Today’s News Synopsis:
Regulators for Fannie Mae said borrowers will now be able to receive new loans from the HARP program all the way through 2015. Foreclosures in the first quarter declined 12% quarterly and 23% yearly to their lowest in six years. Mortgage rates continue to be on the decline according to Freddie Mac.
In The News:
Housing Wire - “Freddie Mac: Fixed-mortgage rates continue to drop” (4-11-13)
“Fixed-mortgage rates inched down for the second consecutive week, aligning with weak employment reports, Freddie Mac said in its latest Primary Mortgage Market Survey.”
Bloomberg – “Fannie Mae Regulator Extends HARP Refinance Program Through 2015″ (4-11-13)
“Borrowers with mortgages backed by Fannie Mae (FNMA) or Freddie Mac (FMCC) will have until the end of 2015 to obtain new loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency said today.”
DS News – “RealtyTrac: Foreclosure Activity Falls to Lowest Level Since 2007″ (4-11-13)
“Despite a monthly uptick in foreclosure starts, first quarter foreclosure activity fell to a six-year low, according to RealtyTrac’s foreclosure market report for the first quarter and March.”
Housing Wire- “Sen. Warren spars with regulators over foreclosure review settlement” (4-11-13)
“U.S. Sen. Elizabeth Warren sparred with prudential regulators on Capitol Hill, suggesting the recent $9.3 billion independent foreclosure review settlement between regulators and mortgage servicers failed to account for how many illegal foreclosures potentially impacted American borrowers.”
CNN Money - “Jobless claims point to fewer layoffs” (4-11-13)
“Claims for unemployment benefits are on a roller coaster ride again, falling dramatically last week after rising sharply a week earlier.”
DS News - “Advocacy Groups Call for National Homeowner Bill of Rights” (4-11-13)
“The Center for Responsible Lending and the Consumers Union, two consumer advocacy organizations, are calling on national lawmakers to create a Homeowner Bill of Rights in order to prevent ‘unnecessary foreclosures’.”
Inman - “Federal budget projects $943 million bailout for FHA” (4-11-13)
“The Federal Housing Administration will likely need a $943 million taxpayer bailout in the next fiscal year to cover losses stemming from defaults on loans made both during and after the housing boom, according to a 2014 budget proposal released by the Obama administration today.”
Housing Wire - “New York ruling is credit positive for RMBS trusts” (4-11-13)
“A recent decision by a New York Appellate Court in regards to MBIA’s reps and warranties litigation against Countrywide Home Loan is credit positive for both residential mortgage-backed securities and commercial mortgage-backed securities trusts, Moody’s Investors Service said in its latest credit outlook.”
Bloomberg - “Manhattan Apartment Rents Near Peak as Gains Accelerate” (4-11-13)
“Manhattan apartment rents jumped in March at the fastest pace in six months, sending rates to within about 2 percent of their peak, as limited inventory in the sales market fueled competition among tenants.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $180,000 on a 4 bedroom, 2 bathroom home appraised for $282,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at with High Desert Real Estate TODAY.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.
Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, June 1 in Orange.
Looking Back:
The Mortgage Bankers Association reported a 2.4% decrease in mortgage applications from the previous week but an increase in Commercial and multifamily mortgage origination volumes. New data from Corelogic showed the amount of money returned from REO-to-rental properties could reach as high as $100 billion. The FDIC was planning to offer up for auction properties in Midwest states including Indiana, Illinois, Michigan, and Wisconsin.
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.
