The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Goldman Sachs Group Inc.’

By Bruce Norris .

The Norris Group Real Estate News Roundup 1/9/13

Wednesday, January 9th, 2013

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased 11.7% from last week.  2012 was a record year for housing affordability according to the National Association of Realtors.  Attorney General Eric Schneiderman is filing another suit against JPMorgan Chase for faulty mortgage-backed securities, although the bank is pushing to have it dismissed.

In The News:

Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-9-13)

“Mortgage applications increased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 4, 2013.”

DS News- “Florida Rep. Introduces Law to Expedite Foreclosure Process” (1-9-13)

“The state with the highest foreclosure rate in the nation may experience a change in its foreclosure laws that will help speed up the process of foreclosure in order to help reduce some of the backlog of properties making their way through the process.”

Housing Wire- “BofA clearing up mortgage operations not enough for Credit Suisse” (1-9-13)

“Credit Suisse ($26.82 0.425%) downgraded its rating on Bank of America ($11.90 -0.08%) to Neutral from Outperform because shares appear expensive to forward earnings when compared to other banking giants.”

Los Angeles Times- “2012 a banner year for housing affordability, industry group says” (1-9-13)

“Last year was probably one of the most affordable years ever to buy a house as prices bottomed and mortgage interest rates hit record lows.”

Inman – “Carrington expanding mortgage operations” (1-9-13)

“In a sign of optimism for what the new year will bring, the lending division of Carrington Mortgage Services is opening two operations centers in Indiana and Connecticut.”

DS News- “JPMorgan Files Motion to Dismiss RMBS Working Group Suit” (1-9-13)

“It’s been months since New York Attorney General Eric Schneiderman filed suit against JPMorgan Chase over faulty mortgage-backed securities (MBS), but the bank is now coming out of its own corner swinging.”

Bloomberg- “Goldman Sachs Said to Be Part of Fed-Led Foreclosure Deal” (1-9-13)

“Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 4 bedroom, 2 bathroom home appraised for $247,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

Looking Back:

The prices of homes in the U.S. declined in November by 4.3% according to CoreLogic.  On a positive note, the sales of homes, both new and existing, increased for the year according to HUD.  The Mortgage Bankers Association reported a 3.7% decrease in mortgage applications.

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 10/11/11

Tuesday, October 11th, 2011

Today’s News Synopsis:

Zillow reported there has not been much change in foreclosures and home values since prices remained steady in the month of August.  Fannie Mae and Freddie Mac are increasing their demands for repurchasing mortgages and buying back loans.  Goldman Sachs’ quarterly profit is at its lowest since 2008 with its 43% decrease in its shares.

In The News:

Housing Wire - “Zillow: Monthly home values steady, but yearly prices down 4.5%” (10-11-11)

“Home values saw minimal monthly gains, and the foreclosure rate stayed steady in August, according to Zillow (Z: 25.935 -1.01%).  Housing prices increased 0.1% from July to August, with mostly marginal gains in
68 of the 157 markets covered by Zillow. The national average price of a home was $172,600, down 4.5% from August 2010, and down 28.3% since its peak in June 2006.”

DS News - “Stewart Lender Services Offers Foreclosure Review Services” (10-11-11)

“Stewart Lender Services, a wholly owned subsidiary of Stewart Title Company, now provides nationwide foreclosure file processing reviews for mortgage servicers to ensure their compliance with standard foreclosure practices.”

Bloomberg - “Fannie, Freddie Cast Wider Net in Loan-Repurchase Demands, Lender PHH Says” (10-11-11)

“Fannie Mae and Freddie Mac are increasingly demanding sellers repurchase mortgages that default years after they were made and buy back recent loans that aren’t even delinquent, according to PHH Corp. (PHH), the sixth-largest U.S. home lender.”

San Francisco Chronicle - “Goldman Sachs Earnings Collapse in Wells Fargo’s Record Year” (10-11-11)

“Goldman Sachs Group Inc., whose shares have fallen 43 percent this year, may  report its lowest quarterly profit since the 2008 financial crisis. Far from  Wall Street, Wells Fargo & Co. is headed for record earnings.”

Housing Wire - “Nonperforming commercial loans continue to plague banks” (10-11-11)

“Commercial loans remained the driving force behind bank failures in September, according to commercial real estate data analytics firm Trepp.”

DS News - “Bank of America Launches ‘Test-and-Learn’ Short Sale Program in Florida” (10-11-11)

“Bank of America has begun a pilot program in Florida offering extra incentive payouts to distressed homeowners who agree to and successfully close on a short sale.”

Inman - “It’s a seller’s real estate market in Boise” (10-11-11)

“Metro Boise home sales in August  jumped 30.7 percent on a year-over-year basis, to 1,180 properties, amid a  seller’s market. Even so, home prices continue to sag under the weight of  distressed properties across the region. Short sales and bank-owned properties  account for nearly half of all home sales.”

Los Angeles Times - “10-year Treasury note yield at six-week high as haven demand ebbs” (10-11-11)

“It turns out there is another direction for Treasury bond yields besides down.  The benchmark 10-year Treasury note yield rose Tuesday to its highest level in six weeks as the government tests the market this week with $66 billion in new note and bond sales.  The 10-year yield was at 2.16% at noon PDT, up from 2.08% on Friday and the highest since Aug. 31. The 30-year T-bond yield was at 3.11%, up from 3.02% on Friday and the highest since Sept. 20.”

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 9/1/11

Thursday, September 1st, 2011

Today’s News Synopsis:

Inman News reported that mortgage rates have reached a record low.  As an easier and faster way to check appraisal reports early on, Government sponsored enterprises Fannie Mae and Freddie Mac are planning to set up a new database for appraisers to submit their appraisal reports for selling mortgages.  And DS News reported that Nevada AG is planning to withdraw from its settlement with Bank of America reached back in 2008.

In The News:

Housing Wire – “Treasury withholds HAMP funds from BofA, Chase again” (9-1-11)

“The Treasury Department will withhold payments once again to Bank of America (BAC: 7.91 -3.18%) and JPMorgan Chase (JPM: 36.30 -3.35%) for their poor performance modifying mortgages in the second quarter.”

Inman - “Mortgage rates hover around all-time lows” (9-1-11)

“Mortgage rates remained at or near historic lows this week on continued weak economic and housing data, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.”

DS News - “Nevada AG Moves to Withdraw from 2008 Countrywide Settlement” (9-1-11)

“Nevada is asking to be cut loose from a multi-state settlement agreement reached in October 2008 with Bank of America following its acquisition of Countrywide just four months earlier.”

Bloomberg - “Goldman Will Pay Penalties, Alter Practices to Win Approval of Litton Sale” (9-1-11)

“Goldman Sachs Group Inc. (GS) agreed to pay future Federal Reserve penalties and write down $53 million of mortgage loans in New York to gain approval for its sale of Litton Loan Servicing LP.”

Rismedia - “Foreclosures Now Take 20 Months” (9-1-11)

“The average home entering the foreclosure process today won’t house new owners until the next president has been inaugurated and in office for three months.”

Housing Wire – “New GSE appraisal database to tighten scrutiny on mortgage lenders” (9-1-11)

“Appraisers began submitting electronic property data for mortgages sold to Fannie Mae and Freddie Mac under new guidelines that took effect Thursday.”

Realtor Magazine - “Man Found Squatting in $2 Million Home” (9-1-11)

“Police are warning that squatters are getting more clever, even presenting fake deeds to try to prove ownership of a property without ever paying a dime.  A Raleigh, N.C., man was recently arrested and faces several charges for allegedly squatting for at least seven months in a home valued at nearly $2 million and filing a fake deed and paperwork with the county, according to police.”

Rismedia - “Home Prices Could Drop in Fall” (9-1-11)

“With an uptick in June, home prices in major U.S. cities have recorded three consecutive months of gains. But the glimmer of improvement is almost certainly seasonal in nature, real estate experts say, and prices could begin to fall again when the slower sales season begins.”

Looking Back:

One year ago, the MBA’s weekly survey showed mortgage applications increased 2.7% the week of August 30, 2010. SB1275, the foreclosure/modification bill, was rejected by congress in a 36-30 vote. Fannie Mae’s new rule regarding appraisal cutting took effect on this day. Construction spending decreased 1 percent in July 2010, according to the Commerce Department.

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 7/11/11

Monday, July 11th, 2011

Today’s News Synopsis:

Housing Wire reported a dip in foreclosures for the second month in a row.   The Emergency Homeowners’ Loan Program (EHLP) was recently started by HUD and NeighborWorks America to assist people in with homes in danger of foreclosure, according to RisMedia.  Bloomberg reported that banks associated with Wall Street are selling property loan bonds totalling $3.7 billion to help the economy.   

In The News:

Bloomberg - “Wall Street Banks Market $3.7 Billion of Commercial Mortgage-Backed Bonds” (7-11-11)

“Wall Street banks are marketing about $3.7 billion of bonds tied to property loans, wagering investor demand for the debt will withstand mounting concerns that the U.S. economic recovery is stalling and the European crisis is spreading.”

Housing Wire - “Slim summer home price gains expected to reverse” (7-11-11)

“JPMorgan Chase (JPM: 39.469 -3.12%) analysts stuck to their estimate of further declines in home prices ahead and warned against buying too much into the recent upticks in the busier summer months.”

DS News - “Top Servicers Expand Worforce to Assist Distressed Homeowners” (7-11-11)

“With delinquent mortgages at unprecedented levels, sheer market conditions command a staff the size of a small army dedicated to working with distressed borrowers. Servicers have added thousands to their loss mitigation teams over the past few years and most are still recruiting.”

Inman - “Banks taking longer to take back homes with high-balance loans” (7-11-11)

“Banks are taking longer to complete the foreclosure process for homeowners with high-balance mortgages and those who have more than one home loan — in part because of changes in accounting rules that have allowed them to put off recognizing inevitable losses on those loans.”

Realty Times - “Real Estate Outlook: Economic Inclusion” (7-11-11)

“The catch-phrase in the last week has been “economic inclusion,” as it relates to you, me, and mainstream banking. A June 29th speech by Federal Reserve Governor Sarah Bloom Raskin at the New American Foundation Forum revealed that limited access to banking and credit could be having significant damaging effects on the economy.”

Housing Wire - “Foreclosure sales dip for second straight month” (7-11-11)

“Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.”

RisMedia - “New Billion-Dollar Emergency Loan Program Hopes to Stave Off Foreclosures” (7-11-11)

“The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America launched a new Emergency Homeowners’ Loan Program (EHLP) recently to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.”

Bloomberg - “Fed Rates on Hold Longest Since 1940s as Treausury Curve Sees Slower Growth” (7-11-11)

“The Federal Reserve may keep interest rates at record lows for the longest period since World War II as the economic slowdown that sparked a four-month bond rally worsens, according to Treasury market signals.”

Mortgage Bankers Association - “Stevens Reiterates MBA’s Support for Risk Retention” (7-11-11)

“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA) issued the following statement following remarks by Congressman Barney Frank (D-MA) this morning at the National Press Club:  “MBA, as we have said many times, supports risk retention and believes it is an important step in establishing a regulatory plan to protect borrowers and ensure a safe and sustainable mortgage system.   The QRM exemption in Dodd-Frank was designed to recognize that traditional mortgage loans – standard products, properly underwritten and fully documented – were not the cause of the recent crisis.’”

RisMedia - “Bankrate: Mortgage Rates Hit a 2-Month High” (7-11-11)

“Mortgage rates increased for the second week in a row, with the benchmark conforming 30-year fixed mortgage rate now 4.79 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.32 discount and origination points.”

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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