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  • Thu, Sep 25 2008
  • 8:59 AM » How to Spend $700B and Actually Solve the Problem
    Published Thu, Sep 25 2008 8:59 AM by Seeking Alpha
    Diane Ritter submits: If you're willing to spend $700 billion dollars to solve this problem, take that $700 billion that Paulson wants to pour down a rat hole buying bad debt, and spend it setting up 50 or 100 new, good banks, with adequate capital, and let them begin lending to all of the credit worthy borrowers in the US that can't get credit from all of these crippled, dying banks. With an equity stake of course, so the US taxpayer can get well after this crisis is over. Or let there be a reverse auction to find the 200 or 1000 strongest banks in the country, with the cleanest, strongest balance sheets, in each region, and inject equity capital into them . Congress ought to like that, since the most effective way to short circuit the recession would be to identify the BEST banks in each district, and inject $700 billion dollars worth of equity capital into them. And then stand aside and let the terminally crippled banks fail. If there are one or two companies that really truly must be saved, like AIG (AIG), to avoid a systemic meltdown in the derivatives market, then let Paulson, or his successor, come to Congress and make his case and ask for funding to support that company. And, hey, maybe he could get his act together a little bit and figure out more than a day ahead of time that something needs to be done. The best thing we can possibly do for the stock market and the credit market is to identify now and very publicly which companies the United States will stand behind and bailout if necessary, and which ones we won't.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:59 AM » The Hedge Fund of America, LP
    Published Thu, Sep 25 2008 8:59 AM by Seeking Alpha
    submits: If you are a regular reader of Seeking Alpha, chances are you are a sophisticated investor and will already understand the concept of this entry well. Yet as I talked to some of my investors around town (and listened to members of Congress!), I realized there were so many misconceptions about the mechanics of Paulson's proposed rescue package, I wrote the following to my clients: The Hedge Fund of America, LP
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:43 AM » Housing Sales Continue Their Decline
    Published Thu, Sep 25 2008 8:43 AM by Seeking Alpha
    submits: Housing continues to get worse (so much for the bottom that has been loudly proclaimed nearly every month since late spring/early summer): From the Financial Times :
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:00 AM » RealtyTrac: 25% Of 2008 Home Sales Will Be Foreclosures [Housing Tracker]
    Published Thu, Sep 25 2008 7:00 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Quote of the Day Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 7:00 AM » Using Tax Breaks To Force Loan Revisions, Prevent Foreclosures [Housing Tracker]
    Published Thu, Sep 25 2008 7:00 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Government Foreclosure Help Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 6:44 AM » Other Price Pressures On Homebuilders [Housing Tracker]
    Published Thu, Sep 25 2008 6:44 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Homebuilder Trends Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 6:28 AM » Bleak Outlook For California's Economy [Housing Tracker]
    Published Thu, Sep 25 2008 6:28 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Quote of the Day Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 6:12 AM » Banks, AIG and Commercial Real Estate [Housing Tracker]
    Published Thu, Sep 25 2008 6:12 AM by Seeking Alpha
    Seeking Alpha's Housing Tracker is a collection of housing-related excerpts from various sources, grouped by topic. Feel free to post any interesting links on the subject in the comments section below. Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt;"Times New Roman";}
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 4:22 AM » Leverage 101: The Real Cause of the Financial Crisis
    Published Thu, Sep 25 2008 4:22 AM by Seeking Alpha
    submits: Much of the current financial market crisis is blamed on two main factors – poor risk management by company executives and the ultra-depressed housing market. Company management is paying the penalty with the most failed CEOs fired and years of lawsuits and regulatory probes ahead for implicated senior executives. The second factor, a depressed housing market, in itself is not new. Housing is cyclical and every 10 years or so we have a downturn flowered by a boom. Despite this being a much more severe downturn, you also have to remember prices almost doubled (boomed) before the collapse. What really caused the magnitude of the current financial crisis, in my opinion, was the amount leverage used in the housing market and mortgage backed securities derived from it . Leverage is a double-edged sword that is a powerful ally during boom times, but can quickly become your worst enemy during the ensuing bust. The collapse or bailout of some of our most highly regarded financial institutions – (FNM), (AIG), Lehman Brothers and (MER) - was squarely due to leverage.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Wed, Sep 24 2008
  • 11:27 PM » A Simple Explanation of What Went Wrong
    Published Wed, Sep 24 2008 11:27 PM by The Big Picture
    I read this interesting Brookings paper yesterday, titled "." The most intriguing part of the paper was this simple explanation of exactly how things managed to get so bollocked up in the first place. The authors note the “domino-like” character to the financial crisis: 1. The bubble in home prices, fueled by the ready availability of credit, resulted in an underestimate of the risks of residential real estate; 2. The peaking of residential home prices in 2006, combined with lax lending standards were followed by a very high rate of delinquencies on subprime mortgages in 2007 and a rising rate of delinquencies on prime mortgages; 3. Losses thereafter on the complex “Collateralized Debt Obligations” (CDOs) that were backed by these mortgages; 4. Increased liabilities by the many financial institutions (banks, investment banks, insurance companies, and hedge funds) that issued “credit default swaps” contracts (CDS) that insured the CDOs; 5. Losses suffered by financial institutions that held CDOs and/or that issued CDS’s; 6. Cutbacks in credit extended by highly leveraged lenders that suffered these losses. Sure, that's an oversimplification. But it is a good place for the layperson to begin trying to comprehend what exactly went wrong here . . . > Source: Martin Neil Baily, Senior Fellow, Economic Studies Robert E. Litan, Senior Fellow, Economic Studies The Brookings Institution, September 23, 2008 http://www.brookings.edu/papers/2008/0922_fixing_finance_baily_litan.aspx
    Click Here to Read the Full Article

    Source: The Big Picture
  • 11:27 PM » Stupidest editorial on the economy ... ever
    Published Wed, Sep 24 2008 11:27 PM by themessthatgreenspanmade.blogspot.com
    In the spirit of , in whose view any economic slowdown is nothing more than a "mental recession" for a "nation of whiners", comes what must be the stupidest ever written on the state of the U.S. economy, by one Debra J. Saunders, culled from the San Francisco (!?!) Chronicle. This has gone by various other titles as it was foisted upon the world over the last week or so. In the local paper it was emblazoned with something like "You must be really stupid to think the economy is bad." (No, not really, but something almost as inane.) Just don't call the U.S. economy solid Debra J. Saunders John McCain was right when he said Monday that despite the bad news about Lehman Brothers filing for bankruptcy and AIG trolling for help from Uncle Sam, "the fundamentals of our economy are strong." As politicians running for the White House learn, honesty is a commodity best used sparingly on the campaign trail. Voters apparently believe that America is in a terrible recession - even though the gross domestic product grew at an annual rate of 3.3 percent last quarter and grew by some 0.09 percent in 2008's first quarter. When the public is in full panic mode, McCain could take a lesson from Barack Obama, who is running ahead of the stampede. On the campaign trail Wednesday, Obama bemoaned "the most serious financial crisis in generations." He said the exact same words the day before. You can tell it's the most serious financial crisis in generations because the unemployment rate is 6.1 percent - which, The Chronicle reports, represents a "five-year high." When the unemployment rate was 5.7 percent rate in July that was a "four-year high." The Associated Press reports that the number of troubled banks is also at a "five-year high." Five-year highs? These are the statistics that herald the worst financial crisis since the Great Depression? It degrades rather quickly from there, summoning the wisdom...
    Click Here to Read the Full Article

    Source: themessthatgreenspanmade.blogspot.com
  • 10:34 PM » Bush Presses for Bailout, Warns of “Long and Painful Recession”
    Published Wed, Sep 24 2008 10:34 PM by feeds.feedburner.com
    President George W. Bush urged swift approval of a historic Treasury proposal to bail out ailing financial institutions in a primetime address Wednesday. “Without immediate action … our country could experience a long and painful recession,” he said, urging support for a Treasury proposal unveiled last week. The administration’s plan would place $700 billion at any [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:20 PM » President Issues Warning to Americans
    Published Wed, Sep 24 2008 10:20 PM by www.nytimes.com
    President Bush called on Americans to support the recovery plan and invited both presidential candidates to the White House for talks on the economic crisis.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 10:20 PM » Congress angry over bailout, Bush calls meeting
    Published Wed, Sep 24 2008 10:20 PM by Reuters
    NEW YORK (Reuters) - Bush administration officials warned an angry Congress on Wednesday that the U.S. financial system would sink into Great Depression-style chaos unless it approved a $700 billion bailout plan and the president called an emergency meeting for Thursday to try to broker a deal.
  • 10:20 PM » In Their Own Words: Paulson, Bush, Bernanke in 2007
    Published Wed, Sep 24 2008 10:20 PM by Calculated Risk Blog
    [I]sn’t it bizarre to have officials who miscalled so much ... confidently declaring that they know better than the market what a broad class of securities is worth? Professor Krugman, Sept 24, 2008Here are clips of Paulson, Bernanke, Bush and presidential economic advisor Edward Lazear from 2007:
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:03 PM » First Take: Bush throws GSEs under the bus
    Published Wed, Sep 24 2008 10:03 PM by feeds.feedburner.com
    Forget everything else about how the current financial mess could hurt everyday Americans, which it could. My jaw fell to the floor when I heard the President, attempting to explain the current mortgage/financial debacle to everyday Americans on Wednesday night, throw both Fannie Mae and Freddie Mac under the proverbial bus. “Fannie Mac and Freddie [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:48 PM » Bush remarks on financial crisis
    Published Wed, Sep 24 2008 9:48 PM by feeds.feedburner.com
    Economy “in great danger,” as he pushes for Treasury bailout plan amid signs of growing discontent among Americans, Congress
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:58 PM » Hey, Henry, buy our s***!
    Published Wed, Sep 24 2008 8:58 PM by feeds.feedburner.com
    This had most of us here at HW giggling. From the site: Use the form below to submit bad assets you’d like the government to take off your hands. And remember, when estimating the value of your 1997 limited edition Hanson single CD “MMMbop”, it’s not what you can sell these items for that matters, it’s what [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:54 PM » Credit crunch freezes hiring, expansion
    Published Wed, Sep 24 2008 8:54 PM by CNN
    After 41 years in business, Hull Printing shut down its printing presses for good in March, laying off 19 workers and closing one of the oldest family-run businesses in Barre, Vt. The catalyst: Hull Printing's bank slashed its line of credit, kicking off a death spiral that led to the company's collapse.
  • 8:53 PM » Banks prepare for surge in debt talks
    Published Wed, Sep 24 2008 8:53 PM by www.ft.com
    Bankers are preparing themselves for a wave of companies needing to renegotiate the terms of their deb
  • 8:52 PM » Libor Rises as Banks Hoard Cash
    Published Wed, Sep 24 2008 8:52 PM by feeds.feedburner.com
    The bank funding market continues to be under stress. To some degree, this was anticipated, as various market participants saw signs that the year-end liquidity squeeze, and the months preceding it, would be worse than last year, which was bad enough to lead to the creation of the first special liquidity vehicle, the Term Auction Facility. Note that if central banks, who have the greatest ability to influence short term rates and money market conditions, cannot do so via their routine liquidity measures and the new alphabet soup of Fed facilities, it it not clear that the Paulson bailout plan will have any more success. The immediate remedy would be to increase the size of the TAF. From : Money-market interest rates increased as banks sought to bolster balance sheets amid deepening concern a bailout of financial institutions won't happen quickly enough to ease short-term funding constraints. The one-month London interbank offered rate, or Libor, for dollars jumped 22 basis points to 3.43 percent, the highest level since January, the British Bankers' Association said today. The corresponding rate in euros rose 7 basis points to 4.91 percent and the pound rate also advanced 7 basis points, to 5.91 percent. ``There's no real term funding markets except for central banks,'' said Meyrick Chapman, a fixed-income strategist in London at UBS AG. ``The Libor is meaningless. It's for unsecured lending and there is no unsecured lending as far as I can see.''... `We've seen quite a bit of upward pressure in the past couple of weeks and the fact that the TAF came in at over 50 basis points above yesterday's one-month Libor will no doubt add to that,'' said Barry Moran, a Dublin-based money-market trader at Bank of Ireland, the country's second-biggest bank. The difference between the Libor for three-month dollar loans and the overnight indexed swap rate, the Libor-OIS spread that measures the availability of funds in the market...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:51 PM » Ron Paul Says "Call Them!"
    Published Wed, Sep 24 2008 8:51 PM by feeds.feedburner.com
    In a Ron Paul is urging everyone to "Call Them!". With a Rasmussen poll finding support for the bailout at an anemic seven percent, some members of Congress are afraid to vote for it. Call them! Let them hear from you! Tell them you will never vote for anyone who supports this atrocity. The issue boils down to this: do we care about freedom? Do we care about responsibility and accountability? Do we care that our government and media have been bought and paid for? Do we care that average Americans are about to be looted in order to subsidize the fattest of cats on Wall Street and in government? Do we care? When the chips are down, will we stand up and fight, even if it means standing up against every stripe of fashionable opinion in politics and the media? Times like these have a way of telling us what kind of a people we are, and what kind of country we shall be. In liberty, Ron Paul They Want Mama To Make It All Better Inquiring minds are listening to Rep. Marcy Kaptur D-Ohio 9th District Toledo. It is one of the best rants you will ever hear in your life. Please Play It. I promise you will not be disappointed. Here is a partial transcript: Taxpayers did not get their fair share of the upside, but they are getting all of the downside and a huge IOU. While Wall Street is made whole, the folks on Main Street are getting the bill. What has mama given us here? Are Mr. Bernanke and Mr. Paulson giving them any bet on the upside? They're not even helping them on the downside. I feel sorry for our country, I feel sorry for this Congress, that we can't do a better job of standing up for the people today. Where's the Federal Reserve, Where's the Treasury? Why do they only help the rich people? What about the rest of the people who have to work for a living? Wake Up America. Wake Up America. Contact your member of Congress. Contact Your Member Of Congress Thank you Marcy and Ron Paul, we are doing just that. The phone-in is working. Congress is spooked...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:50 PM » Bernanke's Game Of Three Card Monte
    Published Wed, Sep 24 2008 8:50 PM by feeds.feedburner.com
    MSN Money is reporting The world's most famous investor is betting that it's time to buy into one of the battered financials. Berkshire Hathaway's (BRK.A) Oracle of Omaha Warren Buffett said late Tuesday that he is buying a $5 billion interest in Goldman Sachs (GS), one of the two investment banks left standing amid the fallout of the mortgage crisis. Berkshire Hathaway gets a perpetual preferred stock that pays a 10% annual dividend, which takes precedence over other payments to common shareholders in Goldman. Berkshire will also have warrants to buy an additional $5 billion in Goldman common stock any time over the next five years at $115 a share, about $10 below Tuesday's closing price. Confidence Boost or Confidence Game? professor Kevin Depew is asking "Confidence Boost or Confidence Game?" It's being called an "endorsement" and a "show of confidence" designed to "bolster the market." No, I'm not talking about Warren Buffett's deal struck yesterday to shore up the capital base of Goldman Sachs (GS) to "restore confidence". I'm talking about Morgan Bank, Chase National Bank and National City Bank's agreement to pitch in and buy shares of US Steel (X) at below market prices to thwart the share price panic on Wall Street on October 25, 1929. Here's how that worked out: click on chart for sharper image Bernanke's Confidence Game In Ben Bernanke’s testimony yesterday, it seems that in his view "the plan" essentially boils down to this: if the government can start buying this toxic stuff at a "hold-to-maturity price", it will establish a price that everyone else in the markets can then use. The government plan is to tell the market what price to value these things at, and then everything will work out fine after that. The whole thing is so absurd. The market will continue to price these assets on their own accord, regardless of what some bureaucrat pays for...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:49 PM » Nearly 20% of the S&P 500 Now Covered by No Short List
    Published Wed, Sep 24 2008 8:49 PM by Seeking Alpha
    Hickey and Walters () submit: While the SEC's no short list was meant to protect financial stocks from excessive short selling, the current ban covers stocks comprising nearly 20% of the S&P 500's market capitalization, even though the Financial sector only makes up 15% of the index. As shown below, there are a handful of S&P 500 companies in the Financial sector (mostly REITs) that are not covered by the short sale rule. But there are also a number of non-Financial sector stocks that managed to lobby themselves onto the no short list, most notably GE (GE) and IBM (IBM). Why IBM, which is just slightly more than 10% off its 52-week high, felt the need to get on the list is up for debate. Our guess is they probably figured that if certain stocks can get special treatment, in the interest of their shareholders, why not them?
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:48 PM » Buffett and Goldman: Damn That Guy Is Smart
    Published Wed, Sep 24 2008 8:48 PM by Seeking Alpha
    submits: It's a good time to be teaching Corporate Finance. Buffett's latest move (making a substantial investment in Goldman Sachs) is bound to make it into a lot of class discussions. (at least, as expressed by Georgetown finance professor James Angel) is: Berkshire's (BRK.A) plan "is a sign of confidence from one of the nation's most respected investors," said James Angel, a finance professor at Georgetown University, who added that "sharp investors" now are "sniffing around the wreckage of the credit crunch to pick up good assets on the cheap."
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:47 PM » Paulson gives ground, says bailout must address CEO pay
    Published Wed, Sep 24 2008 8:47 PM by Washington Post
    WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson agreed on Wednesday that a proposed $700 billion proposal to bail out financial firms must be modified to put some limits on the paychecks of executives whose firms use it.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:46 PM » AIG shares fall on government stake deal
    Published Wed, Sep 24 2008 8:46 PM by Washington Post
    NEW YORK (Reuters) - American International Group Inc's (AIG.N) shares lost a third of their value on Wednesday after the company finalized a deal that will put majority ownership in government hands.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:46 PM » Hedge funds move $100bn into safe havens
    Published Wed, Sep 24 2008 8:46 PM by www.ft.com
    Hedge funds charging hefty fees for sophisticated trading strategies aimed at outperforming the wider market have collectively parked $100bn in simple money market funds typically used by investors seeking safe rather than spectacular returns
  • 8:46 PM » CBO Chief Says Rescue Plan Could Worsen Economic Crisis
    Published Wed, Sep 24 2008 8:46 PM by Washington Post
    The director of the Congressional Budget Office said today that the proposed $700 billion Wall Street bailout could actually worsen the current financial crisis.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:16 PM » Fitch Cuts WaMu to Junk
    Published Wed, Sep 24 2008 8:16 PM by feeds.feedburner.com
    Fitch downgrades WaMu long-term IDR to ‘B-’ from ‘BBB-,’ following an S&P and Moody’s downgrade. Friday can’t get here soon enough for the troubled thrift.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:15 PM » Paulson: Treasury Will Force Loan Modifications
    Published Wed, Sep 24 2008 8:15 PM by feeds.feedburner.com
    Starting off his remarks to a key (and often contentious) hearing with members of the House Financial Services Committee by offering a concession on executive pay, Treasury secretary Henry Paulson clearly wanted to get off on the right foot with key legislators that have become increasingly critical of the Bush administration’s proposal to bail out [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:00 PM » All Business at BofA: Countrywide Insider Gissinger Out
    Published Wed, Sep 24 2008 8:00 PM by feeds.feedburner.com
    When the Countrywide Financial Corp. and Bank of America Corp. (BAC: 33.07 -0.69%) merger was first announced, we have to confess that our first thoughts weren’t about the servicing portfolio of collateral performance or bond holder obligations — they were about corporate culture. BofA has long maintained the sort of buttoned-up banker’s attitude traditional for [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:55 PM » President to Address Financial Crisis
    Published Wed, Sep 24 2008 5:55 PM by feeds.feedburner.com
    President Bush will focus on the U.S. mortgage and financial crisis in a national address this evening at 9pm EST.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:38 PM » Home Price Declines Stabilize in July: Report
    Published Wed, Sep 24 2008 5:38 PM by feeds.feedburner.com
    During July, U.S. nominal home prices declined 10.9 percent from average prices one year ago, according to data released Tuesday afternoon by First American CoreLogic; the company also said that an early look at August’s data suggests a similar 10.8 percent annualized price drop. The company’s LoanPerformance Home Price Index has suggested a slowing in the [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:35 PM » Managing the Bailout: He’d Do It for Nothing
    Published Wed, Sep 24 2008 5:35 PM by www.nytimes.com
    William H. Gross, the manager of the country’s largest bond mutual fund, has a solution for keeping Wall Street firms from making a killing on the proposed financial bailout.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 5:34 PM » Paulson Works the Hill, Trying to Close the Deal
    Published Wed, Sep 24 2008 5:34 PM by www.nytimes.com
    House Republicans complained to the Treasury secretary that the White House had failed to explain its proposal.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 5:33 PM » McCain Wants Debate Delayed Amid Crisis
    Published Wed, Sep 24 2008 5:33 PM by WSJ
    McCain said he will "suspend" his campaign Thursday and return to Washington to focus on the economic crisis. McCain wants to postpone Friday's debate; Obama said the debate should go on as planned.
  • 5:32 PM » Goldman Shares Surged Before Buffett Deal Was Unveiled
    Published Wed, Sep 24 2008 5:32 PM by dealbook.blogs.nytimes.com
    An unusual surge in Goldman Sachs' share price in the last 10 minutes of trading on Tuesday raised eyebrows on Wall Street, as it came two hours before news of Warren Buffett's big investment in the bank, Reuters reports.
    Click Here to Read the Full Article

    Source: dealbook.blogs.nytimes.com
  • 5:31 PM » Poll: Did Bernanke and Paulson Make Their Case?
    Published Wed, Sep 24 2008 5:31 PM by CNBC
  • 5:31 PM » How Will the Bailout Work? No One Actually Knows
    Published Wed, Sep 24 2008 5:31 PM by CNBC
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