The Norris Group Blog

California Real Estate Headline Roundup

Posts Tagged ‘Taylor’

By Bruce Norris .

The Norris Group Real Estate News Roundup 3/20/12

Tuesday, March 20th, 2012

Today’s News Synopsis:

As of last month, housing starts are at their highest they have been in three years as well as building permits increased.  Fannie Mae and Freddie Mac have completed a total of 1.1 million loan modifications since September 2008.  The Chief Financial Officer for Taylor, Bean, and Whitaker pleaded guilty today for his role in a $2.9 billion mortgage fraud scheme.

In The News:

Housing Wire“Homebuilding permits returning in top foreclosure states” (3-20-12)

“Single-family building permits began to return in the back half of last year for states hardest hit by the foreclosure crisis, according to Census Bureau data compiled by the Federal Deposit Insurance Corp.”

DS News“GSEs Complete Nearly 1.1M Mods but Number of Mods Still Declining” (3-20-12)

Since the September 2008 conservatorship, Fannie Mae and Freddie Mac have completed nearly 1.1 million loan modifications, according to the FHFA’s fourth quarter 2011 Foreclosure Prevention and Refinance report.”

Bloomberg“U.S. Housing Heals as Starts Near Three-Year High: Economy” (3-20-12)

“Housing starts in the U.S. hovered in February near a three-year high and building permits rose, adding to signs that the industry at the heart of the last financial crisis is stabilizing.”

San Francisco Chronicle“Treasury 10-Year Notes End Longest Streak of Losses Since 2006″ (3-20-12)

“Treasuries rose, pushing 10-year note yields down from four-month highs, and ending a nine-day decline that was the longest run of losses since 2006, as yields climbed to levels that lured investors.”

DS News“Arizona Woman Sentenced to 15 Years of Prison for Fraud” (3-20-12)

“An Arizona woman was sentenced to 15 years in prison and ordered to pay $22 million in restitution after pleading guilty to various charges related to a mortgage fraud scheme and to charges of bankruptcy, wire, mail, and bank fraud in two separate indictments, according to a March 8 release from the U.S. attorney’s office.”

Housing Wire“Taylor, Bean & Whitaker CFO pleads guilty in mortgage fraud scheme” (3-20-12)

“Former Taylor, Bean & Whitaker Chief Financial Officer Delton de Armas, pleaded guilty for his role in a $2.9 billion fraud scheme that brought down the firm and Colonial Bank.”

Bloomberg“BofA’s McNiff Said to Resign From Mortgage-Trading Unit” (3-20-12)

“Bank of America Corp.’s John McNiff, a managing director who served as co-head of trading in commercial mortgage securities, resigned yesterday amid the latest staff cuts, said two people with knowledge of the move.”

Housing Wire“$73.8 million awarded to foreclosure mitigation programs” (3-20-12)

“NeighborWorks America, an organization that works to create affordable communities, is lauding the fact that $73.8 million in funds from the National Foreclosure Mitigation Counseling Program will be provided to organizations and housing finance agencies across the country.”

CNN Money“Federal Reserve turns $77 billion profit” (3-20-12)

“Call it the most profitable bank in the world.  The Federal Reserve once again made a hefty profit in 2011, as the central bank went on a bond buying binge to stimulate the economy.”

Hard Money Loan Closed

La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $147,000 on a 3 bedroom, 1.5 bathroom home appraised for $238,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

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 6/30/11

Thursday, June 30th, 2011

Today’s News Synopsis:

Freddie Mac’s recent survey revealed that mortgage rates have not changed much and are at an average of 4.5% for the fourth consecutive week.  San Francisco Chronicle reported not much improvement in the job market as the number of Americans applying for unemployment benefits has remained consistent.  A recent poll showed that 9 out of 10 Americans still believe owning a house is part of the American Dream, despite the economy. 

In The News:

Housing Wire - “Private mortgage insurers lock down $3.9 billion in new business in May” (6-30-11)

“Private mortgage insurers, which have been advocating for a place in the future mortgage finance space, wrote $3.92 billion in new mortgage insurance last month, up from nearly $3.7 billion in April.”

Los Angeles Times - “Mortgage rates: Steady as she goes (6-30-11)

“Amid mixed economic news, long-term mortgage rates are little changed for the fourth week in a row, with lenders offering 30-year fixed-rate home loans to solid borrowers at an average of 4.51%, according to the latest Freddie Mac survey.”

San Francisco Chronicle - “Unemployment benefit applications stuck above 400k” (6-30-11)

“The number of Americans seeking unemployment benefits was mostly unchanged last week, evidence that the struggling economy isn’t generating many jobs.”

NAHB - “Best in American Living Awards Now Accepting Entries” (6-30-11)

“The National Association of Home Builders (NAHB) is accepting entries for the Best in American Living Awards (BALA), the premier award program for the home building industry.”

Realtor Magazine - “Poll: 9 in 10 Americans Value Home Ownership” (6-30-11)

While nearly one-quarter of home owners owe more on their home than it’s currently worth, Americans still see the value in home ownership and still consider it part of the American dream.”

Bloomberg - “MetLife Bank Replaces BofA on KB Home Mortgage Deal to Add Young Borrowers” (6-30-11)

“MetLife Inc. (MET), the life insurer that uses television ads to sell loans to older homeowners, replaced Bank of America Corp. (BAC) in a mortgage-distribution deal that will offer access to younger borrowers.”

DS News - “CoreLogic Home Price Index Shows Second Straight Monthly Increase” (6-30-11)

“Home prices in the U.S. rose in May, marking the second straight month of gains, according to CoreLogic.  Index data released by the firm Thursday show that national home prices, including distressed sales, increased by 0.8 percent between April and May. Compared to May 2010, CoreLogic’s latest reading is down 7.4 percent”

Realtor Magazine“Banks’ Portfolios Still Plagued by Bad Loans” (6-30-11)

“Nearly 20 percent of mortgages in banks’ portfolios were delinquent at the end of March, according to a report released this week by the Office of the Comptroller of the Currency, a bank regulator.”

Bloomberg - “Fannie Mae Silence on Taylor Bean Mortgages Opened Way to $3 Billion Fraud” (6-30-11)

“The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.”

Housing Wire“Bernanke appoints Bialek Inspector General for CFPB” (6-30-11)

“Federal Reserve Chairman Ben Bernanke appointed Mark Bialek to inspector general of the central bank and the Consumer Financial Protection Bureau, effective July 25.”

Inman - “Unemployment rate falls in 74% of U.S. metros in May” (6-30-11)

“Jobless rates fell year-over-year in 74 percent of U.S. metros in May, according to the latest figures released Wednesday from the U.S. Bureau of Labor Statistics.”

Looking Back:

One year ago, MBA released its Weekly Mortgage Applications Survey showing an 8.8 increase in mortgage refinance applications.  Foreclosure sales saw a 14% decrease in the first quarter of 2010.  Almost 25% of the homes in Huntington Beach were distressed properties. 

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 6/24/11

Friday, June 24th, 2011

Sources:
Shadow Inventory Slowly Fades
Sales of New U.S. Homes Decreased in May for First Time in Three Months
Distressed Sales Drive CRE Prices for Fifth Month: Moody’s
HUD, NeighborWorks Roll Out Emergency for Unemployed
Coalition for Sensible Housing Policy Joins 326 Members of U.S. Congress Calling for Changes to Proposed QRM Regulation
Press Conference on Sensible Housing Policy Part Two
Your Facebook Status: Foreclosed

Today’s News Synopsis:

In this week’s video, Aaron Norris of The Norris Group gives the news of the week in the world of real estate and other big events.  Housing Wire reported that the Gross Domestic Product increased at a yearly rate of 1.9% in the first quarter.  Debate continues over what qualifies as a Qualified Residential Mortgage, DS News reported.  Freddie Mac reported that there has not been much change in mortgage rates. 

In The News:

Housing Wire - “First-quarter GDP growth revised up to 1.9%” (6-24-11)

“Real gross domestic product grew at an annual rate of 1.9% in the first quarter, based on a third estimate released by the Commerce Department’s Commerce Department Friday.”

NAHB - “NAHB Study Finds Loan Limit Declines a Discouraging Prospect for Recovering Housing Market” (6-24-11)

“A drop in some mortgage loan limits for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac and the Federal Housing Administration scheduled to occur on Oct. 1 will reduce housing demand and place downward pressure on home prices in major housing markets, according to a new study from the Economics and Housing Policy Group at the National Association of Home Builders (NAHB).”

DS News - “Industry, Lawmakers Faceoff with Regulators on QRM’s Default Impact” (6-24-11)

“The debate over what constitutes a “Qualified Residential Mortgage” (QRM) is heating up, with a pivotal argument centered around whether or not the proposed QRM stipulations will actually lower the risk of default.”

Housing Wire - “Freddie Mac’s mortgage portfolio falls 3.5% in May” (6-24-11)

“Freddie Mac’s mortgage portfolio decreased at an annual rate of 3.5% in May as government officials continue to discuss how to transition to a mortgage market dominated by private capital.”

Bloomberg - “U.S. Seeks Life Sentence for Farkas” (6-24-11)

“Lee Farkas, the ex-chairman of Taylor, Bean & Whitaker Mortgage Corp., should be sentenced to life in prison for leading a $3 billion fraud involving fake mortgage assets, U.S. prosecutors told a judge in Virginia.”

The Wall Street Journal - “Mortgage Rates Are Little Changed” (6-24-11)

“Mortgage rates changed little for a second straight week, according to the latest survey from Freddie Mac.  Mortgage rates generally track Treasury yields, which move inversely to Treasury prices. Rates have slumped for months as yields on Treasurys slid amid economic uncertainty.”

San Francisco Chronicle - “New-home sales fall for first time in three months” (6-24-11)

“Purchases of new U.S. houses fell in May for the first time in three months, showing the industry is struggling to gain momentum.”

CNN Money - “The New American dream home: Prices in 11 cities” (6-24-11)

“The dream has changed. Chastened by the housing collapse, middle-class Americans want a different kind of home these days. The McMansion, with its eight bedrooms, five baths and 10,000 square-feet, is out. A more sensible housing solution is in.”

Looking Back:

According to the CIRB, building permits were pulled for 3,088 housing units in May 2010. Statistics from Freddie Mac showed the 30-year fixed-rate mortgage averaged 4.69% the previous week. Several large banks, such as JP Morgan, hired thousands of mortgage officers in preparation to make more loans. TIGTA estimateed the IRS awarded $26.7 million to fraudulent home buyer tax credit claims.

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 6/21/11

Tuesday, June 21st, 2011

Today’s News Synopsis:

Housing Wire reported that JP Morgan is expected to pay$153.6 in a settlement regarding misleading information with mortgage security transactions.  Bloomberg reported that the price of existing homes decreased in May to the lowest they have been in six months.  According to DS News, Moody’s Investors Service’s Delinquency Tracker recently showed that loan delinquency rates dropped four points to 9.18%.

In The News:

Inman“Real estate sales stumble again in May” (6-21-11)

“After slipping in April, existing-home sales fell again in May compared to the month before, according to the latest monthly report from the National Association of Realtors.”

Housing Wire - “JPMorgan to pay $153.6 million to settle SEC charges in CDO deal” (6-21-11)

“JPMorgan Securities (JPM: 40.91 +1.06%) will pay $153.6 million to settle Securities and Exchange Commission charges that it misled investors in a complex mortgage securities transaction just as the housing market began to tank, the SEC said Tuesday. ”

Bloomberg - “Existing-Home Sales in U.S. Fell in May to Six-Month Low, May Be at Bottom” (6-21-11)

“Sales of existing U.S. homes decreased in May to the lowest level in six months, a sign that the housing market is lagging other parts of the economy.”

DS News - “Moody’s U.S. CMBS Loan Delinquencies Slip to 9.18%” (6-21-11)

“The delinquency rate on loans included in commercial mortgage-backed securities (CMBS) transactions fell four basis points in May to 9.18 percent, according to Moody’s Investors Service’s Delinquency Tracker (DQT), which tracks all loans in U.S. conduit and fusion deals with a current balance greater than zero.”

Inman“FHA interest payoffs debate pits NAR vs. MBA” (6-21-11)

“It’s an issue that bubbled up on Capitol Hill last week and pits Realtors against mortgage bankers: the Federal Housing Administration’s long-standing policy of forcing borrowers to pay a full month’s worth of interest at closing when they pay off their loans anytime before the end of the month.  An influential senator, Ben Cardin, D-Md., is sponsoring legislation that would require FHA to charge only per diem interest on prepayments of loans.”

Housing Wire - “Former TBW exec sentenced to 40 months in prison” (6-21-11)

“Paul Allen, former CEO of the failed mortgage lender Taylor, Bean & Whitaker, was sentenced to 40 months in prison for his role in a $2.9 billion fraud scheme orchestrated by his boss and TBW Chairman Lee Farkas.”

Bloomberg - “MetLife Pushes Reverse Mortgages as Wells Fargo, Bank of America Retreat” (6-21-11)

“MetLife Inc. (MET), the biggest U.S. life insurer, is poised to become the No. 1 reverse-mortgage lender as Wells Fargo & Co. (WFC) and Bank of America Corp. (BAC) leave the market.”

DS News - “Distress Claims Smaller Share of Dwindling Existing-Home Sales” (6-21-11)

“Distressed properties accounted for just 31 percent of existing-home sales in May, the National Association of Realtors (NAR) reported Tuesday.”

The Sacramento Bee - “Pending home sales in state rise for first time in year and a half” (6-21-11)

“California pending home sales rose in May, posting the first year-over-year increase in 18 months, the California Association of Realtors said today.”

Orange County Register - “Home price bottom expected in 2013″ (6-21-11)

“The housing market is going to take a long time to recover, and home prices could continue dropping into 2013, experts told reporters and other industry insiders at a recently concluded real estate writers conference.”

Looking Back:

Since March 2009, 436,000 people had dropped out of the mortgage modification program. A survey from Grant Thornton LLP showed that 45% of bankers expected economic conditions to improve over the next 6 months following June 21, 2010. According to CoreLogic, national housing prices increased 2.6% in April 2010 compared to April 2009. Analyst Meredith Whitney believed the U.S. housing market would experience a second recession.

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 6/17/11

Friday, June 17th, 2011

Sources:
Jobless claims down but remain above 400,000
California to sufer housing shift, UCLA forecasters say
Treasury Puts Performanceof 10 Largest HAMP Servicers on Displays
Fitch Downgrades Servicers on “Slow” Response to Foreclosure Crisis
May sales and price report
Fed: Weak Real Estate Markets Will Damage Banks’ Bottom Line
Voters Strongly Support Politicians Who Embrace Pro-Housing Policies, Mortgage Deduction, Poll Finds
Former Treasurer and President of Taylor, Bean & Whitaker Each Sentenced to Prison for Fraud Scheme
Michigan AG Issues Criminal Subpoenas Against Mortgage Processors
Senators Want Fed-State Coordination in Foreclosure Resolution

Today’s News Synopsis:

Housing Wire reported that former Colonial Bank executive Catherine Kissick was sentenced to 8 years for playing a part in the Taylor, Bean and Whitaker mortgage fraud scheme.  The Wall Street Journal reported that the rate of jobless claims is lower in over half of the United States.  MBIA failed to report losses totalling $950 million in hopes to get the approval to reorganize their business structure.  The sale of homes in California is down 14% according to the Orange County Register.

In The News:

Housing Wire - “Legal analysts say MERS is down, but not completely out” (6-17-11)

“Legal analysts say the way Mortgage Electronic Registration Systems handles mortgage assignments during securitization should be changed, but they reject the idea that MERS is at risk of being completely dismantled.”

DSNews - “CoreLogic Chooses Mercury Network for Appraisal Management” (6-17-11)

“Oklahoma-based a la mode announced this week that CoreLogic chose to connect its ValuEdge platform with Mercury Network for receipt of the Native XML appraisal data needed for compliance with Fannie Mae and Freddie Mac’s Uniform Mortgage Data Program (UMDP).”

RisMedia - “HUD and EPA Launch Historic Collaberative Effort to Invest in Sustainable Comunities” (6-17-11)

“U.S. Housing and Urban Development Secretary Shaun Donovan and Environmental Protection Agency Administrator Lisa Jackson announced a historic collaborative effort to build upon current federal investments for regions that support sustainable and livable communities.”

Housing Wire - “Former Colonial mortgage exec sentenced to 8 years in prison for TBW scheme” (6-17-11)

“Catherine Kissick, a former bank executive for Colonial Bank, was sentenced to eight years in federal prison Friday for her role in the Taylor, Bean & Whitaker mortgage fraud scheme.”

The Wall Street Journal - “Jobless Rate Lower or Flat in Most States” (6-17-11)

“Joblessness declined in nearly half of all U.S. states last month, the Labor Department said Friday.”

Realty Times - “Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent” (6-17-11)

“Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows fixed mortgages rates changing little despite recent inflation reports. After declining for eight consecutive weeks, the 30-year fixed ticked up to 4.50 percent, while the 15-year inched down again to 3.67 percent.”

Bloomberg - “MBIA Hid Potential Losses of Up to $950 Million From Regulator, Banks Say” (6-17-11)

“MBIA Inc. (MBI) hid potential losses of as much as $950 million on commercial real estate debt as it sought New York regulators’ approval to restructure its insurance business in 2008, banks including Bank of America Corp. (BAC) and UBS AG (UBSN) claimed in court papers.”

The Orange County Register - “Home sales down 14% in California” (6-17-11)

“The weak economy and tight financing rules helped lead to tumbling home sales and median housing prices in May, the latest report by the California Association of Realtors says.”

San Francisco Chronicle - “Foreclosures down in May as banks delay processing” (6-17-11)

Foreclosure filings in the United States tumbled last month to the lowest in almost four years as banks weighed down by an increasing inventory of seized homes delayed processing defaults, according to RealtyTrac Inc .”

Sacramento Bee - “Fairfield real estate exec indicted on mortgage fraud charges” (6-17-11)

“A federal grand jury indicted a Fairfield real estate executive on mortgage fraud charges as part of the federal government’s wide-ranging investigation into crimes that helped fuel California’s mortgage meltdown .”

Looking Back:

According to the CBIA, sales in new-home communities of 10 units or more were 32 percent below April 2009. MDA DataQuick reported 8,264 homes closed escrows in the nine-county Bay Area the previuos month.  Statistics from Freddie Mac showed the average 30-year frm rate increased to 4.75 percent the week of June 17. The number of suspected mortgage fraud activities reported to law enforcement grew 5% during fiscal year 2009.

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.