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  • Thu, Apr 2 2009
  • 1:49 PM » G20 Leaders Statement
    Published Thu, Apr 02 2009 1:49 PM by
    We face the greatest challenge to the world economy in modern times; a crisis which has deepened since we last met, which affects the lives of women, men, and children in every country, and which all countries must join together to resolve. A global crisis requires a global solution.
  • 1:41 PM » New York Fed Announces April 3 Outright Agency Coupon Purchase
    Published Thu, Apr 02 2009 1:41 PM by NY Fed
    New York Fed Announces April 3 Outright Agency Coupon Purchase
  • 12:54 PM » US Regulators Bracing for Bank Stress Test Battle
    Published Thu, Apr 02 2009 12:54 PM by Reuters
    U.S. regulators have reached the closing phase of "stress tests" to gauge the health of the nation's top banks, and are bracing for a battle to get those firms to accept tough appraisals. Officials realize it may be hard to keep the assessments under wraps, and they are looking for ways the banks could disclose some details without causing havoc in the markets, regulatory sources say. If a bank needs more capital, any disclosures would likely come in concert with a recovery plan that could include government aid and private assistance.
  • 9:57 AM » Bank of America CEO Lewis says economy to bottom in 2009
    Published Thu, Apr 02 2009 9:57 AM by Market Watch
    While he’s seeing mixed signals, Bank of America CEO tells CNBC that he expects the U.S. economy to bottom in the second half of this year, and he does not anticipate that the government will ask that the company to raise more capital.
  • 9:57 AM » Mark-to-market rule set to lose a few teeth
    Published Thu, Apr 02 2009 9:57 AM by Reuters
    WASHINGTON (Reuters) - U.S. accounting rulemakers are set to crumple on Thursday in the face of ultimatums from lawmakers, liberalizing rules that will give banks leeway to report smaller losses and asset writedowns.
  • 12:26 AM » Wells Fargo May Eliminate Foreign Workers
    Published Thu, Apr 02 2009 12:26 AM by
    We received an email from a former IndyMac Bank staffer who writes: "My whole staff at IMB was on visas... Humorous headline - not in actual article. "Dear H-1b visa holders, Due to the fact that we are accepting TARP funds, we can no longer pretend that you are not displacing U.S. workers. We are going to have to let you go. Love, Wells Fargo" The sender referenced an article from MarketWatch today: "When the stimulus bill became law in February, it included rules that made it more difficult for TARP recipients to hire foreign workers on so-called H-1B visas. The H-1B program allows temporary employment of people from overseas who have specialized skills and education. Technology companies use it a lot, but the 12 biggest banks that took TARP money requested visas for more than 21,800 foreign workers in the past six years, according to the Associated Press."
    Click Here to Read the Full Article

  • 12:11 AM » More Ugly Details Emerge On "Geithner's Heist America Plan"
    Published Thu, Apr 02 2009 12:11 AM by Google News
    The Wall Street Journal has more details on Geithner's Heist America Plan (GHAP). Please consider . The Obama Administration insists it wants to "partner" with private investors for its new toxic-asset purchase plan. But the more details that emerge, the more it seems Treasury wants to work with only a select few companies. This is no way to conduct a bank clean-up. The investment community was already suspicious last week when Secretary Timothy Geithner unveiled his plan, announcing that Treasury would select four or five companies as "fund managers" to purchase toxic securities. Given that the whole idea is to create a liquid market for these assets, we'd have thought Treasury would encourage as many players as possible. But the bigger shock was when Treasury released its application to become a fund manager, a main rule of which is that only firms that already have a minimum of $10 billion in toxic securities under management can apply. Few hedge funds, private equity players or sovereign wealth funds come near this number. The hurdle would bar many who specialize in the very distressed assets that the Obama Administration is trying to offload from banks. Hedge Fund Intelligence recently estimated total assets under management at Avenue Capital Group at $16.4 billion, King Street Capital at $15.8 billion, Fortress Investment Group at $13.7 billion, and Elliott Associates at $12.8 billion. Presumably, the portion of these portfolios devoted to toxic assets is significantly smaller. "It's difficult to imagine why most firms would even bother to apply now," one hedge fund manager told us. Treasury rules also say the $10 billion limit must be comprised of commercial and residential mortgage-backed securities that are "secured directly by the actual mortgage loans, leases or other assets and not other securities." This is another way of saying that they must be "first tier" assets, for instance collateralized...
  • Wed, Apr 1 2009
  • 9:05 PM » Lenders Struggle to Find Cash to Quench Growing Demand for Refinancing
    Published Wed, Apr 01 2009 9:05 PM by Washington Post
    Now that mortgage refinancing is popular again, one big concern is that there won't be enough money to keep up with the demand.
    Click Here to Read the Full Article

    Source: Washington Post
  • 9:05 PM » G20: 'Banking secrecy is over'
    Published Wed, Apr 01 2009 9:05 PM by CNN
    Read full story for latest details.
    Published Wed, Apr 01 2009 7:28 PM by
    The title of this Outlook , “The Future of Investing,” is a theme that will take the evolving years to resolve, let alone the next few days.
    Click Here to Read the Full Article

  • 3:17 PM »  New York Fed Announces Tentative Outright Treasury Operation Schedule
    Published Wed, Apr 01 2009 3:17 PM by NY Fed
    Tentative Outright Treasury Operation Schedule
  • 2:22 PM » U.S. urges requirement to keep mortgage records
    Published Wed, Apr 01 2009 2:22 PM by Reuters
    The U.S. Justice Department urged Congress on Wednesday to require mortgage companies to retain records for 10 years to make it easier to prosecute fraud. Rita Glavin, acting head of the department's criminal division, told a hearing of the House of Representatives Judiciary Committee that mortgage settlement statements and other loan documents are critical to investigating or prosecuting fraud.
  • 11:58 AM » Permanent OMO: Fed purchases $6.008 billion in treasury coupons Today
    Published Wed, Apr 01 2009 11:58 AM by NY Fed
    The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system. Such transactions are arranged on a routine basis to offset other changes in the Federal Reserve’s balance sheet in conjunction with efforts to maintain conditions in the market for reserves consistent with the federal funds target rate set by the Federal Open Market Committee (FOMC).
  • 11:14 AM » RealtyTrac Launches Renter Foreclosure Alerts
    Published Wed, Apr 01 2009 11:14 AM by
    Do you rent a house? Are you worried your landlord might be falling behind on payments? If you answered yes to the above questions, RealtyTrac’s new Renter Alerts might be just the thing for you. (Or you could just ask the owner if everything is “alright”). The foreclosure information provider today launched a new service that gives [...]
    Click Here to Read the Full Article

  • 10:58 AM » Pending US Home Sales Climb But the Market Remains Weak
    Published Wed, Apr 01 2009 10:58 AM by CNBC
    Posted By: Reuters Pending sales of existing US homes rose modestly in February but the market is still weak amid continued declines in home values and a recession, a realty trade group said. Topics: | | | | | MEDIA:
  • 10:54 AM » Colonial BancGroup signs $300M deal with investors
    Published Wed, Apr 01 2009 10:54 AM by
    Colonial BancGroup Inc. said investors led by Taylor, Bean & Whitaker Mortgage Co. have agreed to make a $300 million equity investment in the bank, just in time for Colonial to meet a deadline to qualify for $550 million in federal bailout funds.
    Click Here to Read the Full Article

  • 10:49 AM » Thornburg Mortgage to file bankruptcy, close down
    Published Wed, Apr 01 2009 10:49 AM by Reuters
    Thornburg Mortgage Inc said it plans to file for Chapter 11 bankruptcy protection and go out of business, making the provider of "jumbo" mortgage loans one of the largest casualties of the nation's housing slump and credit crisis.
  • 9:41 AM » Lenders Refusing “Solid Offers”
    Published Wed, Apr 01 2009 9:41 AM by
    Doom received the following question in our "Submit Ideas" box yesterday from " Inock ". The question was too good not to post: Why isn’t anyone talking about or investigating the fact that agents have solid executed offers on homes and lenders are refusing to accept the offers. The homes just become "bank owned" and list for a far lower purchase price than what licensed agents have had signed offers for! I am an agent in southern California and Countrywide bank just turned town a cash offer that is $200K over what the last model match in the neighborhood sold for! That is $200K that could offset other losses and limit taxpayer dollars. Once it goes bank owned, foreclosure costs add up, holding costs add up, and the market continues to decline - $300K? $400K? I am only 1 agent with 6-10 of the same examples - none of this hits the media! I am outraged! How many other agents have experienced this? Where is the media coverage?? Well Inock, we will do our best by covering it here. How about it agents- are any of you seeing the same thing?
    Click Here to Read the Full Article

  • 9:31 AM » Mall partly owned by Simon Property defaults on payment
    Published Wed, Apr 01 2009 9:31 AM by Reuters
    A Long Island mall partly owned and managed by Simon Property Group SPG.N has defaulted on a $124 million balloon mortgage payment after two of the main stores there filed for bankruptcy. The Mall at the Source in Westbury, New York, defaulted on the payment of the principal on March 11, said a spokesman for Simon, the largest U.S. mall owner and operator. Simon holds a 25 percent stake in the mall, and would not disclose its partners.
  • 9:25 AM » Commercial Real Estate Limbo; Lenders Ignore Defaults
    Published Wed, Apr 01 2009 9:25 AM by Google News
    There is a new twist in commercial real estate action today. Lenders are ignoring defaults of $billions on commercial real estate as if nothing happened, praying that credit conditions will improve. Please consider . General Growth Properties Inc., struggling under a mountain of debt, said Monday that its latest effort to win a reprieve from bondholders had fallen short. Under normal circumstances a company with as much past-due debt as General Growth would have been forced into Chapter 11 bankruptcy protection by now. Creditors so far have been willing to let deadlines pass because they believe there is little to be gained and much to be lost through a bankruptcy. "This is really rare," said Kevin Starke, an analyst at CRT Capital Group LLC, a research company that tracks distressed securities. "It is corporate-bond limbo like I've never seen before." Many creditors say that General Growth's management is doing a good job running the company. Its 200 U.S. malls, a portfolio second in size only to Simon Property Group Inc., generate enough cash to cover interest on the debt. But its properties are overleveraged and it lacks the borrowing capacity to retire those debts as their principal comes due. "There's no question that General Growth is a liquidity issue," said Jeff Spector, an analyst with UBS AG. "The properties, for the most part, aren't broken." My Comment : Jeff Spector, UBS AG analyst is dead wrong. This is not a liquidity issue. This is solvency issue. The properties are indeed broken. They are broken by debt. There is more debt on those properties than can possibly be paid back. No one will possibly buy them for the amount owed. And every day that passes the value of those commercial properties sinks. Bondholders are only delaying the inevitable. General Growth, based in Chicago, isn't the only real-estate borrower that is getting a reprieve from its lenders these days. Hundreds of property owners...
  • 9:25 AM » Protestors, Politicians Descend on London
    Published Wed, Apr 01 2009 9:25 AM by WSJ
    Getty Images London’s off and running in what’s going to be an eventful day of politicians and protestors. President Barack Obama met with Prime Minister Gordon Brown , then Mr. Brown left for the House of Commons. There, opposition leader David Cameron attacked Mr. Brown’s recent world tour, noting that back at home, Bank of England governor Mervyn King essentially had declined Mr. Brown’s credit card. French President Nicolas Sarkozy , looking to be a summit spoiler, meets with the press at 4:30 p.m. A lot of the morning has been taken up with the protestors who gathered en masse at the Bank of England — Mr. King’s office when he’s rejecting Mr. Brown’s stimulus requests. Two helicopters flew overhead, but so far, there only have been a few minor incidents at the establishment known as the “Old Lady of Threadneedle Street.” About 1,000 people had converged on the Bank of England by noon. Some protestors exchanged harsh words with police. A brass band, adorned in funeral suits, played Dixieland music on the Bank of England steps. Protestors passed around a black coffin and a mannequin of a banker in a noose. Others carried antibanker signs. Some wore black scarves and hooded sweatshirts to hide their faces from police who photographed and filmed the crowd. “I really hope it gets across to G-20 leaders that we mean business,” said Amelia Parker , a 20 year-old from London. “It’s going to be a big, peaceful protest. I hate it when the police talk it up. We’re good people and want to try to get change.” – Jennifer Martinez
  • 9:17 AM » Fed, Treasury Issue Joint Statement on Financial, Monetary Stability
    Published Wed, Apr 01 2009 9:17 AM by
    The Federal Reserve and the U.S. Treasury recently addressed their joint role in preserving financial and monetary stability in the United States. In a late March statement, the agencies stressed the importance of maintaining the Fed's independence and their intention to gradually remove the central bank from programs that could jeopardize taxpayer money.
    Click Here to Read the Full Article

  • 9:14 AM » FED: Tips on Avoiding Mortgage Scams
    Published Wed, Apr 01 2009 9:14 AM by
    Reports of mortgage foreclosure scams are on the rise, and the Federal Reserve Board has compiled some tips to help protect consumers from becoming victims of foreclosure avoidance scams. It's important for consumers to know that housing counselors and other resources are available at no or low cost to assist homeowners who have fallen behind on their mortgage payments.
    Click Here to Read the Full Article

  • Tue, Mar 31 2009
  • 10:22 PM » Banks to Receive More Leeway on Asset Values
    Published Tue, Mar 31 2009 10:22 PM by
    Under intense political pressure, the board that sets accounting rules in the United States will meet on Thursday to complete changes in accounting rules that are aimed at reducing the losses banks have been forced to report as the values of their mortgage-backed securities crumbled, The New York Times's Floyd Norris reports. The changes, proposed two [...]
    Click Here to Read the Full Article

  • 10:22 PM » American banks: It takes two to tango
    Published Tue, Mar 31 2009 10:22 PM by
    Are America’s banks prepared to sell their toxic assets? AMERICA’S government is a willing buyer of bad assets, but are its banks willing sellers? If a lender flogs a loan or security for less than the value at which it is booked on its balance-sheet, it suffers a loss, depleting its capital. It follows that if banks’ carrying values are still above those that state-sponsored bidders want to pay, they will not sell voluntarily. Just how optimistic are banks’ books? Two-thirds of the Treasury scheme’s purchasing power will be directed towards legacy loans. America’s ten biggest banks had plenty of these—$3.6 trillion at the end of 2008, or about a third of their assets. However by global convention loans are not marked to market, but carried at cost and impaired gradually. Some categories of risky loans, for example to private-equity firms, have been written down. But the vast majority of loans have not. In aggregate the carrying value of the top-ten banks’ loan books was 3% above the market price in December. That gap may not seem much, but it amounts to over $110 billion; if it were crystallised, it would wipe out a quarter of these banks’ tangible common equity, their purest form of capital. The loss is also likely to be concentrated on the dodgiest loans, making them hard to sell. ...
    Click Here to Read the Full Article

  • 10:07 PM » REIT Rally Turned to a Rout
    Published Tue, Mar 31 2009 10:07 PM by WSJ
    The rout in public real-estate stocks continued unabated in the first three months of 2009.
  • 2:52 PM » Woman Has Mortgage Approved After Complaining on Twitter
    Published Tue, Mar 31 2009 2:52 PM by
    If in doubt, tweet. That’s what one woman did after waiting for her delayed mortgage application to be approved, according to a story in The Telegraph. Tweeting, if you’re not aware, is the act of getting a message out on Twitter, a social networking tool that allows you to share your current status with the rest [...]
    Click Here to Read the Full Article

  • 2:52 PM » Lennar Offering 3.625 Percent Fixed Mortgage Rate
    Published Tue, Mar 31 2009 2:52 PM by
    The battle to offer the lowest mortgage rate is in full swing, with homebuilders decidedly leading the way. Struggling homebuilder Lennar, which is looking to dump its excess inventory, is offering a 3.625 percent (4.22% APR) “fixed “for life” mortgage on select homes, likely those in the hardest-hit areas of the country. The offer is only good [...]
    Click Here to Read the Full Article

  • 2:36 PM » Speech: Improving Financial Stability
    Published Tue, Mar 31 2009 2:36 PM by
    March 31, 2009 — Philadelphia Fed President Charles I. Plosser outlines key principles for sound and effective central banking. He discusses how these principles provide guidance for some of the regulatory and supervisory challenges facing the Fed.
    Click Here to Read the Full Article

  • 2:36 PM » Break Up the Banks
    Published Tue, Mar 31 2009 2:36 PM by Business Week
    Click Here to Read the Full Article

    Source: Business Week
  • 2:36 PM » Community Banks — Awakening a Sleeping Giant
    Published Tue, Mar 31 2009 2:36 PM by
    We have now come to the point where the “systemically unimportant” banks of Main Street must, along with the nation’s taxpayers, bail out the “systemically important” Wall Street firms. Not only are a handful of Wall Street CEOs holding a gun to the taxpayers’ heads, they have the banks of Main Street America looking down the barrel as well.
  • 2:07 PM » Fed purchases $3.223 billion in Agency Coupons
    Published Tue, Mar 31 2009 2:07 PM by NY Fed
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  • 11:03 AM » Fannie Mae Announces Eligibility for 2009 High-Balance Mortgage Loans
    Published Tue, Mar 31 2009 11:03 AM by
    Effective May 1, 2009, Fannie Mae will accept for delivery loans originated in 2009 using the higher of the current permanent high-cost loan limits, or the temporary loan limits that were in place for loans originated in 2008 that were applicable to jumbo-conforming mortgage loans.
    Click Here to Read the Full Article

  • 9:55 AM » U.S. January home prices drop record 19 percent
    Published Tue, Mar 31 2009 9:55 AM by Reuters
    NEW YORK (Reuters) - Prices of U.S. single-family homes in January plunged a record 19.0 percent from a year earlier, indicative of a U.S. housing market that is still in the throes of a deep recession, according to a Standard & Poor's/Case-Shiller report on Tuesday.
  • 9:55 AM » Fed's Mortgage Plan May Backfire On Market
    Published Tue, Mar 31 2009 9:55 AM by CNBC
    Posted By: The Federal Reserve’s latest moves to push down mortgage rates quickly raised expectations about helping the housing recovery, but it may be months before the impact is entirely apparent and the effects may not all be positive, say people in the real estate and housing industries. Topics: | | | | | | | | | Sectors: MEDIA:
  • 9:55 AM » US Needs 'Resolution Authority' For Big Firms: Frank
    Published Tue, Mar 31 2009 9:55 AM by CNBC
    Posted By: House Financial Services Chairman Barney Frank (D-Mass.) says the drastic steps the Obama administration is taking in dealing with the nation's struggling automakers further underscores the need for the government to have so-called resolution authority to take over and unwind the businesses of big non-bank companies. Topics: | | | | | | | | | Sectors: Companies: MEDIA: |
  • 9:39 AM » Duke, A Framework for Analyzing Bank Lending
    Published Tue, Mar 31 2009 9:39 AM by Federal Reserve
    Speech at the 13th Annual University of North Carolina Banking Institute, Charlotte, North Carolina
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 9:39 AM » FED: A Framework for Analyzing Bank Lending
    Published Tue, Mar 31 2009 9:39 AM by Federal Reserve
    In August 2008 I joined the Board of Governors of the Federal Reserve System, leaving behind a 30-year career as a commercial banker to become a central banker. My time as a commercial banker spanned numerous business cycles. It also encompassed at least one severe financial system crisis, in the late 1980s through the early 1990s, albeit one that was not as severe as the current one. From my time as a commercial banker, I already understood the factors considered by bankers in the initial lending decision as well as those in loss mitigation when collecting those same loans. As a central banker, I have come to appreciate even more fully the role of credit in our economic well-being. So I thought it would be appropriate for me to provide my perspective on credit conditions in our economy and the current crisis.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • Mon, Mar 30 2009
  • 1:18 PM » Update: Summers Now Slated to Address ABA Summit
    Published Mon, Mar 30 2009 1:18 PM by American Bankers Assoc.
    WASHINGTON, March 30 -- The American Bankers Association will host Washington's largest gathering of bankers on March 31 - April 1 at the Marriott Renaissance hotel to hear from key government officials on banking issues.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 1:18 PM » Fannie And Freddie Get In The Warehouse Game?
    Published Mon, Mar 30 2009 1:18 PM by CNBC
    Posted By: As I reported about a week ago, warehouse lending is drying up at a fast clip. This is the money desperately needed by small mortgage banks in order to offer you a mortgage. Topics: | | Sectors: | Companies: | MEDIA:
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More From MND

Mortgage Rates:
  • 30 Yr FRM 2.86%
  • |
  • 15 Yr FRM 2.47%
  • |
  • Jumbo 30 Year Fixed 3.70%
MBS Prices:
  • 30YR FNMA 4.5 107-12 (-0-06)
  • |
  • 30YR FNMA 5.0 109-12 (0-01)
  • |
  • 30YR FNMA 5.5 110-11 (0-01)
Recent Housing Data:
  • Mortgage Apps -0.81%
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  • Refinance Index -0.44%
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  • Purchase Index -1.54%