Today’s News Synopsis:
The OCC announced that as of May 16 over 2.4 million foreclosure review checks valued at $2.2 billion have been cashed. The Center for Responsible Lending expressed objection to H.R. 1077 (Consumer Mortgage Choice Act) citing it would force borrowers to take out more expensive loans and lead to higher loan costs and fees. The NAHREP said immigration could be a big contributing factor to helping the housing market grow.
In The News:
Housing Wire - “Housing will reaccelerate economic growth: Fannie Mae” (5-20-13)
“The year’s solid economic start faded late in the first quarter, but the recent setback is a temporary one, analysts claim.”
DS News – “OCC: More than 2.4M Foreclosure Review Checks Cashed” (5-20-13)
“In its most recent update on the status of foreclosure review checks, the Office of the Comptroller of the Currency (OCC) announced more than 2.4 million checks valued at $2.2 billion have been cashed or deposited as of May 16.”
Housing Wire – “Housing begins to directly contribute to economy” (5-20-13)
“The housing sector may finally become a direct and meaningful contributor to U.S. economic growth in 2013 and beyond, according to NewOak CEO and Co-Founder Ron D’Vari.”
Inman - “NAHREP: Immigration reform would boost housing” (5-20-13)
“Proposed immigration reform could pump more than half a trillion dollars into the U.S. economy by paving the way for about 3 million Hispanics to buy homes over a five-year period, according to an estimate released by the National Association of Hispanic Real Estate Professionals (NAHREP).”
DS News - “CRL Warns Against Consumer Mortgage Choice Act” (5-20-13)
“The Center for Responsible Lending (CRL) again voiced its opposition to legislation that would amend the Truth in Lending Act (TILA) to exclude certain factors when calculating points and fees for determining qualified mortgage (QM) eligibility.”
Housing Wire - “Investors should strike on agency MBS, but remain cautious: BofAML” (5-20-13)
“The lull in April’s volatility proved to be the calm before the storm, particularly in agency mortgage-backed securities, analysts suggested.”
DS News - “MBA Proposes ‘Up-Front Risk Sharing’ Concept for Mortgage Market” (5-20-13)
“The Mortgage Bankers Association (MBA) shared a proposal that it says would bring private capital back into the mortgage market while decreasing costs for taxpayers and borrowers.”
Hard Money Loan Closed
Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $106,000 on a 3 bedroom, 2 bathroom home appraised for $154,000.
Bruce Norris of The Norris Group will be presenting How to Make a Million in the Next 24 Months in Orange on Saturday, June 1, 2013.
Bruce Norris of The Norris Group will be presenting his Free Pre-Event Webinar for California Comeback 2: Fast, Furious & Dangerous with Chino Valley on Friday, June 7, 2013.
Bruce Norris of The Norris Group will be speaking at the Cutting Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 8, 2013.
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.