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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.