Foreclosures | Mortgages | Financing
Altisource Residential Corporation recently disclosed its second quarter financial results, reporting that it took a net loss of $63.5 million during the second quarter. But despite that loss, analysts from Nomura are bullish on the company’s future prospects. The reason? Altisource’s growing single-family rental business. …read more
From:: Real Estate Wire
WASHINGTON (MarketWatch) – Eight of the Federal Reserve’s 12 district banks wanted a quarter-point rise in the discount rate to 1.25%, up from six previously, according to minutes published Tuesday. The banks were in favor of lifting rates “in light of actual and expected strengthening in economic activity and their expectations for inflation to gradually move toward the 2% objective,” the Fed said. The discount rate is the central bank’s price for emergency loans for banks. It can sometimes be a signal for monetary policy in general. Four banks sought no change. The Fed’s five-member Board of Governors, which has the final say, kept the rate unchanged.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
A securitization of primarily non-agency residential loans that don’t meet the requirements of the Qualified Mortgage rule has been completed.
The residential mortgage-backed securities included $119 million in senior classes of certificates and $13 million in subordinate classes.
But although the securitized loans are not considered QM, they do adhere to the Ability-to-Repay rule and require significant down payments.
From:: Financing
Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now. That’s because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis. …read more
From:: Real Estate Wire
Servicing rights on almost $3 billion in residential loans backed by the government-sponsored enterprises are being auctioned off to the best bidder.
The non-recourse offering of mortgage servicing rights is being made on a portfolio of 12,713 Fannie Mae and Freddie Mac loans for $2.845 billion.
FNMA A/A mortgages make up 11,277 units with a principal balance of $2.490 billion, while there are 1,436 FHLMC ARC loans for $0.355 billion.
From:: Financing
A Texas Realtor sold a home, but was busted doing drugs [and other things] in it the following morning. The new homeowners are pressing charges now and say they don’t approve of the Realtor’s “housewarming.” …read more
From:: Real Estate Wire
Not only did Tolls Brothers record a strong third quarter, but also it did it for the fourth time in a row. The homebuilder’s financial results fall in line with the latest new home sales report that came out Tuesday as well, giving a real example to the data. …read more
From:: Real Estate Wire
Although it has been said that nobody is perfect, there are some who are what I call “near perfect.” After all, since practice makes perfect, why not keep practicing while striving for excellence?
In today’s economy we are at an auspicious confluence of trends that will reward good property managers like never before. The word that sums it up is “demographics, demographics, demographics.” Younger adults, especially those in the age demographic of 21 to 35, don’t have the net worth or the high credit scores needed to be a homeowner. Millions are forced to live with parents or rent. What is often overlooked is the baby-boom generation. This demographic, which still involves nearly 70 million Americans ages 54 through 70 is finding it increasingly difficult to afford the cost of ownership.
Anecdotal evidence and government surveys reveal a rising trend among this age bracket towards renting a place to live. Many are selling to unlock equity in their homes and to pay off mortgage debt. What kind of housing will the sellers in this age demographic choose? A growing number are looking for rental units that cater to the 55-and-older crowd. By some estimates this “crowd” is increasing exponentially. Not only does the government’s census estimate that nearly 10,000 baby-boomers turn 65-years old every single day, but tens of thousands more are turning ages 56 through 64 each day as well!
These factors help introduce the first step towards perfecting your property management business, which is to know the housing needs of your area better than any other property manager. It may take phone calls and visits to your city and county records department or interviewing federal census agents, but get a very accurate handle on the housing needs of these demographic groups. Consider specializing in projects and programs to help these mushrooming millions find safe and affordable rental housing. Market yourself as a property manager who cares and shares this info.
How about all the others steps needed to refine and perfect your management enterprise? The answers are likely to arise if you’re willing to take a suggestion that’s challenging for perfectionist practitioners. Take the advice of one of the most respected, talented and accomplished professionals. His name is Leonardo da Vinci, the awesome Italian architect, engineer, painter, mathematician and scientist. Nearly 500 years after his death, Leonardo is still considered one of the greatest intellects in human history. If you could consult him on the topic of this article, here’s what he would likely recommend:
“Every now and then go away and have a little relaxation. For when you return to your work, your judgment will be better and more confident. If you constantly remain at work you’ll cause yourself to lose the power of balance and sound judgment. Yes, really get as far away from your work as you possibly can. Why? It will improve your ability to see your work in perspective and to be able to see all of it, a.k.a. ‘the BIG PICTURE.’ You’ll be able to more accurately …read more
From:: Property Management
The Securities and Exchange Commission said Tuesday it fined Apollo Global Management $52.7 million for allegedly breaching its fiduciary duties as an investment advisor by failing to disclose fees and conflicts of interest to investors. Apollo, as the general partner, failed to adequately disclose to its limited partners that it may accelerate future fees for monitoring portfolio companies when it ended those consulting and services agreements. The firm also allegedly failed to supervise a senior partner who charged personal expenses to the funds. Apollo neither admitted nor denied the findings but agreed to return the allegedly wrongful fees and interest to investors.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
For the second month in a row, the volume of new homes sold was the greatest it’s been in over eight years. The Northeast led the gain.
Home buyers purchased 57,000 new houses during July — the most new residential properties sold during any month since October 2007.
During the previous month, sales of newhomes were a downwardly revised 53,000, while the total was 43,000 in the same month last year.
From:: Financing