Today’s News Synopsis:
In The News:
Bloomberg – “Calpers Pension to Sell $3 Billion of Real Estate Portfolio” (6-30-15)
“The California Public Employees’ Retirement System, the biggest U.S. pension, plans to sell as much as $3 billion of its real estate portfolio, a move that’s part of a broader plan to reduce costs, risks and external managers.”
“Consumer Financial Protection Bureau (CFPB) Director Richard Cordray is scheduled to testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Wednesday, July 15, according to an announcement on the Senate Banking Committee’s website.”
Mortgage Professional America – “Pending home sales hit 9-year high” (6-30-15)
“Pending home sales reached a nine-year high last month, according to new data from the National Association of Realtors. The NAR’s Pending Homes Sales Index rose 0.9% in May to 112.6, up from April’s downwardly revised reading of 111.6 and 10.4% above May of 2014.”
Bloomberg – “Normal Banks Are Helping Shadow Banks Grow a Lot“ (6-30-15)
“It’s no secret that financial companies without government-backed deposits—often dubbed shadow banks—have been growing as a result of post-financial crisis regulations imposed on actual banks.”
DS News – “Fannie Mae’s Gross Mortgage Portfolio Dips Below $4 Billion” (6-30-15)
“Fannie Mae’s gross mortgage portfolio experienced its second consecutive month of double-digit contraction as its value fell below $4 billion, according to Fannie Mae’s May 2015 Monthly Volume Summary released Tuesday.”
Housing Wire– “Treasury sweep of Fannie, Freddie shareholder profits ‘costly for housing'” (6-30-15)
“Yale Law School lecturer Logan Beirne examined a lawsuit recently filed by three Fannie Mae and Freddie Mac investors accusing the federal government of exceeding its authority as a conservator.”
DS News – “Average Guarantee Fees on GSE Loans Are Two and a Half Times Their 2009 Level” (6-30-15)
“Under the Housing and Economic Recovery Act of 2008 (HERA) requirements, the Federal Housing Finance Agency (FHFA) is obligated to submit an annual report to Congress concerning Fannie Mae’s and Freddie Mac’s guarantee fees.”
Mortgage Professional America – “Seven indicted in multimillion-dollar mortgage scheme” (6-30-15)
“Seven California residents have been indicted for allegedly taking part in a massive mortgage fraud scheme. The seven Californians – Jyoteshna Karan, Praveen Singh, Mahendra Prasad, Phul Singh, Sunita Singh, Nani Isaac and Martin Bahrami – allegedly conspired to defraud mortgage lending companies and financial institutions by making false statements on loan and short sale applications to obtain properties both in their own names and in the names of others.”
Bruce Norris of The Norris Group will be speaking at Discover How to Create A $100,000 Payday Per Deal in 2015 – LAREIC on Tuesday, July 14.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
Copyright: Image from www.flickr.com/photos/peddhapati/
The NAHB saw a major accomplishment this week when the Supreme Court ruled the EPA could not require pre-construction permits for greenhouse gasses emitted on multifamily and commercial homes. According to the latest National Association of Realtors report, pending home sales increased 6.1% month-over-month but decreased 5.2% year-over-year. In a unique news story, a 91-year old woman bought a house for the first time in her life.
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.