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  • Sun, Feb 1 2015
  • 5:19 PM » Tsipras Says Greece to Repay ECB, IMF, Reach Deal With EU - Bloomberg
    Published Sun, Feb 01 2015 5:19 PM by Bloomberg
    Tsipras Says Greece to Repay ECB, IMF, Reach Deal With EU Bloomberg (Bloomberg) -- Greek Prime Minister Alexis Tsipras sought to repair relations with the country's creditors after a week-long selloff in bonds and stocks, triggered by his pledge to end the country's bailout agreement. Greece will repay its debts to the European ... and more »
  • 5:17 PM » News Release - Fannie Mae Releases December 2014 ...
    Published Sun, Feb 01 2015 5:17 PM by Fannie Mae
    The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage- ...
  • 5:17 PM » Strong or weak economy? Markets and data disagree
    Published Sun, Feb 01 2015 5:17 PM by CNBC
    Bond and oil are throwing off some distinctly negative signals about the U.S. economy. So why don't investors care?
  • 5:16 PM » Justice Department investigating Moody's for mortgage deal ratings: WSJ
    Published Sun, Feb 01 2015 5:16 PM by Reuters
    (Reuters) - The U.S. Justice Department is investigating Moody's Investors Services for issuing favorable grades on mortgage deals in the lead-up to the financial crisis, the Wall Street Journal reported on Sunday.
  • Fri, Jan 30 2015
  • 5:07 PM » In Bullard Versus Bond Bulls, There's Potential for Lots of Pain - Bloomberg
    Published Fri, Jan 30 2015 5:07 PM by Bloomberg
    In Bullard Versus Bond Bulls, There's Potential for Lots of Pain Bloomberg In a nutshell, it goes like this: Investors aren't taking the Federal Reserve seriously enough that it's getting ready to raise interest rates. If Bullard, the president of the Federal Reserve Bank of St. Louis, is right and benchmark borrowing costs really are going up ... and more »
  • 4:56 PM » Fannie Overseer Setting Capital Rules for Nonbank Mortgage Firms - Bloomberg
    Published Fri, Jan 30 2015 4:56 PM by Bloomberg
    Fannie Overseer Setting Capital Rules for Nonbank Mortgage Firms Bloomberg (Bloomberg) -- A U.S. housing regulator will require nonbank mortgage firms to meet minimum liquidity and net worth standards to curb risks to taxpayers from the rapidly expanding industry. Companies selling mortgages to Fannie Mae and Freddie Mac or ... and more »
  • 3:16 PM » Fed's Williams: 3% growth in 2015
    Published Fri, Jan 30 2015 3:16 PM by CNBC
    John Williams, the president of the San Francisco Federal Reserve, spoke with CNBC on Friday.
  • 3:07 PM » Freddie Mac: Mortgage Serious Delinquency rate declined in December
    Published Fri, Jan 30 2015 3:07 PM by Calculated Risk Blog
    Freddie Mac reported that the Single-Family serious delinquency rate declined in December to 1.88%, down from 1.91% in November. Freddie's rate is down from 2.39% in December 2013, and the rate in December was the lowest level since December 2008. Freddie's serious delinquency rate peaked in February 2010 at 4.20%. These are mortgage loans that are "three monthly payments or more past due or in foreclosure".  Note: Fannie Mae will report their Single-Family Serious Delinquency rate for December next week. Click on graph for larger image Although the rate is generally declining, the "normal" serious delinquency rate is under 1%.  The serious delinquency rate has fallen 0.51 percentage points over the last year - and the rate of improvement has slowed recently - but at that rate of improvement, the serious delinquency rate will not be below 1% until late 2016. Note: Very few seriously delinquent loans cure with the owner making up back payments - most of the reduction in the serious delinquency rate is from foreclosures, short sales, and modifications.  So even though distressed sales are declining, I expect an above normal level of Fannie and Freddie distressed sales for 2+ more years (mostly in judicial foreclosure states).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:07 PM » Fed-Watchers Look to Janet Yellen's February Testimony Before Congress
    Published Fri, Jan 30 2015 3:07 PM by WSJ
    If Federal Reserve Chairwoman Janet Yellen would like to start shifting the central bank away from rhetoric that has pointed to a first interest-rate increase around midyear, next month's semiannual testimony before Congress may be just the forum.
  • 2:02 PM » The Fed: Asset managers could face new regulation to prevent runs: Fed's Tarullo
    Published Fri, Jan 30 2015 2:02 PM by Market Watch
    Federal Reserve officials are considering new regulation of the "shadow banking" sector, and specifically new rules to prevent runs in large asset managers, said Federal Reserve Governor Daniel Tarullo says.
  • 2:02 PM » Fed's Fisher: stronger dollar good for U.S. jobs
    Published Fri, Jan 30 2015 2:02 PM by Reuters
    SAN FRANCISCO (Reuters) - Sharp gains in the U.S. dollar that have spurred grumbling from some big U.S. companies about the impact on profits are actually a positive sign for U.S. job creation, a top Federal Reserve official said on Friday.
  • 2:02 PM » U.S. Oil Rig Count Declines for Eighth Consecutive Week - Bloomberg
    Published Fri, Jan 30 2015 2:02 PM by Bloomberg
    U.S. Oil Rig Count Declines for Eighth Consecutive Week Bloomberg (Bloomberg) -- U.S. drillers idled oil rigs for an eighth week as crude prices headed for their longest stretch of declines since 2009. The oil rig count dropped by 94 this week to a three-year low of 1,223, Baker Hughes Inc. said on its website Friday. Drillers ...
  • 12:01 PM » What a new measure of mortgage denials reveals about mortgage credit access
    Published Fri, Jan 30 2015 12:01 PM by Google News
    This piece originally appeared in National Mortgage News. The traditional method of measuring mortgage denial rates is fundamentally flawed and can produce mistaken conclusions about access to credit. But by evaluating not just the quantity, but also the quality of mortgage applicants, the denial rate picture becomes more clear. A recent National Mortgage News article, […]
  • 10:26 AM » Bullard Says Investors Wrong Not to Expect Rate Rise by Mid-Year - Bloomberg
    Published Fri, Jan 30 2015 10:26 AM by Bloomberg
    Bullard Says Investors Wrong Not to Expect Rate Rise by Mid-Year Bloomberg (Bloomberg) -- Federal Reserve Bank of St. Louis President James Bullard said the Fed may start raising interest rates by midyear in response to a growing economy and falling unemployment, and investors are wrong in looking for a later increase.
  • 10:26 AM » Consumer sentiment hits 98.1 in January vs. 98.2 estimate
    Published Fri, Jan 30 2015 10:26 AM by CNBC
    Analysts polled by Thomson Reuters had predicted the final January index to remain at 98.2, a jump from 93.6 in the previous month. This is a breaking news story. Please check back for updates..
  • 10:26 AM » Economists React to Fourth-Quarter GDP: ‘The trend is improving'
    Published Fri, Jan 30 2015 10:26 AM by WSJ
    U.S. economic growth slowed in the final months of 2014, highlighting challenges facing the U.S. expansion amid rising global uncertainty.
  • 10:26 AM » U.S. Workers Still Waiting for Wage Growth
    Published Fri, Jan 30 2015 10:26 AM by WSJ
    U.S. employers aren't yet getting squeezed by workers demanding higher wages.
  • 10:24 AM » Private-Student Lenders Draw CFPB Review Over Debt Refinancing - Bloomberg
    Published Fri, Jan 30 2015 10:24 AM by Bloomberg
    Private-Student Lenders Draw CFPB Review Over Debt Refinancing Bloomberg (Bloomberg) -- The Consumer Financial Protection Bureau plans to review loan modifications offered by private student lenders, a business that the agency has said victimized some borrowers with subprime-style debt. The bureau wants to know what kinds of ...
  • 8:52 AM » US growth cools, but consumer spending robust
    Published Fri, Jan 30 2015 8:52 AM by CNBC
    Economic growth slowed in the fourth quarter as weak business spending and a wider deficit offset the fastest pace of consumer spending since 2006.
  • 8:52 AM » U.S. employment-cost index pulls back to 0.6% gain in fourth quarter
    Published Fri, Jan 30 2015 8:52 AM by Market Watch
    WASHINGTON (MarketWatch) - An index that measures the price of U.S. labor moderated in the fourth quarter. The employment cost index climbed 0.6% in the fourth quarter after a 0.7% increase in both the second and the third quarters. The gain was in line with Wall Street expectations. Prior to the report, economists said a 0.6% increase in the ECI would not move the Federal Reserve closer to liftoff. Over the past 12 months, employment costs have risen 2.2%, the same rate as the third quarter. The ECI is a closely followed gauge that reflects how much companies, governments and nonprofit institutions pay their employees in wages and benefits.
  • 8:51 AM » Russian central bank makes surprise interest rate cut
    Published Fri, Jan 30 2015 8:51 AM by Reuters
    MOSCOW (Reuters) - Russia's central bank unexpectedly cut its main interest rate on Friday as fears of recession mount in the country following the fall in global oil prices and Western sanctions over the Ukraine crisis.
  • 8:51 AM » World investors' cash holdings highest since 2012: Reuters poll
    Published Fri, Jan 30 2015 8:51 AM by Reuters
    LONDON (Reuters) - World investors increased cash holdings in January as they braced for a choppy year with markets buffeted by conflicting forces such as diverging monetary policy and rising geopolitical risks, a Reuters poll shows.
  • Thu, Jan 29 2015
  • 10:45 PM » Yellen tells Senate Democrats U.S. economy looks good: media reports
    Published Thu, Jan 29 2015 10:45 PM by Reuters
    WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen on Thursday offered an upbeat assessment on the U.S. economy in a meeting with Senate Democrats, even as she noted risks from overseas, according to media reports.
  • 10:44 PM » Why Home Builders' Gains Might Not Mean A Robust Market
    Published Thu, Jan 29 2015 10:44 PM by WSJ
    While home builders have painted an optimistic picture headed into spring selling season, concerns linger about whether their results truly mirror the broader market.
  • 10:43 PM » Statement on Proposed Changes to Mortgage Rules
    Published Thu, Jan 29 2015 10:43 PM by www.csbs.org
    Statement on Proposed Changes to Mortgage Rules<br/>http://www.csbs.org/news/press-releases/pr2015/Pages/PR-01292015b.aspx
  • 4:28 PM » Reagan's OMB head: Wealth inequality is a problem
    Published Thu, Jan 29 2015 4:28 PM by CNBC
    David Stockman, head of the Office of Management and Budget under Reagan, says Obama has a point when it comes to inequality.
  • 4:28 PM » Why is the dollar rising? What you need to know
    Published Thu, Jan 29 2015 4:28 PM by CNBC
    CNBC Explains: What makes the value of a currency rise or fall?
  • 4:28 PM » Coeure Cites Deteriorating Inflation Expectations for ECB Bond-Buying
    Published Thu, Jan 29 2015 4:28 PM by WSJ
    The European Central Bank decided to embark in a large program of asset purchases because of deteriorating expectations on inflation over a number of years, ECB Executive Board Member Benoit Coeure said on Thursday.
  • 3:32 PM » Zillow: Case-Shiller House Price Index year-over-year change expected to slow further in December
    Published Thu, Jan 29 2015 3:32 PM by Calculated Risk Blog
    The Case-Shiller house price indexes for November were released Tuesday. Zillow has started forecasting Case-Shiller a month early - now including the National Index - and I like to check the Zillow forecasts since they have been pretty close. From Zillow: Expect Recent Trend of Sub-5% Annual Growth in Case-Shiller to Continue into 2015 The November S&P/Case-Shiller (SPCS) data released [Tuesday] showed a slight uptick in the pace of national home value appreciation in the housing market, with annual growth in the U.S. National Index rising to 4.7 percent, from 4.6 percent in October. Despite the modestly faster pace of growth, annual appreciation in home values as measured by SPCS has been less than 5 percent for the past three months. We anticipate this trend to continue as annual growth in home prices slows to more normal levels between 3 percent and 5 percent. Zillow predicts the U.S. National Index to rise 4.5 percent on an annual basis in December. The 10- and 20-City Indices saw annual growth rates decline in November; the 10-City index rose 4.2 percent and the 20-City Index rose 4.4 percent - down from rates of 4.4 percent and 4.5 percent, respectively, in October. The non-seasonally adjusted (NSA) 20-City index fell 0.2 percent from October to November, and we expect it to decrease 0.4 percent in December from November. We expect the same monthly decline in the 10-City Composite Index next month, falling 0.4 percent from November to December (NSA). All forecasts are shown in the table below. These forecasts are based on the November SPCS data release and the December 2014 Zillow Home Value Index (ZHVI), released Jan. 22 . Officially, the SPCS Composite Home Price Indices for December will not be released until Tuesday, Feb. 24. So the year-over-year change in the Case-Shiller index will probably slow in December. Zillow Case-Shiller Forecast   Case-Shiller Composite 10 Case-Shiller Composite 20 Case-Shiller National NSA SA NSA SA NSA...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:31 PM » CFPB Issues Proposal To Facilitate Access To Credit In Rural And Underserved Areas
    Published Thu, Jan 29 2015 3:31 PM by CFPB
    WASHINGTON, D.C. - The Consumer Financial Protection Bureau (CFPB) today proposed several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. If finalized, the proposal issued today would increase the number of financial institutions able to offer certain types of mortgages in rural and underserved areas, and help small creditors adjust their business practices to comply with the new rules. "Responsible lending by community banks and credit unions did not cause the financial crisis, and our mortgage rules reflect the fact that small institutions play a vital role in many communities," said CFPB Director Richard Cordray. "Today's proposal will help consumers in rural or underserved areas access the mortgage credit they need, while still maintaining these important new consumer protections."
  • 2:29 PM » The World's Next Mortgage Crisis?
    Published Thu, Jan 29 2015 2:29 PM by The Atlantic
    How the rise of the Swiss franc could destabilize Europe
  • 2:29 PM » Building toward another mortgage meltdown
    Published Thu, Jan 29 2015 2:29 PM by www.aei.org
    The Obama administration's troubling flirtation with another mortgage meltdown took an unsettling turn on Tuesday with Federal Housing Finance Agency Director Mel Watt 's testimony before the House Financial Services Committee. Mr. Watt told the committee that, having received "feedback from stakeholders," he expects to release by the end of March new guidance on the [ ...]
  • 1:10 PM » ABA seeks removal of mortgage rate calculator from CFPB website
    Published Thu, Jan 29 2015 1:10 PM by www.cfpbmonitor.com
    Barbara S. Mishkin The American Bankers Association has sent a letter to the CFPB urging it to take down from its website its new mortgage interest rate calculator tool. The CFPB launched the new tool earlier this month, in conjunction with its highly publicized report that found nearly half of consumers do not shop among multiple lenders before... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 12:03 PM » A housing market where there aren't enough homes
    Published Thu, Jan 29 2015 12:03 PM by CNBC
    Denver is becoming home to more regional corporate headquarters, creating demand for housing but the listings are light.
  • 10:47 AM » Pending home sales fell 3.7% in December
    Published Thu, Jan 29 2015 10:47 AM by CNBC
    A monthly index from the National Association of Realtors measuring signed contracts to buy existing homes fell 3.7 percent last month.
  • 10:47 AM » HVS: Q4 2014 Homeownership and Vacancy Rates
    Published Thu, Jan 29 2015 10:47 AM by Calculated Risk Blog
    The Census Bureau released the Residential Vacancies and Homeownership report for Q4 2014. This report is frequently mentioned by analysts and the media to track the homeownership rate, and the homeowner and rental vacancy rates.  However, there are serious questions about the accuracy of this survey. This survey might show the trend, but I wouldn't rely on the absolute numbers.  The Census Bureau is investigating the differences between the HVS, ACS and decennial Census, and analysts probably shouldn't use the HVS to estimate the excess vacant supply or household formation, or rely on the homeownership rate, except as a guide to the trend. Click on graph for larger image. The Red dots are the decennial Census homeownership rates for April 1st 1990, 2000 and 2010. The HVS homeownership rate decreased to 64.0% in Q4, from 64.4% in Q3. I'd put more weight on the decennial Census numbers - and given changing demographics, the homeownership rate is probably close to a bottom. The HVS homeowner vacancy increased to 1.9% in Q4.  Are these homes becoming rentals? Once again - this probably shows the general trend, but I wouldn't rely on the absolute numbers. The rental vacancy rate decreased in Q4 to 7.0% from 7.4% in Q3. I think the Reis quarterly survey (large apartment owners only in selected cities) is a much better measure of the rental vacancy rate - and Reis reported that the rental vacancy rate increased slightly over the last few quarters - and might have bottomed. The quarterly HVS is the most timely survey on households, but there are many questions about the accuracy of this survey.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:47 AM » The majority of consumers have subprime credit scores, report says
    Published Thu, Jan 29 2015 10:47 AM by Washington Post
    The job market may be growing at the fastest clip in 15 years, but many consumers are still trying to clear nasty scars from their credit reports.The majority, or 56 percent, of consumers have subprime credit scores, according to a report released Thursday by the Corporation for Enterprise Development (CFED), a nonprofit that advocates for policy changes to help low- and moderate-income households. As a result, these consumers are often locked out of the lending markets. And if they are borrowing, chances are they're missing out on the lowest rates being offered to consumers with stronger credit.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:46 AM » Will millennials begin buying homes?
    Published Thu, Jan 29 2015 10:46 AM by CNBC
    Millennials may buy homes as the economy improves and regulation makes it easier to get a mortgage, The Fiscal Times reports.
  • 10:46 AM » Mortgage Rates Tick Up
    Published Thu, Jan 29 2015 10:46 AM by freddiemac.mwnewsroom.com
    Mortgage Rates Tick Up
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:38 AM » Waiting for Wage Growth? Everyone Is Watching the Employment Cost Index
    Published Thu, Jan 29 2015 9:38 AM by WSJ
    All eyes in the economic world are on the employment cost index, a measure of wage and benefit expenditures due out Friday.
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