National default rates held steady in October
Freddie Mac: Mortgage rates reverse course
JPMorgan Strikes Deal with Mortgage Investors
HOPE NOW: 181K Loan Modifications for Homeowners During Q3 2o13
CFPB Finalizes ‘Know Before You Owe’ Mortgage Disclosures
Fed chief nominee Janet Yellen clears Senate panel, wins GOP support
Today’s News Synopsis:
Aaron Norris gives the news of the week in this week’s real estate headline roundup video. Foreclosure inventory decreased almost 30% from last year according to the Lender Processing Services. At the same time, the percentage of underwater homeowners also decreased and is now at 21%, down from 31.4% in the first quarter of 2012.
In The News:
DS News – “Foreclosure Inventory Plunges Nearly 30%” (11-22-13)
“The nation’s foreclosure inventory has contracted for 18 consecutive months and is now at its lowest point since the end of 2008, totaling 1.28 million loans, or just 2.54 percent of today’s active mortgages, according to Lender Processing Services (LPS).”
Bloomberg – “BlackRock Says JPMorgan Deal Undermining U.S. Market: Mortgages” (11-22-13)
“JPMorgan Chase & Co.’s (JPM) record $13 billion deal to end mortgage bond probes has terms that undermine U.S. efforts to reduce taxpayer support of the market, according to BlackRock Inc., the world’s biggest money manager.”
Housing Wire – “Nearly $1 billion in Fannie MSRs hit the sales block” (11-22-13)
“Valuation advisor MountainView Servicing Group is overseeing the sale of $901 million in mortgage servicing rights tied to Fannie Mae loans.”
Mortgage Professional America – “Percentage of underwater homeowners plummets” (11-22-13)
“The percentage of underwater homeowners fell at the fastest pace on record in the third quarter, according to data released Thursday.”
“A nonprofit that aims to foster software innovation and improve efficiency in real estate transactions has released the latest version of what it calls the industry’s “Rosetta Stone” for data.”
Housing Wire – “FHFA leadership shift could impact HARP eligibility” (11-22-13)
“With Sen. Harry Reid, D-Nev., able to change the voting threshold needed for getting administration nominations passed the U.S. Senate, the Federal Housing Finance Agency may soon find itself with a new leader in Rep. Mel Watt, D-N.C.”
Los Angeles Times – “Freddie Mac and nonprofits to hold L.A. home buyer event Saturday” (11-22-13)
“Two local nonprofits and mortgage titan Freddie Mac will hold a free event this weekend to help first-time home buyers, a group that has struggled mightily as housing prices skyrocketed this year.”
Mortgage Professional America – “Fannie, Freddie to cut multifamily financing” (11-22-13)
“The agency that oversees Fannie Mae and Freddie Mac is going ahead with plans to scale down their financing of multifamily mortgages next year despite heated opposition from industry groups.”
Burbank, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $400,000 on a 4 bedroom, 2 bathroom home appraised for $639,000.
Bruce Norris of The Norris Group will be at the NSDREI Holiday Christmas Party at Camp Pendleton in San Diego on Sunday, December 8, 2013.
Bruce Norris of The Norris Group will be at the SDCIA Holiday Christmas Party on Tuesday, December 10, 2013.
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.