Today’s News Synopsis:
According to Housing Wire, Wells Fargo reported the highest recorded income of $4.1 billion in the fourth quarter. At the same time, Citigroup reported the lowest earnings for the fourth quarter. The new executives of Fannie Mae and Freddie Mac are expected to be facing significant pay cuts. Home sales increased in December 14%, according to DataQuick.
In The News:
CNN Money – “S&P downgrades Europe bailout fund” (1-16-12)
“Markets across the nation are showing signs of movement and improvement. The latest report from the Mortgage Bankers Association shows that mortgage applications were up for the last week, this after a slow two week end to 2011.”
Realty Times - “Real Estate Outlook: More Markets Show Measurable Improvement “ (1-16-12)
“Markets across the nation are showing signs of movement and improvement. The latest report from the Mortgage Bankers Association shows that mortgage applications were up for the last week, this after a slow two week end to 2011.”
DS News - “Vacant Foreclosures Saddle Local Communities With High Costs” (1-16-12)
“A recent study from the Government Accountability Office (GAO) found that non-seasonal vacant properties across the United States rose 51 percent over the span of a decade, from nearly 7 million in 2000 to 10 million in April 2010.”
Housing Wire - “Wells Fargo earns record $4.1 billion in 4Q” (1-17-12)
“Wells Fargo (WFC: 29.95 +1.15%), the largest mortgage lender in the U.S., reported record income of $4.1 billion, or 73 cents a share, for the fourth quarter, up 20% from one year ago.”
Bloomberg - “Private-Equity Firms to Increase Hotel Investments in Smaller U.S. Cities” (1-17-12)
“Private-equity firms will help drive an increase in hotel transactions this year in smaller U.S. cities, where investment returns tend to be higher than in large markets, according to Jones Lang LaSalle Hotels.”
San Francisco Chronicle - “U.S. Stock Futures Rise as Commodity Shares Gain on China Bets” (1-17-12)
“U.S. stock futures rose, following a two-week rally in the Standard & Poor’s 500 Index, as China’s economic slowdown fueled speculation monetary policy will ease.”
Wall Street Journal - “Fannie, Freddie Face Pay Cuts” (1-17-12)
“Government regulators will cut sharply the pay of the executives they hire to succeed the departing heads of Fannie Mae and Freddie Mac, said regulators, which may make it difficult for the struggling mortgage-finance giants to attract and keep qualified chief executives.”
Housing Wire – “FDIC may force banks to disclose proposed stress test results” (1-17-12)
“The Federal Deposit Insurance Corp. proposed new annual stress test requirements Tuesday for the 23 largest banks holding more than $10 billion in assets.”
CNN Money - “Citigroup reports dismal earnings, stock falls 6%” (1-17-12)
“Citigroup reported quarterly profit and revenue that fell short of forecasts, driven by ongoing weakness in trading and the unwinding of Citi Holdings, which includes Citi’s mortgage servicing business.”
FINS - “Citigroup Hikes Expense Cuts After Laying Off 5,000″ (1-17-12)
“After cutting 5,000 jobs last year, Citigroup plans to increase annual expense reductions to between $2.5 billion and $3 billion this year, executives said while reporting earnings for the year and fourth quarter.”
CNN Money - “Obama council repeats job-creating ideas” (1-17-12)
“President Obama’s jobs council on Tuesday released its latest round of recommendations detailing how the United States can be more competitive.”
Housing Wire - “Investors push Southern California home sales higher” (1-17-12)
“Investors pushed home sales in Southern California higher in December, lifting 14% from November, DataQuick said Tuesday.”
Hard Money Loan Closed
Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $115,000 on a 5 bedroom, 2 bathroom home appraised for $201,000.
California Real Estate Investor Events:
Bruce Norris will be speaking today at the Apartment Owners Association-Discover Wealth Strategies for 2012 in Buena Park.
The Norris Group will be at the Women’s Council of Realtors on January 18, 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.
