HousingWire.com, July 11th, 2012
HousingWire’s Morning Radar provides a look at articles trending on the Internet.
California governor begins signing foreclosure reforms
California Gov. Jerry Brown signed legislation late Monday shielding foreclosed borrowers from having to pay back money taken out during a previous refinance. The bill was passed by the California State Legislature in 2010 but vetoed by then Gov. Arnold Schwarzenegger, according to a story in the Los Angeles Times.
Brown is expected to sign the massive California Homeowner Bill of Rights on Wednesday, so look for wide coverage on those reforms.
Las Vegas home sales look to rebound
Las Vegas home sales are on a record pace in 2012, according to a post from Calculated Risk. We’re talking even above the height of the housing bubble in Sin City. Inventory is dropping too, and the percent of distressed sales is now at 62% in June from above 67% in May. Some of that could be due to new foreclosure laws finalized last year, which stalled the foreclosure process. Still, listed inventory is down more than 25% from the summer of last year.
Pimco to hire MBS trader from Nomura
Pacific Investment Management Co. is expected to hire Michael Cudzil, the head of pass-through MBS trading at investment bank Nomura Securities, according to a story in Bloomberg. Cudzil focused on trading MBS backed by the government and will move to the buyside at Pimco, which doubled down on its mortgage bonds in 2012.
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