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  • Fri, May 15 2009
  • 2:30 PM » Fannie Mae: New Second Lien Program, Foreclosure Alternatives, Home Price Decline Protection Incentives
    Published Fri, May 15 2009 2:30 PM by
    Making Home Affordable Updates: New Second Lien Program, Foreclosure Alternatives, Home Price Decline Protection Incentives
    Click Here to Read the Full Article

  • 1:34 PM » Quick Take: Mortgage Rates, Oil Prices
    Published Fri, May 15 2009 1:34 PM by Google News
    If oil prices rise to $70 or $80 per barrel, then mortgage rates could also rise.
  • 1:34 PM » Did You Know: Amount Spent on Home Improvement
    Published Fri, May 15 2009 1:34 PM by Google News
    Did you know that the typical buyer spends $4,350 on home improvement projects within the first three months of purchasing a home?
  • 1:34 PM » Did You Know: Types of Home Improvement
    Published Fri, May 15 2009 1:34 PM by Google News
    Did you know that the remodeling priorities were similar among first-time buyers, repeat buyers, and those who purchased previously owned residences?
  • 12:48 PM » Reviving Lending to Small Businesses and Families and the Impact of the TALF
    Published Fri, May 15 2009 12:48 PM by
    The COP May Oversight Report is called Reviving Lending to Small Businesses and Families and the Impact of the TALF. This report looks at the state of lending for small businesses and families and then examines the Term Asset-Backed Securities Loan Facility (TALF), which Treasury and the Federal Reserve established to improve access to credit for families and small businesses by supporting the issuance of asset-backed securities collateralized by credit card loans, student loans, auto loans and loans guaranteed by the Small Business Administration (SBA). Credit has tightened for families and small businesses. Over 40 percent of banks report tightening lending standards for small businesses. In February, 2009, consumer lending fell by an annual rate of 3.5 percent. If successful, TALF could improve access to lending for families and small businesses. The report raises two critical questions about the TALF: Is the TALF program well-designed to help market participants meet the credit needs of households and small businesses? Even if the program is well-designed, is it likely to have a significant impact on access to credit? The report finds that there is reason for caution in predicting the ultimate impact of TALF, though the program may succeed in improving investor demand for asset-backed securities. Read Watch
    Click Here to Read the Full Article

  • 12:48 PM » Can the Coming Mortgage Reset Bubble Be Absorbed?
    Published Fri, May 15 2009 12:48 PM by Seeking Alpha
    submits: The American Bankers Association has that there will be approximately $2.78 trillion in mortgages written in the U.S. in 2009. Of this number, 80% are expected to be refinancing of existing mortgages (refis). What does this imply for the impending bubble of variable mortgage resets? Credit Suisse has estimated a of mortgage resets for the period of 2009 through the first half of 2012 of approximately $1 trillion. The expected refis in 2009 will be approximately $2.2 trillion. This is more than double the size of the projected reset bubble for 2009 and the following 2 1/2 years. So, if 50% of the refis in 2009 are for resets in this time frame (2009 to mid-2012), the entire bubble can be absorbed.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 12:32 PM » Bank Liquidity, Interbank Markets and Monetary Policy.
    Published Fri, May 15 2009 12:32 PM by NY Fed
    Xavier Freixas, Antoine Martin, and David R. Skeie. Bank Liquidity, Interbank Markets and Monetary Policy. Federal Reserve Bank of New York Staff Reports Staff Report Number 371, May 2009.
  • 12:17 PM » Can The US Save The World? (House Testimony)
    Published Fri, May 15 2009 12:17 PM by Google News
    Yesterday I testified to the House Subcommittee on International Monetary Policy and Trade (part of the House Financial Services Committee). The hearing’s title was “Implications of the G-20 Leaders Summit for Low Income Countries and the Global Economy,” and the main topic was whether Congress should support that the Obama Administration agreed at the G20 summit in early April (). The committee was mostly in favor of the US continuing to play a leading role in supporting the IMF, but to explain whether the IMF could lose this money (highly unlikely), how this would protect American jobs (definitely, but hard to quantify precisely), and if the broader package of IMF reform should also be supported (e.g., the are being reassessed, to see they could generate more resources for aid to developing countries). that US funding for the IMF is likely to be attached to the war supplemental spending bill. The subcommittee’s chairman, Gregory Meeks, seemed positive – as did all the Democrats who spoke, along with Gary Miller, the Ranking Member/Senior Republican. But, based on remarks made by at least two Republican members of the subcommittee, there is likely to be a big public fight at some point. My guess is that the Democratic side will press hard for President Obama to more publicly explain why supporting the IMF (and the G20) is very much in the US interest. The main points from my written testimony are below. While Treasury represents the US vis-a-vis the IMF and traditionally has considerable scope for action, the views of Congress on IMF details are very important as both guidance and constraints. In our advice on the wide range of IMF-related issues below, both I and the other witnesses laid out broadly similar views with varying emphasis – there was actually much more disagreement among committee members than at the witness table. Main points Low income countries have been severely affected by the global economic downturn. Many of the worst consequences, including on...
  • 12:17 PM » US Cities With Most Underwater Mortgages
    Published Fri, May 15 2009 12:17 PM by CNBC
  • 12:17 PM » The Resilience (?) of the American Consumer
    Published Fri, May 15 2009 12:17 PM by Google News
    With all the hype about green shoots, “reassuring” stress tests and stock markets rallies, not to mention the fabulous New York weather, I felt a sudden urge to go shopping! Yet, except from a birthday present and the obligatory ticket to Star Trek *The Movie*, I couldn’t do it… I still have trouble convincing myself to splurge on anything that I can’t eat. Just to double-check I don’t suffer from some kind of acute post-crisis hoarding syndrome, I had a look at the data to see how far (or not) I stand from the average American consumer. In fact, the point of the exercise went beyond my own syndrome-check: The green shoot story rests partly on the view that the liquidation of inventories we have been witnessing for the past year and a half will have to give way to a re-building of stocks—read production! I mean, there are only so many times you can go to BestBuy and look for your favorite laptop in vain, before you start screaming at management. But here is the catch… for this to work, you must want to buy a new laptop in the first place! In other words, demand must remain robust enough to encourage inventory re-building. And consumption is a big part of demand. So how resilient is the American consumer? The data are actually pretty mixed. After consumers’ effective “abstinence” from anything and everything in the last months of 2008, first-quarter personal consumption increased 2.2% in real terms, stirring optimism about the ability of the American consumer to steer us out of the crisis. But the optimism may have been premature. Indeed, speaking of laptops, part of the growth was due to a 9.4% increase in the consumption of durable goods—electronics, refrigerators and the like. While this might have reflected pent-up demand “post-abstinence”, some (cynics, surely!) pointed out that the surge in durables consumption could actually be related to the liquidation of Circuit City back in January. The bears (sorry, cynics) got another boost today, after disappointing retail...
  • 10:29 AM » Senate Vote on Credit-Card Bill Slated for Tuesday
    Published Fri, May 15 2009 10:29 AM by CNBC
  • 10:17 AM » Phoenix: Home Strippers Beware
    Published Fri, May 15 2009 10:17 AM by
    So you are going into foreclosure and are thinking of selling everything to the bare walls- and the bare walls, and the pipes? We’ve seen , but [ Hat tip to both M and L for this one! ] The Northeast Valley’s battered real-estate market is getting a federal bailout of sorts from an unusual source. FBI agents and local law-enforcement personnel have arrested five people in the past month for stripping their foreclosed homes of appliances, cabinets, countertops and plumbing fixtures. That includes cases in Fountain Hills, Anthem, Phoenix and Surprise of some of the more egregious violators who are taking everything they can out of homes, said Julie Halferty, a supervising special agent who oversees the FBI Mortgage Task Force. "It has a huge effect on the current housing market," she said. "Yes, the bank is a victim, but it’s also the neighboring community that has to live with a house left in shambles." How do people justify this sort of vandalism? Desierae Tolhurst, an FBI special agent on the task force, said some of the homeowners in default are desperate for cash and justify stripping the home as a way of getting back some of the money they invested in the property. But that is after they have lived in the home for nine to 12 months without paying the mortgage, she said. Banks typically take that long to initiate foreclosure on a defaulted loan and sometimes even longer in the current housing crisis. Our house is in the foreclosure process, and we won’t be leaving until April 19, 2008. So anything that is of everyday use i.e. the appliances or A/C or the hot water heater will not be removed until after that date. The bank has rejected 6 solid offers that have been made by potential buyers for our home. I have well over $60,000 in upgrades thru out my house; house is less than 1 year old, as is all the appliances and fixtures. If these house strippers would read the terms of their home loan, they would see that removal of things like the AC or the...
    Click Here to Read the Full Article

  • 10:09 AM » The Banking Industry, Three trillion dollars later...
    Published Fri, May 15 2009 10:09 AM by
    COULD there be a better time to be a bank? If you have capital and courage, the markets are packed with opportunities—as they well understand at Goldman Sachs, which is once again filling its boots with risk. Governments are endorsing high leverage and guaranteeing huge parts of the financial system, so you get to keep the profits and palm off the losses on the taxpayer. The threat of nationalisation has receded, reinvigorating the banks’ share prices. Money is cheap, deposits plentiful and borrowers desperate, so new lending promises handsome margins. Back before the crash, banks’ profits just looked big; today they might even be real.
    Click Here to Read the Full Article

  • 9:27 AM » Treasury International Capital (TIC) Data for March
    Published Fri, May 15 2009 9:27 AM by US Treasury
    To view or print the PDF content on this page, download the free . May 15, 2009 tg-133 Treasury International Capital (TIC) Data for March – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for March 2009. The next release, which will report on data for April 2009, is scheduled for June 15, 2009. Net foreign purchases of long-term securities were $55.8 billion. Net foreign purchases of long-term U.S. securities were $56.4 billion. Of this, net purchases by private foreign investors were $30.0 billion, and net purchases by foreign official institutions were $26.4 billion. U.S. residents purchased a net $0.6 billion of long-term foreign securities. Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $36.9 billion. Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities increased $26.7 billion. Foreign holdings of Treasury bills increased $47.9 billion. Banks' own net dollar-denominated liabilities to foreign residents decreased $40.5 billion. Monthly net TIC flows were $23.2 billion. Of this, net foreign private flows were $9.8 billion, and net foreign official flows were $13.5 billion. Complete data are available on the Treasury website at . REPORTS
  • 8:40 AM » Treasury Dept. is giving 'cash-for-keys'
    Published Fri, May 15 2009 8:40 AM by CNN
    When all else fails, the Treasury Department is now willing to cough up cash to get homeowners to move on and to get loan servicers to forgive mortgage debt.
  • Thu, May 14 2009
  • 7:34 PM » Additional Reflections on the March Trade Release
    Published Thu, May 14 2009 7:34 PM by Google News
    My views on the short term prospects for GDP growth at home and abroad were little changed (relative to ) by the information in the March . Goods imports are collapsing, albeit at a slower but still substantial rate, and goods exports are declining, with high volatility. First consider the growth rates of real goods imports ex.-oil and real goods exports. Figure 1: Month-on-month annualized growth of real goods imports ex.-oil (bold red), and of real goods exports (bold blue); and year-on-year growth rates (respectively teal, purple); all in Ch.2000$, calculated as log differences. NBER defined recession dates shaded gray, assuming recession has not ended by May 2009. Source: BEA/Census, March trade release, NBER, and author's calculations. Note that imports seem to be recovering. But it's important to look closely at the vertical axis; month-on-month annualized growth rate is minus 10.9%, and the year-on-year growth rate is minus 24.8%. Goods exports month-on-month annualized growth rates have dropped back into negative territory -- at minus 22.3%. But even the year-on-year rate is -15.4%. So here, I'm in agreement with Brad Setser's observations , -- trade has collapsed and there's little evidence that there's an incipient recovery. Now, turning to the implications for future growth -- I believe that a recorded decline in imports implies (conditional on observing other data) an increase in contemporaneous GDP, but a decrease in future growth prospects (holding all else constant). It turns out that updating the advance release figures for imports with the actual March import numbers changes the implied GDP for 2009Q1 (to -5.9% SAAR, as opposed to -6.1% ), but does not change the overall picture regarding imports in a perceptible manner (see for instance Figure 1 in this ). Figure 2: Log GDP (blue, left scale), log goods import ex.-oil from NIPA (red, right scale), estimated from trade release (purple, right scale), all in Ch.2000$, SAAR. 2009q1...
  • 7:34 PM » The Truth Behind the Social Security and Medicare Alarm Bells
    Published Thu, May 14 2009 7:34 PM by Google News
    What are we to make of yesterday's report from the trustees of the Social Security and Medicare trust funds that Social Security will run out of assets in 2037, four years sooner than previously forecast, and Medicare’s hospital fund will be exhausted by 2017, two years earlier than predicted a year ago? Reports of these two funds' demise are not new. Fifteen years ago, when I was a trustee of the Social Security and the Medicare trust funds (which meant, essentially, that I and a few others met periodically with the official actuary of the funds, received his report, asked a few questions, and signed some papers) both funds were supposedly in trouble. But as I learned, the timing and magnitude of the trouble depended a great deal on what assumptions the actuary used in his models. As I recall, he then assumed that the economy would grow by about 2.6 percent a year over the next seventy-five years. But go back into American history all the way to the Civil War -- including the Great Depression and the severe depressions of the late 19th century -- and the economy's average annual growth is closer to 3 percent. Use a 3 percent assumption and Social Security is flush for the next seventy-five years. Yes, I know, the post-war Baby Boom is moving through the population like a pig through a python. The number of retirees eligible for benefits will almost double to 79.5 million in 2045 from 40.5 million this year. But we knew that the Boomers were coming then, too. What we didn't know then was the surge in immigration. Yet immigrants are mostly young. Rather than being a drain on Social Security when the Boomers need it, most immigrants will be contributing to the system during these years, which should take more of the pressure off. Even if you assume Social Security is a problem, it's not a big problem. Raise the ceiling slightly on yearly wages subject to Social Security payroll taxes (now a bit over $100,000), and the problem vanishes under harsher...
  • 4:17 PM » Fed Purchases $27.2bn Agency MBS
    Published Thu, May 14 2009 4:17 PM by NY Fed
    Purchases in agency MBS by investment managers acting as agents for the System Open Market Account (SOMA).
  • 2:28 PM » Zillow:Homeowner Confidence Shrinks; Most Americans Now Believe Their Home's Value Has Declined
    Published Thu, May 14 2009 2:28 PM by PR Newswire
    American homeowners have a solid understanding of what has happened to the values of their own homes over the past year. A majority (60 percent) believe their own home lost value during the past 12 months , according to the Zillow Q1 Homeowner Confidence Survey(1). In reality, 80 percent of homes across the country lost value during the past 12 months, according to Zillow's first quarter Real Estate Market Reports.
  • 2:25 PM » Subprime Billionaire: Commercial Real Estate Not a Buy
    Published Thu, May 14 2009 2:25 PM by CNBC
  • 2:13 PM » Treasury and HUD Release New Details of Making Homes Affordable Program
    Published Thu, May 14 2009 2:13 PM by
    With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan today provided an update on the program’s impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.
    Click Here to Read the Full Article

  • 2:10 PM » History says 10-year yields set for a summer slide
    Published Thu, May 14 2009 2:10 PM by Market Watch
    Yields on 10-year Treasury notes tend to drop substantially during the summer and early fall, as investors often turn away from stocks and Japanese selling no longer weighs on the bond market.
  • 1:24 PM » Obama: Credit-card industry needs immediate reform
    Published Thu, May 14 2009 1:24 PM by Market Watch
    The credit-card-industry needs immediate reform, President Barack Obama says, as Congress continues working on legislation aimed at curbing rates and fees decried as abusive by some.
  • 12:22 PM » The revolution within
    Published Thu, May 14 2009 12:22 PM by
    The way banks manage risk—including how they reward managers for taking it—will change greatly THE changes to the environment in which banks operate—tougher regulation, higher capital requirements and scarcer funding—will have a dramatic impact on the way that banks are managed. But banks are also reflecting hard on some fundamental internal questions, such as how to manage risk, compensation and growth itself. Too many bosses and shareholders accepted years of double-digit returns without probing the sources and sustainability of those profits. “No one was asking the ‘Columbo’ questions,” says Toos Daruvala of McKinsey, a consultancy. The most basic of these questions, particularly for banks with large wholesale operations, is what kind of businesses they want to be. The bubble was characterised by a game of copycat, in which banks strove to match the returns of their most profitable rivals by piling headlong into asset classes where they were lagging, irrespective of the risks. “The securities industry was based on revenue, not on risk-adjusted returns,” says a bank boss. ...
    Click Here to Read the Full Article

  • 10:34 AM » Geithner Admits: Easy money did us in
    Published Thu, May 14 2009 10:34 AM by Google News
    In an interview with on Tuesday, Tim Geithner admitted the bubble was caused by Greenspan’s easy money policy. Unfortunately, Charlie didn’t ask the obvious follow-up: “why will this time be different? Why will Bernanke’s easy money policy lead to different results?” Here was the crucial exchange: Rose: “Looking back, what are the mistakes and what should you have done more of? Where were your instincts right, but you didn’t go far enough?” … Geithner: “…I would say there were three types of broad errors of policy and policy both here and around the world. One was that monetary policy around the world was too loose too long. And that created this just huge boom in asset prices, money chasing risk. People trying to get a higher return. That was just overwhelmingly powerful.” Rose: “It was too easy.” Geithner: “It was too easy, yes…. What makes Geithner’s admission so frustrating is that the government is engaged in the same disastrous policy today, to fight the same bogeyman: deflation. As Geithner makes plain, a huge side effect was that investors seeking meaningful returns inflated the bubble taking flyers on overpriced, risky securities. Toxic structured products are the obvious example. Credit rating agencies get lots of blame as enablers, rating trash “AAA.” But fixed-income investors wanted an excuse to invest in riskier stuff that carried slightly higher yields; hell, artificially low interest rates meant many needed an excuse.* Truly low risk securities like Treasurys and money market instruments were yielding so little, they were of no use to portfolio managers trying to match assets with liabilities. That’s a simple concept, really. Pension fund managers, for instance, rely on actuarial estimates to determine their future liabilities. What the plan will have to pay out to retirees at a particular future date. So they have to invest in such a way that plan assets will grow to meet plan liabilities. Stocks are typically too risky, so they rely on high quality...
  • 10:33 AM » FEDS 2009-16: Reset Price Inflation and the Impact of Monetary Policy Shocks
    Published Thu, May 14 2009 10:33 AM by Federal Reserve
    A standard state-dependent pricing model implies very limited scope for using active monetary policy to stabilize real activity. Two modeling strategies which expand the role of monetary policy are time-dependent pricing and strategic complementarities between price-setting firms. These mechanisms have telltale implications for the persistence and volatility of "reset price inflation." Reset price inflation is the rate of change of all desired prices (including for goods that have not changed price in the current period). Using the micro data underpinning the CPI, we construct an empirical measure of reset price inflation and use this measure to assess the validity of the modeling approaches. We find that time-dependent models imply unrealistically high persistence and stability of reset price inflation. This discrepancy is exacerbated by adding strategic complementarities, even under state-dependent pricing. A state-dependent model with no strategic complementarities aligns most closely with the CPI data.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 10:33 AM » FEDS 2009-15: Inflation Expectations, Uncertainty, the Phillips Curve, and Monetary Policy
    Published Thu, May 14 2009 10:33 AM by Federal Reserve
    Inflation expectations play a central role in models of the Phillips curve. At long time horizons inflation expectations may reflect the credibility of a monetary authority's commitment to price stability. These observations highlight the importance of inflation expectations for monetary policy. These comments touch on three issues regarding inflation expectations: The evolving treatment of inflation expectations in empirical Phillips curve models; three recent models of information imperfections and inflation expectations; and potential policy implications of different models.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 10:33 AM » FEDS 2009-14: Household Welfare, Precautionary Saving, and Social Insurance under Multiple Sources of Risk
    Published Thu, May 14 2009 10:33 AM by Federal Reserve
    This paper assesses the quantitative importance of a number of sources of income risk for household welfare and precautionary saving. To that end I construct a lifecycle consumption model in which household income is subject to shocks associated with disability, health, unemployment, job changes, wages, work hours, and a residual component of household income. I use PSID data to estimate the key processes that drive and affect household income, and then use the consumption model to: (i) quantify the welfare value to consumers of providing full, actuarially fair insurance against each source of risk and (ii) measure the contribution of each type of shock to the accumulation of precautionary savings. I find that the value of fully insuring disability, health, and unemployment shocks is extremely small (well below 1/10 of 1 percent of lifetime consumption in the baseline model). The gains from insuring shocks to the wage and to the residual component of household income are significantly larger (above 1% and 2% of lifetime consumption, respectively). These two shocks account for more than 60% of precautionary wealth.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 9:03 AM » Obama administration to expand housing plan
    Published Thu, May 14 2009 9:03 AM by Washington Post
    WASHINGTON -- The Obama administration is expected to expand its mortgage aid program on Thursday, announcing new measures that would help homeowners avoid a blemished credit record even if they don't qualify for other assistance.
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:03 AM » SEC proposes suit versus Countrywide founder Mozilo
    Published Thu, May 14 2009 9:03 AM by Reuters
    LOS ANGELES (Reuters) - U.S. regulators have recommended filing a civil fraud suit against Countrywide Financial co-founder Angelo Mozilo for insider trading, the Wall Street Journal reported on Wednesday.
  • Wed, May 13 2009
  • 8:56 PM » Paying With Cash Could Soon Pay Off
    Published Wed, May 13 2009 8:56 PM by WSJ
    Retailers could get more aggressive about levying higher prices on shoppers using credit cards, under a bill now before the Senate.
  • 8:56 PM » SEC Staff to Recommend Civil Charges for Mozilo
    Published Wed, May 13 2009 8:56 PM by
    Staff at the Securities and Exchange Commission have decided to recommend filing civil fraud charges against Angelo Mozilo, the co-founder of Countrywide Financial Corp., according to people familiar with the investigation.
    Click Here to Read the Full Article

  • 8:56 PM » U.S. Foreclosure Filings Hit Record for Second Month
    Published Wed, May 13 2009 8:56 PM by
    Foreclosure filings in the U.S. rose to a record for the second consecutive month in April as banks increased efforts to seize homes from delinquent borrowers.
    Click Here to Read the Full Article

  • 1:50 PM » MBA's Agenda to Stabilize the Housing and Mortgage Markets
    Published Wed, May 13 2009 1:50 PM by
    By anchoring communities, providing jobs and building family wealth, the real estate finance industry has played an important role in bringing prosperity to American families. Recent turmoil in the industry and the markets has, however, threatened this critical responsibility. The Mortgage Bankers Association is eager to work closely with the 111th Congress and the Obama administration to help rebuild and justify the faith in our industry by restoring liquidity to the capital markets, assisting borrowers and renters and preventing reoccurrences of the recent troubles. In 2009, MBA will advocate for the following policy issues....
    Click Here to Read the Full Article

  • 1:46 PM » Bernanke Says U.S. Banks Must Test More to Identify Other Risks
    Published Wed, May 13 2009 1:46 PM by Bloomberg
    Federal Reserve Chairman Ben S. Bernanke said efforts by U.S. banks to raise capital are “encouraging” and called on firms to identify other risks through internal stress tests.
  • 1:43 PM » MBA Survey Shows Continued Slowdown of Commercial/Multifamily Mortgage Lending in 1Q 2009
    Published Wed, May 13 2009 1:43 PM by
    Commercial and multifamily mortgage loan originations continued to drop in the first quarter of 2009, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. First quarter originations were 70 percent lower than during the same period last year and 26 percent lower than during the fourth quarter of 2008. The year-over-year decrease was seen across all investor groups and most property types.
  • 1:41 PM » Realtors® Report: Jumbo Mortgage Market is Holding Recovery Back
    Published Wed, May 13 2009 1:41 PM by Realtor.Org
    Limited availability and unusually high interest rates in the jumbo loan market are adversely affecting the rest of the housing market. This is just one of the insights from recent National Association of Realtors ®
  • 12:21 PM » GM stock touches $1, lowest since Depression
    Published Wed, May 13 2009 12:21 PM by CNN
    General Motors Corp. stock briefly plunged to $1 a share in Wednesday trading, flirting with the lowest levels since the Great Depression, but then managed a recovery.
  • 12:11 PM » FHFA to Allow Homeowners to Use $8,000 Tax Credit as Downpayment
    Published Wed, May 13 2009 12:11 PM by Realtor.Org
    Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
  • 12:05 PM » Liddy Uneasy on Property Market
    Published Wed, May 13 2009 12:05 PM by WSJ
    Liddy told lawmakers that he's worried about potential problems with the commercial real-estate market and AIG's commercial real-estate portfolio.
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More From MND

Mortgage Rates:
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  • 15 Yr FRM 4.28%
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  • Jumbo 30 Year Fixed 4.46%
MBS Prices:
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  • 30YR FNMA 5.0 104-20 (0-02)
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Recent Housing Data:
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  • Refinance Index -0.10%
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  • Purchase Index 0.12%