California Real Estate Headline Roundup

Posts Tagged ‘Standard & Poor’s’

By Bruce Norris .

Maryland Bank Closes After Three Months of No Bank Failures

Monday, October 20th, 2014

Copyright: Image from www.flickr.com/photos/mlrs193/

 

 

 



Today’s News Synopsis:

Bill Cosgrove, who will be featured on the panel for I Survived Real Estate 2014, spoke at the MBA’s 101st Annual Convention & Expo about Dodd-Frank to the future of America’s housing.  A bank in Maryland recently closed its doors after three months of no bank failures.  Foreclosures in California are at their lowest in 9 years with only 16,883 completed, down 17% from the previous year.

In The News:

Mortgage Bankers Association - “Remarks by Bill Cosgrove, MBA Chairman During MBA’s 101st Annual Convention & Expo” (10-20-14)

“Bill Cosgrove, Chairman of the Mortgage Bankers Association (MBA) today delivered the following remarks at the association’s 101st Annual Convention and Expo in Las Vegas, NV.

“For the third time this year, nationwide housing starts surpassed the million-mark, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.”

Housing Wire - “Mel Watt and Julian Castro announce housing policy changes” (10-20-14)

“Federal Housing Finance Agency Director Met Watt and U.S. Secretary of Housing and Urban Development Julian Castro announced their plans to address some of the housing finance industry pain points in what MBA CEO David Stevens called “extremely positive” policy steps.”

OC Housing News“As personal finances improve, debt collectors come calling” (10-20-14)

“Most borrowers who defaulted on debts during the recession waited anxiously for their lenders to come after them for the bad debt. When lenders didn’t pursue collection on bad debts at the time, most borrowers blithely assumed they no longer owed this money, but most often that isn’t the case.”

Mortgage Professional America - “California foreclosures near 9-year low” (10-20-14)

“While the majority of the country experience a rise in foreclosures, California saw a record-low during the third quarter.  Lenders initiated formal foreclosure proceedings last quarter with the lowest number of California homes in almost nine years, according to the latest CoreLogic DataQuick report.”

Bloomberg - “Fannie-Freddie Clarify Buyback Rules in Bid to Ease Credit” (10-20-14)

“Fannie Mae (FNMA) and Freddie Mac have reached an agreement with banks better defining bad practices that would trigger penalties for lenders, expanding efforts to ease tight credit that’s creating a drag on the housing market.”

Housing Wire - “S&P: Nonbank earnings will be weak” (10-20-14)

“Unless nonbank mortgage companies post a significant rebound in their third-quarter earnings Standard & Poor’s said it would have to take take further negative action on them.”

DS News“Maryland Charter Bank Shuts Down” (10-20-14)

“After nearly three months without a failure, another FDIC-insured institution went down last week.  The Office of the Commissioner of Financial Regulation in Maryland shut down NBRS Financial, based in Rising Sun, appointing FDIC as receiver, according to dual releases from both agencies.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

 

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.

Debate Continues Over Loosening Mortgage Credit

Monday, October 6th, 2014

 

 

Copyright: Image from www.flickr.com/photos/68751915@N05/



Today’s News Synopsis:

Despite a decrease in average gross ROI and profit, California is still fourth on the list of states leading home flipping.  Freddie Mac saw a drop in their serious delinquency rate by 2% last August.  Different organizations, including the Federal Reserve Board and BofA Merrill Lynch Global Research, continue to debate over whether or not mortgage credit is loosening.

 

In The News:

Housing Wire“Credit Suisse: This is slowing down homeownership” (10-6-14)

“Affordability is no longer a compelling motivator for first-time homebuyers, according to a new report from Credit Suisse.  Due to the combination of higher mortgage insurance costs, higher interest rates and higher home prices, affordability is back to the long-term averages for first-time buyers.”

DS News“California Ranks Fourth in Home Flipping Despite Drops in Average Gross ROI, Profit” (10-6-14)

“Despite seeing a decline in average gross ROI and average gross profit on flipped homes, California still ranked fourth among the 50 states and District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.”

Realty Trac“Are Banks Smart To Haggle With the FHA?” (10-6-14)

“The growing battle between the FHA and the lending industry could soon impact home sales and refinancing nationwide, a contest to win both hearts and minds not to mention loan originations worth billions of dollars.”

Mortgage Professional America“S&P faces new investigation over mortgage bond ratings” (10-6-14)

“Standard & Poor’s is in hot water over its ratings of mortgage bonds again, this time with New York Attorney General Eric Schneiderman.”

OC Housing News - “Why aren’t Millennials buying homes?” (10-6-14)

“In the 60 years between World War II and the housing bust, each generation obtained an education, secured a job, got married, and bought a home in the suburbs, enshrining our nostalgic notions of the American Dream. Unfortunately, lenders destroyed all that.”

DS News“Freddie Mac’s Serious Delinquency Rate Dips Below 2 Percent” (10-6-14)

“Freddie Mac followed the lead of its sister government-sponsored enterprise, Fannie Mae, and reported a serious delinquency rate of less than 2 percent for August in its recently-released August 2014 Monthly Summary.”

Housing Wire“Is mortgage credit loosening or not?” (10-6-14)

“The Federal Reserve Board’s Quarterly Senior Loan Officer Survey of credit conditions indicates that mortgage credit loosened in Q2 2014.”

 

On Friday, October 24, Bruce Norris will be presenting the 7th annual I Survived Real Estate 2014.

Bruce Norris of The Norris Group will be presenting Secrets to Becoming Wealthy with SJREI in Sunnyvale on Thursday, November 6.

Bruce Norris of The Norris Group will be holding his Property Buying Boot Camp Tuesday-Thursday, November 11-13.

 

 

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.

Morgan Stanley Reaches Settlement Over Misrepresentation of Mortgage Bonds

Friday, July 25th, 2014

Sources:

RMBS Liquidations Increase for the First Time in Almost Two Years
Regulators Take Possession of Georgia Bank


Today’s News Synopsis:

Aaron Norris of The Norris Group gives some highlights from the news of the week in this week’s real estate headline roundup.  Zillow believes the increasing mortgage rates could have a negative impact on home sales by leading to fewer sales.  Morgan Stanley just reached a settlement with the Securities and Exchange Commission who said they were not honest about a pair of mortgage bonds they sold during the financial crisis.  The latest Standard and Poor’s report showed rating for private mortgage insurers is expected to remain strong despite changes to the FHFA rules.

In The News:

Inman“Housing markets poised to regain some lost momentum” (7-24-14)

“Having weathered a soft patch that lasted through the fall, winter and early spring, housing markets are showing signs of a rebound that should continue for the rest of the year, according to the latest forecast by economists at Fannie Mae.”

OC Housing News - “Zillow believes rising mortgage rates will slow home sales” (7-25-14)

“I recently wrote that higher mortgage interest rates would either slow sales or cause house prices to drop. Since most real estate analysts still consider declining home prices impossible, when forced to pick between the two potential outcomes, they pick slower home sales.”

DS News - “Morgan Stanley Settles RMBS Claims” (7-25-14)

“Morgan Stanley agreed to pay back $275 million to investors whom the Securities and Exchange Commission say were mislead by a pair of mortgage bonds the company marketed during the financial crisis.”

Housing Wire - “Are the jumbo RMBS floodgates finally re-opening” (7-25-14)

“For the third time in 2014, Credit Suisse (CS) is preparing to bring a prime, jumbo residential mortgage backed securitization to market.”

Bloomberg - “Architects Group Lowers U.S. Construction Forecast” (7-25-14)

“Spending on non-residential construction in the U.S. will be less than initially projected as state and local governments scale back investments in such properties as schools and health-care buildings, the American Institute of Architects said.”

Housing Wire - “NAR: Big banks exiting FHA loans is a ‘bad trend’” (7-18-14)

“As the Federal Housing Administration celebrates its 80th anniversary, the big banks are debating ending their lending relationships with the administration.”

DS News - “Seattle Firm Completes Asset Transfer” (7-25-14)

“Seattle based Regional Trustee Services Corporation (RTS) announced that it has completed an asset purchase agreement effective immediately.”

Housing Wire - “Mortgage insurer ratings safe despite potential FHFA rule changes” (7-25-14)

“Private mortgage insurers are forecasted to maintain strong ratings in the immediate term, following the Federal Housing Finance Agency’s decision to revise its private mortgage insurance requirements and reduce credit risk to Fannie Mae and Freddie Mac, according to a report from Standard & Poor’s Rating Services.”

 

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.

 

Looking Back:

Jobless claims increased by 7,000 to 343,000 in the past week.  Mortgage rates fell again and were at their lowest in three weeks with 30-year rates at 4.31% and 15-year rates at 3.39%.  Some good news: Five markets in the U.S. were fully recovered, bringing the total for recovered homes to 19.

 

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 Home Sales Increase in Latest NAR Report

Monday, June 30th, 2014

 

Today’s News Synopsis:

The NAHB saw a major accomplishment this week when the Supreme Court ruled the EPA cannot 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.

In The News:

CBIA“NAHB’s Supreme Court Stops EPA in its tracks in major victory for all builders” (6-30-14)

“In a major victory for NAHB, the U.S. Supreme Court today ruled that the Environmental Protection Agency (EPA) does not have the authority to require multifamily and commercial builders to obtain costly pre-construction permits for greenhouse gasses emitted from the buildings they construct.”

Bloomberg“S&P 500 Little Changed on Home Sales Amid Quarterly Rally” (6-30-14)

“The Standard & Poor’s 500 Index was little changed, capping the longest string of quarterly gains since 1998, as a jump in pending home sales offset weaker-than-forecast manufacturing data.”

Housing Wire - “US Bancorp pays $200M to resolve FHA mortgage-lending violations” (6-30-14)

“U.S. Bancorp (USB) has agreed to pay the United States $200 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Federal Housing Administration that did not meet applicable requirements, the Justice Department announced Monday.”

DS News“Millennials are Heading to Suburbia” (6-30-14)

“Analyzing data from the United States Census, Trulia’s chief economist Jed Kolko found that the population growth of millennials in big, dense cities was outpaced by big-city suburbs and lower-density cities.”

Realty Trac - “91-Year-Old Buys Her First Home” (6-30-14)

“Vera Bigham, 91, never owned a home before. But on her 91st birthday, the Jamestown, Calif., resident unpacked the American Dream.”

Inman - “Pending home sales surge on growing inventory, lower mortgage rates” (6-30-14)

“The number of homes that went under contract in May leaped from the previous month as lower mortgage rates and growing home inventory stimulated buyer activity, according to a report from the National Association of Realtors.”

DS News“New York AG Announces State Loan Program to Prevent Foreclosures” (6-30-14)

“The government of New York is taking further steps to try to stem the tide of foreclosures that still lingers in the Empire State today.  New York Attorney General Eric T. Schneiderman announced the launch of the New York State Mortgage Assistance Program, or NYS MAP, which will provide targeted small loans to families with the aim of helping them avoid foreclosure.”

Housing Wire - “3 ways older households weren’t immune to the Great Recession” (6-30-14)

“While the Great Recession managed to creep into every crevice of the industry, householders aged 65 and over managed to deflect a lot of the damage that many other homeowners felt.”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

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

Existing Home Sales Increase Strongly Month-Over-Month

Monday, June 23rd, 2014

 

Today’s News Synopsis:

Existing home sales increased by an impressive amount last month with the increase in inventory and improving prices.  Existing home sales increased 4.9% month-over-month and are now at 4.89 million.  The number of failed banks now stands at 11 with the closure of two subsidiaries of River Valley Bancorp.  Inventory for homes increased 11.8%, although most of the homes were purchased by the middle class.

In The News:

Housing Wire“Black Knight: Home prices up 0.9% for April” (6-23-14)

“Home prices nationally rose 0.9% in April, which is up 6.4% year-over-year, according to the most comprehensive and latest report from Black Knight Financial Services.”

Bloomberg“Lew to Announce New Efforts to Aid Struggling Homeowners” (6-23-14)

“U.S. Treasury Secretary Jacob J. Lew will announce expanded programs to help struggling mortgage borrowers on June 26, marking the fifth anniversary of government efforts to aid the real-estate market, the Treasury Department said.”

Inman - “NAR: Sales of existing homes post strong gains” (6-23-14)

“Existing-home sales posted strong gains in May as increasing inventory continued to temper price growth and the market showed signs of bouncing back from a lackluster first quarter, the National Association of Realtors reported today.”

DS News - “Bank Collapses Continue to Grow; Failures Total 11″ (6-23-14)

“The list of 2014 bank collapses grew into the double digits over the weekend as River Valley Bancorp was forced to close two of its subsidiary operations.”

Realty Trac - “How to Sell More Houses and Raise Real Estate Prices” (6-23-14)

“Here’s a quick and easy way to sell more houses and raise real estate values: Just reduce credit requirements for mortgages and the whole country will be on its way to a housing rebirth of unprecedented size and power.”

Housing Wire“S&P awards AAA ratings to $303M jumbo RMBS from JPMorgan” (6-23-14)

“Standard & Poor’s Ratings Services has awarded AAA ratings to the vast majority of the classes of a jumbo prime residential mortgage-backed securitization from JPMorgan Chase & Co.”

DS News - “FHFA: April Refinance Volume Similar to 2008″ (6-23-14)

“The Federal Housing Finance Agency (FHFA) released its latest Refinance Report, examining data as of the end of April 2014.”

Housing Wire - “Housing Inventory jumps 11.8% but first-time buyers still locked out” (6-23-14)

“After plunging throughout 2012 and for much of 2013, and rising only modestly through the beginning of this year, the inventory of all for-sale homes nationwide spiked in May, jumping 11.8% year-over-year according to Zillow.”

Mortgage Professional America - “BOA wants to meet with Holder” (6-23-14)

“In talks over a possible multibillion dollar lawsuit, it looks like Bank of America has decided it wants to deal with the top dog.”

DS News - “Home Flippers See Impressive Gains in 2013″ (6-23-14)

“Home flippers reported more gains in 2013 than in any year on record, according to national real estate brokerage Redfin.”

 

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 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.

Zillow Reports Number of Homeowners Underwater is 9.7 Million

Tuesday, May 20th, 2014

 

Today’s News Synopsis:

Mortgage default rates decreased to 1.11%, the lowest recorded since the recession according to the latest index from Standard & Poors.  According to the latest Realty Trac report, countries with one in five homeowners underwater are inhabited by almost 1/3 of Americans.  The total number of people underwater is at about 9.7 million, while more first-time homebuyers are underwater compared to higher-priced homes.

In The News:

Realty Trac - “Nearly One-Third of Americans Live in Counties Where One in Five Homeowners in Underwater: Heat Map” (5-19-14)

“A high percentage of homes with negative equity, or underwater, is a lingering legacy from the recent housing and foreclosure crisis.”

DS News - “Default Rates Decline in April to Lowest Post-Recession Rate” (5-20-14)

“Data through April 2014 showed a decline in the national default rate from March, according to S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices.”

Mortgage Professional America - “Spiking mortgage rates strangled sales in 2013″ (5-20-14)

“Spiking mortgage rates bore the brunt of responsibility for the marked slowdown in existing home sales in the second half of 2013, according to new data.”

Inman - “First-time homebuyer inventory is still underwater” (5-20-14)

“Homes that are affordable to first-time homebuyers are more likely to be underwater than homes in higher price ranges, exacerbating inventory shortages in many markets because their owners are unwilling or unable to pull off a short sale or bring cash to the closing table.”

DS News - “9.7 Million Homeowners Underwater” (5-20-14)

“The number of underwater borrowers continues to fall, but that was about the only good news Zillow had to report in its latest look at negative equity.”

Bloomberg - “Citigroup Plans to Expand Mortgage Lending, Fraser Says” (5-20-14)

“Citigroup Inc. (C) is seeking to reverse the contraction of its U.S. mortgage business, partly by increasing purchases of home loans from other firms, according to Jane Fraser, who oversees the lending.”

Housing Wire - “Home Depot stock carries market after positive earnings call” (5-20-14)

“The impact of the harsh winter on the housing market is fizzling out, as Home Depot (HD) records robust May sales. And investors and the stock market are basking in the good news.”

DS News - “Tornado Ravaged Area Seeing Reduced Foreclosures” (5-20-14)

“Nearly a year after a tornado devastated the town of Moore, Oklahoma, foreclosure activity is slowly dwindling in the area, specifically in Oklahoma City, Oklahoma.  RealtyTrac found that bank repossessions spiked 58 percent in the four months following the tornado but are pulling back as the area experiences recovery.”

Mortgage Professional America - “Feds urge judge to toss challenge to $13bn JPMorgan settlement” (5-20-14)

“The government is urging a federal judge to toss a lawsuit that seeks to torpedo its $13 billion settlement with JPMorgan Chase.  The lawsuit claims that the feds let the big bank off too easily.”

Hard Money Loan Closed

Jurupa Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $257,000 on a 4 bedroom, 2 bathroom home appraised for $396,000.

Jurupa Valley Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting the Real Estate Market Update with TIGAR in Corona on Thursday, May 22, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with FIBI Long Beach on Thursday, May 29, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

 

Looking Back:

The OCC announced that as of May 16 over 2.4 million foreclosure review checks valued at $2.2 billion were 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.

 

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.

The Norris Group Real Estate News Roundup 3/19/14

Wednesday, March 19th, 2014


Today’s News Synopsis:

The Mortgage Bankers Association reported mortgage applications decreased 1.2% from last week.  New criteria for RMBS qualified and non-qualified mortgages has been finalized by Fitch.  Twenty-nine state housing finance agencies have been awarded $63.1 million by NeighborWorks America to help families and individuals in danger of foreclosure.

In The News:

Housing Wire“Opposition growing among banks, lawmakers to Camp tax reform proposal” (3-18-14)

“Banking associations, leading financial institutions and now a number of House Republicans are coming out with grave concerns and – in the case of some big banks – outright if still quiet opposition to a comprehensive tax overhaul being proposed by the head of the House Ways and Means Committee.”

Los Angeles Times - “Southern California is a real estate seller’s market this spring” (3-19-14)

“As the busy spring real estate season gets into gear, sellers appear to have the upper hand across much of Southern California.”

DS News“Fitch Finalizes U.S. RMBS Qualified and Non-Qualified Mortgage Criteria” (3-19-14)

“Fitch Ratings announced it has finalized its criteria for analyzing loans securing U.S. residential mortgage-backed securities (RMBS) under the new qualified mortgage (QM) and Ability-to-Repay rule (the Rule) recently adopted by the Consumer Financial Protection Bureau (CFPB).”

CNN Money - “Stocks flat as investors wait for Yellen” (3-19-14)

“It’s Janet Yellen’s first meeting in charge of the Fed and investors are looking forward to hearing from her after the meeting.”

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-19-14)

“Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 14, 2014.”

Housing Wire - “S&P upgrade pushes Assured Guaranty to top of monoline hill” (3-19-14)

“Good news for monoline Assured Guaranty (AGO) as Standard & Poor’s Ratings Services raised to AA Stable Outlook from AA- Stable Outlook the financial strength ratings for the company’s principle operating subsidiaries, giving it the highest ratings in the industry from national ratings firms.”

DS News - “$63.1 Million Awarded to Stave Off Foreclosures” (3-19-14)

“NeighborWorks America announced Tuesday in a press release that $63.1 million had been awarded to 29 state housing finance agencies, 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations.”

Inman - “Zillow: Market conditions growing more local” (3-19-14)

“Different regions will offer diverging levels of negotiating power for buyers and sellers across the country heading into the spring homebuying season, signaling advancement toward a healthier housing market where market conditions tend to be local rather than national, according to a recent analysis by Zillow.”

 

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $235,000 on a 2 bedroom, 1 bathroom home appraised for $381,000.

Yucaipa Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving his California Real Estate Market Update with the Downey Association of Realtors on Wednesday, April 2, 2014.

Bruce Norris of The Norris Group will be presenting his Norris Group Property Buying Boot Camp in Riverside Tuesday through Thursday, April 8-10, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with FIBI Pasadena on Thursday, April 10, 2014.

 

Looking Back:

The U.S. Census Bureau reported the number of housing starts increased 0.8% to 917,000 the previous month.  200,000 homes were brought out of negative equity in the fourth quarter of 2012, bringing the total over the whole year to 1.7 million.  Edward DeMarco announced he would like to see the GSEs slowly dissolved over the next five years.

 

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.

The Norris Group Real Estate News Roundup 2/27/14

Thursday, February 27th, 2014


Today’s News Synopsis:

Fixed mortgage rates increased again for the fourth week in a row with 30-year rates now at 4.37%  and 15-year rates at 3.39%.  Bank of America is facing an investigation by the U.S. Attorney’s Office over their participation in the FHA’s Direct Endorsement Program.  The Treasury Department will receive $10.4 billion from Freddie Mac next month as a return for helping bail them out back in 2008.

In The News:

Housing Wire - “Bank earnings are booming, but there’s a big problem” (2-26-14)

“Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. posted the 17th quarterly increase since 2009 due to an $8.1 billion decline in loan-loss provisions in the fourth quarter of 2013.”

Mortgage Professional America - “BOA facing mortgage probe” (2-27-14)

“Bank of America is facing a federal probe into its participation in a government housing program.  The U.S. Attorney’s Office is investigating the lender’s compliance with the requirements of the Federal Housing Administration’s Direct Endorsement Program, according to a Reuters report.”

DS News“CFPB Director Calls for Increased Financial Literacy” (2-27-14)

“For Richard Cordray, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.”

CNN Money“She’s back! Yellen testifies before the Senate” (2-27-14)

“The last time Janet Yellen testified before lawmakers, stocks rallied.  Now, she’s back.  The head of the Federal Reserve is testifying before the Senate Banking Committee on Thursday. Originally scheduled for two weeks ago, the hearing was postponed due to a snow storm in Washington.”

Housing Wire - “Ocwen Financial profits slightly under estimates” (2-27-14)

“Ocwen Financial Corp. (OCN) remains highly profitable, posting a net income of $105 million, or 74 cents per share, and revenue of $556 million in the fourth quarter.”

Bloomberg - “Freddie Mac Will Pay U.S. $10.4 Billion on Quarterly Profit” (2-27-14)

“Freddie Mac (FMCC), the U.S.-owned mortgage financier, will return $10.4 billion to the Treasury Department next month, bringing total payments to about $10 billion above what it got in aid after the 2008 credit crisis.”

Mortgage Professional America - “Fixed rates edge up for 4th week” (2-27-14)

“Fixed mortgage rates edged up this week for the fourth consecutive week while adjustable rates fell, according to data released today by Freddie Mac.”

Housing Wire- “Are foreclosures finally receding from the high-water mark?” (2-27-14)

“There were 48,000 completed foreclosures nationally in January, down from 59,000 in January 2013, a year-over-year decrease of 19%, but up 11.8% from the 43,000 reported in December 2013.”

Bloomberg - “S&P Says Too Soon to Give Rental-Home Securities Top AAA Grades” (2-27-14)

“New securities backed by U.S. rental homes don’t meet the criteria for the highest credit grade, Standard & Poor’s said, going against at least three rivals.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $215,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

Riverside Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be giving a California Real Estate Market update with IVAR on Wednesday, March 5, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with NorcalREIA on Wednesday, March 12, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with OCREIA on Thursday, March 13, 2014.

 

Looking Back:

The Mortgage Bankers Association reported mortgage applications decreased 3.8% from the previous week.  Pending homes sales increased 4.5% the previous month to their highest level in almost 3 years.  Federal Reserve chairman Ben Bernanke spoke to the House Committee regarding changes to QRM standards and other issues with housing.

 

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.

The Norris Group Real Estate News Roundup 1/2/14

Thursday, January 2nd, 2014

Today’s News Synopsis:

Freddie Mac reported mortgage rates increased again with 30-year rates now at 4.53% and 15-year rates at 3.55%.  Six RMBS lawsuits against major banks totaling $8 billion have been resolved, although there are still 12 more left.  Consumer confidence increased last month to 78.1 according to the latest Consumer Confidence Index.

In The News:

Los Angeles Times - “Freddie Mac: 30-year mortgage rate rises to 4.53% from 4.48%” (1-2-14)

“The economy is brightening as 2014 arrives — but that could signal higher borrowing costs for homebuyers as the Federal Reserve scales back its efforts to lower interest rates and the chance of higher inflation increases.”

Housing Wire- “FHFA resolves 6 of 18 RMBS suits against big banks” (1-2-14)

“Nearly three years ago, the Federal Housing Finance Agency slapped 18 banks with lawsuits, alleging they sold private-label residential mortgage-backed securities to Fannie Mae and Freddie Mac without disclosing some of the toxic loans underlying the transactions.”

Bloomberg - “Manufacturing Growth to Help Propel U.S. Expansion: Economy” (1-2-14)

“Manufacturing grew in December at the second-fastest pace in more than two years, fueled by a gain in orders that will help propel the U.S. expansion.”

DS News“U.S. Consumer Confidence Bounces Back” (1-2-14)

“Consumer confidence saw a boost in December on heightened optimism for the job market, the Conference Board reported Tuesday.”

Mortgage Professional America - “Home prices see biggest gain in eight years, but boom abating” (1-2-14)

“Home prices have posted their highest gain in nearly eight years, new figures have indicated.”

Housing Wire- “Nonbank mortgage firms may return in 2014: S&P” (1-2-14)

“The year 2014 is unlikely to put a damper on the U.S. housing recovery, although analysts with Standard & Poor’s are unable to completely diffuse fears of another recession.”

DS News- “50k Loan Modifications for Homeowners in Oct.” (1-2-14)

“HOPE NOW Alliance recently announced that an estimated 50,000 homeowners received permanent, affordable loan modifications from mortgage servicers during October 2013.”

Bloomberg - “Homebuyers Missing Housing Rebound Depend on Yellen” (1-2-14)

“Yellen, 67, who takes over as chairman of the Federal Reserve if the Senate confirms her in a vote scheduled for next week, will hold significant sway over the direction of the U.S. housing market in 2014.”

Inman - “As real estate technology evolves, questions about roles of major players remain” (1-2-14)

“The real estate industry had something of an identity crisis in 2013 as the ever-changing technology landscape produced clashes around shifting roles and rules, but also fueled cooperation and innovation.”

Hard Money Loan Closed

Hemet, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $102,000 on a 3 bedroom, 2 bathroom home appraised for $152,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Prosperity Through Real Estate on Tuesday, January 7, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association on Thursday, January 9, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with Coachella Valley on Tuesday, January 14, 2014.

Bruce Norris of The Norris Group will be presenting his newest talk Secrets to Becoming Wealthy with the Apartment Owners Association in Buena Park on Thursday, January 16, 2014.

Looking Back:

Shadow inventory decreased to 2.3 million units in October and continued to decrease from its original record-level highs.  Spending on construction decreased unexpectedly in November by 0.3%.  The Mortgage Debt Relief Act, which was originally supposed to expire on December 31, 2012, was extended another year.

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.

The Norris Group Real Estate News Roundup 12/2/13

Monday, December 2nd, 2013

Today’s News Synopsis:

The FHFA has made revisions to mortgage insurance policies for Fannie Mae and Freddie Mac.  The new policies will now provide extra protection to the GSEs as well as help make clear what is required of insurers, originators, and servicers.  Bank of America has just reached a $404 million mortgage deal with Freddie Mac regarding repurchase claims and mortgages sold prior to the financial crisis.  Eminent domain is becoming more common in areas where unemployment and poverty is higher.

In The News:

Housing Wire - “FHFA revamps master insurance policies for Fannie, Freddie” (12-2-13)

“The Federal Housing Finance Agency announced its successful revision of the mortgage insurance master policy on Fannie Mae and Freddie Mac mortgages.”

DS News - “Eminent Domain Takes Root in Areas with High Unemployment, Poverty” (12-2-13)

“Plummeting home values across the country left many homeowners owing more on their mortgage than their home was worth, and although rising prices have lifted millions to positions of positive equity, one in five mortgage borrowers remains underwater today.”

Mortgage Professional America - “Banks could still see legal costs of $100bn” (12-2-13)

“Big banks will continue to see fallout – and make payouts – in the wake of the subprime mortgage crisis, according to an analysis by Standard & Poor’s.”

Housing Wire - “Independent mortgage bankers squeezed by falling production” (12-2-13)

“A survey of independent mortgage bankers conducted by analytics firm Richey May & Co. shows overall mortgage production activity fell in the third quarter, prompting lenders to silently brace for a period in which expenses could outstrip revenue enough to prompt job cuts.”

DS News - “FHFA: Conforming Loan Limits Remain Unchanged” (12-2-13)

“Loan limits will remain the same according to recent guidance issued by the Federal Housing Finance Agency (FHFA).”

Inman - “WAV Group survey suggests more MLSs will be shopping for new platforms” (12-2-13)

“More multiple listing services will be considering a new platform provider when their contract with their current vendor expires than in previous years, according to an annual survey from real estate consulting firm WAV Group.”

Mortgage Professional America - “Freddie extends mortgage relief policies to borrowers affected by Illinois storms” (12-2-13)

“Freddie Mac is making its mortgage relief policies available to homeowners whose homes were destroyed or damaged by recent tornadoes and other storms in Illinois, the company announced Wednesday.”

DS News - “Are Cash Sales Creating a Dangerous Mirage?” (12-2-13)

“Home prices and home sales have been rising over the past few years, pointing to a recovery in the housing market, but RealtyTrac warns that what we are seeing may not be a true recovery but instead a mirage created by investors—a dangerous mirage that could lead to trouble in the years to come.”

Bloomberg - “BofA Reaches $404 Million Mortgage Deals With Freddie Mac” (12-2-13)

“Bank of America Corp. agreed to pay $404 million to Freddie Mac in a deal that caps the lender’s efforts to resolve repurchase claims from government-sponsored enterprises on mortgages sold before the financial crisis.”

Hard Money Loan Closed

Palmdale, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $72,000 on a 3 bedroom, 2 bathroom home appraised for $125,000.

 

Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.

Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 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.