Norris Bruce
Jun 02, 2014

JPMorgan Accused of Selling Risky Loans to Minorities

 

Today’s News Synopsis:

Another bank was closed by the FDIC in Maryland, bringing the total for this year now to 9.  Construction on both private and residential homes was below expectations last month, having only increased 0.2% instead of 0.7%.  JPMorgan is facing accusations by the city of Los Angeles for selling risky home loans to minorities.

In The News:

Bloomberg“Cash Deals for Homes Reach Record With Boomers Retiring” (6-1-14)

“Mike Trafton bought a house in a suburb of Boise, Idaho, where he plans to retire. He made the deal without signing a stack of mortgage papers.”

Mortgage Professional America “Los Angeles accuses JPMorgan of targeting minorities with risky loans” (6-2-14)

“The city of Los Angeles has filed suit against JPMorgan, accusing the lender of steering minority borrowers into risky home loans they couldn’t afford.”

Housing Wire “Private and residential construction stall out in April” (6-2-14)

“Construction spending rose 0.2% in April from March to as seasonally adjusted annual rate of $953.5 billion, missing the 0.7% expectation by the most in 13 months.”

DS News “Bank Foreclosures Listed Far Below Regional Selling Prices” (6-2-14)

“RealtyStore, a provider of a broad variety of real estate listings, recently released a report outlining average selling prices for bank foreclosures.”

Inman “Nearly half of modified mortgages facing increases are underwater” (6-2-14)

“Close to half of modified mortgages facing rate increases are underwater, suggesting that hundreds of thousands of homeowners who were granted relief during the downturn may be at risk of default in the coming years, Black Knight Financial Services data shows.”

Realty Times“Law Sets Time Limits For Enforcing Homeowner Association Restrictions” (6-2-14)

“Members of HOAs (Homeowner Associations) and directors of HOA boards in California all need to keep in mind that rules and regulations affecting property use, additions, and alterations are subject to a statute of limitations.”

DS News“FDIC Closes Maryland Bank; 9th Bank of 2014” (6-2-14)

“The FDIC announced the closure of another bank, noting that Slavie Federal Savings Bank of Bel Air, Maryland has been closed.”

Mortgage Professional America “Home equity loans on the rise, but not adding ‘juice’ to consumer spending” (6-2-14)

“A rise in home equity loans doesn’t mean a return to irresponsible spending, an economist has said.”

 

Hard Money Loan Closed

La Puente, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $212,000 on a 4 bedroom, 2 bathroom home appraised for $325,000.

La Puente Hard Money Loan closed by the Norris Group

 

Bruce Norris of The Norris Group will be presenting Secrets To Becoming Wealthy with South Los Angeles REIA on Monday, June 9, 2014.

Bruce Norris of The Norris Group will be speaking at the NSDREI 10th Anniversary Party in Oceanside on Tuesday, June 17, 2014.

Bruce Norris of The Norris Group will be speaking at the Cutting-Edge Financial Tactics Brunch in Costa Mesa on Saturday, June 21, 2014.

 

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.

members of