Today’s News Synopsis:
Consumer optimism is showing signs of improvement according to the latest Fannie Mae Housing Survey, with 67% saying now is a good time to buy and 44% saying now is a good time to sell. Julián Castro, secretary of HUD, will be testifying before the House Financial Services Committee on Wednesday regarding the FHA budget and their lowering of mortgage insurance premiums. Former Congressman Barney Frank spoke at the ABS Vegas 2015 conference to discuss housing policies, risk retention, and mortgage lending.
In The News:
DS News – “Economic Momentum Drives Consumers’ Optimism Toward Housing Market” (2-9-15)
“After suffering a setback in December, American attitudes toward the housing market recovered last month, with more consumers saying it is good time to get off the sidelines.”
California Reinvestment Coalition - “New California Bill Clarifies that Widows are also Protected by California Homeowner Bill of Rights” (2-9-15)
“Assemblymember Susan Talamantes Eggman has introduced AB 244, legislation that would strengthen the California Homeowner Bill of Rights (HBOR) by clarifying that widowed homeowners and other heirs who have legal interest in a home after a loved one passes away enjoy the same legal protections afforded to homeowners.”
Mortgage Professional America – “Subprime lending is back, but don’t all it that” (2-9-15)
“A tight credit market and shrinking origination volume has opened the flood gates for more wholesale lenders providing brokers with the option to originate subprime mortgages in 2015.”
Housing Wire – “Fannie Mae: Homebuyers, mortgage lenders getting excited about 2015 prospects” (2-9-15)
“A new boost in consumer optimism is spilling over into housing, as more people believe now is a good time to buy a home. Fannie Mae’s January 2015 National Housing Survey reported that the share of respondents who said their household income is significantly higher than it was 12 months ago grew 4 percentage points to 29%, and the share expecting their personal financial situation to improve over the net year increased to 48%, both all-time survey highs.”
Mortgage Professional America – “Wells Fargo to pay millions for securing credit card financing with homes” (2-9-15)
“Wells Fargo & Co. will send refunds to more than 1,300 New Yorkers as part of a settlement with New York State on charges of violating state law in connection with credit cards issued by a former affiliate.”
“U.S. Department of Housing and Urban Development (HUD) Secretary Julián Castro is scheduled to testify before the House Financial Services Committee on Wednesday, February 11, starting at 10 a.m. Eastern time.”
Housing Wire – “Barney Frank: Risk retention is enough to regulate mortgage lending” (2-9-15)
“Former Congressman Barney Frank, coauthor of the eponymous Dodd-Frank Wall Street Reform Act, kicked off his keynote address to a standing-room only crowd in the main room at the ABS Vegas 2015, the Structured Finance Industry Group/IMN capital markets conference at the Aria Resort & Casino in Las Vegas.”
OC Housing News – “4% mortgage rates transfer wealth from Millennials to Boomers” (2-9-15)
“Even before the housing bubble created a great deal of false wealth, baby boomers were the recipients of an artificial boost in home prices due to 25 years of falling mortgage interest rates. At least 40% of the value of their homes was created totally by increased borrowing power of subsequent buyers.”
Mortgage Professional America – “Daily Market Update: America’s most unaffordable cities” (2-9-15)
“Where in the U.S. is the most unaffordable place to live? RealtyTrac has analysed median home prices across cities with populations of at least 3,000, compared it with estimated median incomes and found that California dominates the top 10 most unaffordable.”
Bruce Norris of The Norris Group will be speaking at AOA San Diego presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 19.
Bruce Norris of The Norris Group will be presenting the 2015 Annual TNG Subscriber Investor Brunch on Saturday, February 21.
Bruce Norris of The Norris Group will be speaking at AOA Anaheim presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 24.
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.