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  • Wed, Sep 10 2008
  • 1:57 PM » Subprime Lawsuits Set Litigation High-Water Mark in Q2
    Published Wed, Sep 10 2008 1:57 PM by feeds.feedburner.com
    The S&L crisis of the early 1990s has already been surpassed on one area — the number of subprime lawsuits that have taken shape in the collapse of much of the mortgage banking industry. According to a study released Wednesday by Navigant Consulting, Inc. (NCI: 18.34 -0.38%), the number of subprime-related cases filed in federal [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 1:41 PM » Dugan: OCC Looking to Expand on HMDA Data for Fair-Lending Screening
    Published Wed, Sep 10 2008 1:41 PM by feeds.feedburner.com
    Comptroller of the Currency John Dugan said Wednesday that the government regulator will look to utilize expanded information from large banks early on in assessing fair-lending compliance, expanding on the core data set typically included in reporting required under the Home Mortgage Disclosure Act. What’s noteworthy here is the OCC’s assertion that HDMA data doesn’t [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 1:26 PM » Consumer Avocates Want Fannie, Freddie to Follow FDIC on Loan Mods
    Published Wed, Sep 10 2008 1:26 PM by feeds.feedburner.com
    Fannie Mae (FNM: 1.04 +5.05%) and Freddie Mac (FRE: 0.8542 -2.93%) may no longer be able to lobby, but consumer advocacy groups sure can — and they’re already pressing regulators and legislators to see Fannie and Freddie enact wide-scale loan modifications for troubled borrowers. Think FDIC and IndyMac, but on a much grander scale. American Banker [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:59 AM » Mortgage Problems Move Up the Chain
    Published Wed, Sep 10 2008 11:59 AM by Seeking Alpha
    submits: I threw in a sidebar to one of the Fannie/Freddie pieces Tuesday but I think it is important enough to highlight. First a refresher... many of the same pundits and in fact government officials who assure us everything is fine and dandy and we'll be out of this soon enough (and have been repeating this matra since the first hedge fund explosions in Bear Stearns last summer) have a history. A history we can look up. For example the now infamous statements
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 11:28 AM » Mortgage Apps Rise on Refi Strength
    Published Wed, Sep 10 2008 11:28 AM by www.thetruthaboutmortgage.com
    Mortgage application volume increased 9.5 percent on a seasonally adjusted basis for the week ending September 5, according to the latest report from the MBA. Not accounting for the holiday-shortened week, applications were actually off 13.6 percent from one week earlier. And compared to the same Labor Day week a year ago, application volume was down a [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 11:12 AM » Can This Bailout Work?
    Published Wed, Sep 10 2008 11:12 AM by Seeking Alpha
    submits: T he Treasury Department has placed (FNM) and (FRE) under federal conservatorship and booted the senior management. This bailout will impose needed reforms in the companies' business practices. And, contrary to much conventional wisdom, the cost to the taxpayer may not be large - that is, if the federal government gets Wall Street to help. The Treasury will buy some Fannie and Freddie bonds to shore up confidence that these are fully backed by the federal government, and it will make short-term loans to Fannie and Freddie. These pose little risk to the Treasury and will net profits for the taxpayers.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:54 AM » At Lehman, the Good, Bad — and Ugly
    Published Wed, Sep 10 2008 9:54 AM by feeds.feedburner.com
    Lehman Brothers (LEH: 8.465 +8.66%) said Wednesday morning that it expects to lose $3.9 billion in the third quarter, a loss of $5.92 per share, the largest quarterly loss in company history. Driving the loss are $5.6 billion in net write-downs on residential mortgage and commercial real estate positions, the company said in a press [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:22 AM » Yours Truly, Hank
    Published Wed, Sep 10 2008 9:22 AM by feeds.feedburner.com
    Via Long or Short Capital: Dear US Taxpayer, I would like to congratulate you on your recent purchase. I am glad I was able to convince you that now is the ideal time to offer an uncapped backstop on a $5.2 trillion book of mortgages. We here at the Treasury Dept (along with our sisters over at [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:22 AM » Will the Bailout Alleviate the Housing Crisis?
    Published Wed, Sep 10 2008 9:22 AM by Seeking Alpha
    Is it going to help solve our housing crisis? Some analysts think that Fan (FNM)/Fred's (FRE) borrowing costs will not drop, much of which will be passed on to new mortgage borrowers. Let's see if that looks like it will solve the housing problem: Gee, it doesn't look to me like the problem is high mortgage rates. Maybe the problem is something else. Like this: Ah, that's it. Too many houses. Now if we had a federal demolition agency, that might help. (Actually, we do. It's called HUD. But it's not much help.) Bailout? Whenever we hear "bailout," we should be clear about who is getting bailed out, and of what. Fan/Fred shareholders are NOT getting bailed out. This makes the bailout look appropriately harsh to Wall Street fat cats. The true bailout is to the holders of Fan/Fred bonds. They bought those bonds to earn HIGHER YIELDS than they would have received on U.S. treasury bonds. They knew the higher yields were not typos. The higher yields were compensation for holding a security with more risk than a treasury bond. So if the bond-holders knew they were buying bonds with risk, why would we bail them out? Why would the federal government use taxpayer money to bail out bond-holders who knew they were taking on risk?
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:22 AM » Stocks Should Rally Significantly by Mid-2009
    Published Wed, Sep 10 2008 9:22 AM by Seeking Alpha
    submits: To be sure, the U.S. economy is in the midst of a painful structural adjustment process. And, not surprisingly, the consumer is at the epicenter of the crisis. After years of excess consumption, overextended consumers will have to significantly reduce consumption and increase savings to restore their financial health. Moreover, since consumer spending constitutes 70% of GDP, many economists fear that this "deleveraging" process may plunge the U.S. economy into a deep and protracted recession. There is, however, much speculation among economists as to precisely how sharp the pullback in consumer spending will be and when it will recover. Stephen Roach, Managing Director and Chief Economist, Morgan Stanley Asia believes that a global economic slump has just begun and that the U.S. is on a "recession trajectory". Mr. Roach further suggests that people are still in denial with regard to the severity of the problems confronting the U.S economy. Given this grim outlook, Morgan Stanley has lowered its S&P 500 2008 year-end target to 1300 from 1400.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Tue, Sep 9 2008
  • 4:19 PM » Market Woes Return; Lehman, WaMu Hit Hard
    Published Tue, Sep 09 2008 4:19 PM by feeds.feedburner.com
    In a press briefing this morning, White House press secretary Dana Perino told reporters that the stock market’s surge on Monday in response to a move by regulators and the U.S. Treasury to take control of Fannie Mae (FNM: 0.98 +34.25%) and Freddie Mac (FRE: 0.92 +4.55%) proved that “it was the right move at [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 3:17 PM » Mortgage Rates Fall, But for How Long and Will it Matter?
    Published Tue, Sep 09 2008 3:17 PM by www.thetruthaboutmortgage.com
    Since the Treasury took action Sunday and bailed out Fannie Mae and Freddie Mac, spreads have tightened and interest rates on mortgages have fallen significantly. While this may have not been the central focus of the takeover, it’s certainly the most important aspect to consumers looking for a better deal on their mortgages. According to Bankrate.com, the [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 2:45 PM » Home Prices Off 11.4 Percent in July, Report Says
    Published Tue, Sep 09 2008 2:45 PM by feeds.feedburner.com
    Adding to growing evidence of a slight seasonal jump in home prices during July, Denver-based default management firm Integrated Asset Services, LLC said Tuesday that its IAS360 House Price Index for found a 0.9 percent monthly rise in home prices nationally during July. Prices remained 11.4 percent off year-ago levels, the company said; during June, [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:56 PM » JD Power: Loan Servicing Satisfaction Falls, BB&T is Best
    Published Tue, Sep 09 2008 12:56 PM by www.thetruthaboutmortgage.com
    Mortgage servicing customer satisfaction slipped for the second straight year as an increase in billing errors, service “hand-offs,” and a larger number of late paying borrowers took its toll. Overall satisfaction fell 14 index points to 784 on a 1,000 point scale, down from 798 in 2007 and 812 in 2006. The study measures four areas of [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 12:09 PM » Borrowers Increasingly Unsatisfied with Mortgage Servicers: Report
    Published Tue, Sep 09 2008 12:09 PM by feeds.feedburner.com
    As the nation’s housing mess has worn on, a growing number of borrowers are finding themselves dissatisfied with their mortgage servicer, according to data released Tuesday by market research firm J.D. Power and Associates. For a second consecutive year, customer satisfaction with the servicing of mortgages declined, the research company said. Part of the problem likely [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 12:09 PM » Fannie, Freddie Default Swaps Big Non-Event
    Published Tue, Sep 09 2008 12:09 PM by Seeking Alpha
    submits: Bloomberg is reporting . Investors may be forced to settle contracts protecting more than $1.4 trillion of Fannie Mae and Freddie Mac bonds against default after the U.S. seized control of the companies in a bid to bolster the housing market.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 12:09 PM » Eight of 10 Most Expensive Housing Markets in California
    Published Tue, Sep 09 2008 12:09 PM by www.thetruthaboutmortgage.com
    Perhaps not surprisingly, eight of the 10 most expensive housing markets in the nation can be found in California, at least according to the latest Home Price Comparison Index from Coldwell Banker. The real estate company evaluated average home values for select 2,200 square foot single-family homes with four bedrooms and two-and-a-half baths in 315 markets [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 11:22 AM » REOMAC Touts Complimentary Servicer Registration For Conference
    Published Tue, Sep 09 2008 11:22 AM by feeds.feedburner.com
    You’d think that these would be boon times for servicers, which is only partly true. Flooded by a historic influx of work and often a lack of resources to manage its, servicing managers have never been busier or had less time on their hands. Which means, oddly enough, that fewer servicing executives have time this [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:06 AM » La Jolla Tops List as Most Expensive Housing Market in Nation
    Published Tue, Sep 09 2008 11:06 AM by feeds.feedburner.com
    Although both are waterfront cities, something besides the salt water separates La Jolla, Calif. on the Pacific Ocean from Sioux City, Iowa on the Missouri River — like a $1.7 million dollar difference in the cost of homes, according to a study released Tuesday morning. In an annual comparison of similar homes in 315 U.S. markets, [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:19 AM » The politics of a government power play
    Published Tue, Sep 09 2008 10:19 AM by feeds.feedburner.com
    A telling story Tuesday in the New York Times suggests that Congressional Democrats knew they’d been taken for a ride after this weekend — that the current administration was able to pull it off is somewhat stunning: Mr. Dodd all but accused Mr. Paulson of misleading Congress less than two months ago when the Treasury secretary [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:19 AM » The Fannie/Freddie Bailout: Consequences to the U.S. Taxpayer
    Published Tue, Sep 09 2008 10:19 AM by Seeking Alpha
    James Quinn submits: We now know that our government prefers to screw us on the weekend, while we are distracted by football games, errands, and laundry. I noticed that Paulson didn’t mention how much this would cost the American taxpayer during his speech. Two honest Americans, who have been right on this issue for the last two years, John Hussman and William Poole, have concluded that the tax bill will be $250 billion to $300 billion. Mr. Hussman’s analysis is as follows: “A record 9.16% of U.S. mortgages were in delinquency (6.41%) or foreclosure (2.75%) as of June 30. This figure will likely be even worse in the third quarter report. With that January 2009 “sunset” provision now gone, I expect that U.S. taxpayers will be on the hook for about $250 billion in losses. Look – 9.16% of U.S. mortgages are already delinquent or in foreclosure, with the likelihood of further delinquencies and foreclosures in the coming quarters. On a $5.2 trillion book of mortgage loans between Fannie and Freddie, and a prevailing recovery rate of 50% on foreclosed properties, an overall loss of about 5% of this book, or about $250 billion, is a fairly conservative expectation.”
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 9:49 AM » Wachovia Cut to Underperform by Merrill
    Published Tue, Sep 09 2008 9:49 AM by feeds.feedburner.com
    While broader market indices appear set to rise on Tuesday, Wachovia Corp. (WB: 17.82 -6.16%) was headed in the opposite direction in pre-market trading after analysts at Merrill Lynch & Co. (MER: 26.75 -3.04%) downgraded the North Carolina-based bank to underperform, citing concerns over investment banking and a growing likelihood of impairment charges. Shares in [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:46 AM » The Facts on Fannie and Freddie
    Published Tue, Sep 09 2008 8:46 AM by Seeking Alpha
    submits: A conservator will take full managerial/ownership control and 79.9% of common shares under a contractual agreement. The intent is to wind this arrangement down toward the end of 2010- presumably as stability returns to residential real estate and financial markets. The portfolios will not grow across this period or will shrink to their approximately $850 billion June 30, 2008, levels by the end of 2009. Thereafter, Fannie (FNM) and Freddie (FRE) [GSE] portfolios will shrink toward $250 billion in 10% increments. The Treasury Department will receive senior notes yielding 10% with 12% penalty rates and will replenish capital as needed. Further authority will not be required unless or until these commitments sum to more than $200 billion total. In addition, the US Treasury will begin buying mortgage backed securities [MBS] from Fannie and Freddie. There are no limits to this process. Thus, the guarantee business will continue, portfolio holdings will be moved onto Treasury books and the firms will be moved away from their ballooning and painful function as mortgage portfolio holders. The stated triple aim of buoying asset markets, home mortgage provision/affordability and protecting taxpayers clearly run at cross purposes. If they did not, past assurance would have worked and this take-over would not be needed.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 6:41 AM » The Government's Moral Hazard with Fannie and Freddie
    Published Tue, Sep 09 2008 6:41 AM by Seeking Alpha
    On Sunday, U.S. federal regulators outlined their takeover plans of the combined $5 trillion giants Fannie Mae (FNM) and Freddie Mac (FRE). The Treasury Department in conjunction with the Federal Housing Finance Agency [FHFA] will use the full faith of the U.S. government to back the two institutions which have been at the core of the illusion of prosperity created by the inflation of real estate. Reports of overstated equity, upcoming write-downs that exceed the government's estimates and capital market's reluctance to fund Freddie and Fannie, prompted action this weekend. Clearly the rest of the banking system can be assumed to be in the same boat with overstated assets and equity values. In addition, the idea is that nobody has a clue of the value of the falling house of cards called banks
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 5:54 AM » New York City Real Estate: As Good As T-Bills?
    Published Tue, Sep 09 2008 5:54 AM by Seeking Alpha
    submits: Last year investors were touting New York City multi-family rental properties as being as low risk as T-bills, but with upside. The upside was to be generated by "repositioning." In many cases, this was code for throwing out rent-controlled/stabilized tenants and capturing the arbitrage versus free market rents. Both of the suppositions embedded in this strategy have been called into question recently. I would point out that a , where several bills were introduced in the state Senate to tighten up regulations and prevent landlords (read: hedge funds and opportunity funds) from significantly increasing turnover in their properties. Secondarily, costly, over-levered and often ill-conceived condo projects which are topping off in a soft demand environment are all of a sudden being forced to go rental, causing a spike in supply (see Crain's article cited below). Couple the increased supply, albeit modest, with the soft economy and evidence of a slowing in rental rate increases and even declines are emerging.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 4:52 AM » Yet Another Problem With Falling Home Prices
    Published Tue, Sep 09 2008 4:52 AM by Seeking Alpha
    submits: While the rising tide of foreclosures, which the latest available data show are from last year, has been the major worry for policymakers during the current housing bust, there is another problem that comes with falling home prices that may at some point need the attention of those in D.C. According to from Fernando Ferreira and Joseph Gyourko of Wharton and Joseph Tracy of the New York Fed, the typical reaction by homeowners to negative equity -- the state where the amount owed on a house is greater than the home's market value -- is not to move out but to stay. Looking at data from California between 1985-2005, the researchers found that those with negative equity were 50 percent less likely to move than those with positive equity.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 3:34 AM » Buffett, Rogers at Odds on Fannie/Freddie Bailout
    Published Tue, Sep 09 2008 3:34 AM by Seeking Alpha
    submits: By Jason Simpkins Few analysts have abstained from voicing an opinion about the U.S. government’s plan to seize control of Fannie Mae (FNM) and Freddie Mac (FRE), the nation’s embattled mortgage behemoths, and that includes such eminent investors as Jim Rogers and Warren Buffett. Of course, two of the world’s greatest financial analysts have two very different perspectives.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Mon, Sep 8 2008
  • 11:38 PM » No Easy Fix for Mortgages, Housing: Analysts
    Published Mon, Sep 08 2008 11:38 PM by feeds.feedburner.com
    Despite some inane press reports by various sources suggesting the the Treasury’s move to place both Fannie Mae (FNM: 0.73 -89.63%) and Freddie Mac (FRE: 0.88 -82.75%) into conservatorship had somehow shortened the timeline for housing’s recovery, most analysts suggested Monday that suggest the bailout’s true effect on homeowners and mortgage markets won’t be known [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:07 PM » Wells Fargo to Take Hit on $480 Million of GSE Preferreds
    Published Mon, Sep 08 2008 5:07 PM by feeds.feedburner.com
    Wells Fargo & Co. (WFC: 33.56 +7.56%) said after market close on Monday that it will record other-than-temporary impairment and take a non-cash charge to earnings for its investments in perpetual preferred securities issued by Fannie Mae (FNM: 0.73 -89.63%) and Freddie Mac (FRE: 0.88 -82.75%). HW reported earlier on Monday that the bank was [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:35 PM » Could Frannie Have Prevented the Housing Bubble?
    Published Mon, Sep 08 2008 4:35 PM by Seeking Alpha
    submits: is right that the failure of Fannie and Freddie was due to the incentives that being private corporations gave them to take excess risk. In the future, Fannie and Freddie can best serve their role of providing the stable anchor of the secondary mortgage market by being boring government corporations.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 4:35 PM » Fannie/Freddie Bailout 'Disastrous Fiasco'
    Published Mon, Sep 08 2008 4:35 PM by Seeking Alpha
    submits: Back in March when it was announced that Bear Stearns (BSC) was to be taken over by Lehman (LEH) with financial backing from the Fed, the US stock markets had a nice rally (albeit a short-lived one) as investors felt more confident of the Fed’s commitment to save the day. Today around the world, from Asia, Europe to the US, but this time it involves a different party - two parties instead. On Sunday, the US government announced the near nationalization of US mortgage giants Freddie Mac (FRE) and Fannie Mae (FNM), the largest and costliest bailout ever in history by the Federal government, with the massive burden placed squarely on plebians’ shoulders (re: taxpayers like you and me). Predictably, politicians applaud the move and traders joined in the euphoria of the week. Personally, I think this is a disaster from the start, and from the way only-in-name regulators, politicians, etc. have handled this, it is a disastrous fiasco, a large scale crime that both bystanders and participants have committed, and absurdly, a crime that doesn’t result in punishment for those involved.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 4:03 PM » ETF Update: Back To The Homebuilder Funds
    Published Mon, Sep 08 2008 4:03 PM by Seeking Alpha
    submits: Sometimes the news moves faster than the system. The announcement this weekend of the Fannie (FNM)/Freddie (FRE) bailout will change prospects for the overall market as well as specific sectors. The Street has been anticipating a plan, and that may have influenced some "bottom fishing" in the home builder stocks. This helps to explain our ratings, a strange mixture of energy positions, financials, and the inverse NASDAQ short, (PSQ). (For new readers, there is a further explanation of our approach at the end of the article.)
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 3:16 PM » Fannie/Freddie Bailout Sparks Market Rally: Is This the Bottom?
    Published Mon, Sep 08 2008 3:16 PM by Seeking Alpha
    submits: The market is surging on the news of the Fannie/Freddie (FNM) (FRE) bailout by the Treasury. The Treasury Dept. is placing the companies under a conservatorship, and will provide up to $200 billion in capital. This sparked a big rally in the market, as investors hope it will help ease the credit crunch. Bank stocks rallied strong, with the bank index up more than +5.5%. Housing stocks rallied even more, with that index up +6.7% on hopes that the mortgage market will start working again with capital and loans flowing more freely to people who want to take advantage of the price declines and start buying homes.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:15 PM » Top Market Cap U.S. Banks: A Long Term View on Value
    Published Mon, Sep 08 2008 1:15 PM by Seeking Alpha
    submits: Contrarian value investors following methods prescribed by David Dreman in his book "The New Contrarian Investment Strategy" (book review notes ) might be tempted today to take a closer look at some U.S. banks. Dreman doesn't believe in market timing but he does believe that market participants are prone to making systematic errors in judgment due to inherent biases present in human behaviour. Essentially, when times are bad for the market, a sector or individual stocks, market participants have the tendency to be overly pessimistic and price in a perpetually bad scenario. Buying good quality companies with lower than average P/E ratios and higher than average dividend yields form the core of Dreman's contrarian strategy. One problem with investing in the best banks is that it's extremely hard to know which ones they are! Managers of banks haven't been able to clearly identify all of the exposures and risks, so it's unlikely as individual investors that we will fare much better. In these type of circumstances, where superior knowledge of a company is not possible, it's better to spread risks out by buying a basket of sector stocks either individually or through a vehicle such as an ETF. This is a similar strategy as was advocated in the pharmaceutical article posted . Looking at three top market cap US banks, we observe the behavior of dividend yields over time. The long term average dividend yields for Wells Fargo (WFC), Bank of America (BAC) and U.S Bancorp (USB) across the entire time period of 1970 to 2007 is 4.07% (2007 data points are present on the graph but not labelled). The current 2008 average dividend yield for these three banks is 5.98%. One caveat to these higher than normal dividend yields is that the banks are at higher payout ratios than normal. However, all three banks have had higher payout ratios in the past so we are not in uncharted territory. ( Click charts to enlarg e .) Below is a graph of P/E ratios...
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:15 PM » For Banks, Size Does Matter, Part 1
    Published Mon, Sep 08 2008 1:15 PM by www.minyanville.com
    We're entering the next stage of the credit crisis and one which is potentially more troubling than what we've already seen over the past year (absent some policy reactions by the central banks and governments worldwide). The crisis was initiated by an intense run-up in leverage by financial institutions and investors worldwide investing in increasingly risky assets such as subprime mortgages - and then came the realization that leverage could hurt. The deleveraging process started to intensify last year about this time. The easy part of that process is nearly complete. Now is the time for the really hard ...
    Click Here to Read the Full Article

    Source: www.minyanville.com
  • 1:15 PM » Why Wall Street loves the bailout
    Published Mon, Sep 08 2008 1:15 PM by CNN
    Wall Street has been holding its breath since mid-July due to fears about the fate of Fannie Mae and Freddie Mac. Today, investors finally exhaled and started buying.
  • 1:10 PM » Parsing the Losers in Fannie, Freddie Bailout
    Published Mon, Sep 08 2008 1:10 PM by feeds.feedburner.com
    It’s going to take some time to determine just who the real winners are in the federal government’s move to place Fannie Mae (FNM: 0.9548 -86.44%) and Freddie Mac (FRE: 0.939 -81.59%) into conservatorship — outside of debt holders, of course, who now have the full faith and credit of the U.S. government on their [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 1:10 PM » Speculation Doesn't Explain European Housing Overvaluation
    Published Mon, Sep 08 2008 1:10 PM by Seeking Alpha
    submits: Speculation does not explain all the apparent “overvaluation” of housing markets in Europe, argues in a new report. The probability of a downward correction to housing prices depends on how much residential property prices have diverged from their fundamentals, such as interest rates and wage inflation, OxAn says. A 2008 IMF study and 2005 OECD report concluded that the largest ‘unexplained’ house price increases in the EU were in Ireland, the Netherlands and the United Kingdom. In Belgium, Denmark and Spain, signs of overvaluation are more moderate. For France, Italy and Sweden, there is also evidence of important overvaluation, but the OECD and IMF results diverge markedly for these countries.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:10 PM » TransUnion: Mortgage Delinquencies Rise Nine Percent, Will Fall in 2009
    Published Mon, Sep 08 2008 1:10 PM by www.thetruthaboutmortgage.com
    The rate of mortgage delinquency increased more than nine percent from the first to second quarter, rising to a national average high of 3.53 percent, according to credit bureau TransUnion. The delinquency rate, which includes borrowers 60 days or more past due, is up from the previous quarter’s 3.23 percent average and about 51 percent higher [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 1:09 PM » Option Arm Loans Being Phased Out by Regulators
    Published Mon, Sep 08 2008 1:09 PM by www.thetruthaboutmortgage.com
    Downey Savings and BankUnited, both prominent option arm lenders, saw their share prices plunge as the Office of Thrift Supervision told them to clean up their act. In separate notifications received late Friday, both banks were told their regulatory capital status had been reclassified to “adequately capitalized” from “well capitalized”. As a result, both banks are subject [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
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