Today’s News Synopsis:

Consumers are being warned by HUD to be on the lookout for scammers making false promises of giving a housing grant in exchange for a fee.  In an update on the situation with Dodd-Frank, the House Financial Services Committee chairman Jeb Hensarling and the Republican party presented their plan to replace the act with the Financial CHOICE Act.  A new product similar to low doc loans has been launched by a mortgage lender in New York.

In The News:

Housing Wire – “HUD watchdog warns of scammers offering phony housing grants” (6-7-16)

“The Department of Housing and Urban Development’s watchdog is warning consumers to be on the lookout for a scam that promises HUD grant money in exchange for an upfront fee.”

Mortgage Professional America – “Morning Briefing: Remember ‘low doc’ loans? Something similar is back” (6-8-16)

“A community mortgage lender in New York has launched a product which may stir memories of the ‘low doc’ loans of the past, where borrowers needed little documentation in order to secure a loan.”

Housing Wire – “Here’s why you should start investing in single-family rentals” (6-8-16)

“The single-family rental market comprises 13% of all occupied housing and 37% of the total rental market and is only poised for more growth from here, a new white paper from the National Rental Home Council stated.”

Wall Street Journal – “REIT Surprise: How Real Estate Crushed the Stock Pickers” (6-8-16)

“A very boring stock-market event later this summer will provide a surprising answer to a perennial question: Why are most fund managers failures?”

Mortgage Professional America – “Mortgage banker profits edge up post-TRID, but still lag behind last year” (6-8-16)

“Mortgage banker profits were up in the first quarter from the previous quarter, signaling that the industry is starting to recover from the initial hit of the TRID rules.”

DS News – “Are the CFPB’s Days Numbered?” (6-8-16)

“The Consumer Financial Protection Bureau (CFPB) has generated no small amount of controversy in its almost five-year existence. Various legislation has been introduced by Republicans over the last few years to try to reform the CFPB, which the GOP says is too powerful and unaccountable. None of them have gained much traction in Congress, however.”

Mortgage Professional America – “Hensarling reveals details of plan to replace Dodd-Frank” (6-8-16)

“The chairman of the House Financial Services Committee on Tuesday revealed details of the Republican plan to replace the Dodd-Frank Act.”

 

Bruce Norris will be speaking at Insight 2016: What Inning Are We Really In? on Friday, June 10.

Aaron Norris will be presenting his newest talk Marketing Trends and Strategies for Real Estate Pros in 2016 with CVREIA on Tuesday, June 14.

Bruce Norris will be speaking at the 12th NSDREI Birthday Celebration on Tuesday, June 21.

 

Looking Back:

The Supreme Court still had yet to come to a final decision regarding action on disparate impact in regards to the Fair Housing Act.  Distressed sales made up 12% of homes sold in March of this year.  Julian Castro, the secretary of HUD, was expected to testify in front of Congress on Thursday regarding the progress of HUD and its various programs.