Mel Watt supportive of 3% Down Mortgage Payments



Today’s News Synopsis:

In an update from Mel Watt’s meeting before the Congress yesterday, he is in support of 3% down mortgage payments as well as increase access to credit.  The Mortgage Bankers Association reported mortgage applications decreased 3.2% from last week.  More and more homeowners are choosing to live in suburban neighborhoods.

In The News:

DS News“Mortgage Risk Rises, Causing Concerns Over Expansion of Credit Access” (1-27-15)

“The market for federally insured home purchase mortgages grew riskier in December, garnering worry from analysts concerned about the government’s recent efforts to expand mortgage access.”

Mortgage Professional America“More people are moving to suburbia” (1-28-15)

“Although home prices are rising faster in urban neighborhoods, population is growing faster in suburban neighborhoods.  Consumer preferences and the aging of the population are tailwinds for suburban growth; so are falling oil prices if they stay low long-term, according to Trulia.”

Mortgage Bankers Association“Mortgage Applications Decrease in Latest MBA Weekly Survey” (1-28-15)

“Mortgage applications decreased 3.2 percent from one week earlier,according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending  January 23, 2015.”

Bloomberg“Fed Stays Patient on Rates Amid Strong Job Gains, Low Inflation” (1-28-15)

“The Federal Reserve maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market, even as it expects inflation to decline further.”

Housing Wire “Moody’s: FHA premium cut will increase home sales by 45,000 this year” (1-28-15)

“In the weeks since the Obama administration announced that it was directing the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, housing industry observers have each begun to share their prognostications about what the real impact of the FHA’s action will be.”

Mortgage Professional America“Watts defends 3% down payment mortgages” (1-28-15)

“Mel Watt, the director of the Federal Housing Finance Agency (FHFA), defended his efforts to expand credit access as overseer of Fannie Mae and Freddie Mac in a heated, four-hour hearing before Congress Tuesday.”

DS News “Foreclosure Prevention Effort Exceeds 18,000 in North Carolina” (1-28-15)

“More than 18,000 homeowners in North Carolina have saved their homes as a result of a statewide foreclosure prevention effort, according to a release from the North Carolina Housing Finance Agency (NCHFA).”

OC Housing News “Are Orange County homebuilders over-supplying the market?” (1-28-15)

“Homebuilding usually leads the economy out of recession. The Great Recession did not end with a building boom largely because of overbuilding during the housing bubble.  A false price signal triggered excessive homebuilding, and it took five years to work off the inventories.”


Bruce Norris of The Norris Group will be presenting his newest talk 2015: Proceed with Caution on Saturday, January 31.

Bruce Norris of The Norris Group will be speaking at OC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Tuesday, February 3.

Bruce Norris of The Norris Group will be speaking at SDIC FIBI presenting How to create a $100,000 Payday Per Deal in 2015 on Thursday, February 5.


Looking Back:

Both the Standard and Poors and Case-Shiller indices indicated home prices increased by over 13% year-over-year, although month-over-month they decreased slightly by 0.1%.  U.S. loan delinquencies increased slightly by 0.26% month-over-month, although year-over-year they decreased by 9.85%.  Fixed-rate mortgage were becoming less popular with the increase in interest rates, leading to adjustable-rate mortgages gaining more popularity.


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.

Copyright: Image from

Scroll to Top