Today’s News Synopsis:
Sales of existing homes decreased in June by 1.2% and now stand at 5.08 million units. Republican John Campbell is pushing a new Eminent Domain Bill that would limit the amount of eminent domain used to take residential mortgages. Fannie Mae continues to hold a positive outlook on the growth of the economy despite the increase in mortgage rates.
In The News:
Mortgage Professional America – “HUD drafts new rule to combat segregated housing patterns” (7-22-13)
“The Department of Housing and Urban Development released a drafted rule Friday that would make it more difficult for state and local grantees to misapply government program funds.”
CNN Money – “UBS settles mortgage case for $745 million” (7-22-13)
“UBS is paying up to 700 million Swiss francs ($745 million) to settle a case over its mis-selling of mortgage-backed securities to Fannie Mae and Freddie Mac in the U.S.”
Mortgage Bankers Association – “MBA Welcomes Campbell Eminent Domain Bill” (7-22-13)
“David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), applauds Congressman John Campbell (R-CA) for reintroducing the Defending American Taxpayers from Abusive Government Takings Act.”
Housing Wire – “Muni bond market remains shaken after Detroit bankruptcy” (7-22-13)
“Detroit’s decision to accelerate its plans to file for Chapter 9 last week, marked the largest municipal bankruptcy in the history of the nation.”
Inman – “Existing-home sales slip in June” (7-22-13)
“Existing-home sales slipped in June, but ample pent-up demand and favorable buying conditions should keep the housing market from stumbling in the face of a recent surge in interest rates, the National Association of Realtors (NAR) said today.”
DS News – “Fannie Mae Maintains Forecast for Faster Growth Despite Rising Rates” (7-22-13)
“With July approaching its last week, economists at Fannie Mae are maintaining their forecast for greater economic growth in the second half of 2013.”
Housing Wire – “Uncertainty over FHFA leadership post alarms investors” (7-22-13)
“Mortgage-backed securities investors harbor lingering concerns about the possibility of a successful confirmation of Rep. Mel Watt, D-N.C., as director of the Federal Housing Finance Agency.”
DS News – “New Delinquency Roll Rates Continue to Improve” (7-22-13)
“The rate of performing borrowers who rolled into delinquency status decreased in the second quarter, Fitch Ratings reported Monday.”
Hard Money Loan Closed
Ontario, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $163,000 on a 2 bedroom, 1 bathroom home appraised for $235,000.
Bruce Norris of The Norris Group will be speaking at FIBI Thousand Oaks Poised to Pop Wednesday, August 7, 2013.
Bruce Norris of The Norris Group will be speaking at SJREI Poised to Pop Thursday, September 5, 2013.
Bruce Norris will be presenting How to Make a Million in 24 Months in San Jose on Saturday, September 7, 2013.
On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate
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.