April 2013 Report on Overall U.S. Foreclosure Activity

RealtyTrac’s latest U.S. Foreclosure Market Report™ shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 144,790 U.S. properties in April, a decrease of 5 percent from the previous month and down 23 percent from April 2012. Total foreclosure activity in April was at the lowest level since February 2007, a 6-year low. One in every 905 U.S. housing units had a foreclosure filing during the month.

Payday Lending Bill Stalls in Sacramento

The LA Times reports that Senate Bill 515, which would restrict the number of payday loans made to any one borrower, failed an initial vote in a key banking committee in Sacramento. The bill, which was promoted by the Center for Responsible Lending, the California Reinvestment Coalition, and advocates from San Diego and around the state, also extended the minimum term of a payday loan to 30 days from 15, created a database of borrowers for tracking the loans, and allowed borrowers who can’t repay their loans after six loans to enter a repayment plan. The bill was opposed by the payday lending industry, which argued that the legislation could push people to use out-of-state online payday lenders that aren’t subject to California law. The legislation can be reconsidered at a later date.

Reports Reject Claims of Possible Housing Bubble

While rapid price gains have some analysts issuing warnings about a housing bubble in the making, the MReport says that newly released reports from Capital Economics and Redfin argue that a repeat of the 2008 crash is unlikely in today’s environment. However, an examination of Case-Shiller home price increases and job data from the Bureau of Economic Analysis does show that some areas – Washington, D.C., Los Angeles, San Francisco and San Diego in particular – are at risk of seeing the formation of “mini bubbles.”

CRA Action: Quarterly Mergers, Exams and Closures

The CRA Action Alert is a quarterly email that NCRC uses to inform its members of upcoming opportunities for public participation in bank regulatory activities, such as CRA examinations. This quarter they have also added information about mergers and acquisitions, as well as branch closings. The current report contains information from the regulators and news sources on examinations, mergers, acquisitions and branch closures for the second quarter of 2013.

Federal Housing Finance Agency Announces Home Affordable Refinance Program Extension to 2015

The Federal Housing Finance Agency (FHFA) announced Thursday it is extending the life of the Home Affordable Refinance Program (HARP). Originally slated to expire at the end of this year, HARP will now expire December 31, 2015. The agency also announced it plans to launch a campaign in an attempt to reach more eligible borrowers for the program. While FHFA stated it can’t provide “hard estimates” on the number of additional homeowners who are eligible, the hope is for a substantial number to be reached.

For the full article, please click on the link below.

UPDATE: Senate Bill 515

A total of 5 votes are needed to pass the bill out of committee at this time. 

Below is a list of all the Senate Banking committee members. If applicable, please call your Senator and urge his/her support. A roster and sample phone script can be found below.

Sample Phone Script:

I am calling from ___________(organization) to convey our support for SB 515, the payday loan reform bill which will come before the Senate banking committee next Wednesday, April 17th. We __________(describe organization’s work in the district, how many constituents you represent, etc.).

We are concerned about the practice of predatory payday lending in ________(your city) and in our state. Payday loans do more harm than good in our community and are not the kind of credit options that our communities need. The high cost, short term and lump sum repayment requirements for the loans create a cycle of debt for consumers who can’t afford to pay the entire loan back and still have money for their every day expenses. The industry takes advantage of working people living paycheck to paycheck. We need legislation such as SB 515 to protect consumers from the payday loan debt trap.

We urge Senator ______(your Senator) to support SB 515 by voting yes on the bill to pass it out of Senate Banking next week.

Senate Banking and Financial Institutions Committee Roster                    

Committee meets 1st and 3rd Wednesdays at 1:30 P.M. in Room 112.

JURISDICTION: Bills relating to financial institutions, commerce, international trade, retail credit interest rates and corporations.
It takes 5 votes to pass a bill. 

Letters are due to the Committee by 5 p.m. the Wednesday before the Hearing.  

Senator Lou Correa, Chair (D – 34).  916/651-4034.  Room 5052. Scheduler – Jeffrey Leader.  

Senator Jerry Hill (D – 13) 916/651-4013.  Room 5064.  Fax:  (916) 324-0283.      
CoS:  Nate Solov.     Scheduler – Marina Gonzales. 

Senator Tom Berryhill (Vice) (R – 14) 916/651- 4014.  Rm. 3076.  Fax: 916/327-3523.     
Banking staff:  Brent Finkel.   Scheduler:  Matthew Gallagher

Senator Jim Beall (D – 15) 651-4015.  Rm 2068.  Fax: 323-4529.                            
Staff :   Kenton Stanhope      SB 515 co-author. 

Senator Ron Calderon (D – 30) 651-4030.  Rm. 5066.  Fax: 327-8755.               
Banking Comm. staffer:    Rocky Rushing. 

Senator Ellen M. Corbett (D – 10) 651-4010.  Rm. 313.  Fax: 327-2433.              
Banking staffer:  Andrew LaMar.   Scheduler – Phyllis Chow. 

Senator Ben Hueso. (D – 40)
651-4040.  Rm. 2054  Fax: 327-3522                     
Banking staffer:  Lourdes Jiminez .    Scheduler – Daisy Luna. 

Senator Richard Roth (D – 31) 651-4031.  Rm. 4034.  Fax: 327-2187.                
Banking staff:  Rochelle Schmidt.     Scheduler – Trish Fontana.

Senator Mimi Walters (R – 37) 651- 4037.  Rm. 3086.  Fax: 445-9754.              
Banking staffer:  Stacy Cervenka.   Scheduler – Rita Shriver

Staff Director: Eileen Newhall
Assistant: Rae Flores
Phone: (916) 651-4102  FAX:  916/327-7093
Room 405, State Capitol,Sacramento 95814   


Trulia: Asking Prices Up on Single-Family Homes, Rents Fall Flat

Asking prices on single-family homes rose in March, while high inventory flattened out rent prices, according to Trulia’s Price and Rent Monitors. With the spring house hunting season upon us, Trulia reported a 7.2 percent year-over-year increase in asking prices on the national level (8.0 percent excluding foreclosures). On the other hand, rent price growth–for single-family homes, at least–showed signs of stagnancy in March. Nationally, rent for single-family homes increased 0.1 percent year-over-year.

For the full report, please click on the link below.

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