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  • Mon, Sep 8 2008
  • 8:33 AM » Paulson Begins Gradual Wind-Down of GSEs Within Conservatorship
    Published Mon, Sep 08 2008 8:33 AM by Seeking Alpha
    submits: Prior to the announcement I was worried that [the Treasury] would maintain the status quo and continue to throw money at [the GSEs]… Now it appears they are fundamentally changing them, which is good. These companies are now in the process of going away. They even threw in the FHLB (via a secured lending facility) which is also a positive step as they need to go too. The first step is nationalization. Eventually they should sell them off as 10 different private companies with no more ties to the U.S. government. This is going to cost the Treasury A LOT of money, but is necessary to get them out of the mortgage market. Fannie was necessary in 1938 but not in 2008. It is going to strain the Treasuries' finances. It can also mean much higher Treasury interest rates, offsetting any narrowing of mortgage spreads. (Jim Bianco, Bianco Research, September 8, 2008) We congratulate Treasury Secretary Hank Paulson for finally acting on the advice of many in the market, including The IRA , and imposing a conservatorship on Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). Moving a week after Labor Day is not bad timing at all and now enables us to focus on the next task, namely providing the financial resources to backstop the FDIC (see our earlier comment, "").
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:33 AM » Welcome to the Mortgage Business
    Published Mon, Sep 08 2008 8:33 AM by Seeking Alpha
    submits: NOTE: This first portion of this article was written after Sunday's detailed Fed announcement. The text below is taken directly from the government’s announcement.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:33 AM » Currency Market Predicts Bailout Is the End of the Credit and Housing Crunch
    Published Mon, Sep 08 2008 8:33 AM by Seeking Alpha
    John Verke submits: Last Friday, September 5th, the dollar was up almost half a percent against the Euro and most other currencies despite a spectacularly horrible jobs report, but it seems to be overshadowed by Freddie (FRE) and Fannie (FNM) in traders’ mind. In I had talked about the dominance of the currency markets over the equity and commodity markets in predicting the future market trends and overall state of the economy. I had reasoned that this relative power is due to the fact that currency markets are larger than the other two by a huge margin and therefore are not easily manipulated. Another interesting event that took place last Friday was that the banks bottomed around 11 am and rose through the remainder of the trading day, taking the whole market up with them. Now I am not one of those whiners who constantly complains about insider trading and how the Wall Street manipulates and robs the ordinary investor. However, given the sequence of events last Friday, it is not hard to imagine that a whole lot of people knew about the GSE rescue package before we, the ordinary folks, got the news after the closing bell.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:33 AM » J-REIT Consolidation and M&A Opportunities
    Published Mon, Sep 08 2008 8:33 AM by Seeking Alpha
    When property markets turn downward (or upward) investors tend to lump REITs, physical real estate and stocks in real estate companies all in the same basket, i.e., real estate plays, and avoid the lot. The Tokyo Stock Exchange J-REIT Index is now down a whopping 52% from a mid-2007 peak, and up to 90% of the 42 listed REITs are trading at a discount to NAV. There is no denying that credit has dried up for real estate developers and the number of property transactions has dropped off sharply. This is a double whammy for newly emerged real estate developers whose business model was dependent on a) readily available credit and equity, and b) active trading in real estate properties. As a result, many are failing and will continue to fail.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:33 AM » Pondering the 'Pain of Paying'
    Published Mon, Sep 08 2008 8:33 AM by Seeking Alpha
    submits: and part of the reason I decided to pull the plug on Mastercard (MA) Friday. As the U.S. "delevers" and the "credit contraction" spreads from Wall Street to Main Street, it could have some serious implications (deflationary) on the country. We are seeing some hints of this from the surge in debit cards in the US versus credit cards (this was in reverse order for many years). Deflation was the scourge of the Great Depression ... it can be best explained by "why should I buy something now when I can get it cheaper later?" This especially applies to big ticket items - the obvious example is homes. But homes go up and down over time in a cycle. More disconcerting are automobiles. New cars usually do not go down in price. But .
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Sun, Sep 7 2008
  • 10:40 PM » Rhetorical questions and circular logic on Fannie, Freddie
    Published Sun, Sep 07 2008 10:40 PM by feeds.feedburner.com
    The WSJ’s Real-Time Economics blog posted copies of internal emails distributed to Freddie Mac employees by former CEO Richard Syron and new CEO David Moffett. Moffett’s best points: I can only imagine the pressure you have been under, and the frustrations you must have felt in recent weeks. This has been a difficult and draining period for [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 6:06 PM » History: Fannie, Freddie Seized by Federal Government
    Published Sun, Sep 07 2008 6:06 PM by feeds.feedburner.com
    September 7 will now be remebered as the day the U.S. government took over the mortgage market. What that means for financial markets going forward has never been less certain. This is no longer the worst mortgage crisis since the Great Depression; this is the worst mortgage crisis, period. It’s also the end of an era. [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:51 PM » Manhattan Real Estate Is Teetering - Barron's
    Published Sun, Sep 07 2008 5:51 PM by Seeking Alpha
    With several large NYC apartment house deals faltering, the thus-far sturdy commercial-mortgage market may be in trouble, . The $5.4 billion purchase of Stuyvesant Town/Peter Cooper Village by Tishman Speyer and BlackRock (BLK) was predicated upon the notion that rental income from the predominately rent-controlled housing would rise as the apartments were quickly converted to market rate apartments. But rental income is declining - covering just 35% of estimated annual interest costs of $300M on the $4.4B loan developers took. The partners cite a high rate of new leases written, low vacancy rates, a long-term outlook and a $1B equity stake that should comfort investors. Yet Tishman and BlackRock could lose their entire $1B equity stake - and more on the loans - if the market keeps faltering. Debt investors will suffer too.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 3:45 PM » GSEs Into Conservatorship: Can Housing Stabilize Now?
    Published Sun, Sep 07 2008 3:45 PM by Seeking Alpha
    submits: Now that Treasury has taken the GSE’s into conservatorship it is likely that the housing market can begin the process of stabilization and recovery. The Treasury’s take-over of the GSE’s essentially means that the government will be providing liquidity into the mortgage market by way of re-starting the all-but-defunct secondary market for mortgages with planned purchases mortgage-backed debt. This will have an important implication for the dollar, which is discussed later. One of the main features which enabled the housing market’s expansion was the change from the originate and hold model of mortgage lending to the originate and distribute (sell) model. The market for mortgage securitization basically dried up after August 2007 but now, the government will be there to make the purchases that no other entity can (or is willing) to make. Essentially, the government is taking the other side of the mortgage securitization trade as the buyer of mortgages that financial firms will again originate and distribute (sell). Now that liquidity is expanding, which means the supply of money within the mortgage system will increase, it is likely to see mortgage rates decline. Once mortgage rates decline, that obviously will make housing more affordable even if housing prices themselves hold steady because the monthly cost of carrying a mortgage will decrease.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:56 PM » A Closer Look at the Treasury's GSE Preferred Stock Purchase Plan
    Published Sun, Sep 07 2008 1:56 PM by Seeking Alpha
    submits: In conjunction with the statement of Secretary Paulson, the Treasury has provided which flesh out the plan. I just read through the agreement which summarizes the Preferred Stock Purchase Agreement. The Treasury will purchase Senior Preferred Shares of each entity and will begin with an initial purchase of $1billion. The preferred shares will carry a 10 percent coupon and pay a quarterly dividend. The Treasury will also receive warrants which represent going forward ownership of 79.9 percent of the companies. These contracts are for an indefinite duration and Treasury has pledged $100 billion for the effort. The fact sheet notes that that amount does not represent a judgement on the financial conditions of the companies but is meant to instill confidence.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:56 PM » Fannie and Freddie: 80% Dilution
    Published Sun, Sep 07 2008 1:56 PM by Seeking Alpha
    submits: A quick look through the Treasury plan to take over and prop up Fannie Mae (FNM) and Freddie Mac (FRE) show that although common and preferred shareholders will not be completely wiped out, their holdings will be seriously devalued and diluted: First, dividend payments on both the common and preferred shares will be suspended. Second, in exchange for a $1 billion capital infusion, the Treasury will get senior preferred shares with a 10% coupon to be paid quarterly. Third, the government will receive warrants representing 79.9% ownership of each company. You can see where the 80% dilution for the common shareholders comes from. With the current share prices down 90% from a year ago, this effectively, completely wipes out the market value of the two companies. Will either or both of these stock trade under a $1.00 tomorrow? Or has this devaluation already been accounted for by the market?The WSJ stock quote shows both down over 20% in Friday’s after market. This reminds me of the bailout that Thornburg Mortgage (TMA) was forced to accept from private investors to save the company and dilute the common shareholders by over 90%.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:12 AM » ETF Update: Middle Eastern ETFs?, August Reversal
    Published Sun, Sep 07 2008 8:12 AM by Seeking Alpha
    Tom Lydon submits: Middle Eastern ETFs? The Middle East is shrouded in mystery and investors who want to dabble in those economies should do so with a bit of caution, say advisors, as ETFs are allowing access for all.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:12 AM » Housing: Did We Learn Nothing from the Dotcom Bust?
    Published Sun, Sep 07 2008 8:12 AM by Seeking Alpha
    submits: " Study the past, if you would divine the future ." (Confucius)
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:24 AM » Oil, Stock, and Housing Declines
    Published Sun, Sep 07 2008 7:24 AM by Seeking Alpha
    Hickey and Walters () submit: Ironically, oil is now down more than the stock market and even home prices! From their peaks, oil is down 27.18%, the S&P 500 is down 22.16%, and the S&P/Case-Shiller 10-City Median Home Price index is down 20.46%. click to enlarge
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:24 AM » A Rustbelt Revival: From Doom to Boom
    Published Sun, Sep 07 2008 7:24 AM by Seeking Alpha
    submits: The locals call it “The Pointes.” Grosse Pointe was one of the highest rent neighborhoods in the country. It sits between Detroit and Lake St. Clair. Its wooded scenery, mild summer weather, and proximity to industrial areas have made it a popular residential neighborhood for industrial titans for a century.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:24 AM » American Capital Agency: Making Money the Old-Fashioned Way
    Published Sun, Sep 07 2008 7:24 AM by Seeking Alpha
    submits: American Capital Agency (AGNC) is a that doesn't actually own any real estate. Although it enjoys favorable tax status so long as it pays sufficient profits as dividends, its investment portfolio exclusively contains agency-backed home mortgages. Since AGNC first opened for investment this April -- well after the subprime risks were (ACAS), which -- AGNC isn't sitting on a subprime time bomb, but acquired its assets with its of the type of market in which it was initiating its investments.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 3:11 AM » Home Inventories Soaring? Not Exactly
    Published Sun, Sep 07 2008 3:11 AM by Seeking Alpha
    submits: Home sales have been in the tank for months, while new foreclosures come on to the market at a record rate. That’s not good! It means home inventories are up, up, up, and, with few buyers in sight, are set to move higher. And everyone knows the housing market can’t come back until that mountain of inventories gets cleared away. Right? If you say so. The only problem with the above—which is Item A on bears’ checklist of conventional wisdom—is that (not to put too fine a point on it) it’s not true.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Fri, Sep 5 2008
  • 6:20 PM » Prime ARMs Set Tone for Troubled Mortgages in Q2: MBA
    Published Fri, Sep 05 2008 6:20 PM by feeds.feedburner.com
    More than nine percent of U.S. mortgages were delinquent or in foreclosure at the end of the second quarter, as both major categories of borrower default activity hit new records, the Mortgage Bankers Association said on Friday morning. We probably don’t need to tell you that’s a lot; most HW readers won’t be surprised to [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 3:27 PM » S&P: Subprime MBS Losses Nearly Over
    Published Fri, Sep 05 2008 3:27 PM by feeds.feedburner.com
    Subprime mortgage bond losses may be nearing the end, according to a published report Friday citign Standard & Poor’s chief credit officer Mark Adelson. The S&P exec said losses are being “double counted” by many because so much private-party subprime MBS is held by CDOs, and suggested true subprime losses would total roughly $550 billion. [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 3:11 PM » DebtX Pushes CMBS Pricing Data to Bloomberg
    Published Fri, Sep 05 2008 3:11 PM by feeds.feedburner.com
    DebtX, a large online marketplace for commercial debt, said Thursday that its commercial loan pricing data is now available to Bloomberg subscribers via the Bloomberg Professional service, marking the first time is the first time the underlying CRE loan pricing data in a CMBS issue is available to the entire market. DebtX’s DXMark platform enables investors [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 2:56 PM » Popular Mortgage Servicing Ratings Affirmed; Delinquencies Nearing 30 Percent
    Published Fri, Sep 05 2008 2:56 PM by feeds.feedburner.com
    New Jersey-based Popular Mortgage Servicing Inc., a large subprime servicer, saw its U.S. primary residential servicer rating for subprime product affirmed by Fitch Ratings Friday at ‘RPS2-.’ Fitch rates servicers on a 1 through 5 scale, with 1 representing the best possible rating. As of Jan. 31, PMSI serviced over 82,600 loans totaling over $11.6 billion. [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 2:56 PM » Top Private Mortgage Insurers in the Second Quarter
    Published Fri, Sep 05 2008 2:56 PM by www.thetruthaboutmortgage.com
    National Mortgage News compiled a list of the top private mortgage insurers during the second quarter of 2008, which I threw into graph form above. Genworth Financial, who NMN considers one of the more conservative of the bunch, led the way with $14 billion in new insurance written during the quarter, up seven percent from the [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 2:24 PM » Asking Prices Resume Downward Trend; Summer’s Glow Gone?
    Published Fri, Sep 05 2008 2:24 PM by feeds.feedburner.com
    Asking home prices resumed their downward trending in August, portending the end of a likely small seasonal bump in prices, according to a report released Thursday by research firm Altos Research and market analysis specialist Real IQ. The data, an early indicator of actual selling prices, suggests that sellers are again dropping their asking prices [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 1:52 PM » California, Florida, Option Arms Lead Delinquencies Higher
    Published Fri, Sep 05 2008 1:52 PM by www.thetruthaboutmortgage.com
    Both delinquencies and foreclosure starts increased during the second quarter, largely because of hot spots in California and Florida, coupled with the infamous option arm. The delinquency rate (30 days or more behind excluding foreclosure) for mortgages on one-to-four unit residential properties climbed six basis points to 6.41 percent from the first quarter, up 129 basis [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 1:37 PM » Bair: Credit Mess “Far From Over”
    Published Fri, Sep 05 2008 1:37 PM by feeds.feedburner.com
    Saying that the current credit crunch is nowhere near done, Federal Deposit Insurance Corp. chairman Sheila Bair urged banks to raise loss reserves and raise capital. In remarks delivered Friday at a Florida Bankers Association event in Sarasota, Bair said banking results for the second quarter were “dismal,” and like to get worse going forward [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:47 AM » Mortgage REIT Insider: At Thornburg, a Never-Ending Story
    Published Fri, Sep 05 2008 11:47 AM by feeds.feedburner.com
    While the news in the mortgage REIT sector has slowed to a trickle after the frenzy of second quarter earnings, there have been a few interesting developments of late. Subprime mREIT ECC Capital, which delisted its shares and sold off its origination platform to Bear Stearns & Cos. last year, has managed to stay alive and [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:32 AM » Columbia Bancorp to Exit Mortgage Business
    Published Fri, Sep 05 2008 11:32 AM by feeds.feedburner.com
    Columbia Bancorp (CBBO: 4.16 +0.73%), the holding company of Columbia River Bank, said Friday it will exit the mortgage business and eliminate nearly 75 jobs. The Oregon-based company said in a press statement that it was looking to “streamline its overall business operations in response to the current banking environment.” “Columbia’s decision to no longer operate [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:00 AM » Rent vs. Buy Datapoint of the Day
    Published Fri, Sep 05 2008 11:00 AM by Seeking Alpha
    submits: How do we know we're in a housing bubble? One way of knowing is by looking at house prices, which during the bubble were rising much more quickly than rents. That was clearly unsustainable. But today, in a , the BLS uncovers a startling statistic: According to the National Association of Realtors, between 1983 and 2007 the monthly principal and interest payment required to purchase a median-priced existing home in the United States rose by 79 percent, much less than the rental equivalence increase of 140 percent over that same period.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:45 AM » Ocwen Touts Drop in Subprime Delinquencies
    Published Fri, Sep 05 2008 10:45 AM by feeds.feedburner.com
    Subprime servicing giant Ocwen Financial Corp. (OCN: 7.03 0.00%) took the unusual step of launching a press offensive Thursday, touting a recent drop in subprime delinquencies among the loans it services. The company’s portfolio covers a significant portion of the subprime market — through its subsidiary, Ocwen Loan Servicing, LLC, the company services approximately 350,000 [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:45 AM » Merrill Downgraded; Lehman Looks to 80s For Inspiration
    Published Fri, Sep 05 2008 10:45 AM by feeds.feedburner.com
    Wall Street continued to struggle with the aftermath of the mortgage market collapse on Friday, with a well-known analyst cutting Merrill Lynch & Co. (MER: 26.21 0.00%) to a sell rating over mortgage-led concerns, while battered Lehman Brothers Holdings Inc. (LEH: 15.17 0.00%) saw the latest rumors around the firm center on a possible creation [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:45 AM » Global Property Bubbles: Not Bursting
    Published Fri, Sep 05 2008 10:45 AM by Seeking Alpha
    submits: The housing bubble was not confined to the United States. If anything, the bubble here was later and smaller than in most of Europe. So it's hardly surprising that house-price declines are not confined to the US either. According to , the year-on-year decline in New Zealand house prices is 2.2%; in Germany it's 2.5%; in the UK it's 3.9%; and in Latvia it's a whopping 24.1%, even bigger than the USA's 16.8% fall. But more interesting, to me, is that globally, house prices are still rising, which is not necessarily what you'd expect to see in an article headlined "":
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:45 AM » Pulte, Gafisa: Hot Theories and Housing Stocks
    Published Fri, Sep 05 2008 10:45 AM by Seeking Alpha
    submits: This market will drive a sane person batty at times, I have to tell you. Remember about 2-3 months ago, every day that oil dropped people ran into technology stocks as a "safe haven"? We were shaking our head sadly and saying, how is this a safe haven... in time this will be proven to be a false assertion. But that did not stop the stocks from running up 5-10-15% each time oil dropped a few bucks as hedge funds had to find something to "play". Remember, as we always say, perception is reality. Until reality strikes. Lately we've seen (DELL), we've seen bad news out of the semiconductor industry yesterday, Corning (GLW) , we've seen Qualcomm (QCOM) saying . Folks, you know the economic malaise is serious when Americans are not updating their phones and TVs- I mean we'd rather cut food out of our lives than not upgrade to the newest electronic gadgetry. If you ever want anecdotal evidence of a weak economy...
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:45 AM » Freddie, Fannie: Debt-Ridden, But Their Bonds Are Worth Holding
    Published Fri, Sep 05 2008 10:45 AM by Seeking Alpha
    submits: By Eric Roseman Central banks are notorious for their ill-timed investments. The latest such trade was conducted by several Chinese banks in August as they reduced their combined positions in Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) debt.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:45 AM » The Reality of Real Estate and the Economy
    Published Fri, Sep 05 2008 10:45 AM by Seeking Alpha
    John Preston submits: Many of the readers here have heard of Robert Shiller, mostly due to the many, many references to the Case-Shiller Home Price Index. In my opinion, the Index is at best a trend indicator, not a measure of absolute accuracy. It is, however, widely referenced. My point is that, a few years back, in 2004, the same Robert Shiller published a paper entitled “”. In this paper, he reported his conclusions resulting from a multi-national study relating the “wealth effect” on household attitudes and consumption from stock market growth versus housing appreciation.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:45 AM » Bill Gross' Bailout Call: Wise Man or Fool?
    Published Fri, Sep 05 2008 10:45 AM by Seeking Alpha
    submits: Bond king Bill Gross is back preaching socialism today, stating . The U.S. government needs to start using more of its money to support markets to stem a burgeoning "financial tsunami," according to Bill Gross, manager of the world's biggest bond fund.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:45 AM » Housing Prices: Bottom or Temporary Bear Break?
    Published Fri, Sep 05 2008 10:45 AM by Seeking Alpha
    submits: If you’ve been listening to the Street, you will have no doubt heard more talk of a real estate bottom again. Admittedly, there have been a few encouraging signs emerge in the last month. They include an improvement in the rate at which the S&P Case-Shiller 10 and 20-city composite home price indexes have been dropping and signs from a number of regions that prices are actually increasing month-over-month in a few cities (). In some areas hardest hit, buying foreclosures has become the latest fad and sales figures in areas of California, for example, have experienced impressive increases. How long this continues, however, remains to be seen.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Thu, Sep 4 2008
  • 2:37 PM » GMAC’s Bluster?
    Published Thu, Sep 04 2008 2:37 PM by feeds.feedburner.com
    HW reported yesterday that GMAC/ResCap had decided to shutdown its wholesale and retail mortgage origination channels, a move that will cost 5,000 employees their jobs; but GMAC officials told National Mortgage News Thursday that the move wouldn’t likely impact production. Much. Which either means the company was carrying dead weight to the tune of 60 percent [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 2:06 PM » The Slow March to End Securitization Inches Forward
    Published Thu, Sep 04 2008 2:06 PM by feeds.feedburner.com
    In a feature in the very first issue of HousingWire Magazine, out this week, 15-year MBS/ABS veteran Linda Lowell tackles the question that’s on most mortgage participants mind: is mortgage securitization dead? The complex answer to this question may very well lie with the Financial Accounting Standards Board and its coming proposals that will modify [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 1:51 PM » Another Reason The Fed Won't Raise Interest Rates
    Published Thu, Sep 04 2008 1:51 PM by Seeking Alpha
    submits: As Dwight Cass reports in a recent piece on breakingviews.com, Fitch Ratings is calling for a doubling in U.S. mortgage delinquencies from current levels. If they are right, that would likely mean continuing downward pressures on U.S. housing prices.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:19 PM » Mortgage Resets: COFI Numbers Improving
    Published Thu, Sep 04 2008 1:19 PM by Seeking Alpha
    submits: Countless graphics have been floating around the media outlining the large quantity of adjustable rate mortgage [ARM] rate resets that are anticipated in the coming months and years. (For some excellent background and analysis on the subject of ARM resets, I encourage readers to investigate what has to say on the subject.)
    Click Here to Read the Full Article

    Source: Seeking Alpha
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More From MND

Mortgage Rates:
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MBS Prices:
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  • 30YR FNMA 5.0 108-29 (-0-02)
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Recent Housing Data:
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  • Purchase Index 1.43%