Today’s News Synopsis:
The Mortgage Bankers Association reported a 15.2% increase in mortgage applications last week. 21 people have been arrested on charges of unemployment fraud totaling $5 million. JPMorgan reported a 53% increase in earnings with the increase in mortgage fees.
In The News:
Inman – “Coldwell Banker partners with Videolicious” (1-16-13)
“In a new relationship that it says could grow, franchising giant Coldwell Banker Real Estate LLC has announced it will provide a customized version of the Videolicious automated video creation platform to 1,000 agents who have demonstrated a desire to grow their business through video.”
Mortgage Bankers Association- “Mortgage Applications Increase in Latest MBA Weekly Survey” (1-16-13)
“Mortgage applications increased 15.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 11, 2013.”
DS News- “Bankruptcy Appellate Panel Rejects Split-the-Note Theory” (1-16-13)
“A three-panel judge representing the United States Bankruptcy Appellate Panel of the Tenth Circuit sided with Mortgage Electronic Registration Systems, Inc. (MERS) in a case involving a split-the-note theory.”
Bloomberg- “Goldman, Morgan Stanley Set $557 Million Fed Mortgage Accord” (1-16-13)
“Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) agreed to offer a $557 million package of cash and other assistance for mortgage borrowers to settle a federal probe into allegations that the banks improperly seized homes.”
Housing Wire- “Refinancing application speeds likely to decline” (1-16-13)
“Combined January refinancing application speeds are expected to decline by 8% for conventional 30-year mortgage rates and 15-year mortgage rates, analysts with Bank of America Merrill Lynch ($11.52 -0.035%) said.”
CNN Money – “21 people charged in unemployment fraud scheme” (1-16-13)
“Three people were arrested in California Tuesday for collecting fraudulent unemployment and disability benefits. To date, a total of 21 people have been charged in the $5 million scheme.”
Housing Wire- “Genworth to protect MI business through reorganization” (1-16-13)
“Genworth Financial Inc. ($8.87 0.735%) announced a bold plan to reduce the risk of its U.S. mortgage insurance subsidiary facing a potential default or capital shortfall in the future.”
Bloomberg- “JPMorgan Reports 53% Earnings Increase as Mortgage Fees Rise” (1-16-13)
“JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, said fourth-quarter profit rose 53 percent, beating analysts’ estimates as mortgage revenue more than doubled and the lender set aside less for future losses.”
Hard Money Loan Closed
Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $175,000 on a 4 bedroom, 3 bathroom home appraised for $272,000.
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.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association at the Scottish Rite Center on Thursday, January 24, 2013.
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.