Today’s News Synopsis:
Freddie Mac just reached a settlement with Citigroup over repurchase claims in the future. In an announcement made yesterday, HUD redefined a qualified mortgage to mean a mortgage that requires periodic payments and not have terms longer than 30 years. Housing equity increased 30% year-over-year with the decrease in mortgage debt.
In The News:
Housing Wire – “Full-blown housing recovery remains an illusory goal” (9-30-13)
“A full-blown housing recovery could push the nation closer to full employment, but a confluence of factors have made this an illusory goal, researchers claim in a new report from Moody’s Analytics and the Urban Institute.”
DS News – “HUD Proposes New Definition of Qualified Mortgage” (9-30-13)
“HUD proposed a new definition of “qualified mortgage” (QM) in a statement released Monday. To meet the new QM requirements, a mortgage will have to require periodic payments, have terms not exceeding 30 years, limit upfront points and fees to no more than three percent with adjustments to facilitate smaller loans, and be insured or guaranteed by FHA or HUD.”
Realty Times – “California Court Allows Weekend Open Houses For Tenant-Occupied Properties” (9-30-13)
“Section 1954 of the California Civil Code provides that a landlord may enter a leased or rented dwelling to ‘exhibit the dwelling unit to prospective or actual purchasers’.”
Mortgage Professional America– “Equity on the rise as mortgage debt declines” (9-30-13)
“Housing equity spiked 30% — more than $2 trillion – over the last year as home prices and purchases rose and outstanding mortgages declined, according to a report released Friday by the National Association of Realtors.”
DS News – “Redfin Reports Diminished Bidding Activity” (9-30-13)
“Competition for homes decreased in August for the fifth month in a row according to data compiled by the Redfin Research Center.”
CNN Money – “Rating agencies an afterthought in debt ceiling fight” (9-30-13)
“The latest fiscal showdown in Washington could spark another downgrade of the U.S credit rating, but investors aren’t sweating it.”
Housing Wire – “Mortgage market built to withstand government shutdown” (9-30-13)
“Unless both sides of the aisle can reach a compromise or one side folds, the government will have its first shutdown in 17 years, creating even more uncertainty for the already uncertain mortgage market.”
DS News – “Freddie Mac Reaches Repurchase Settlement with Citigroup” (9-30-13)
“Citigroup and Freddie Mac have reached an agreement to settle potential future repurchase claims on millions of loans sold to the GSE in the last decade.”
Hesperia, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $110,000 on a 3 bedroom, 2.5 bathroom home appraised for $188,000.
On Friday, October 18, Bruce Norris will be presenting the 6th annual I Survived Real Estate.
Bruce Norris of The Norris Group will be holding their Distressed Property Bootcamp Tuesday-Thursday, October 22-24, 2013
Bruce Norris will be speaking at the Financial Tactics Brunch on Thursday, October 26, 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.