Today’s News Synopsis:
In The News:
DS News – “Fed Rules Eight Banks to be Held to Minimum Capital Holdings or Surcharges” (7-20-15)
“The nation’s top eight banks will be held to minimum capital holdings or face stiff surcharges, according to a decision made by the Federal Reserve on Monday. The ruling establishes minimum holdings among what the Fed dubs “global systemically important banks,” or GSIBs, the firms with the most risk-based endeavors.”
Mortgage Professional America – “TRID effects unknown” (7-20-15)
“With the TILA RESPA Integrated Disclosure is set to take effect in October, but originators are already wondering what sort of effect it will have on business – something they may not know until the disclosure change takes place.”
Bloomberg – “S&P 500 Little Changed After Briefly Rising Above Record Close” (7-20-15)
“U.S. stocks were little changed, after the Standard & Poor’s 500 Index briefly climbed above its previous closing record, as better-than-forecast corporate results offset a slump in commodities producers.”
Housing Wire– “Chicago home sales hit new record high” (7-20-15)
“Sales activity in the Chicago area reached a new record high, hitting 52,239 units for the first half of the year, the most since 2006 and 9% higher than during the first half of 2014, according to data from RE/MAX.”
Mortgage Professional America – “Morning Briefing: Housing starts up almost 10 per cent in June” (7-20-15)
“Housing starts increased in June by 9.8 per cent to a seasonally-adjusted rate of 1.174 million units. Data from the US Department of Housing and Urban Development and the Commerce Department shows that multifamily production was the diver of the increase with a 24.9 per cent rise in June 2015 compared to a year earlier while single family starts were down 0.9 per cent.”
DS News – “JPMorgan Chase & MBS Investors Reach $388 Million Settlement in Lawsuit” (7-20-15)
“JPMorgan Chase & Co agreed to pay $388 million to resolve a lawsuit by investors who claimed that the U.S. bank provided misleading information about the safety of $10 billion worth of residential mortgage-backed securities (MBS) it sold before the financial crisis, according to multiple media reports.”
Housing Wire– “10 best and worst cities for first-time homebuyers” (7-20-15)
“There are countless reasons and explanations that play into what neighborhood is best for a homebuyer. To help ease the process, WalletHub compiled a list of 300 U.S. cities to determine the attractiveness of their first-time homebuyer markets.”
Mortgage Professional America – “Foreign buyers backing away from U.S. housing market” (7-20-15)
“In spite of home sales currently sitting at an 8-year high, foreign homebuyers appear to be backing away from the U.S. housing market. According to CoreLogic chief economist Frank Nothaft, the number of U.S. homebuyers identifying as international dropped to 2% during the first four months of this year.”
DS News – “Morgan Stanley’s Q2 Net Revenues Reach $9.7 Billion” (7-20-15)
“Net revenues for Morgan Stanley reached $9.7 billion for the second quarter ending June 30, 2015, compared with $9.9 billion in the first quarter of 2015 and $8.6 billion a year ago, according to the company’s second quarter earnings statement released Monday.”
Hard Money Loan Closed
Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $125,000 on a 3 bedroom, 1.5 bathroom home appraised for $200,000.
Bruce Norris of The Norris Group will be having its Property Buying Bootcamp Tuesday, July 21 to Thursday, July 23.
Bruce Norris of The Norris Group will be presenting the California Real Estate Market Update with TIGAR on Thursday, August 13.
Bruce Norris of The Norris Group will be presenting the 8th annual I Survived Real Estate 2015 on Friday, October 16.
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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.