California Real Estate Investing News

Posts Tagged ‘Richard Cordray’

Bill To Limit GSE CEO Pay Signed Into Law

Friday, December 4th, 2015

Sources:

Pending Sales of Previously Owned Homes in U.S. Increase 0.2%
CoreLogic: Home prices rise 6.8% in October

 

Today’s News Synopsis:

 

Aaron Norris of the Norris Group gives the news of the week in the world of real estate in this week’s Norris Group real estate headline roundup.  A new law that will limit the salaries for Fannie Mae and Freddie Mac CEOs has officially been signed into law.  Job gains were strong last month according to the Bureau of Labor Statistics with increases at 211,000.  Zillow reported a decrease in negative equity, although it still appears to weigh on the economy.

 

In The News:

Housing Wire – “Here are 7 tips to secure a home when inventory is low” (12-4-15)

“While there is strong buyer demand, a giant lack of inventory in the housing market is creating a roadblock. This leaves home shoppers in a tight spot.”

Mortgage Professional America – “Morning Briefing: Negative equity falls but still a drag” (12-4-15)

“The proportion of US homes in negative equity has continued to fall but there are still a large number of homes underwater according to a new report.”

DS News“President Signs Fannie Mae & Freddie Mac CEOs Salary Cap Bill into Law” (12-4-15)

“It appears that Fannie Mae and Freddie Mac CEOs will not be receiving the multi-million dollar pay raises that Federal Housing Finance Agency (FHFA) Director Mel Watt had in mind for them.”

Bloomberg – “Credit-Market Swoon Sends Somber Message to Property Investors” (12-4-15)

“Commercial real estate investors are receiving ominous signals from the bond market.  Yields on U.S. corporate debt are rising — touching a three-year high last month — while projected returns on properties from apartment towers to offices to top-tier shopping malls stay stubbornly low.”

Mortgage Professional America – “The industry is alive and well, despite fears to the contrary” (12-4-15)

“Originators shouldn’t fear the influx of online and digital mortgage options, according to one industry veteran, who argues the role of the loan officer is more important today than ever before.”

Housing Wire – “Does November jobs report signal December interest rate hike?” (12-4-15)

“November job creation increased by 211,000 in November, giving the final confirmation that the Fed will likely raise rates this month, the Bureau of Labor Statistics said.”

DS News – “What Changes Are Coming to the CFPB’s Consumer Complaint Database” (12-4-15)

“The Consumer Financial Protection Bureau (CFPB)’s Consumer Complaint Database has generated much controversy since June when it began publishing narratives of complaints from consumers. So much so that CFPB Director Richard Cordray issued a rare public response to the criticisms in late November.”

 

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with SDCIA on Tuesday, December 8.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with Prosperity Through Real Estate on Tuesday, January 5.

Bruce Norris will be presenting his newest talk Stay Put, Cash Out, Or Change Seats? with CVREIA on Tuesday, January 12.


Image copyright source: www.flickr.com/photos/usnavy

 

Looking Back:

Mortgage rates decreased again to their lowest since May 2013 with 30-year rates at 3.89% and 15-year rates at 3.10%.  41,000 foreclosures were completed in October, down 26.4% year-over-year yet still at high levels.  Underwater borrowers were also high at 4 million despite showing signs of decrease.

 

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.


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CFPB Allowing Adjustment Time Period Following Ruling for TRID Grace Period

Wednesday, September 30th, 2015

 

Today’s News Synopsis:

 

The Mortgage Bankers Association reported mortgage applications decreased by 6.7% from last week.  Following the decision for TRID to allow a grace period, Richard Cordray of CFPB announced they too will allow a period of time for institutions to get accustomed to this new rule.  More homes have been built where the production of shale oil has escalated to accommodate workers in that industry.

 

In The News:

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (9-30-15)

“Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 25, 2015.”

Mortgage Professional America “Morning Briefing: Shale towns overbuilt as oil industry declines” (9-30-15)

“Towns where shale oil production has escalated in recent years responded by building more homes to accommodate an increasing workforce. But those towns are now overbuilt as oil production recedes and workers leave or are unable to afford to buy a home”

Bloomberg – “Meet the Hipster Real Estate Developers Building for Millennials” (9-30-15)

“Young real estate developers are using young investors’ money to put young people in young neighborhoods.”

Housing Wire – “Student loan burden doesn’t explain low Millennial homeownership [study]” (9-30-15)

“Simply stating that student loans are the reason behind the decreasing homeownership rate is not enough, Freddie Mac’s latest Insight & Outlook report said.’”

Mortgage Professional America “Regulator confirms ‘hold harmless’ period” (9-30-15)

“Speaking before the House Financial Services Committee Wednesday, CFPB Director Richard Cordray confirmed there will be a period of time allowed for lenders and originators to acclimatize themselves to the upcoming rule change”

Housing Wire “Here’s how TRID will impact real estate transactions” (9-30-15)

“HousingWire asked Sharon Voss, president of the Orlando Regional Realtor Association, to discuss how the new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau will affect real estate transactions.”

Mortgage Professional America “100 mortgage jobs cuts in Texas” (9-30-15)

“A hundred mortgage jobs in North Texas were eliminated when a San Antonio-based company indicated it would be laying off 105 employees.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference TOMORROW.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29.

 

Copyright: Image from www.flickr.com/photos/lendingmemo

 

Looking Back:

Home prices increased in 20 US cities by 6.7% according to the latest Case-Shiller Index.  The latest RealtyTrac report showed that in eight states, distressed homes sold at less than half the price of a non-distressed home.  The high cost of loans seemed to be the biggest obstacle to homeowners saving for a down payment and lead to a decrease in FHA originations.

 

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.

Cash Sales of Homes Decrease to 31.3% According to CoreLogic

Tuesday, September 29th, 2015

 

Today’s News Synopsis:

 

According to the latest S&P/Case-Shiller Index, home prices increased 5% year-over-year in July in 20 cities across the country.  At the same time, cash sales decreased to 31.3% from 33.9% year-over-year in June according to CoreLogic.  Realtor.com reported now is a better time than ever to purchase a home and listed the 20 best places to buy.

 

In The News:

Housing Wire – “CoreLogic: Cash sales in June drop to 31%” (9-29-15)

“Cash sales made up 31.3% of total home sales in June 2015, down from 33.9% in June 2014, according to the latest report from CoreLogic.”

Realty Trac “Mortgages: What If There’s A Lender Shortage?” (9-29-15)

“The usual assumption when getting a mortgage is that there are a ton of lenders out there fighting for your business, so it makes sense to shop around for rates and terms. That’s surely true today but what about tomorrow? What happens if lending becomes an exotic craft in a market with lots of borrowers and far fewer lenders?”

Bloomberg – “All Eyes on Crowdfunded Loans Tucked Into Commercial Real Estate Bonds” (9-29-15)

“Morgan Stanley Analyst Richard Hill has been digging around in the monthly remittance reports that accompany bonds backed by commercial real estate loans, known as Commercial Mortgage-Backed Securities, and he’s found something interesting.”

Housing Wire – “Who wants to know the hottest 20 places to buy a home right now?” (9-29-15)

“With month-over-month declining prices and increased time on market, the September housing market has transitioned into a buyer’s market, according to realtor.com’s ‘Advance Read of September Trends.’”

Mortgage Professional America “Morning Briefing: Pending home sales down but not out” (9-29-15)

“America’s pending home sales declined slightly in August but the market remains healthy according to the National Association of Realtors. The Pending Home Sales Index was down 1.4 per cent in the month but is still 6.1 per cent above its August 2014 level.”

Housing Wire “3 reasons fall is a great time to buy a home” (9-29-15)

“Along with pumpkin spice lattes and flannel shirts, you might want to consider adding buying a home to your list of fall essentials.”

Mortgage Professional America “Foreclosures, delinquencies drop” (9-29-15)

“The delinquency rate in the United States dropped drastically year-over-year in August, according to Black Knight Financial Services and one industry player is crediting tighter underwriting.”

Bloomberg – “Home Prices in 20 U.S. Cities Increased 5% in Year to July” (9-29-15)

“Home prices in 20 U.S. cities rose 5 percent in July from the same month in 2014, propelled by improving demand and limited supply.  Year-to-year increases in the S&P/Case-Shiller index have hovered in a narrow range around 5 percent since February, indicating the rebound in residential real estate is stable.”

Housing Wire – “House committee grills CFPB director on TRID, HMDA and more” (9-29-15)

“The House Financial Services Committee heard the semi-annual report from Richard Cordray, director of the Consumer Financial Protection Bureau, on Tuesday morning.”

 

Bruce Norris of The Norris Group will be speaking at the 2015 Inland Southern California Economic Forecast Conference on Thursday, October 1.

Bruce Norris of The Norris Group will be presenting his talk How to Create a $100,000 Payday Per Deal in 2015 on Thursday, October 8.

Bruce Norris of The Norris Group will be presenting Cashing in on a Boom: Investing in Quadrant 4 on Saturday, October 10.

Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.

The Norris Group will be holding its Property Buying Bootcamp on Tuesday through Thursday, October 27-29

.

 

Copyright: Image from www.flickr.com/photos/106574022@N04

 

Looking Back:

Consumer confidence increased this month by 2.5% to 77.5, its highest since the Recession.  August saw a decrease in pending home sales, leading NAR to predict existing home sales would decrease 3% for the whole year.  Freddie Mac reported progress in the housing market declined the previous month with price recovery not being consistent and purchase applications struggling to progress.

 

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.

Fannie Mae Mortgage Portfolio Decreases Again to Below $4 Billion

Tuesday, June 30th, 2015

 

Today’s News Synopsis:

 

Richard Cordray, director of the CFPB, is scheduled to speak in front of the Senate Banking Committee on July 15.  The National Association of Realtors reported an increase in pending home sales to levels not seen in nine years.  Fannie Mae’s mortgage portfolio decreased again this month to below $4 billion.

 

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.”

DS News “CFPB Director Cordray to Testify In Full Senate Banking Committee Hearing July 15” (6-30-15)

“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/

 

Looking Back:

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.

 

 

Know Before You Owe Rule Will Not Go Into Effect Until October

Wednesday, June 17th, 2015

 

 

Today’s News Synopsis:

 

Today is a big day for foreclosures and delinquencies.  Delinquencies are showing signs of increase as more Americans are struggling to make interest payments on HELOCs.  At the same time, HOPE NOW reported solutions for non-foreclosures have outweighed foreclosure completions.  A new piece of legislation was proposed by Senator Bob Menendez to help homeowners struggling with being underwater to not have to face foreclosure.  In another big story, the Know Before You Owe Rule that was supposed to go into effect this August has now been pushed to early October.

 

In The News:

Housing Wire“TransUnion: 1.5M hit by mortgage crisis can re-enter housing market in next 3 years” (6-17-15)

“More than 1.5 million homebuyers negatively impacted by the financial crisis could potentially re-enter the mortgage market in the next three years, according to a new study from TransUnion.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-17-15)

“Mortgage applications decreased 5.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 12, 2015.”

Mortgage Professional America – “Second round of delinquencies hits home” (6-17-15)

“Many Americans who have only had to pay interest on HELOCs taken out ten years ago are set to struggle with massive upticks in monthly payments, and delinquencies are already increasing as a result.”

Housing Wire “Fannie Mae: More mortgage lenders feeling positive on purchase demand” (6-17-15)

“Mortgage lenders remain optimistic about purchase mortgage demand and their profit margin during the next three months, according to Fannie Mae’s second quarter 2015 Mortgage Lender Sentiment Survey.”

DS News – “Non-Foreclosure Solutions Continue to Outpace Completions Five to One” (6-17-15)

“Non-foreclosure solutions continued to outpace completed foreclosures by a rate of approximately five to one in April while serious delinquencies continued their steady decline, according to data released on Wednesday by HOPE NOW, an industry-created private sector alliance of mortgage servicers, investors, counselors, and other mortgage market participants.”

Housing Wire – “FOMC: Federal fund rate remains unchanged, on track for 2015 increase” (6-17-15)

“The Federal Open Market Committee choose to keep the current 0 to 1/4 percent target range for the federal funds rate in its June meeting, the FOMC announced Wednesday.”

Mortgage Professional America – “TRID effective date pushed back to October” (6-17-15)

“The Consumer Financial Protection Bureau has announced it will delay the effective date of the Know Before You Owe rule.  “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks,” said CFPB Director Richard Cordray.”

DS News – “Senator Proposes Legislation to Help Underwater Borrowers Avoid Foreclosure” (6-17-15)

“U.S. Senator Bob Menendez (D-New Jersey) has proposed legislation that will help underwater homeowners avoid foreclosure and remain in their homes, according to an announcement on Menendez’s website.”

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.

 

Looking Back:

Since its inception in 2007, HOPE NOW had given loan modifications to almost 7.02 million homeowners.  Housing starts for both single and multi-family homes decreased 6.5% the prior month.  The latest S&P Dow Jones Indices showed the national default rate decreased the prior month and was at 1.04$, its lowest in 8 years.

Copyright: Image from www.flickr.com/photos/notionscapital/

 

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.

 

$50 Million Robo-Signing Settlement Reached with JP Morgan

Wednesday, March 4th, 2015

 

Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications increased only slightly from last week by 0.1%.  New data from the Census Bureau showed homeownership rates were at their lowest in 20 years in 2014.  JP Morgan Chase just reached a settlement of $50 million regarding robo-signing.

In The News:

Housing Wire“Mortgage applications hold the line” (3-4-15)

“Mortgage applications increased 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 27, 2015.”

Mortgage Professional America – “Homeownership rates at lowest level since 1994” (3-4-15)

“Homeownership rates in 2014 were the lowest they have been in over 20 years, according to new information released by the U.S. Census Bureau.  In the Midwest, homeownership rates were highest at 68.3% and lowest in the West at 58.6%.”

OC Housing News“Would eliminating the GSEs doom the 30-year mortgage?” (3-4-15)

“Most people recognize the GSEs should be eliminated because their implied government backing is now explicit. These entities are not private entities, although many private investors would like them to be so they could profit off the government guarantee.”

Housing Wire“At long last: ING completes exit from disastrous US business ventures” (3-4-15)

“With the sale of 45.6 million shares of Voya Financial (VOYA), ING Group (ING) announced Wednesday that its exit from the U.S. retirement, investment and insurance business is complete.”

DS News“Nationwide Title Clearing Hires New VP of Marketing” (3-4-15)

“Post-closing services provider Nationwide Title Clearing, Inc. (NTC) has announced the hiring of Gina Morales, APR, as VP of Marketing.  In her new position with NTC, Morales will be responsible for creating and implementing effective integrated marketing and public relations programs regarding NTC’s mission to protect homeowners and preserve land records.”

Mortgage Professional America – “JP Morgan to pay $50M in ‘robo-signing’ settlement” (3-4-15)

“JP Morgan Chase & Co. has reached a $50 million settlement with regulators over accusations the bank robo-signed mortgage documents to bankruptcy courts across the country.”

Housing Wire“Early soundings suggest slowing job creating in February” (3-4-15)

“The official employment situation report for February will come out on Friday, but in the meantime two early metrics suggest job creation slowed in February.  ADP sees slowing for Friday’s February payrolls, estimating that private payrolls rose 212,000 which is 8,000 below consensus for the ADP report.”

Mortgage Professional America – “Congress grills CFPB director” (3-4-15)

“As much as Consumer Financial Protection Bureau (CFPB) Director Richard Cordray tried to used his most recent semi-annual report to Congress to boast about recent achievements of the bureau in the mortgage industry, Republicans appeared not pleased.”

DS News“Report: Citigroup Preparing to Pay $20 Million to Overlooked Victims of Foreclosure Violations” (3-4-15)

“Citigroup is preparing to pay approximately $20 million to thousands of homeowners who were eligible to receive compensation as part of the Independent Foreclosure Settlement reached between the government and 10 mortgage servicers two years ago over loan servicing and foreclosure procedure violations, according to media reports.”

 

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $275,000 on a 4 bedroom, 2 bathroom home appraised for $425,000.

San Diego Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

Bruce Norris of The Norris Group will be speaking at NORCAL REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, March 11.

 

Looking Back:

The Mortgage Bankers Association reported commercial and multifamily delinquency rates decreased 0.01 percentage points to 0.05% in the fourth quarter.  Another bank closed in Pennsylvania, putting the number of bank closures for 2014 at 5.  HUD secretary Shaun Donovan had just released the newest proposed budget for 2015.

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.

Copyright: Image from www.flickr.com/photos/dragonflyeye/

 

 

It’s Expected Real Estate Crowdfunding Will Increase To Over $2.5 Billion This Year

Tuesday, March 3rd, 2015

 

Today’s News Synopsis:

Home prices increased almost 6% in January according to CoreLogic’s latest Home Price Index.  The Mortgage Bankers Association reported a continued decrease in commercial/multifamily delinquencies to 5.11%.  It is believed real estate crowdfunding will see an increase this year over $2.5 billion.

In The News:

Housing Wire“CoreLogic: Home prices gain nearly 6%” (3-3-15)

“CoreLogics January Home Price Index reports that home prices nationwide, including distressed sales, increased 5.7% in January 2015 compared to January 2014.”

Mortgage Professional America – “FHFA puts new rules on non-performing GSE mortgages” (3-3-15)

“The Federal Housing Finance Agency (FHFA) has enhanced requirements for sales of non-performing loans (NPLs) by Freddie Mac and Fannie Mae (the Enterprises).”

Mortgage Bankers Association – “Commercial/Multifamily Delinquencies Continue Decline” (3-3-15)

“Delinquency rates for commercial and multifamily mortgage loans continued to decline in the fourth quarter of 2014, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report.”

DS News“Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion” (3-3-15)

“Ocwen Financial has signed a letter of intent to sell the mortgage servicing rights for $45 billion worth of Agency performing loans, according to an announcement on Ocwen’s web site late Monday night.”

Bloomberg“Real Estate Crowdfunding Seen Topping $2.5 Billion in ’15” (3-3-15)

“Crowdfunding for real estate is likely to jump to $2.57 billion worldwide this year, two and a half times the total in 2014, as more people become comfortable with the investing model, research company Massolution said.”

Housing Wire“CFPB Director Cordray talks HMDA exemptions and more” (3-3-15)

“Consumer Financial Protection Bureau Director Richard Cordray will appear before the House Financial Services Committee today at 2:30 p.m. ET for his semi-annual report to Congress, but here’s a preview of his opening remarks, unedited.”

Mortgage Professional America – “Google may launch U.S. mortgage comparison tool” (3-3-15)

“In late 2012, Google launched its mortgage comparison tool via Compare in the U.K. and now, it appears the search giant is bringing it stateside.  Compare is aimed at helping users find deals on mortgages, credit cards, auto insurance and travel.”

DS News“JPMorgan Chase Settles for $50 Million With DOJ Over Robo-Signing, Other Violations” (3-3-15)

“JPMorgan Chase Bank has agreed to pay more than $50 million to more than 25,000 homeowners in bankruptcy as part of a settlement with the Department of Justice’s U.S. Trustee Program (USTP), according to an announcement from the DOJ on Tuesday.”

 

San Pedro, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $480,000 on a 8 bedroom, 4 bathroom home appraised for $742,000.

San Pedro Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

Bruce Norris of The Norris Group will be holding his Norris Group Property Buying Bootcamp Tuesday, March 3 through Thursday, March 5.

Bruce Norris of The Norris Group will be speaking at Coldwell Banker’s  2015 Real Estate Forecast Wednesday, March 4.

Bruce Norris of The Norris Group will be speaking at LA South REIA presenting How to create a $100,000 Payday Per Deal in 2015 on Monday, March 9.

 

Looking Back:

Another bank closed in Virginia, bringing the new total for closed banks in 2014 to four.  The percentage of homeowners underwater was below 20%, the lowest in several years according to Zillow.  The most recent report from Keefe, Bruyette & Woods showed residential loans decreased by $10.2 billion the week ending February 19, a bad start for the first quarter.

 

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.

Copyright: Image from www.flickr.com/photos/lendingmemo/

 

 

Morgan Stanley Reaches Settlement of $95 Million over Mortgage-Backed Securities

Wednesday, September 10th, 2014

 

 

 

 

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.

Riverside Hard Money Loan closed by the Norris Group

 

California Real Estate Investor Events

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.

 

Looking Back:

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.

218,000 New Jobs Added This Month

Thursday, July 31st, 2014

Today’s News Synopsis:

Foreclosures decreased 35% year-over-year and now stand at 648,000, down from 1 million.  218,000 new jobs were added this month according to the latest ADP National Employment Report.  In an update on an earlier story, Richard Cordray spoke before the House Financial Services Committee  yesterday telling them they are doing what they can to make improvements to the work environment and employee review processes.

In The News:

Housing Wire “CoreLogic: Foreclosure inventory tumbles 35%” (7-31-14)

“The national foreclosure inventory is down 35% from a year ago, with approximately 648,000 homes in some stage of foreclosure, compared to 1 million a year ago, CoreLogic’s latest June National Foreclosure Report found.”

DS News“Job Market Adds 218,000 Jobs in July” (7-31-14)

“The ADP National Employment Report for July 2014 shows that job growth continued throughout the month in yet another step along the way to full economic recovery.”

OC Housing News“Shiller: housing faces “turning point” as seasonally adjusted prices fall in May” (7-31-14)

“When a housing market reaches a top, it’s usually preceded by an unexpected drop in sales during the prime selling season. In June of 2006, sales fell off a cliff, and prices soon followed, and in July of 2010 after expiration of the tax credits, sales again suddenly collapsed, and home prices fell for another 18 months.”

DS News “Cordray Responds to Allegations of Discrimination at the CFPB” (7-31-14)

“Following allegations of racial and gender discrimination at the Consumer Financial Protection Bureau (CFPB), the bureau’s director, Richard Cordray spoke before the House Financial Services Committee Wednesday. Cordray said the bureau is working to improve the working environment and review processes for its employees.”

Mortgage Professional America – “BOA ups settlement offer to $14bn, government still balks” (7-31-14)

“Bank of America wants to be done with government probes. The bank significantly upped its settlement offer to resolve a Justice Department probe over mortgage-backed securities, but the two sides still haven’t reached an agreement.”

DS News“SIGTARP Calls for Changes to HAMP” (7-31-14)

“The office of the Special Investigator General for TARP (SIGTARP) released its quarterly report on the progress and status of the Troubled Asset Relief Program.”

Los Angeles Times “Freddie Mac: Mortgage rates hold steady; 30-year averaging 4.12%” (7-31-14)

“Mortgage rates are moving fast in one direction this summer — sideways.  Freddie Mac’s weekly survey, out Thursday, showed the average rate for a 30-year fixed-rate home loan was 4.12%, practically unchanged from last week’s 4.13%.”

Mortgage Bankers Association “Commercial/Multifamily Borrowing Remains on Pace with Last Year” (7-31-14)

“According to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, second quarter 2014 commercial and multifamily mortgage loan originations were two percent lower than during the same period last year, but 34 percent higher than the first quarter of 2014.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, August 19-21.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the InvestClub for Women on Wednesday, September 17, 2014.

 

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.

Pending and New Home Sales Decrease Month-Over Month

Monday, July 28th, 2014

 

Today’s News Synopsis:

Pending home sales decreased 1.1% month-over-month according to the latest figures from the National Association of Realtors.  At the same time, sales of new homes decreased drastically in June.  Richard Cordray of the CFPB is scheduled to testify before the House Oversight and Investigations Subcommittee regarding discrimination allegations.

In The News:

Housing Wire “S&P: Prime jumbo RMBS advance rates nose-dive” (7-28-14)

“The advance rate for prime jumbo residential mortgage-backed securitizations fell sharply in the last few months, according to a new report from Standard & Poor’s Rating Services.”

DS News“Fannie Mae Forecasts Slowdown in Growth for Remainder of 2014” (7-28-14)

“Despite an anticipated pickup in economic growth and housing recovery in the second half of this year, Fannie Mae expects the economy to grow at just 1.5 percent overall this year.”

Los Angeles Times – “Zillow to buy Trulia, creating real estate website behemoth” (7-28-14)

“The nation’s two biggest real estate listing websites announced Monday that they’re joining forces..”

Bloomberg“Pending Sales of U.S. Existing Homes Unexpectedly Decrease” (7-28-14)

“Fewer Americans than forecast signed contracts to buy previously owned homes in June, a sign residential real estate is struggling to strengthen.  The index of pending home sales declined 1.1 percent from the month before after rising 6 percent in May, figures from the National Association of Realtors showed today in Washington.”

Housing Wire “10 cities that got back up after the recession, and 10 still on the canvas” (7-28-14)

“Everyone’s favorite great municipal failure is Detroit, that virtual third world poster child for so many things that have gone horribly wrong in America.”

DS News“Cordray to Testify Regarding Allegations of Discrimination at CFPB” (7-28-14)

“As part of its continuing effort to address nagging allegations of discrimination and subsequent backlash against whistleblowers at the Consumer Financial Protection Bureau (CFPB), the House Oversight and Investigations Subcommittee will on Wednesday hear testimony from CFPB director Richard Cordray.”

Bloomberg “Mortgage Investors Doubts Appear in Rally of Risky Notes” (7-28-14)

“Investors who piled into bets on some risky types of U.S. mortgage bonds are showing signs of doubt that the notes will extend their rally.  Bondholders last week sought to sell the most government-backed mortgage derivatives known as interest-only securities and inverse IOs through auctions in four months, according to Empirasign Strategies LLC, which tracks securitization trading.  ”

OC Housing News“New home sales plummet in June 2014” (7-28-14)

“This wasn’t supposed to happen. Reflating the housing bubble was supposed to lift distressed loanowners above water, stimulate building (and construction employment), and create “escape velocity” in the housing market.”

Housing Wire “DBRS: CFPB rules, tighter credit driving down mortgage originations” (7-28-14)

“Federal regulations, coupled with a general shift from refinance to purchase activities, have resulted in historically low volumes of mortgage loan originations and organic servicing growth, even though home prices have continued to rebound and delinquency and foreclosure rates are at their lowest levels in years.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with the Manfredi Group on Tuesday, July 29, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

Bruce Norris of The Norris Group will be speaking at the CMLS 2014 – Learning the In-and-Outs of Real Estate Forecasting From September 24-September 27, 2014.

 

 

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.