Today’s News Synopsis:
The Mortgage Bankers Association reported a 1.6% increase in mortgage applications for this week. Bank of America Merrill Lynch reported on the slowdown in home price gains believing it is related more to a return from out sized gains and not a weakening market. Bank of America and the Justice Department have nearly reached a settlement.
In The News:
Bloomberg – “JPMorgan Wins Dismissal of Los Angeles Bias Lending Case” (8-6-14)
“JPMorgan Chase & Co. won dismissal of claims by Los Angeles accusing the bank’s Washington Mutual unit of targeting minority borrowers with predatory loans, while a judge said the allegations could be refiled against the parent company.”
DS News - “Report: Justice Department Nears Settlement With Bank of America” (8-6-14)
“Bank of America and the Justice Department are close to completing a long-rumored and record-setting deal to resolve allegations of misconduct in the sales of mortgage-backed securities that went bad, according to a report from the Wall Street Journal.”
OC Housing News - “Will a global economic slowdown trigger a US recession and housing bust?” (8-6-14)
“The US economy struggles for growth five years after the Great Recession officially ended. Economists point to encouraging signs of future growth — just as they erroneously have over the last five years.”
Mortgage Bankers Association – “Refinance Applications, Share Increase in Latest MBA Weekly Survey” (8-6-14)
“Mortgage applications increased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 1, 2014.”
Housing Wire - “BofAML: Home price slowdown is snapback from outsized gains” (8-6-14)
“Bank of America Merrill Lynch believes that Tuesday’s report from CoreLogic (CLGX) on the general slowdown in home price gains is more the pendulum swinging back from outsized gains than a general weakness.”
Bloomberg – “Freddie Mac Pays More to Sell Risk-Sharing Securities” (8-6-14)
“Bond investors demanded to be paid more to potentially bear losses on mortgages guaranteed by Freddie Mac (FMCC), amid a slump in risk-sharing notes sold earlier by the firm and competitor Fannie Mae.”
Housing Wire - “Non-QM lending: The new normal for mortgages?” (8-6-14)
“Alamo, California based RPM Mortgage is following suit with the industry and entering the newly chartered territory of non-Qualified Mortgage lending.”
DS News - “Century 21 Earns Top Customer Satisfaction Rating” (8-6-14)
“Century 21 gained the highest customer satisfaction rating among real estate brokerages in all four buyer/seller categories, according to the J.D. Power 2014 Home Buyer/Seller Satisfaction Study released on Aug. 6.”
Hard Money Loan Closed
Victorville, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $30,000 on a 2 bedroom, 1.5 bathroom home appraised for $48,000.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.
Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.
The number of available jobs increased by 29,000 the previous month to their highest in five years according to the Bureau of Labor Statistics. CoreLogic reported home prices increased 11.9%, marking the 16th month in a row home prices have increased. In the same month,the national delinquency rate increased by 10% according to the Lender Processing Services.
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.