-12-10)

“Under the sweeping reforms of Dodd-Frank, federal financial regulators are tasked with defining a qualified residential mortgage to determine which loans will be exempt from new risk-retention requirements. The American Securitization Forum wants the regulators to establish new standards for income and asset verification, minimum borrower equity, and debt-to-income ratios that its members believe significantly strengthen the mortgage pools and ‘ensures appropriate credit can resume flowing to American homebuyers.’”

Housing Wire – “Freddie Mac says foreclosure problems may drain recovery” (11-12-10)

“Freddie Mac economists said recent problems in the banks’ foreclosure processes could slow what little momentum the recovery holds, and perhaps send the housing market down to a new low.”

Housing Wire – “KBW says market ‘overly pessimistic’ on Fannie, Freddie losses” (11-12-10)

“Analysts at investment bank Keefe, Bruyette & Woods said both Fannie Mae and Freddie Mac have enough in reserves to absorb losses from legacy portfolios and that market estimates of potential losses are ‘overly pessimistic.’”

Housing Wire – “Obama to nominate Joseph Smith as director of FHFA” (11-12-10)

“President Obama will nominate Joseph Smith as the new director of the Federal Housing Finance Agency, according to the White House.”

Housing Wire – “Barclays Capital expects Fed to buy Treasurys beyond 2Q” (11-12-10)

“Barclays Capital expects the Federal Reserve will continue buying Treasury securities past the second quarter, although it appears investors feel otherwise as there has been considerable sell-off in long-term bonds this week.”

Bloomberg – “D.R. Horton Sees `Challenging’ Year as Home Sales May Decline” (11-12-10)

“D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, expects 2011 to be ‘challenging’ for the industry as consumer confidence and employment remain weak, Chief Executive Officer Donald Tomnitz said.”

Looking Back:

One year ago, foreclosure filings were found in approximately one out of every 385 U.S. homes. The MBA reported that mortgage loan application volume increased by 3.2 percent in one week. The jumbo loan limit that was set to expire at the end of 2009 was extended through 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 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 11/5/10

Friday, November 5th, 2010

Resources:
Trump to California Estate: You’re Fired!
LPS Report Shows Foreclosure Timelines Continue to Stretch
Fannie Mae, Freddie Mac mortgage delinquencies continue to fall
Freddie Mac posts $4.1-billion loss
Nearly half of Freddie Mac mortgage modifications redefault
Homeownership at 66.9% in 3Q, lowest rate since ’99
Ally CEO: We ‘Screwed Up’ and We’re ‘Embarrassed’ over Robo-Signers
Lead AG on foreclosure investigation says inquiry will continue post-election
Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States
Lenders Told to Disclose Likely Losses from Paperwork Errors, Buybacks
Robert Shiller Sees More Housing Pain Ahead
California expects mortgage-aid program to begin in weeks

Today’s News Synopsis:

The NAR reports pending home sales decreased 1.8% in September. Statistics from the Labor Department show the overall economy added 151,000 jobs last month. According to Fitch Ratings, CMBS delinquencies decreased to 7.7%. Fannie Mae lost $1.3 billion in the 3rd quarter.

In The News:

Wall Street journal – “Hoenig to Realtors: Wean Housing Off Government Intervention” (11-5-10)

“The American public, including aspiring homeowners and those of you employed in the housing industry, might be best served, over time, by reducing or removing these subsidies as part of our national policy”

NAR - “Pending Home Sales Slip but Modest Recovery Expected in 2011″ (11-5-10)

“The Pending Home Sales Index,* a forward-looking indicator, slipped 1.8 percent to 80.9 based on contracts signed in September from an upwardly revised 82.4 in August. However, the index remains 24.9 percent below a surge to 107.8 in September 2009 when first-time buyers were jumping into the market to take advantage of the initial deadline for the tax credit last November.”

Bloomberg - “Obama Says Jobs Report Is Encouraging for Recovery” (11-5-10)

“The Labor Department reported that the overall economy added 151,000 jobs in October, exceeding all estimates in a Bloomberg News survey of economists. The increase wasn’t large enough to make a dent in the jobless rate, which held steady at 9.6 percent.”

Housing Wire – “Mortgages from 2006 and 2007 defaulting at rapid pace: S&P” (11-5-10)

“The default rates for mortgages written in 2006 and 2007 are significantly higher than previous vintages, according to Standard & Poor’s.”

Housing Wire – “CMBS delinquencies fall for first time in nearly 3 years” (11-5-10)

“The delinquency rate on loans backing commercial mortgage-backed securities dropped 88 basis points to 7.78% in October, the first drop in 33 months, according to Fitch Ratings.”

Housing Wire – “SEC details whistleblower protection under Dodd-Frank” (11-5-10)

“The SEC rules do less to establish a definition of a whistleblower and more to define what one is not. Dodd-Frank prohibits anyone convicted of crimes related to a corporate violation from receiving any rewards form a case.”

Housing Wire – “S&P assumptions on GSEs need further scrutiny, analyst states” (11-5-10)

“Standard & Poor’s said this week that the total cost of retooling Fannie Mae and Freddie Mac may near $700 billion, but one analyst thinks investors need to scrutinize two core assumptions of the report. Jim Vogel, of FTN Financial, said the rate of losses and reserves Standard & Poor’s calculates is one-and-a-half times the amount the government-sponsored entities have incurred to date”

Housing Wire – “Hoenig reiterates call for end of ZIRP, supports sunsetting GSEs” (11-5-10)

“The president of the Federal Reserve Bank of Kansas City once again called for an increase in the benchmark fed funds rate away from zero to stabilize the economy”

Housing Wire – “Fannie Mae loses $3.5 billion in 3Q” (11-5-10)

“Fannie Mae lost $1.3 billion in the third quarter and asked for another $2.5 billion from the Treasury to cure its net worth deficit.”

Looking Faith:

One year ago, the U.S. Senate signed an extension to the federal tax credit. Commercial and multifamily mortgage loan originations decreased by 12 percent from Q2 to Q3 of 2009. Fannie Mae reported a loss of nearly $20 billion in Q3 of 2009. According to ZipRealty, housing inventory in 27 major U.S. cities decreased by 2.8 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 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/29/10

Friday, October 29th, 2010

Sources:
California Housing Starts Post Decline in September, CBIA Announces
September Existing-Home Sales Show Another Strong Gain
Foreclosures increase in 65% of MSAs in 3Q: RealtyTrac
Commercial Property Prices in U.S. Decline to Eight-Year Low, Moody’s Says
California Mortgage Defaults Rise in Third Quarter
Banks `Want to Sit Down’ With States to Discuss Foreclosures
Wells Fargo Will File More Foreclosure Affidavits After Lapses
NYC Judge Foreclosure Smackdown Shows Problems With Bank “Technicalities” Defense
Title insurers seek to insulate themselves from foreclosure losses
Insurers Ease on Amnesty
FICO Mortgage Score

Today’s News Synopsis:

Fannie Mae intends to end the Payment Reduction Plan. McGraw-Hill Construction (MHP: 37.65 +0.32%) expects construction starts in 2011 to increase 8%. According to a survey from the Washinton Post, 1/3 of Americans are concerned about their ability to continue making their housing payments. The U.S. economy grew at a 2 percent annual rate in the 3rd quarter.

In The News:

Inman - “Most are worried about housing payments” (10-29-10)

“More than half of Americans are worried about not having enough money to pay their mortgage or rent, according to a survey from the Washington Post released today. A third of respondents were ‘very concerned’ about their ability to make housing payments, while a fifth were ‘somewhat concerned,’ adding up to 53 percent of respondents. This contrasts to the results of similar surveys the newspaper conducted in February 2009 and December 2008.”

San Francisco Chronicle – “U.S. Economy Picked Up in Third Quarter on Consumer Spending” (10-29-10)

“The U.S. economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing staying power. The increase in gross domestic product matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent gain the prior three months, Commerce Department figures showed today in Washington.”

The Sacramento Bee – “$8.3 million available in Cash for Appliances” (10-29-10)

“California’s Cash for Appliances program had about $8.3 million in rebate funds remaining as of Tuesday night.”

Housing Wire – “LPS: no defects in related foreclosures, no fee-splitting” (10-29-10)

“Lender Processing Services (LPS: 28.84 +4.87%) began reducing its foreclosure signing services back in 2008 and stands by its mortgage processing services. Further, when the firm caught a manager robo-signing foreclosure documents, the only such case it says it found, that manager was immediately dismissed and documents remediated.”

Housing Wire – “Fannie Mae retires HAMP option for mortgage payment reductions” (10-29-10)

“Fannie Mae will end its Payment Reduction Plan (PRP), a program designed to give borrowers ineligible for the Home Affordable Modification Program temporary payment relief while the servicer works toward another foreclosure alternative.”

Housing Wire – “Construction market to rise 8% in 2011: McGraw-Hill” (10-29-10)

“McGraw-Hill Construction (MHP: 37.65 +0.32%) said construction starts in 2011 are expected to advance 8% to $445.5 billion, with single-family and multifamily starts leading the way.”

Housing Wire – “Barclays Capital sees limited impact to CMBS from MERS litigation” (10-29-10)

“Barclays Capital analysts don’t expect potential lawsuits against Mortgage Electronic Registration Systems to result in any significant issue in commercial mortgage-backed securities valuations.”

Inman - “Risk and rewards in Fed’s plan” (10-29-10)

“Monetary ‘easing’ is a central bank’s standard antidote to recession, tried and effective hundreds of times here and elsewhere. The central bank cuts its cost of money and ‘injects’ reserves into banks by buying Treasurys from them with invented money. These operations ignite lending and borrowing, and we recover.”

Looking Back:

One year ago, Moody’s estimated that prices would continue to decline until Q3 of 2010. According to Freddie Mac, interest rates on 30-year fixed rate loans increased to 5.03 percent. The U.S. Census Bureau reported that the number of vacant properties rose to 18.7 million, but the homeownership rate maintained at 67.6 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 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/26/10

Tuesday, October 26th, 2010

Today’s News Synopsis:

The MBA estimates total originations in 2011 will be $400 billion less than the total for 2010. According to MDA DataQuick, 83,261 Notices of Default were recorded at California county recorder offices during the 3rd quarter. Lender Processing Services is releasing a new valuation model that brings listing and pending sale data into the equation. The FHFA claims U.S. house prices increased 0.4% in August.

In The News:

Mortgage Bankers Association – “MBA Sees Growth in Purchase Originations, Drop in Refinancing, and Weak Overall Economic Growth in 2011″ (10-26-10)

“The Mortgage Bankers Association expects to see mortgage originations fall from an estimated $1.4 trillion in 2010 to slightly under $1 trillion in 2011. The drop will be driven by a decline in refinance originations, but the industry will see an increase in purchase originations. The economy will grow at a slow pace but with no significant job growth until 2011. The increase in purchase originations will be driven by modest increases in home sales and stabilizing home prices. In contrast, MBA refinance originations are expected to fall steadily as mortgage rates gradually increase throughout 2011 and 2012.”

DQNews - “California Mortgage Defaults Rise in Third Quarter” (10-26-10)

“A total of 83,261 Notices of Default (“NODs”) were recorded at county recorder offices during the July-through-September period. That was up 18.9 percent from 70,051 in the prior quarter, and down 25.5 percent from 111,689 in third-quarter 2009, according to San Diego-based MDA DataQuick.”

Los Angeles Times – “Consumer confidence rises only slightly in October” (10-26-10)

“Americans’ confidence in the economy rose only slightly in October from September, according to a monthly survey, as they continue to grapple with job worries. The Conference Board, a private research group, said Tuesday that its Consumer Confidence Index rose to 50.2 from a revised 48.6 in September.”

CNN - “Home prices sag in August” (10-26-10)

“Home prices fell 0.2% from July after five consecutive months of gains, according to the S&P/Case-Shiller composite index of 20 metro areas. However, prices rose a modest 1.7% compared with a year earlier, the housing group reported Tuesday.”

Housing Wire – “Mortgage fraud index suggests shift toward property crime: Interthinx” (10-26-10)

“Mortgage fraud risk remained ‘essentially unchanged’ in the third quarter of 2010 compared to the second and down from a year ago, according to Interthinx’s Quarterly Mortgage Fraud Risk Index. Interthinx reported the risk index for 3Q at 144, down 0.9% from last quarter and 1.4% from the same time last year.”

Housing Wire – “U.S. declines on Transparency International corruption index” (10-26-10)

“The financial and the foreclosure crisis have contributed to the United States’ decline on a global corruption index, released by the watchdog group Transparency International. The U.S. ranked 22nd of 178 countries with a score of 7.1 on the 2010 Corruption Perceptions Index, down from 19th last year.”

Housing Wire – “New LPS valutaion model uses multiple listing services from NAR database” (10-26-10)

“Lender Processing Services (LPS: 27.59 +2.91%) unveiled a new valuation model for realtors that brings listing and pending-sale data into the equation.”

Housing Wire – “Zillow: National 30-year FRM rates remain flat week-over-week” (10-26-10)

“The 30-year, fixed-rate mortgage remained flat from last week ending at a 4.14% national average the week of Oct. 20-26, according to the Zillow Mortgage Marketplace weekly update.”

Housing Wire – “FHFA house prices up 0.4% in August, down from year-ago” (10-26-10)

“U.S. house prices increased 0.4% in August, almost regaining the 0.7% revised decrease in July, but fell more than 2% from a year ago, according to the Federal Housing Finance Agency monthly House Price Index.”

Looking Back:

One year ago, on October 9th, a judge ruled against a lender, wiping out a $461,263 mortgage debt. Goldman Sachs estimated that government interventions had sustained prices by 5 percent above what they would be. According to CAR, a total of 530,520 escrows closed in California during September 09.

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 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/25/10

Monday, October 25th, 2010

Today’s News Synopsis:

California government agencies got rid of 37,300 jobs in September. NAR reports existing home sales increased 10% last month. 47.5% of sales performed by agents last month were from distressed homes. U.S. home prices decreased 1.5% from a year ago, according to CoreLogic.

In The News:

Los Angeles Times – “Government job cuts ravage California” (10-23-10)

“Weighed down by a struggling economy, government agencies in California shed 37,300 workers last month — more jobs than were lost in the private sector — as cities and counties made their biggest payroll cutbacks since at least 1990.”

CBIA - “California Housing Starts Post Decline in September, CBIA Announces” (10-25-10)

“According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,562 total housing units in September, down 16 percent from the same month a year ago and down 31 percent from August. Permits for single-family homes totaled 1,604, down 30 percent from September 2009 and down 14 percent from the previous month, while multifamily permits totaled 958, up 27 percent from a year ago but down 48 percent from August.”

NAR - “September Existing-Home Sales Show Another Strong Gain” (10-25-10)

“Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, jumped 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.”

New York Times – “Foreclosures Had Errors, Bank Finds” (10-25-10)

“Even as Bank of America begins to restart foreclosure proceedings in 23 states on Monday, the bank confirmed that it had discovered errors, including incorrect data and misspelled names, in the paperwork it has reviewed.”

Housing Wire – “Monday Morning Cup of Coffee” (10-25-10)

“In his weekly address, President Obama said the coming financial reform will defend the interests of the middle class, as the Consumer Financial Protection Bureau will guard against unfair practices in mortgages and foreclosures.”

Housing Wire – “Bernanke: Federal banking agencies reviewing mortgage servicing operations” (10-25-10)

“Federal banking agencies are conducting an in-depth review of practices at the nation’s largest mortgage servicing operations as a result of reported irregularities in foreclosure practices, Federal Reserve Chairman Ben Bernanke said Monday. Preliminary results are expected next month.”

Housing Wire – “Real estate agents surveyed say distressed home sales nearly half of market” (10-25-10)

“Distressed home sales took up 47.5% of the total home purchases in September, up from 45.7% in August and 44.8% a year ago, according to a survey of more than 3,000 real estate agents. Campbell Surveys and Inside Mortgage Finance tapped a network of agents across the country to determine home sales and mortgage patterns.”

Housing Wire – “Fitch Ratings assigned triple-A to $735.9M Wells Fargo issue” (10-25-10)

“Fitch Ratings assigned its triple-A rating to most classes in a coming $735.9 million issue of commercial mortgage-backed securities by Wells Fargo.”

Housing Wire – “S&P: Defaults on CMBS loans to peak beyond 2011″ (10-25-10)

“S&P studied commercial real estate loans in CMBS it rates through June 2010. Roughly 1,200 CMBS loans defaulted in the first half of 2010 and should pass the 2,138 that occurred throughout 2009. Between January 2009 and June 2010, more than 3,300 defaulted for a cumulative default rate of 9.4% of those loans studied.”

Housing Wire – “CoreLogic home price index drops for first time in 2010″ (10-25-10)

“Home prices in the U.S. dropped 1.5% in August from a year ago, the first annual drop in prices measured in the CoreLogic (CLGX: 17.99 0.00%) Home Price Index in 2010.”

Housing Wire – “Obama housing scorecard: Market fragile with signs of stabilization” (10-25-10)

“The U.S. housing market remains fragile but is showing some signs of stabilization, according to the Obama administration’s 2010 October housing scorecard. Rates for 30-year, fixed-rate mortgages remain at all-time lows, helping 7.1 million homeowners refinance since April 2009 and resulting in $12.7 billion in homeowner savings, the scorecard noted.”

Bloomberg - “Bair Says Regulators Will Uncover More Flaws in Foreclosures” (10-25-10)

“Regulators are likely to discover more problems related to loan servicing by some of the biggest banks as they probe claims that documents were mishandled, Federal Deposit Insurance Corp. Chairman Sheila Bair said.”

Bloomberg - “Mortgage Lenders Say `Enough Is Enough’ as Buybacks Curb Loans” (10-25-10)

“Home lenders are making it tougher to get loans as investors step up demands for refunds on defective mortgages, damaging the housing market, executives said today at an industry conference.”

Bloomberg - “U.S. Mortgage Modifications Slow as Fewer Borrowers Qualify, Treasury Says” (10-25-10)

“An additional 27,840 delinquent borrowers qualified for permanent loan modifications through the Treasury’s Home Affordable Modification Program, bringing the total to 495,898. The 5.9 percent increase from August was the smallest gain since at least September 2009.”

Bloomberg - “Refinancing Surge Lifts Banks Amid Foreclosure Scrutiny” (10-25-10)

“Wells Fargo & Co., the biggest U.S. mortgage lender, received $194 billion of loan applications in the third quarter, the second-most in its history, Chief Financial Officer Howard Atkins said last week. About 80 percent were to refinance. Bank of America Corp. CFO Charles Noski said lending margins are up and demand should remain robust through yearend.”

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 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 10/15/10

Friday, October 15th, 2010

Think Big Work Small Video on MERS

American Land Title view on title issue

See if your property is on the MERS system

Information on MERS

Statement by R.K. Arnold, President and CEO of MERSCORP, Inc.

Washington Post - “U.S. presses mortgage lenders to fix documents, but foreclosures can continue”

Lawyer puts former foreclosed family back into property

Today’s News Synopsis:

Some evicted homeowners are breaking into their previously owned homes, and claiming that they were wrongfully foreclosed on. Bernanke is giving signs that the Federal Reserve will continue its strategy of quantitative easing. As a percentage of gross domestic product, the national deficit decreased 1.1% in 2010.

In The News:

Orange County Register – “Newport Beach man says foreclosure was illegal” (10-15-10)

“A Newport Beach man was arrested Wednesday after an attempt to regain possession of the home he claims his family was wrongfully evicted from 16 months ago.”

New York Times – “Bernanke Signals Intent to Further Spur Economy” (10-15-10)

“The impact of the Fed’s most likely course — resuming vast purchases of government debt to lower long-term interest rates — would ripple far beyond American shores. The new actions could contribute to the weakening of the dollar and complicate a festering currency dispute that threatens to disrupt global trade relations.”

Housing Wire – “BofA hiring 1,000 small business lenders as analyst warns on bank’s repurchases” (10-15-10)

“Bank of America (BAC: 11.99 -4.84%) will hire more than 1,000 small business bankers by early 2012, president and CEO of the bank Brian Moynihan announced Thursday. During his speech at the Chief Executive Club of Boston. Moynihan said the hiring is part of BofA’s effort to expand its small business presence in the marketplace.”

Housing Wire – “JPM: Robo-signing now borrower strategy to avoid foreclosure” (10-15-10)

“One of the largest investment banks at the center of the robo-signing scandal is claiming that distressed borrowers are using the allegations as a stall tactic to prevent losing their homes. Further, the secondary industry is rejecting claims that the current transfer of mortgage titles into the bond market is faulty.”

Housing Wire – “Government outlays to Fannie, Freddie 24% below estimates” (10-15-10)

“Obama administration officials said Friday that lower-than-expected outlays to the Troubled Asset Relief Program and government-sponsored entities resulted in a reduction in the deficit. As a percentage of gross domestic product, the national deficit fell to 8.9% for fiscal 2010, down from 10% a year earlier.”

Bloomberg - “`Ninja Nightmare’ for U.S. Homes May Lead to Double-Dip, BNP Paribas Says” (10-15-10)

“U.S. banks embroiled in an investigation into faulty home foreclosures may be forced to scale back lending, pushing the economy back into recession, according to BNP Paribas SA.”

Orange County Register – “Countrywide icon settles fraud claim for $67M” (10-15-10)

“Former Countrywide Financial Corp. Chief Executive Angelo Mozilo agreed to pay $67.5 million in financial penalties to settle the Securities and Exchange Commission’s high-profile civil fraud suit against him. The two other defendants in the case, former Countrywide President David Sambol and former Chief Financial Officer Eric Sieracki, also reached settlements with the SEC. Mr. Sambol agreed to pay just over $5.5 million in penalties while Mr. Sieracki agreed to pay $130,000. All three defendants, who reached the settlements without admitting or denying wrongdoing, also agreed to injunctions against future violations of securities law.”

Looking Back:

One year ago, Comptroller of the Currency John C. Dugan said that although credit quality was worsening, most banks had the strength to absorb oncoming damage. Fitch Ratings saw positive signs for home sales, but warned that the recovery will involve ups and downs. RealtyTrac reported that 1 in every 136 U.S. homes received a foreclosure notice during Q3 of 2009. According to MDA DataQuick, San Francisco home and condo sales increased by 4.8 percent in September 2009.

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 170 podcasts in our free investor radio archive.

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