Today’s News Synopsis:
The number of layoffs for the month of January deceased 4.0% to 1,507,000, the lowest on record. Richard Cordray is going through an intense confirmation hearing to decide his future with the Consumer Financial Protection Bureau. In an agreement reached by Ally Bank and Ocwen Financial, Ally will be selling a portfolio of their mortgage servicing rights to Ocwen.
In The News:
DS News– “Commercial, Multifamily Debt Grows in Q4” (3-12-13)
“In the fourth quarter of 2012, commercial and multifamily mortgage debt continued to grow, reaching the highest level in four years, according to a report from the Mortgage Bankers Association (MBA).”
Housing Wire – “Ocwen wins bidding war for Ally MSRs” (3-12-13)
“Ally Bank reached an agreement to sell a portfolio of agency mortgage servicing rights to Ocwen Financial Corp.”
Inman – “Carrington’s wholesale division commits to 30-day loan closing” (3-12-13)
“The wholesale lending division of Carrington Mortgage Services is introducing a program that could offer significant appeal to real estate agents fatigued by drawn-out loan application timelines: a promise to close qualified loans within 30 days.”
Mortgage Bankers Association – “MBA Calls on Congress to Increase FHA Multifamily and Healthcare Commitment Authority” (3-12-13)
“Debra W. Still, CMB, Chairman of the Mortgage Bankers Association (MBA), issued the following statement addressing concerns about the potential that the Federal Housing Administration (FHA) will exhaust its commitment authority for multifamily and healthcare programs.”
CNN Money – “The rich pay majority of U.S. income taxes” (3-12-13)
“Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.”
Housing Wire – “Richard Cordray jumps back into the ring” (3-12-13)
“Consumer Financial Protection Bureau Director Richard Cordray is scheduled for an intense grilling by U.S. Senators at a confirmation hearing on Tuesday to discuss his future as leader of the CFPB.”
DS News – “January Layoffs Drop to Record Low” (3-12-13)
“The number of layoffs fell 4.0 percent to 1,507,000 in January, the Bureau of Labor Statistics (BLS) reported Tuesday in its monthly Job Openings and Labor Turnover Survey (JOLTS) release, which details the ins and out of the labor market.”
Inman – “NAR backing test of agent rating surveys” (3-12-13)
“A subsidiary of the National Association of Realtors is partnering with state and local Realtor associations to offer members the ability to participate in a survey-based agent rating service provided by Quality Service Certification Inc.”
Hard Money Loan Closed
Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $81,000 on a 3 bedroom, 2 bathroom home appraised for $126,000.
Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at NORCALREIA TOMORROW.
The Norris Group will be holding their Distressed Property Boot Camp from March 26-28, 2013.
Bruce Norris of The Norris Group will be presenting How to Make a Million Dollars Maximizing the Next 24 Months on Saturday, March 6 in Sacramento.
In a big story, a $25 billion settlement was filed on this day regarding robo-signing, a settlement that could increase short sales. Another bank closed in Illinois, bringing the new total to 13. In an attempt to get mortgage settlers to act more quickly when settling mortgage write-downs, they were given higher credit on their principal reductions.
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.