Today’s News Synopsis:
Both permits and housing starts saw a 5.7% decrease last month and now stand at 1,039,000. Foreclosures increased for the first time in five years by 4% in March according to RealtyTrac. A new program known as the Neighborhood Stabilization Pilot Program was just started by the FHFA in Illinois to help fix neighborhoods most affected by the downturn.
In The News:
Mortgage Professional America - “Daily Market Update: Zillow mortgages now also on Trulia” (4-16-15)
“Zillow has announced that mortgage lenders are now able to reach a wider audience as their mortgages will also be listed on Trulia.”
DS News - “FHFA Launches Neighborhood Stabilization Pilot Program in Illinois” (4-16-15)
“The Federal Housing Finance Agency, through Fannie Mae and Freddie Mac, Wednesday announced the launch of a pilot program designed to stabilize neighborhoods around Chicago that have been hardest hit by the housing downturn.”
Mortgage Bankers Association - “Motley Testifies on Access to Mortgage Credit” (4-16-15)
“J. David Motley, President of Colonial Savings, F.A. and a member of the Mortgage Bankers Association’s Residential/Single Family Board of Governors, testified today before the U.S. Senate Committee on Banking, Housing, and Urban Affairs at a hearing entitled “Regulatory Burdens to Obtaining Mortgage Credit.”Below is Mr. Motley’s oral testimony, as prepared for delivery.”
Housing Wire – “RealtyTrac: Foreclosures see first year-over-year increase since 2010″ (4-16-15)
“Foreclosure activity — which includes default notices, scheduled auctions and bank repossessions — rose 4% in March over the previous year’s total, according to a new report from RealtyTrac.”
DS News – “U.S. 2nd Circuit Dismisses MBS Suit Against Royal Bank of Scotland” (4-16-15)
“A class action lawsuit against Royal Bank of Scotland (RBS) that accused the bank of fraud with regards to its mortgage-backed securities, was dismissed on Wednesday by the U.S. Second Circuit Court of Appeals, according to multiple media reports.”
Mortgage Professional America - “Bill calling for CFPB transparency passes in overwhelming majority vote” (4-16-15)
“A bill that would bring greater transparency and accountability to the Consumer Financial Protection Bureau (CFPB) passed the U.S. House of Representatives by an overwhelmingly bipartisan vote of 401 to 2 this week.”
“Both Goldman Sachs and Citigroup reported strong first quarters though revenues were down for Citi compared to this time last year, according to statements released by the companies Thursday.”
Mortgage Professional America - “Warren: It’s time to break up too-big-to-fail banks” (4-16-15)
“U.S. Senator Elizabeth Warren has called on lawmakers to break up too-big-to-fail by capping the size of the largest financial institutions and separating commercial and investment banking.”
Housing Wire - “Housing starts and permits show deep weakness in March” (4-16-15)
“Privately owned housing units authorized by building permits in March dropped 5.7% on a monthly basis, coming in at a seasonally adjusted annual rate of 1,039,000.”
Bruce Norris of The Norris Group will be speaking at the 2015 Women in DS Conference from Sunday-Tuesday, May 3-5.
Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, May 5 through Thursday, May 7
Bruce Norris of The Norris Group will be speaking at the IVAOR Real Estate Market Update on Wednesday, May 6.
Housing starts increased slightly by 2.8% the previous month, increasing to 946,000 units from 920,000. Mortgage applications increased again by 4.3% from the previous week. First quarter earnings for Bank of America were low due to an increase in legal expenses.
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