Norris Bruce
Jun 25, 2014

HARP Refinancing to be Heavily Promoted by GSE Regulators

 

Today’s News Synopsis:

The Mortgage Bankers Association reported a 1% decrease in mortgage applications from last week.  GDP decreased in the first quarter by 2.9%, which was actually below expectations from analysts. HARP Refinancing is expected to be heavily pushed for again by the regulator for Fannie Mae and Freddie Mac in order to help those with little to no equity.

In The News:

DS News“Legal Action Possible for Excessive Lender-Placed Insurance Rates” (6-25-14)

“In 2012, lender-placed insurance issues cost Fannie Mae and Freddie Mac a combined $360 million, and now the federal government may take legal action against servicers for charging excessive LPI rates, according to a report released Wednesday by the Federal Housing Finance Agency’s Office of the Inspector General.”

Bloomberg“Fannie-Freddie Regulator Starts New Push for HARP Refinancing” (6-25-14)

“The regulator of Fannie Mae and Freddie Mac (FMCC) will conduct a series of town-hall events to convince hundreds of thousands of U.S. borrowers with little or no equity in their homes to refinance.”

Housing Wire “Senate commitee endorses Julian Castro as HUD” (6-25-14)

“The Senate Banking Committee on Wednesday voted on a largely party line basis to endorse San Antonio Mayor Julián Castro to lead the Department of Housing and Urban Development.”

DS News “May Equity Home Sales Continue to Rise in California” (6-25-14)

“Higher home values have continued to fuel more equity home sales, making up more than 80 percent of all home sales for the past 11 consecutive months, according to the California Association of Realtors (CAR).”

Mortgage Bankers Association “Mortgage Applications Decrease in Latest MBA Weekly Survey” (6-25-14)

“‘Mortgage applications decreased 1.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 20, 2014.”

Housing Wire“Trulia: Housing shaking off spring slump?” (6-25-14)

“Trulia (TRLA) is making the case that the underlying fundamentals of the housing industry are on track, and that only a few components are missing from a full-on charge out of the late winter, whole of spring downturn — first-time buyers.”

DS News “GDP Declines in First Quarter 2014” (6-25-14)

“A revised estimate of gross domestic product (GDP) in the first quarter shows the economy turning in its worst performance since 2009 as consumer spending disappointed and outgoing trade declined.”

Bloomberg“JPMorgan Said to Sell $304 Million Mortgage-Bond Issue” (6-25-14)

“JPMorgan Chase & Co. (JPM) sold bonds tied to about $304 million of U.S. home loans without government backing, adding to signs of life in the market..”

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with High Desert REIA on Thursday, July 10, 2014.

Bruce Norris of The Norris Group will be presenting his big event The Millionaire Maker in Costa Mesa Friday-Sunday, July 18-20, 2014.

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with LAREIC on Tuesday, August 12, 2014.

 

Looking Back:

Home prices increased in April by 12.1% year-over-year, exceeding expectations.  The national delinquency rate stood at 6.08% in May, the lowest since May 2008.  At the same time, foreclosure inventory also decreased to 3.05%, the lowest since March 2009.  A new bill was drafted to replace Fannie Mae and Freddie Mac with the single Federal Mortgage Insurance Corp and to help improve the secondary mortgage market.

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.

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