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  • Thu, Feb 11 2016
  • 12:20 AM » Thursday is round 2 in Yellen vs the bond market
    Published Thu, Feb 11 2016 12:20 AM by CNBC
    Fed Chair Janet Yellen returns to Capitol Hill for a second day of testimony Thursday, and the bond market is likely to once more fight her every word.
  • 12:19 AM » Bass Says China Bank Losses May Top 400% of Subprime Crisis
    Published Thu, Feb 11 2016 12:19 AM by Bloomberg
    Bloomberg Bass Says China Bank Losses May Top 400% of Subprime Crisis Bloomberg Kyle Bass, the hedge fund manager who successfully bet against mortgages during the subprime crisis, said China's banking system may see losses of more than four times those suffered by U.S. banks during the last crisis. Should the Chinese banking ... and more »
  • Wed, Feb 10 2016
  • 4:42 PM » 4 takeaways from Janet Yellen's testimony
    Published Wed, Feb 10 2016 4:42 PM by CNN
    Federal Reserve Chair Janet Yellen and Congress don't see eye to eye.
  • 2:40 PM » U.S. government posts $55 billion budget surplus in January
    Published Wed, Feb 10 2016 2:40 PM by Reuters
    WASHINGTON (Reuters) - The U.S. government posted a $55 billion budget surplus in January, up from an $18 billion deficit in the same month a year ago, the Treasury Department said on Wednesday.
  • 12:54 PM » The Fed: Yellen says Fed isn't sure whether it's legal to adopt negative rates
    Published Wed, Feb 10 2016 12:54 PM by Market Watch
    Fed Chairwoman Janet Yellen said there are legal issues that have to be cleared up before the Fed could adopt negative interest rates.
  • 12:53 PM » Federal Reserve's Rate Normalization Impacted by ECB, BOJ Easing
    Published Wed, Feb 10 2016 12:53 PM by Bloomberg
    Federal Reserve's Rate Normalization Impacted by ECB, BOJ Easing Bloomberg Monetary policies set by the European Central Bank and the Bank of Japan impact the Federal Reserve's path of interest rates, according to a report Fed Chair Janet Yellen presented to U.S. lawmakers. Policy divergence between the U.S., where the ... and more »
  • 12:53 PM » Freddie Mac Expects Multifamily Market to Remain Strong in 2016
    Published Wed, Feb 10 2016 12:53 PM by freddiemac.mwnewsroom.com
    Freddie Mac Expects Multifamily Market to Remain Strong in 2016
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 10:22 AM » Treasury yields climb as stocks recover, Yellen eyed
    Published Wed, Feb 10 2016 10:22 AM by CNBC
    U.S. sovereign bond prices fell on Wednesday, boosting yields as stocks traded in positive territory and investors looked to the testimony from Federal Reserve Chair Janet Yellen.
  • 10:18 AM » BlackRock: Negative rates 'new toy'
    Published Wed, Feb 10 2016 10:18 AM by CNBC
    "I don't think the Federal Reserve is in a thought process of negative rates," says BlackRock bond guru Rick Rieder.
  • 10:17 AM » Yellen: "Financial conditions in the United States have recently become less supportive of growth"
    Published Wed, Feb 10 2016 10:17 AM by Calculated Risk Blog
    From Fed Chair Janet Yellen: Semiannual Monetary Policy Report to the Congress . Excerpt: Financial conditions in the United States have recently become less supportive of growth , with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar. These developments, if they prove persistent, could weigh on the outlook for economic activity and the labor market, although declines in longer-term interest rates and oil prices provide some offset. Still, ongoing employment gains and faster wage growth should support the growth of real incomes and therefore consumer spending, and global economic growth should pick up over time, supported by highly accommodative monetary policies abroad. Against this backdrop, the Committee expects that with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace in coming years and that labor market indicators will continue to strengthen . As is always the case, the economic outlook is uncertain. Foreign economic developments, in particular, pose risks to U.S. economic growth . Most notably, although recent economic indicators do not suggest a sharp slowdown in Chinese growth, declines in the foreign exchange value of the renminbi have intensified uncertainty about China's exchange rate policy and the prospects for its economy. This uncertainty led to increased volatility in global financial markets and, against the background of persistent weakness abroad, exacerbated concerns about the outlook for global growth. These growth concerns, along with strong supply conditions and high inventories, contributed to the recent fall in the prices of oil and other commodities. In turn, low commodity prices could trigger financial stresses in commodity-exporting economies, particularly in vulnerable emerging market economies, and for commodity-producing firms in many countries. Should any of these downside risks materialize, foreign...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:17 AM » Wealthy borrowers behind 9.3% jump in new mortgages
    Published Wed, Feb 10 2016 10:17 AM by CNBC
    A sharp drop in interest rates prompted more homeowners to refinance their mortgages, especially those with large loans.
  • 12:37 AM » Three rate hikes this year: Hatzius
    Published Wed, Feb 10 2016 12:37 AM by CNBC
    Rate increases are still in play, but what about a recession? Goldman's Jan Hatzius weighs in.
  • Tue, Feb 9 2016
  • 4:33 PM » More Americans quitting jobs as labor market strengthens
    Published Tue, Feb 09 2016 4:33 PM by Reuters
    WASHINGTON (Reuters) - U.S. job openings surged in December and the number of Americans voluntarily quitting work hit a nine-year high, pointing to labor market strength despite a slowdown in economic growth.
  • 4:30 PM » Mortgages are more likely to be approved when it's sunny, research finds
    Published Tue, Feb 09 2016 4:30 PM by Market Watch
    Cleveland Fed research shows that mortgages are more likely to be approved when it's sunny, and that those mortgages don't perform as well.
  • 3:08 PM » Trading the fall in yields to zero
    Published Tue, Feb 09 2016 3:08 PM by CNBC
    CNBC Pro asked strategists and money managers how investors should position portfolios as Japan's 10-year bond yield goes negative.
  • 3:08 PM » Yellen faces tough sell on Fed rate hikes in Congress
    Published Tue, Feb 09 2016 3:08 PM by Reuters
    WASHINGTON/SAN FRANCISCO (Reuters) - Federal Reserve Chair Janet Yellen will defend the U.S. central bank's first rate hike in a decade and likely insist that further rises this year remain on track, albeit at a slower pace, when she addresses Congress on Wednesday.
  • 3:08 PM » US investors ponder negative rates
    Published Tue, Feb 09 2016 3:08 PM by CNBC
    This is how beggar-they-neighbor monetary policies work, and perhaps why they ultimately fail.
  • 3:08 PM » The Wall Street Journal: CFPB presses banks to offer ‘small-dollar loans'
    Published Tue, Feb 09 2016 3:08 PM by Market Watch
    The Consumer Financial Protection Bureau, preparing to roll out rules aimed at reining in high-interest payday loans, is jawboning banks and credit unions to provide better alternatives for borrowers in need of small, short-term loans.
  • 3:07 PM » OCC Terminates Mortgage Servicing-Related Consent Orders Against U.S. Bank and Santander, Issues Civil Money Penalties
    Published Tue, Feb 09 2016 3:07 PM by OCC
    The Office of the Comptroller of the Currency (OCC) today terminated mortgage servicing-related consent orders against U.S. Bank National Association (U.S. Bank) and Santander Bank, N.A. (Santander), and assessed civil money penalties against the banks for previous violations of the orders.
  • 3:07 PM » Deutsche Bank may buy back billions of euros of debt: FT
    Published Tue, Feb 09 2016 3:07 PM by Market Watch
    Deutsche Bank AG is considering buying back back several billion euros of its own debt, the Financial Times reported Tuesday. The news comes as the bank's shares continue to be battered by concerns about its finances, which have led to a severe selloff in recent sessions. Buying back bonds at a discount to its face value would allow the troubled bank create capital gains. The FT said the bank is looking at buying senior debt, of which it has about 50 billion euros outstanding. Earlier, co-CEO John Cryan moved to reassure investors that the bank had enough money to make coupon payments on CoCos, or contingent convertible debt, a hybrid debt-equity instrument. U.S.-listed shares were down 0.8% in afternoon trade.
  • 12:46 PM » Should we worry about China's economy?
    Published Tue, Feb 09 2016 12:46 PM by webfeeds.brookings.edu
    Just how much economic trouble is China in? To judge by global markets, a lot. In the first few weeks of the year, stock markets around the world plummeted, largely thanks to fears about China. The panic was triggered by an 11 percent plunge on the Shanghai stock exchange and by a small devaluation in the renminbi. Global investors—already skittish following the collapse of a Chinese equity-market bubble and a surprise currency devaluation last summer—took these latest moves as confirmation that the world’s second-biggest economy was far weaker than its relatively rosy headline growth numbers suggested. In one sense, markets overreacted. China’s economy grew by 6.9 percent in 2015; financial media headlines bewailed this as “the lowest growth rate in a quarter century,” but neglected to mention that this is still by a good margin the fastest growth of any major economy except for India. Even at its new, slower pace, China continues to grow more than twice as fast as developed economies. Some doubt the reliability of China’s economic statistics, of course, but most credible alternative estimates (based on hard-to-fake indicators of physical output) still suggest that China is growing at around 6 percent, and that if anything there was a slight pickup in activity in late 2015. It’s true that construction and heavy industry, which drove China’s growth from 2000 to 2013, are now nearing recession levels. But services—which now account for over half of China’s economy—and consumer spending remain strong, underpinned by solid employment and wage gains. The latest Nielsen survey of consumer confidence ranked China eighth of 61 countries in consumer optimism, and confidence actually increased in the last quarter of 2015. All in all, another year of 6 percent-plus growth should be achievable in 2016. Markets also exaggerate the risk of financial crisis, with...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 12:45 PM » Renters Pay $112 More a Year for Car Insurance
    Published Tue, Feb 09 2016 12:45 PM by www.realtor.com
    Auto insurers levy something akin to a home renters' surcharge on policy-holders, and that's unfair, the Consumer Federation of America alleges. The post Renters Pay $112 More a Year for Car Insurance. Is That Fair? appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 10:59 AM » German Finance Minister Schaeuble Has 'No Concerns' Over Deutsche Bank
    Published Tue, Feb 09 2016 10:59 AM by Bloomberg
    Bloomberg German Finance Minister Schaeuble Has 'No Concerns' Over Deutsche Bank Bloomberg German Finance Minister Wolfgang Schaeuble said he's not worried about Deutsche Bank AG after investor concern about capital and funds drove down the shares and bonds of Germany's biggest lender. Wolfgang Schauble and Michel Sapin. and more »
  • 9:34 AM » Subprime auto loans, delinquencies keep rising
    Published Tue, Feb 09 2016 9:34 AM by CNBC
    The percentage of auto loans made to buyers with the poorest credit ratings is growing faster than the rest of the auto finance market, according to a new report.
  • 8:56 AM » World's Negative-Yielding Bond Pile Tops $7 Trillion: Chart
    Published Tue, Feb 09 2016 8:56 AM by Bloomberg
    Bloomberg World's Negative-Yielding Bond Pile Tops $7 Trillion: Chart Bloomberg More than $7 trillion of government bonds offered yields below zero globally as of Monday, making up about 29 percent of the Bloomberg Global Developed Sovereign Bond Index. The total is poised to swell further after Japan's 10-year yield went below ... and more »
  • 8:55 AM » CoreLogic Reports 32,000 Completed Foreclosures in December 2015
    Published Tue, Feb 09 2016 8:55 AM by www.corelogic.com
    —National Foreclosure Inventory Down 23.8 Percent from December 2014— CoreLogic ® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its December 2015 National Foreclosure Report which shows the foreclosure inventory declined by 23.8 percent and completed foreclosures declined by 22.6 percent compared with December 2014. The number of completed foreclosures nationwide decreased year over year from 41,000 in December 2014 to 32,000 in December 2015. The number of completed foreclosures in December 2015 was down 72.8 percent from the peak of 117,722 in September 2010. The foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.1 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure. As of December 2015, the national foreclosure inventory included approximately 433,000, or 1.1 percent, of all homes with a mortgage compared with 568,000 homes, or 1.5 percent, in December 2014. The December 2015 foreclosure inventory rate is the lowest for any month since November 2007.   CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including loans in foreclosure or REO) declined by 23.3 percent from December 2014 to December 2015, with 1.2 million mortgages, or 3.2 percent, in this category. The December 2015 serious delinquency rate is the lowest in eight years, since November 2007. “Reflecting on the full-year foreclosure results for 2015, we can see that completed foreclosures are down more than 20 percent for the year, which is the lowest level since 2006, before the crisis,” said...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 12:08 AM » Stocks & Bonds: Nervousness About Global Banking Giants Intensifies
    Published Tue, Feb 09 2016 12:08 AM by rss.nytimes.com
    The selling off of bank shares can suggest that banks are becoming more vulnerable to the market volatility and any underlying economic weaknesses.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 12:07 AM » Japan's Ten-Year Yield Falls to Zero for the First Time
    Published Tue, Feb 09 2016 12:07 AM by Bloomberg
    Bloomberg Japan's Ten-Year Yield Falls to Zero for the First Time Bloomberg The yield on Japan's benchmark 10-year government bonds fell to zero for the first time, an unprecedented low for a Group-of-Seven economy, as global financial turmoil and the Bank of Japan's adoption of negative interest rates drive demand for the notes. and more »
  • Mon, Feb 8 2016
  • 5:29 PM » DoubleLine's Gundlach calls market trends 'relentless and powerful'
    Published Mon, Feb 08 2016 5:29 PM by Reuters
    NEW YORK (Reuters) - Jeffrey Gundlach, the widely followed investor who runs DoubleLine Capital, repeated a December warning on Monday that the dramatic slowdown in global growth will trigger a collapse in some credit funds, saying that the high-yield "junk" bond market still has not hit bottom.
  • 3:51 PM » Update: The Inland Empire Bust and Recovery
    Published Mon, Feb 08 2016 3:51 PM by Calculated Risk Blog
    Way back in 2006 I disagreed with some analysts on the outlook for the Inland Empire in California. I wrote : As the housing bubble unwinds, housing related employment will fall; and fall dramatically in areas like the Inland Empire. The more an area is dependent on housing, the larger the negative impact on the local economy will be. So I think some pundits have it backwards: Instead of a strong local economy keeping housing afloat, I think the bursting housing bubble will significantly impact housing dependent local economies. And sure enough, the economies of housing dependent areas like the Inland Empire were devastated during the housing bust. The good news is the Inland Empire is now recovering. Click on graph for larger image. This graph shows the unemployment rate for the Inland Empire (using MSA: Riverside, San Bernardino, Ontario), and also the number of construction jobs as a percent of total employment. The unemployment rate is falling, and is down to 5.9% (down from 15.0% in 2010). And construction employment is up from the lows (as a percent of total employment), but still fairly low. Overall the outlook for the Inland Empire is much better today.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:51 PM » The Fed: Yellen may tell Congress her goal is not to slow the economy
    Published Mon, Feb 08 2016 3:51 PM by Market Watch
    Fed Chairwoman Janet Yellen will remind investors that the Fed's is not trying to slow the economy.
  • 1:43 PM » Quicken Loans Super Bowl Ad: No, This Isn't Housing Apocalypse 2.0
    Published Mon, Feb 08 2016 1:43 PM by www.realtor.com
    Quicken Loans's Super Bowl ad has sparked rumblings over whether we should worry about a new housing bubble. The post Quicken Loans Super Bowl Ad: No, This Isn't Housing Apocalypse 2.0 appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 11:47 AM » Will Volatility End High Times in High-End Real Estate?
    Published Mon, Feb 08 2016 11:47 AM by Bloomberg
    Bloomberg Will Volatility End High Times in High-End Real Estate? Bloomberg Richard LeFrak, president at chief executive officer at LeFrak Group, discusses the impact of market volatility on high-end real estate and looks at the strength of the rental market. They speak on "Bloomberg ‹GO›." (Source: Bloomberg) ...
  • 11:47 AM » Chesapeake Energy hires restructuring lawyers: sources
    Published Mon, Feb 08 2016 11:47 AM by Reuters
    (Reuters) - Natural gas producer Chesapeake Energy has hired restructuring lawyers from Kirkland & Ellis, people familiar with the matter told Reuters.
  • 11:47 AM » Bank of America: This Chart Shows 'Deteriorating Liquidity' Is at the Heart of Market Carnage
    Published Mon, Feb 08 2016 11:47 AM by Bloomberg
    Bloomberg Bank of America: This Chart Shows 'Deteriorating Liquidity' Is at the Heart of Market Carnage Bloomberg Ever since the Federal Reserve began to withdraw monetary stimulus, liquidity has steadily been drying up. Therein lies the crux of the broader stress in financial markets, according to Bank of America Merrill Lynch, which have seen violent selloffs ...
  • 11:46 AM » Bank Credit Risk Surges Globally to Most in Almost Three Years
    Published Mon, Feb 08 2016 11:46 AM by Bloomberg
    Bank Credit Risk Surges Globally to Most in Almost Three Years Bloomberg Banks and insurers in Europe and U.S. led a surge in the cost of insuring corporate bonds to the highest levels since 2013. The Markit iTraxx Europe Subordinated Financial index of credit-default swaps on the junior debt of 30 firms soared for an ... and more »
  • 11:45 AM » Las Vegas Real Estate in January: Sales Increased 5% YoY, Inventory Up Slightly
    Published Mon, Feb 08 2016 11:45 AM by Calculated Risk Blog
    This is a key distressed market to follow since Las Vegas has seen the largest price decline of any of the Case-Shiller composite 20 cities. The Greater Las Vegas Association of Realtors reported Local Housing Market Starts 2016 With Steadily Rising Home Prices According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in January was 2,348, up from 2,239 in January of 2015. Compared to the same month one year ago, 4.7 percent more homes and 5.4 percent more condos and townhomes sold in January . ... By the end of January, GLVAR reported 7,428 single-family homes listed without any sort of offer. That's up 0.6 percent from one year ago . For condos and townhomes, the 2,216 properties listed without offers in January represented a 4.8 percent decrease from one year ago. As it has for the past few years, GLVAR reported fewer distressed sales and more traditional home sales, where lenders are not controlling the transaction. In January, 7 .0 percent of all local sales were short sales - which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That's down from 9.7 percent of all sales one year ago. Another 7.9 percent of all January sales were bank-owned , down from 9.4 percent one year ago. emphasis added 1) Overall sales were up 5% year-over-year. 2) The percent of cash sales decreased year-over-year from 36% in Jan 2015 to 31.1% in Jan 2016. This has been trending down. 3) Non-contingent inventory for single-family homes was up 0.6% year-over-year. This followed several months with a year-over-year decline.  The table below shows the year-over-year change for non-contingent inventory in Las Vegas.  Inventory is important to watch - if inventory starts increasing again, then price increases will slow. Las Vegas: Year-over-year Change in Non-contingent Single-Family Inventory Month YoY Jan-13 -58.3% Feb-13 -53.4% Mar-13 -42.1% Apr-13 -24.1% May-13 -13.2% Jun...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:00 AM » Why Home Buying Is (or Isn't) Like Dating
    Published Mon, Feb 08 2016 9:00 AM by www.realtor.com
    For Valentine's Day, we compiled the science around five aspects of buying a home and finding true love. Which is harder? You be the judge! The post Why Home Buying Is (or Isn’t) Like Dating appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:50 AM » Treasurys rally as safe-haven buying continues
    Published Mon, Feb 08 2016 8:50 AM by CNBC
    U.S. sovereign bonds prices surged on Monday, as volatility in stocks persisted and rate rise fears dominated markets.
  • 8:49 AM » Dow futures slip triple-digits as growth fears grip markets
    Published Mon, Feb 08 2016 8:49 AM by CNBC
    U.S. stock index futures pointed to a sharply lower open on Monday, as investors digest Friday's sharp drop in tech stocks and look to Fed Chair Yellen's testimony.
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