Today’s News Synopsis:
The Mortgage Bankers Association reported a 3.3% decrease in mortgage applications from last week. This was a big day for new bills. The FHA established the HAWK program in order to help those with FHA loans save money. The Senate passed the Tax Increase Prevention Act of 2014 that will extend 55 provisions on taxes.
In The News:
Housing Wire - “Lenders fear weakening mortgage demand in 2015″ (12-17-14)
“Fewer mortgage lenders are reporting tighter credit, but weak consumer demand is increasingly cited as driving lenders’ decreased profit margin outlook, according to results from Fannie Mae’s fourth quarter 2014 Mortgage Lender Sentiment Survey.”
Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (12-17-14)
“Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 12, 2014.”
Bloomberg – “Boomers Seen Boosting New-Home Sales as Millennials Wait” (12-17-14)
“Southwest Florida is the fastest-growing U.S. market for new houses, a sign that retirees such as the Jays are poised to buoy growth in the country’s depressed homebuilding industry next year.”
Mortgage Professional America – “Big bank fails two mortgage settlement tests” (12-17-14)
“Bank of America has failed two of 31 mortgage settlement tests aimed at seeing whether the bank is complying, according to a report from an independent watchdog.”
Housing Wire - “State of New York bans fracking” (12-17-14)
“Gas companies and homeowners hoping to strike it rich by mining the oil and gas reserves buried deep beneath the ground of the state of New York are officially out of luck, because New York’s governor, Andrew Cuomo, has just banned the oil and gas extraction process known as fracking throughout New York.”
Los Angeles Times – “Ex-Countrywide exec to get $57 million from BofA whistle-blower suit” (12-17-14)
“Former Countrywide Financial Corp. executive Edward O’Donnell will get $57 million for his part in bringing a whistle-blower lawsuit against Bank of America Corp. that helped the U.S. force the lender to pay almost $16.7 billion to settle mortgage fraud charges..”
DS News - “Tax Provisions Covered By New Senate Bill Include Mortgage Deductions” (12-17-14)
“The U.S. Senate passed a bill on Tuesday night that retroactively extends 55 tax provisions, among which are allowing deductions for mortgage insurance premium interest and tax relief on forgiven mortgage debt.”
Realty Trac – “Where Wall Street Is Most Likely To Cash Out of the Single Family Rental Market” (12-16-14)
“After nearly three years and hundreds of thousands of property purchases, the nascent single family rental industry is at a crossroads in terms of future growth and long-term staying power.”
Housing Wire - “Congressional budget bill kills HUD homeowner assistance program” (12-17-14)
“When the Federal Housing Administration announced its “Blueprint for Access” in May, it said the program was designed to open up the credit box for ‘underserved borrowers.’”
Mortgage Professional America – “Michigan Senate OKs tax foreclosure bidder ban” (12-17-14)
“The Michigan State Senate passed a bill last week to prevent those with delinquent property tax payments to bid in foreclosure auctions.”
Bruce Norris of The Norris Group will be speaking at Prosperity Through Real Estate presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, January 6.
Bruce Norris of The Norris Group will be speaking at CVREIA presenting How to create a $100,000 Payday Per Deal in 2015 on Wednesday, January 14.
Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31
The NAHB reported builder confidence for new single-family homes increased by four points to 58. The increase in home prices led to 791,000 properties being brought out of negative equity, although 6.4 million remained underwater. The FHFA reported HARP refinances decreased in the third quarter to less than 900,000 despite the increase in interest rates.
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