Today’s News Synopsis:
Morgan Stanley has just reached a settlement and has agreed to pay $95 million to cover mortgage-backed securities sold under false pretenses. Mortgage applications decreased 7.2% last week according to the latest survey released by the Mortgage Bankers Association. U.S. Representative Maxine Waters has proposed changes be made to the way consumer payments and debts are reported to the credit bureaus.
In The News:
Housing Wire – “Waters proposes sweeping credit reporting reforms” (9-10-14)
“The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions.”
DS News - “CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’” (9-10-14)
“In testifying before the Senate Committee on Banking, Housing, and Urban Affairs earlier this week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the CFPB had made “considerable progress” toward its goal of protecting consumers since the passage of the Dodd-Frank Reform Act in 2010.”
OC Housing News – “Only bankers benefit from recent home price inflation” (9-10-14)
“What good came from the recent house price reflation rally? Did it stimulate the economy? No. Did it put millions of unemployed construction workers back to work. No. Did it stimulate housing sales? No. politicians and the federal reserve promised economic expansion and acceleration; however, so far these great benefits from higher home prices remain elusive.”
Los Angeles – “FHA is urged to reform loan sale program” (9-10-14)
“A program designed to help prop up the Federal Housing Administration is short-changing borrowers and neighborhoods hard-hit by foreclosures, community groups said as they took to the streets to push for changes.”
Mortgage Professional America - “Originators speak out on lenders — the good and the bad” (9-10-14)
“MPA recently closed our first ever Originators on Lenders survey, where we asked you to let us know what your lenders were doing right – and what they were doing wrong.”
DS News – “Morgan Stanley Settles MBS Suit for $95 Million” (9-10-14)
“Morgan Stanley has agreed to pay $95 million to settle a lawsuit alleging that the New York City-based financial services giant misled investors in mortgage-backed securities prior to the financial crisis of 2008, according to New York federal court papers.”
Housing Wire – “Freddie Mac’s second high-LTV risk-sharing bond prices tight” (9-10-14)
“Freddie Mac announced that it has priced its second high loan-to-value ratio credit risk sharing transaction under its Structured Agency Credit Risk platform.”
Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-10-14)
“Mortgage applications decreased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 5, 2014. This week’s results included an adjustment for the Labor Day holiday.”
Hard Money Loan Closed
Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $242,000 on a 3 bedroom, 1 bathroom home appraised for $375,000.
Bruce Norris of The Norris Group will be speaking at the SRC YPN Lunch & Learn on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with Robert Hall and Associates on Tuesday, September 16, 2014.
Bruce Norris of The Norris Group will be presenting his California Real Estate Market Update with Paramount Club Market on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women on Wednesday, September 17, 2014.
Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with InvestClub for Women in Cerritos on Thursday, September 18, 2014.
In a positive report, CoreLogic reported over 2 million comes were coming back up from underwater and were in a state of positive equity. Clear Capital reported that despite mini housing bubbles occurring, the housing market was still in good condition and there was not a danger of another big bubble occurring. With the decreasing interest rates, more jobs were being cut, especially at banks such as Bank of America.
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.