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  • Mon, Mar 16 2009
  • 10:50 AM » U.S. bank stocks rise amid optimism a bottom was hit
    Published Mon, Mar 16 2009 10:50 AM by Reuters
    NEW YORK (Reuters) - Bank stocks rose Monday on optimism that efforts to revive economies worldwide will bolster results.
  • 9:32 AM » U.S. to Toughen Finance Rules
    Published Mon, Mar 16 2009 9:32 AM by WSJ
    The Obama administration's plan to revamp financial-market oversight includes tougher capital standards for large banks and the authority to take over big failing institutions.
  • 9:32 AM » Fed seen keeping focus on already announced plans
    Published Mon, Mar 16 2009 9:32 AM by Reuters
    WASHINGTON (Reuters) - The U.S. Federal Reserve this week is likely to restate a vow to do whatever is needed to battle the nation's severe recession but no new steps are expected as it keeps its focus on plans already in the works.
  • 9:31 AM » Bernanke Gives Rare TV Interview
    Published Mon, Mar 16 2009 9:31 AM by Washington Post
    Ben S. Bernanke last night ventured to a place few Federal Reserve chairmen have gone before: In front of TV cameras, for an interview.
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:31 AM » New York Manufacturing Index Hits Record Low
    Published Mon, Mar 16 2009 9:31 AM by CNBC
  • 9:31 AM » What you'll get from the stimulus package
    Published Mon, Mar 16 2009 9:31 AM by CNN
    1. A lower mortgage rate
  • Fri, Mar 13 2009
  • 9:36 AM » Global Debt: A Closer Look
    Published Fri, Mar 13 2009 9:36 AM by Seeking Alpha
    submits: Initially published on the author's site on 3/10/09. These are the main conclusions: Europe really messed up . They on average have household debtloads that are as big or bigger than ours, and they grew their debt a lot more quickly on average. Germany was the only conservative OECD member . Sad. Japan's having low private debt is a myth . Just check the data. They haven't raised it, for sure, but at the same time they came into their debt deflation with a very high level of debt which has persisted. OECD countries have approximately doubled their debt as % of disposable income from 1985 to 2005 . This was a global debt bubble! 1985 seems like the hinging point where all countries went on a spending bonanza . Check out the savings rates. Also, check out the debt charts for Australia and the US. China, S. Korea, Hong Kong are no better than the EU on private domestic debt . Well, that busts that myth. Brazil, India, Russia and Saudi Arabia do indeed have very little debt . Brazil is 83%, India is 62%, Russia is 19%, Saudi Arabia is 13% - these guys are very low. Taken together, this supports the notion that the world as a whole has heavily indebted itself greatly over the past 20 years. It appears the world has doubled its collective debt to spend and speculate on housing, which is about to lose $25-50T on them.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:36 AM » Trade gap at 6-year low
    Published Fri, Mar 13 2009 9:36 AM by CNN
    The nation's trade deficit narrowed 9.7% in January, shrinking to its smallest gap in 6 years, according to government data released Friday.
  • 9:36 AM » U.S. trade gap narrows for record sixth month
    Published Fri, Mar 13 2009 9:36 AM by Reuters
    WASHINGTON (Reuters) - The U.S. trade deficit shrank 9.7 percent in January to its smallest since October 2002, as both imports and exports tumbled for the sixth consecutive month in the face of shrinking global demand, a U.S. government report showed on Friday.
  • 8:42 AM » FDIC says it may raise guarantee fees: report
    Published Fri, Mar 13 2009 8:42 AM by Reuters
    (Reuters) - Federal Deposit Insurance Corp (FDIC) officials advised the largest U.S. banks on March 9 that they may be charged more for the agency's debt guarantees, Bloomberg said, citing people familiar with the matter.
  • 8:42 AM » G20 split over more crisis spending as meeting looms
    Published Fri, Mar 13 2009 8:42 AM by Washington Post
    SINGAPORE (Reuters) - Japan and China on Friday backed government spending to fight the global financial crisis, ahead of a G20 meeting at which the United States and Europe are split over the need for more aggressive stimulus measures.
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:42 AM » BofA seeks more jumbo mortgages: report
    Published Fri, Mar 13 2009 8:42 AM by Reuters
    (Reuters) - Bank of America Corp is seeking to produce more "jumbo" mortgages, which can range from $417,000 in most areas to as much as $729,750, Barbara Desoer, the bank's head of mortgage, home equity and insurance services told Bloomberg in an interview.
  • Thu, Mar 12 2009
  • 8:11 PM » Bank of America soars, CEO says bank in the black
    Published Thu, Mar 12 2009 8:11 PM by
    BOSTON (Reuters) - Bank of America Corp Chief Executive Kenneth Lewis said on Thursday the largest U.S. bank was profitable in January and February and should be able to ride out the recession without new help from the nation's taxpayers.
  • 2:28 PM » B. of A. to make $50 bln in 2009, before taxes, provisions: CEO
    Published Thu, Mar 12 2009 2:28 PM by Market Watch
    Bank of America will likely generate more than $100 billion in revenue and $50 billion in profit, before taxes and provisions, in 2009, Chief Executive Ken Lewis says.
  • 2:27 PM » Nationalizing banks would be nightmare: B of A CEO
    Published Thu, Mar 12 2009 2:27 PM by Reuters
    BOSTON (Reuters) - Bank of America Corp's chief executive said on Thursday it would be a "nightmare" for U.S. banks to be nationalized, wiping out shareholders and perhaps bondholders, and further damaging an economy that might begin to recover as soon as this year.
  • 2:27 PM » Fed reports record fall in household net worth
    Published Thu, Mar 12 2009 2:27 PM by Washington Post
    WASHINGTON -- The net worth of American households fell by the largest amount in more than a half-century of record keeping during the fourth quarter of last year.
    Click Here to Read the Full Article

    Source: Washington Post
  • 2:27 PM » Freddie Mac Lost $50 Billion in 2008
    Published Thu, Mar 12 2009 2:27 PM by
    Mortgage financier Freddie Mac finished up a stellar 2008, dropping another $23.9 billion in the fourth quarter thanks to mark-to-market declines and credit-related expenses. For the entire year, the GSE lost a whopping $50.1 billion, or $34.60 per diluted common share, compared with a net loss of $3.1 billion, or $5.37 per share, in 2007. Freddie set [...]
    Click Here to Read the Full Article

  • 12:21 PM » ABA Submits Testimony on Mark to Market Accounting
    Published Thu, Mar 12 2009 12:21 PM by American Bankers Assoc.
    WASHINGTON, Mar. 12 -- The American Bankers Association testimony today called for quick action on mark-to-market accounting rules, including repairing problems with other than temporary impairment (OTTI).
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 12:21 PM » UPDATE: Missouri Family Will Keep Cave
    Published Thu, Mar 12 2009 12:21 PM by WSJ
    A family of Missouri cave-dwellers at risk of losing its home to foreclosure has found a way to keep it. Curt and Deborah Sleeper had plans to auction their 15,000-square-foot home which is built inside a former limestone and sandstone cave. But John Demarest, the founder and owner of Logical Source, Inc., a document managing company based in Fairfield, N.J., has offered the family a private mortgage contract consisting of a 15-year loan with a low interest rate. The Sleeper’s Home at 215 Cave Drive in Festus, Mo. Associated Press Mr. Demarest heard about the Sleepers and their cave when they appeared on a morning show a few weeks ago. “I was pretty intrigued by the work that went into it and the craftsmanship that went into it,” he says. He originally thought about buying it to use as a vacation home but decided instead to help the family keep its home. The Sleepers, who have three children, had plans to auction their cave home on eBay, with an opening bid of $300,000 (). The paperwork for the deal with Logical Source was in process but had not yet been finalized, says Mr. Demarest. Once it is, the Sleepers will cancel the auction, which began accepting bids last month. To celebrate, the Sleepers say they will throw a party later this month in another cave home belonging to a friend, Tom Kerr. (Mr. Kerr’s cave home is more of a cave estate – it has 5 million square feet and includes a 60-acre lake, according to Mr. Sleeper’s eBay writing.) “I do not wish to forget or make light of all of the people still suffering similar and sometimes worse plights in the housing market,” Mr. Sleeper writes on eBay. “Our celebration is a release for my family and our friends who have shown such concern for our situation. I would encourage everyone to take a break from the stress that is our current reality and relax for a night or a day with one story that has a happy ending.” Admission to the cave party will be $20 at the door and $15 in advance, if any Developments readers plan to...
  • 11:50 AM » Some Commercial Mortgage Delinquencies Double in Latest Quarter
    Published Thu, Mar 12 2009 11:50 AM by
    Commercial mortgage delinquencies worsened during the fourth quarter, but varied widely based on investor type, according to the MBA’s latest Commercial/Multifamily Delinquency Report. Between the third and fourth quarters, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) increased 0.54 percent to 1.17 percent. The 60+ day delinquency rate on multifamily loans held [...]
    Click Here to Read the Full Article

  • 11:50 AM » The Real Reason FDIC Is Going Broke
    Published Thu, Mar 12 2009 11:50 AM by Seeking Alpha
    submits: The following excerpts are from a piece written today in . Reading through a well-written article one cannot help but notice and recognize the unfortunate and rather shocking facts of our government’s level of negligence, incompetence and shortsightedness. Last week the Federal Deposit Insurance Corporation [FDIC], the insurer of our nation’s bank deposits, asked for emergency powers to temporarily borrow as much as $500 billion until the end of 2010 to take over failed banks if the Federal Reserve, Treasury Secretary and White House agree such money is warranted. However, the FDIC is now facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 11:35 AM » Wall Street salaries seen rising as bonuses fall
    Published Thu, Mar 12 2009 11:35 AM by Reuters
    NEW YORK (Reuters) - With bonuses under siege, annual base salaries for Wall Street's bankers, traders and other employees could jump as much as 100 percent this year, compensation consultant Alan Johnson says.
  • 10:33 AM » US Foreclosure Filings Rise in February
    Published Thu, Mar 12 2009 10:33 AM by CNBC
    Posted By: Reuters U.S. home foreclosure activity resumed its upturn in February after a brief dip, despite numerous programs meant to quell the record pace of failing mortgages, RealtyTrac reported on Thursday. Topics: | | | | | | | | | MEDIA:
  • 10:32 AM » Cash-backed buyers chase cheap properties
    Published Thu, Mar 12 2009 10:32 AM by
    “We are buying houses and condos between 30 [percent] to 50 percent below the assessed value,” he said. He is buying properties in the range of $33,000 to $50,000 in Kendall and South Miami-Dade, according to Miami-Dade County property records.
    Click Here to Read the Full Article

  • 10:31 AM » Retail Sales: Some Possible Stabilization
    Published Thu, Mar 12 2009 10:31 AM by Calculated Risk Blog
    On a monthly basis, retail sales decreased slightly from January to February (seasonally adjusted), but sales are off 9.5% from February 2008 (retail and food services decreased 8.6%). Automobile and parts sales decline sharply 4.3% in February (compared to January), but excluding autos, all other sales climbed 0.7%. The following graph shows the year-over-year change in nominal and real retail sales since 1993. Click on graph for larger image in new window. To calculate the real change, the monthly PCE price index from the BEA was used (February PCE prices were estimated as the same as January). Although the Census Bureau reported that nominal retail sales decreased 9.5% year-over-year (retail and food services decreased 8.6%), real retail sales declined by 10.0% (on a YoY basis). The YoY change decreased slightly from last month. The second graph shows real retail sales (adjusted with PCE) since 1992. This is monthly retail sales, seasonally adjusted. NOTE: The graph doesn't start at zero to better show the change. This shows that retail sales fell off a cliff in late 2008, but have been stable the last three months. Here is the Census Bureau : The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for February, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $346.8 billion, a decrease of 0.1 percent (±0.5%)* from the previous month and 8.6 percent (±0.7%) below February 2008. Total sales for the December 2008 through February 2009 period were down 9.4 percent (±0.5%) from the same period a year ago. The December 2008 to January 2009 percent change was revised from +1.0 percent (±0.5%) to +1.8 percent (±0.2%). All things considered, this is a decent retail sales report. Q1 retail sales are still about 1.4% below sales in Q4, but it appears that sales might have stabilized - especially ex-auto. It now appears that Q1 GDP will be very weak - because investment is...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:31 AM » Greenspan Yet Again Blames Others for Housing Bubble
    Published Thu, Mar 12 2009 10:31 AM by Seeking Alpha
    submits: Former Federal Reserve Chairman, Alan Greenspan, that absolves himself of any wrong-doing in the housing bubble and its subsequent destructive aftermath. Latching onto a weak argument that circa 2002 long-term mortgage and short-term federal funds rates had statistically diverged in correlation, he suggests that the overcapitalization of housing resulting from cheap credit was not his fault. Many critics have pointed the finger at Greenspan for setting short-term rates too low for too long. Access to cheap credit, according to critics, sparked “irrational exuberance” in the housing market, flooding the sector with unprecedented capital and driving prices to ridiculous levels. Rather, Greenspan blames global trade in boosting foreign savings rates and leaving the U.S. with large current account imbalances that were subsidized by our trading partners. The current account cash flows went almost exclusively into housing, driving long-term mortgage rates to unprecedented lows and encouraging speculation.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 10:31 AM » Reports of Profits While Banks Fail
    Published Thu, Mar 12 2009 10:31 AM by Seeking Alpha
    submits: This week Citigroup (C) shocked Wall Street by announcing that the company would be profitable in the current quarter. At the same time, the Obama Administration indicated that it would be unlikely to nationalize American banks, preferring to provide low cost funding to encourage the private sector to buy distressed assets from the banks. The two developments sparked a vigorous rally in financial stocks, which had been drifting downward for weeks, caught in what appeared to be an unending death spiral. But have the good times really returned? On the surface at least, there are some promising points. Based on current income, and an upward trending yield curve (that will allow banks to borrow at nearly no cost from the Fed and lend to borrowers at a good profit) the banks should generate strong cash flow. But that is hardly the full story.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:05 AM » Freddie Mac Posts $23.9 Billion Loss; More Aid Wanted
    Published Thu, Mar 12 2009 9:05 AM by
    Freddie Mac, the mortgage finance company, posted a fourth-quarter loss of $23.9 billion Wednesday and said it would ask for additional government aid of nearly $31 billion. The loss amounted to $7.37 a share and compared with a loss of $2.5 billion, or $3.97 a share, a year earlier. The recent loss was driven by $13.2 billion [...]
    Click Here to Read the Full Article

  • Wed, Mar 11 2009
  • 4:33 PM » Mortgage lenders gear up for refinance deluge
    Published Wed, Mar 11 2009 4:33 PM by
    Fannie Mae and Freddie Mac, the two government-controlled housing financiers, are gearing up for a flood of applicants wanting to refinance their mortgages under the government's housing market rescue plan
  • 3:21 PM » China hit by massive drop in exports
    Published Wed, Mar 11 2009 3:21 PM by
    Even after the horror show of economic statistics published around the globe in recent months, China's exports numbers in February painted a grim picture
  • 3:21 PM » JPMorgan CEO sees "modest signs" of recovery
    Published Wed, Mar 11 2009 3:21 PM by Reuters
    WASHINGTON (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said on Wednesday he sees "modest signs" of an economic recovery and endorsed a plan to create a U.S. systemic risk regulator.
  • 3:13 PM » The Federal Reserve on Mortgage Lending Reform
    Published Wed, Mar 11 2009 3:13 PM by Federal Reserve
    The Federal Reserve's goal has been to craft clear rules that deter abuses while preserving responsible lenders' ability to meet the needs of traditionally underserved borrowers and communities.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 3:11 PM » Greenspan: The Fed Didn't Cause the Housing Bubble
    Published Wed, Mar 11 2009 3:11 PM by WSJ
    Any new regulations should help direct savings toward productive investments.
  • 12:37 PM » Freddie Mac Appoints Interim CEO and Chairman
    Published Wed, Mar 11 2009 12:37 PM by CNBC
    Posted By: AP Freddie Mac says John Koskinen will take over as interim chief executive of the mortgage giant. Robert Glauber will become interim non-executive chairman. Topics: | | | | | | Companies: |
  • 8:44 AM » IMF chief says bank cleanup too slow
    Published Wed, Mar 11 2009 8:44 AM by Reuters
    DAR ES SALAAM (Reuters) - The world's advanced economies are moving too slowly in ridding banks of problem assets, which could jeopardize a global economic recovery in 2010, the head of the International Monetary Fund said on Wednesday.
  • 8:43 AM » Week-to-week mortgage applications rise 11.3%: MBA
    Published Wed, Mar 11 2009 8:43 AM by Market Watch
    Last week's filings of mortgage applications rise a seasonally adjusted 11.3% compared with the final week of February, as borrowers jump on lower interest rates for fixed-rate mortgages, the Mortgage Bankers Association's latest data show.
  • 8:43 AM » NY probes Merrill bonus markdown link: report
    Published Wed, Mar 11 2009 8:43 AM by Reuters
    (Reuters) - New York prosecutors are investigating whether the early payment of bonuses at Merrill Lynch last year gave the bank's traders an incentive to mark down the value of their trading positions in the last days of December, the Financial Times said, citing people familiar with the probe.
  • Tue, Mar 10 2009
  • 3:25 PM » SEC may take aim at short sellers again
    Published Tue, Mar 10 2009 3:25 PM by CNN
    Policymakers are reaching deep into their toolbox in search of a fix for the troubled financial markets. And once again, they are targeting short sellers, investors who profit when a stock price falls.
  • 3:25 PM » Frank: Up-tick rule to be introduced in a month
    Published Tue, Mar 10 2009 3:25 PM by Market Watch
    A key lawmaker says he expects the Securities and Exchange Commission to reinstate the “up-tick” rule, a regulation removed last year that allowed short sales only if a preceding trade boosted a company's stock price.
  • 11:23 AM » Key Treasury Posts Remain Vacant
    Published Tue, Mar 10 2009 11:23 AM by Washington Post
    A shortage of staff at the Treasury Department is taking a toll on its ability to deal with a financial crisis that continues to deepen in scope and complexity, government and industry officials said.
    Click Here to Read the Full Article

    Source: Washington Post
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.78%
  • |
  • 15 Yr FRM 3.43%
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  • Jumbo 30 Year Fixed 3.90%
MBS Prices:
  • 30YR FNMA 4.5 105-06 (0-02)
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  • 30YR FNMA 5.0 106-24 (-0-06)
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  • 30YR FNMA 5.5 107-21 (-0-12)
Recent Housing Data:
  • Mortgage Apps -2.18%
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  • Refinance Index -7.75%
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  • Purchase Index 0%