Today’s News Synopsis:
In a big news story, SB 2438 was rejected by Congress. Had it passed, it would have allowed a 4 bp administration fee to be charged by the Federal Housing Administration. The Mortgage Bankers Association reported mortgage applications increased 7.3% from last week. Fannie Mae and Freddie Mac have decided to briefly allow homeowners living in foreclosed homes more time before their eviction.
In The News:
Housing Wire – “Moody’s” HY-Lite covenant structures dominate homebuilding deals” (12-10-14)
“North American homebuilding companies have generally been issuing bonds with the weaker covenant packages more typical of investment-grade deals, says Moody’s Investor Service.”
Mortgage Bankers Association - “Mortgage Applications Increase in Latest MBA Weekly Survey” (12-10-14)
“Mortgage applications increased 7.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 5, 2014.”
DS News – “Mortgage Delinquency Rate Predicted to Fall to Pre-Recession Level by End of 2015″ (12-10-14)
“The nation’s mortgage loan delinquency rate is expected to fall down to 2.51 percent by the end of 2015, its lowest level since prior to the housing bust, according to data released by TransUnion on Wednesday.”
Housing Wire- “Will mortgage lenders offer 3% down GSE products?” (12-10-14)
“The housing industry is not as quick to jump onboard with the Federal Housing Finance Agency’s decision to offer 97% loan-to-value products.”
Bloomberg – “JPMorgan Sees ‘High Teens’ Decline in Trading Revenue” (12-10-14)
“JPMorgan Chase & Co. (JPM) probably will report a “high teens” percentage drop in fourth-quarter trading revenue from a year ago, Chief Financial Officer Marianne Lake said. The shares fell as much as 2.3 percent.”
Mortgage Professional America – “GSEs spread holiday cheer by suspending evictions during December” (12-10-14)
“Fannie Mae and Freddie Mac will follow their usual holiday tradition this year and temporarily halt evictions from Dec. 17, 2014 to Jan. 2, 2015.”
Housing Wire – “New FHA administrative fee defeated in Congress” (12-10-14)
“A provision in Senate Bill 2438 that would have allowed the Federal Housing Administration to charge a 4 bp administrative fee has been formally dropped from the Transportation, Housing and Urban Development and Related Agencies Appropriations Act.”
Mortgage Professional America – “The housing implications of the Ferguson case” (12-10-14)
“The wave of riots in Ferguson, Missouri, has dampened its housing market, but some are using the protests as selling points. Preliminary data shows the number of days a home is on the market has risen and the price of properties has dropped, according to The Canadian Press.”
Hard Money Loan Closed
La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $213,000 on a 3 bedroom, 2 bathroom home appraised for $424,000.
Bruce Norris of The Norris Group will be speaking at LAREIA presenting How to create a $100,000 Payday Per Deal in 2015 TODAY.
Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.
Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.
In a big news story, Mel Watt was officially declared the new director of the FHFA after a vote from the Senate. The U.S. saw a 30% decrease in foreclosures year-over-year in October. More and more consumers were being cautious, causing a slowdown in the recovery.
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.