Today’s News Synopsis:
In a a unique news story, actors Brad Pitt, Christian Bale and Ryan Gosling are set to begin filming a new movie based off the book “The Big Short: Inside the Doomsday Machine,” which focuses on the housing crash and financial crisis. The NAHB reported a decrease in builder confidence this month with confidence falling two points and now standing at 55. Lenders in New York may be required to keep up with zombie homes if the tenants are not ordered out by a judge.
In The News:
DS News – “Economist: Leverage Plays Major Role in Driving Foreclosures” (2-16-15)
“With the nation’s homeownership rates similar to those of 50 years ago, the foreclosure rate is significantly higher compared to the early 1960s. The main reason for the increase in foreclosure risk while the homeownership rate remains little changed is leverage, according to CoreLogic chief economist Sam Khater.”
Housing Wire – “Proposed overtime exemption change hurt mortgage loan originators” (2-17-15)
“The White House is moving ahead with plans to require overtime pay protections to lower-salaried managers who don’t qualify for them currently, and it could have a direct, deleterious impact on the mortgage lending space.”
Mortgage Professional America – “Lenders could be forced to keep up zombie homes” (2-17-15)
“Lenders in New York could be in for a shock if new legislation passes requiring them to maintain zombie homes or allow the troubled borrowers to stay in the house until ordered out by a judge.”
“Builder confidence in the market for newly built, single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today.”
Housing Wire – “Household debt rising as student loan delinquencies increase” (2-17-15)
“Outstanding household debt increased $117 billion from the third quarter, according to the fourth quarter 2014 Household Debt and Credit Report from the Federal Reserve Bank of New York.”
OC Housing News – “Lender offers FHA loans with no FICO score requirement” (2-17-15)
“Many have quipped that FHA has become the replacement for subprime because they have very low standards for qualification, a very low down payment requirement (currently 3.5%), and as a result, they have become the loan-of-necessity for anyone who doesn’t have the credit requirements or the down payment necessary to obtain other financing.”
Mortgage Professional America – “What do Brad Pitt, Christian Bale and Ryan Gosling have to do with the mortgage industry?” (2-17-15)
“A movie adaptation of the 2010 best-selling book “The Big Short: Inside the Doomsday Machine” is reportedly about to start filming in New Orleans with some Hollywood A-listers. The book, written by Michael Lewis, tells the story of the housing crash and the financial crisis, including the world of real estate derivatives and sub-prime mortgages.”
DS News – “Mortgage Default Index Remains Unchanged; Composite Measure Inches Upward” (2-17-15)
“The nation’s first mortgage default index stayed flat in January while the national composite credit default index rose slightly for the sixth straight month, according to the S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for January 2015 released Tuesday.”
Housing Wire – “It’s official: Zillow now owns Trulia” (2-17-15)
“It’s finally official. After months of speculation, investigation, and consternation, Zillow (Z) and Trulia (TRLA) are now one and the same. Zillow’s acquisition of Trulia is complete.”
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.
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