Today’s News Synopsis:
According to the Federal Reserve Board, the amount of net income reserve banks took in was 34% higher than the previous year. The Federal Reserve Board, in turn, made a profit of $78.4 last year, the largest profit it has made in several years. The recent ruling by the Massachusetts Supreme Court is not expected to change foreclosure practices drastically but rather opens the door to allow trustees to hold mortgages.
In The News:
Housing Wire – “Massachusetts Ibanez ruling sets stage for mortgage ownership remedy” (1-10-11)
“Banking analysts said the Massachusetts Supreme Court ruling last week will not significantly impact foreclosure practices but instead clears a path to establish securitization trustees as holder of a mortgage.”
Inman – “Short-sale incentives revamped again” (1-10-11)
“Loan servicers participating in the Obama administration’s short-sale incentive program are being given more freedom to pay off second-lien holders, but will be held to stricter timelines for approving or rejecting short sales and forbidden from deducting vendor expenses from commissions paid to real estate brokers.”
Realty Times – “Real Estate Outlook: Federal Reserve Promoting Recovery” (1-10-11)
“Deflation fears are gradually receding. Last year’s Federal Reserve action to buy $600 billion worth of Treasury Bonds was an attempt to spur recovery and keep long-term interest rates low.
It appears that board members are now mildly optimistic about 2011.”
The Orange County Register – “O.C. homes for sale at 8-month low” (1-10-11)
“Orange County property owners continue to pull homes off the market. Whether it’s seasonal — or a reaction to sluggish homebuying — remains to be seen!”
Housing Wire – “GSE mortgage securities boost record Federal Reserve payment to Treasury” (1-10-11)
“The Federal Reserve Board reported that the Reserve Banks took in $80.9 billion in net income during 2010, up 34% from the year before because of larger returns on government-sponsored entity securities.”
The Wall Street Journal – “Market for Vacation Homes Is on the Rise” (1-10-11)
“Sales in many vacation communities across the U.S. soared last year to levels not seen since boom times, driven by deep discounts, cash purchases and buyers’ rising stock portfolios.”
Los Angeles Times – “Federal Reserve posted record profit of $78.4 billion last year” (1-10-11)
“The Federal Reserve announced Monday it made a record $78.4 billion profit in 2010 as the central bank’s unprecedented intervention into the financial system continued
to produce a side benefit to the federal government.”
Housing Wire – “Capital Markets Cooperative and Bank of Internet form strategic alliance” (1-10-11)
“Capital Markets Cooperative and Bank of Internet entered into a strategic alliance to offer CMC clients specialized jumbo loan products.”
Inman – “Keller Williams Rolling out New Platform for all its agents” (1-10-11)
“Keller Williams Realty will provide its agents with what the real estate franchisor says will be the first system capable of handling lead management, contact management, marketing and transaction management on a single, integrated platform.”
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.
California Real Estate Investing News is a post from: The Norris Group