Today’s News Synopsis:
Bank of America has settled a dispute with Fannie Mae to pay $11.7 billion to settle bad mortgage deals. Also, ten of the largest banks in the nation have also agreed to a foreclosure settlement of $8.5 billion with federal regulators. Short sales for Fannie Mae and Freddie Mac are at their highest on record at 37,966 in September, an increase of 4% from the previous quarter.
In The News:
Housing Wire- “About 43% of Americans expect home prices to rise” (1-7-13)
“The share of surveyed Americans who believe home prices will tick up in the next year reached the highest level to-date, at 43%, up 6 percentage points from November, according to Fannie Mae’s December National Housing Survey results.”
Los Angeles Times- “Ten banks to pay $8.5 billion to settle foreclosure abuse review” (1-7-13)
“Ten of the nation’s largest mortgage servicers have agreed to an $8.5-billion settlement with federal regulators to end a review of foreclosure abuses.”
Bloomberg- “BofA Earmarks $11.7 Billion to Cap Fannie Mae’s Claims” (1-7-13)
“Bank of America Corp. agreed to an $11.7 billion package designed to resolve most disputes with U.S.-owned Fannie Mae over bad mortgages after a deal announced two years ago proved inadequate.”
NAHB – “List of Improving Housing Markets Expands to 242 in January” (1-7-13)
“In the latest sign of a burgeoning recovery in U.S. housing markets, the number of metropolitan areas on the National Association of Home Builders/First American Improving Markets Index (IMI) rose for a fifth consecutive month to 242 in January. This is up from 201 markets listed as improving in December, and includes entrants from 48 states and the District of Columbia.”
Inman- “Fannie, Freddie short sales hit record high” (1-7-13)
“Loan servicers working on behalf of Fannie Mae and Freddie Mac signed off on a record number of short sales in the third quarter of 2012, according to a report from the mortgage giants’ regulator, the Federal Housing Finance Agency (FHFA).”
Housing Wire- “Latest MLS data reports Phoenix leads median increase” (1-7-13)
“The latest MLS data released by ZipRealty revealed that Phoenix median home prices are up more than any other market nationwide on a year-over-year basis.”
DS News- “NCUA Targets JPMorgan in Another Securities Suit” (1-7-13)
“The National Credit Union Administration (NCUA) filed its 10th action against a major Wall Street investment firm—this time, the defendant is JPMorgan Securities.”
Los Angeles Times- “Solidifi and Kirchmeyer Unite to Create Appraisal Superfirm” (1-7-13)
“Solidifi and Kirchmeyer & Associates, two of the top independent real estate appraisal firms in the industry, are combining forces to create a super company, one that will make Solidifi the third largest independent provider of residential real estate in the country.”
Hard Money Loan Closed
La Quinta, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $178,000 on a 4 bedroom, 2 bathroom home appraised for $277,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at Coachella Valley tomorrow, January 8, 2013.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 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.