Today’s News Synopsis:
Unemployment claims increased by 4,000 to 371,000 according to the Labor Department. A new qualified mortgage rule was finally released by the Consumer Financial Protection Bureau, a rule intended to protect lenders and consumers. Freddie Mac reported an increase in mortgage rates after last month’s positive employment report. 30-year rates are now at 3.4-%, and 15-year rates are at 2.66%.
In The News:
Los Angeles Times– “Freddie Mac: 30-year mortgage rate hits 3.4%, highest in 8 weeks” (1-10-13)
“With employment improving and the fiscal cliff averted, fixed mortgage rates have jumped to their highest level in two months, with lenders offering the 30-year home loan at 3.4% this week, up from 3.34% last week, according to Freddie Mac.”
DS News– “First-Time Jobless Claims Edge Up as 2013 Begins” (1-10-13)
“First-time claims for unemployment insurance rose 4,000 to 371,000 for the week ended January 5, the Labor Department reported Thursday.”
Mortgage Bankers Association– “MBA Chairman Debra Still Comments on Qualified Mortgage/Ability to Repay Rule” (1-10-13)
“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement on the final Qualified Mortgage/Ability to Repay rule released today by the Consumer Financial Protection Bureau (CFPB).”
DS News– “CFPB Releaes Long-Awaited Qualified Mortgage Rule” (1-10-13)
“After many long months of waiting, the Consumer Financial Protection Bureau (CFPB) has finally issued its finalized qualified mortgage (QM) rule designed to protect both consumers and responsible lenders.”
Housing Wire – “RBS: CRE CDO loans make a comeback” (1-10-13)
“The new issue market has potentially reopened with four commercial real estate loans tied to collateralized debt obligations — secured primarily by commercial real estate whole loans on transitional properties — issued in the fourth quarter of 2012, totaling $1 billion.”
DS News– “About 29% of Homeowners Are Mortgage Free, According to Zillow” (1-10-13)
“Out of all U.S. homeowners, 29.3 percent, or 20.6 million, own their home free and clear of a mortgage, according to an analysis from Zillow.”
Housing Wire– “Mortgage industry accepts QM while citing flaws” (1-10-13)
“The Consumer Financial Protection Bureau launched its qualified mortgage and ability-to-repay provisions to mixed reviews Thursday.”
Hard Money Loan Closed
San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $76,000 on a 2 bedroom, 1 bathroom home appraised for $130,000.
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
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.
In a big news story, the president and CEO of Fannie Mae, Michael Williams, was expected to resign. According to a Zillow report, the values of homes in the United States decreased almost 5% year-over-year and were at the level they were at in 2003. HOPE NOW said a lot fewer loans were modified than the previous year, but on a positive note the number of loan modifications did increase in November from October.
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.