Today’s News Synopsis:
In a big story, the owners of the Empire State Building in New York plan to become their own real estate investors by raising money to allow investors to own a piece of the property. In the series of recent bank failures, two more banks in Indiana and Illinois closes on Friday. Gains in housing construction is expected to be lead by construction in new multifamily units.
In The News:
DS News – “Tally Rises With Two More Bank Failures” (2-13-12)
“A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine.”
Housing Wire – “Military members may get six-figure payday for wrongful foreclosures” (2-13-12)
“Major banks will reimburse military servicemembers for any wrongful foreclosures done in the past five years. JPMorgan Chase($37.61 -0.25%), Wells Fargo ($30.69 0.43%), Citigroup ($32.93 -0.735%), and Ally Financial ($23.50 0.14%) will resolve Servicemembers Civil Relief Act claims in connection to the wider $25 billion foreclosure settlement, U.S. Assistant Attorney General Thomas Perez said in a speech Friday.”
Bloomberg – “Multifamily Units to Lead U.S. Construction Gains” (2-13-12)
“Construction of multifamily units will lead the U.S. building industry again this year, allowing housing to contribute to growth for the first time in seven years, according to economists Michelle Meyer and Celia Chen.”
Los Angeles Times – “Consumer bureau to unveil monthly mortgage statement prototype” (2-13-12)
“The Consumer Financial Protection Bureau this week will unveil a prototype for a new monthly mortgage statement for consumers designed to clearly show important information from their servicer.”
San Francisco Chronicle – “Empire State Building Owners File $1 Billion IPO, REIT Plan” (2-13-12)
“The company that controls the Empire State Building, the landmark 102-story skyscraper in midtown Manhattan, plans to raise as much as $1 billion in an initial public offering and become a real estate investment trust.”
Housing Wire – “Mortgage servicing settlement leaves bond investors in the dark” (2-13-12)
“Members of the mortgage investor class are waiting to see if the $25 billion mortgage servicing settlement will force them to take large haircuts on mortgage securities they put their money behind.”
Bloomberg – “Foreclosure Deal May Help State Budgets” (2-13-12)
“Wisconsin (STOWI1) plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri (STOMO1) would devote $40 million for education. Ohio (STOOH1) wants to tear down vacant homes.”
Realty Times – “Real Estate Outlook: Access to Credit” (2-13-12)
“Limited access to credit continues to plague many builders across the nation. The newly introduced Home Building Lending Improvement Act of 2012 takes aim at helping to restore the flow of credit.”
Hard Money Loan Closed
Bloomington, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $69,000 on a 2 bedroom, 1 bathroom home appraised for $115,000.
California Real Estate Investor Events:
The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.
Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.
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