Today’s News Synopsis:
According to Housingwire, Freddie Mac just completed a new modification option they will make available at the beginning of October that will allow mortgage servicers to more closely evaluate those eligible for the HAMP program. Bloomberg reported the number of people who owed more than the worth of their property decreased, but this was due to the increase in foreclosures the second quarter. Foreclosures are especially seeing increases in the western states.
In The News:
Bloomberg - “U.S. Homeowners ‘Underwater’ on Mortgages Drop as Foreclosures Increase” (9-13-11)
“The number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc. (CLGX).”
Housing Wire – “Freddie Mac finalizes new modification option” (9-13-11)
“Freddie Mac finalized requirements for a new modification option that will be made available to qualified borrowers on Oct. 1.”
DS News - “Fannie Mae Opens Sacramento Mortgage Help Center” (9-13-11)
“Fannie Mae last week opened a mortgage help center in Sacramento, California, to provide free education and counseling services to struggling local homeowners with Fannie Mae-owned mortgages.”
Inman - “Foreclosure starts surge in Western states” (9-13-11)
“Foreclosure starts jumped by double digits from July to August in four out of five Western states tracked by ForeclosureRadar, reversing what had been a declining trend over the past several months, the company said.”
Los Angeles Times - “FDIC approves ruling requiring ‘living wills’ for largest banks” (9-13-11)
“The Federal Deposit Insurance Corp. on Tuesday approved a rule requiring the nation’s largest banks to submit “living wills” to help regulators shut them down in an orderly way if they are seized on the brink of failure.”
Housing Wire – “JPMorgan Chase brings $1 billion CMBS to market” (9-13-11)
“JPMorgan Chase (JPM: 32.49 +0.22%) is coming to market with $1 billion of commercial mortgage-backed securities to the market containing 44 loans on 209 properties, according to the pre-sale report from credit rating agency
Morningstar.”
DS News - “Government Guarantees Called Into Question at Senate Hearing” (9-13-11)
“The Senate Banking Committee held a hearing Tuesday on housing finance reform, the first of three housing-related hearings on the agenda this week. The issue of government guarantees for mortgages came under fire.”
Bloomberg - “Morgan Stanley’s Multi Gets $1.2 Billion Loan Package, New Chief Executive” (9-13-11)
“Multi Corp. BV, the European mall developer that’s 85 percent owned by a Morgan Stanley (MS) fund, named a new chief executive officer as it announced a new 850 million-euro ($1.16 billion) financing package.”
Realtor Magazine - “Home Sale Delays from Irene Still Plague East Coast” (9-13-11)
“Closings on thousands of homes under contract from North Carolina to New York City are being delayed, put on hold in the aftermath of Hurricane Irene. Banks and lenders are requesting new inspections of homes that are currently sold, wanting to ensure the homes in Hurricane Irene’s path were not damaged and are still at the value they were originally appraised at.”
Inman – “Startup rolls out ‘apartment matching engine’” (9-13-11)
“Apartment hunters and technology aficionados, take note: Vertical Brands, a San Francisco-based startup, this week officially launched what it claims is the “first online apartment matching engine.”
Looking Back:
Many predictions were being made regarding the economy and the housing market. Most of the articles had an overall positive outlook on the economy, while most had a negative outlook for the housing market. New delinquencies decreased 8.5% in August 2010. As far as September 2010, the FDIC said 119 banks failed so far.
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.