Today’s News Synopsis:
In The News:
DS New – “Freddie Mac Further Expands Credit Risk Sharing Initiatives” (2-1-16)
“Freddie Mac’s Structured Agency Credit Risk (STACR) series has already started 2016 with a bang, with the first transaction of the year announced last month totaling nearly $1 billion.”
Mortgage Professional America – “NCY remains top foreign investment hub” (2-2-16)
“New York City stood tall as the leading choice for foreign investors who wish to use their capital in acquiring residential and commercial properties, according to the results of the annual survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) on its members.”
Housing Wire – “Fannie Mae, Freddie Mac finalize rep and warrants policies” (2-2-16)
“The Federal Housing Finance Administration announced Tuesday morning that Fannie Mae and Freddie Mac are changing their loan purchasing rules to establish an independent third-party review process for loans that trigger a repurchase request due to perceived violations of the government-sponsored enterprises’ representation and warranty framework.”
Mortgage Bankers Association – “MBA Applauds FHFA, Fannie Mae and Freddie Mac Announcement of Independent Dispute Resolution Program” (2-2-16)
“David H. Stevens, CMB, President & CEO of the Mortgage Bankers Association, released the following statement applauding FHFA, Fannie Mae and Freddie Mac on their work to finalize the independent dispute resolution program, which is the capstone of the revised representation and warranty framework.”
DS News – “From Distressed to Success? Lawmakers Demand More Info from HUD” (2-2-16)
“The critics of HUD’s distressed loan sale program are making more noise over the Department’s sales of these loans to private equity firms and investors instead of non-profits which they believe will do more to achieve the best outcomes for borrowers and stabilize the neighborhoods in which these properties are located”
Mortgage Professional America – “Mortgage loan investments gain traction” (2-2-16)
“Parkside Mortgage Trust, Inc. recently announced that it has commenced operations with the purchase of its first mortgage loan.”
Housing Wire – “CoreLogic: Home prices maintain pace, increase 6.3%” (2-2-16)
“Home prices nationwide, including distressed sales, posted similar results to last month, increasing year-over-year by 6.3% in December 2015 compared with December 2014, according to the most recent report from housing data and analytics provider, CoreLogic.”
DS News – “Kentucky Amends Foreclosure Sale Rules” (2-2-16)
“In an effort to create a more uniform process in judicial foreclosure sales, the Kentucky Administrative Office of the Courts has amended the Rules of Administrative Procedure that govern the role and duties of the master commissioners of the circuit court.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed. Real estate investor received loan for $390,000 on this single family property appraised for $603,000.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Orange County FIBI TONIGHT.
Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDIC FIBI on Thursday, February 4.
Bruce Norris will be presenting Cashing in on a Boom: Investing in Quadrant 4 with Bruce Norris in Riverside on Saturday, February 6.
Image copyright source: www.flickr.com/photos/jakerust
Spending on construction did show a little increase at 0.4% month-over-month and 2.2% year-over-year, but overall remained relatively flat. The Biggest obstacle to making an FHA loan was the preservation of property according to the latest from loan servicers. New guidelines was established by HUD regarding the National Housing Trust Fund.
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.