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  • Fri, Sep 12 2008
  • 8:54 AM » FDIC Insurance Fund - It Doesn't Actually Exist
    Published Fri, Sep 12 2008 8:54 AM by Seeking Alpha
    submits: When FDIC head Shelia Bair says her agency might have to bolster the FDIC's insurance fund with Treasury borrowings to pay for the new spate of bank failures, a lot of us, this 40-year banking veteran included, assumed there's an actual FDIC fund in need of bolstering. We were wrong. As a former FDIC chairman, Bill Isaac, the FDIC Insurance Fund is an accounting fiction. It takes in premiums from banks, then turns those premiums over to the Treasury, which adds the money to the government's general coffers for "spending . . . on missiles, school lunches, water projects, and the like."
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:54 AM » Senators Schumer and Menendez Unqualified for Office
    Published Fri, Sep 12 2008 8:54 AM by feeds.feedburner.com
    Inevitably, just when you think that it is impossible for anyone come up with anything more preposterous that what has already been proposed, someone proves you wrong. Disgustedly I am reading . U.S. Senate Banking Committee members urged Fannie Mae and Freddie Mac, the mortgage companies placed under federal control this week, to freeze foreclosures on loans in their portfolios for at least 90 days. "This action would provide immediate relief to many homeowners" and let the companies "turn these non-performing loans into performing assets to minimize losses," Senators Charles Schumer, Robert Menendez and other panel Democrats said today in a letter to the companies and the Federal Housing Finance Agency, which is overseeing them under the government conservatorship. I may be proven wrong but the economic asininity of those statements is unlikely to be topped, ever. If one could turn non-performing loans into performing assets by halting payments, why not just stop collecting mortgage payments everyone in the county? Every loan would be current and think of all the money consumers would have to buy things. Of course taxpayers would be immediately on the hook for a mere $5 trillion, but who cares about small details like that? Senators Charles Schumer, Robert Menendez, and any other fool who signed that letter is unqualified to be in Congress. It is as simple as that. I urge everyone to vote against Senators Charles Schumer and Robert Menendez the next time they are up for reelection. They are an economic disgrace to the country and unqualified for public office. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com to learn more about wealth management for investors seeking strong performance with low volatility.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 7:36 AM » Fannie and Freddie: Mission Drift on Parade
    Published Fri, Sep 12 2008 7:36 AM by Seeking Alpha
    submits: Well, , now have market capitalizations of $834MM and $381MM respectively; around $1.2 billion in total. Now, let’s keep that in mind as we read :
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 5:45 AM » The Government's Appropriation of Leverage
    Published Fri, Sep 12 2008 5:45 AM by Seeking Alpha
    submits: Since the beginning of 2008, Chairman Henry Paulson and the United States Treasury have taken on enormous amounts of debt in order to contain the housing crisis and prevent a massive failure in the financial sector. The U.S. taxpayers first saw the effects of a "too big to fail" Treasury mentality when the government-orchestrated bailout of Bear Stearns was announced in March of 2008. More recently, the Treasury announced the takeover of the two Government Sponsored Entities (GSEs), Freddie Mac (FRE) and Fannie Mae (FNM). On September 7, Treasury Secretary Paulson seized control of the two immense finance companies in an attempt to support the U.S. housing market. The Treasury will begin by immediately taking a $1 billion equity stake in each company, and if needed can inject an additional $100 billion in preferred stock in each company. Under the announced program the Treasury will begin to buy back mortgage-backed securities later in September, and will have the authority to buy back MBS until December 31, 2009.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 3:56 AM » Nationalization of the U.S. Mortgage Problem
    Published Fri, Sep 12 2008 3:56 AM by Seeking Alpha
    submits: This is a topic I first . The United States has a mortgage problem in that house prices have fallen so much and the financial sector is so leveraged that the US faces systemic banking risk from a vicious circle in the mortgage sector. (I normally might have said ',' but my good reader dearieme pointed out I was misusing the term) This circle leads from house price declines to foreclosures to bank losses to bank de-leveraging and credit tightening leading to more house price declines and on it goes.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 1:36 AM » What's Happening In the Related - To - Home - Building Space
    Published Fri, Sep 12 2008 1:36 AM by Seeking Alpha
    submits: We've been talking about the strength in homebuilders of late ... but I wanted to point out the divergence between recent data for another group of stocks and their charts. The data points say "no recovery" and the executives in many cases say "no recovery," but that doesn't stop hot money from piling in, assuming a "recovery in 6 months." Maybe it's true, maybe it's not. If March 2009 marks the bottom in housing I'll come on and say "I was wrong - what an idiot I was, the American consumer is far better than I imagined." But it really doesn't matter if March 2009 will be a bottom because people are making money assuming so today - perception is reality. Remember, there is so much institutional money now, to make any real money, you need to out-anticipate the out-anticipators and buy ahead of everyone else, it appears. Well ahead. #1 Quanex Building Products (NX) -
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Thu, Sep 11 2008
  • 9:37 PM » A Quantum Leap Toward Socialism
    Published Thu, Sep 11 2008 9:37 PM by feeds.feedburner.com
    by Michael Pento. "Unfortunately, we Americans now realize that the decision by Ben Bernanke to slash the Fed Funds rate to 2% (a three hundred twenty five basis point reduction) was just the opening act in this Republican administration’s socialism play."
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 9:37 PM » U.S. Treasury reassures Japanese investors about Fannie, Freddie
    Published Thu, Sep 11 2008 9:37 PM by Market Watch
    Seeking to head off any unloading of Fannie Mae and Freddie Mac bonds by Japanese investors, the U.S. Treasury Department is taking the unusual step of directly contacting Japanese financial institutions about the plan to rescue the mortgage giants, according to a published report.
  • 8:50 PM » Lehman’s End, Bear Stearns Style?
    Published Thu, Sep 11 2008 8:50 PM by feeds.feedburner.com
    New reports Thursday night suggested that Lehman Brothers Holdings Inc. (LEH: 4.22 -41.79%) was actively shopping itself to potential buyers, aided by both the U.S. Treasury and Federal Reserve. Which means the U.S. government may be orchestrating its second major bailout in as many weeks, after announcing a takeover of twin mortgage finance giants Fannie [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 7:36 PM » Merrill Lynch shares catch Lehman bug
    Published Thu, Sep 11 2008 7:36 PM by Reuters
    NEW YORK (Reuters) - Merrill Lynch & Co Inc's shares fell nearly 17 percent on Thursday as worries over Lehman Brothers Holdings Inc's future raised questions on which investment bank may be next to face questions about its survival.
  • 7:35 PM » Former Bush Home for Sale in Texas
    Published Thu, Sep 11 2008 7:35 PM by WSJ
    George and Laura Bush (Photo: Getty Images) reports: comes with a dose of presidential history and a few presidential mementos. The house in Midland was the home of George and Laura Bush for the first seven years of their marriage and the start of the president’s political career, according to listing agent Ruth Young of Legacy Real Estate. They also lived there when twin daughters Jenna and Barbara were born in 1981. Listed for $239,900, the 2,406-square-foot home includes three bedrooms, two bathrooms and two garages. It was built in 1976, and the president bought it the following year, according to Young. The home includes the original curtains, tile, wallpaper and kitchen appliances that the Bushes used. Laura Bush’s plants still grow in its atrium, Young said. The heat and air conditioner units are new, as are the shingles on the roof. The home has had a bit of a tangled history since being owned by the Bushes. It currently belongs to Michael Kline,but at one point he had donated it to the Odessa, Texas-based as a gift. Kline gave the gift with the stipulation that the museum use it as an exhibit, but the museum violated those conditions by allowing an individual to move into it, Young said. The Presidential Museum acknowledges that there was a difference of opinion, but refutes the idea that any terms were violated. “The terms were very broad,” said Lettie England, the museum’s administrator. She said that the house was to be returned to Kline if it was not used as an educational facility. The museum allowed an intern to move into the residence. “We thought it was a win-win situation for everyone,” England said. The intern was to pay the bills on the house while he lived there and maintained the museum collection. When Kline objected to the arrangement earlier this year, the home was returned to him, England said. Neither England nor Young knows exactly when Kline bought the property or how much he paid for it. Kline’s attorney, Mike Cannon, could not be reached...
  • 7:35 PM » Homeowners in Historic Detroit Neighborhood Fighting Back
    Published Thu, Sep 11 2008 7:35 PM by feeds.feedburner.com
    last month and now we have a new kind of real estate story out of Detroit: vigilant neighbors fighting back and taking things into their own hands. The Wall Street Journal reports today , where lived and prospered, are being watched and “protected” by neighbors to prevent decay, vandalism, and burglary. Organized by an , some do unpaid duty mowing lawns, trimming hedges and picking up litter outside vacant houses. Others park their cars in the driveways of empty houses to make them appear to be lived in. The association’s Web site promotes mansions in need of new owners. Some members have volunteered to rush to the scene when burglars are breaking into empty houses. In other cities, the WSJ reports: In , a neighborhood group in the Slavic Village area organizes lawn mowing at vacant homes and encourages youths to paint cheerful designs on boarded-up windows. The city of is training neighborhood leaders to report signs of deterioration in vacant homes so action can be taken before blight spreads. a nonprofit group in , pressures utility companies not to shut off the water of tenants whose landlords are in foreclosure. are large and stately () and probably in need of some work (maybe lots of work), but it’s fascinating to look at these homes (photos above and below) and imagine a day in time when powerful figures such as Ford, (five-and-dime store chain that eventually became Kmart), Motown Records founder , and labor leader lived.
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 7:35 PM » Mortgage 2.0: I wonder if Wachovia will Twitter an FDIC takeover?
    Published Thu, Sep 11 2008 7:35 PM by feeds.feedburner.com
    Just got this from one of my friends online. and letting everyone know about it. This image is from their contact page. I just started following them yet and haven’t gotten anything worth talking about; but I did want to mention that although Wachovia may be in a heap of trouble this is a Web 2.0 first for large banks. While it may sound stupid for a company to be on , it can actually work. Comcast cable has scored huge PR and customer appreciation wins through their maintenance of their Twitter account. My colleague gave up on the Comcast dial-in customer service line after 10 minutes but got a response almost instantly through Twitter. It begets the question though. Will they Twitter the moment they’re seized by the FDIC and put in to receivership? Will the FDIC support the Twitter customer service function?? I kid, I kid! Kind of. You can see if they do or not by . If they don’t you’ll hear it from me, .
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:55 PM » BofA in talks to buy Lehman: WSJ citing source
    Published Thu, Sep 11 2008 5:55 PM by Reuters
    (Reuters) - Bank of America Corp is in talks to buy Lehman Brothers, the Wall Street Journal, citing a source, said on Thursday .
  • 5:54 PM » WaMu shake-up fails to convince investors
    Published Thu, Sep 11 2008 5:54 PM by www.ft.com
    Shares in Washington Mutual, the largest US savings and loan institution, which has $310bn in assets, have lost more than half their market value since company replaced its longtime chief executive earlier this week
  • 5:54 PM » Central Banks Anticipate "Mother of Year-Ends" 'Liquidity Crunch
    Published Thu, Sep 11 2008 5:54 PM by feeds.feedburner.com
    We noted a few weeks ago that between l, banks still leery of lending to each other, and liquidity always lower at year end (banks pull back from the market to square off their books), this November-Decemeber looks to be even worse than last year, which was bad enough to lead to emergency intervention. From : The Federal Reserve may have to increase the cash it provides to banks and brokers, already a record, to help them balance their books at the end of the year. Six bank failures in the past two months and rising concern about Lehman Brothers Holdings Inc.'s capital levels pushed lenders' borrowing costs to near a four-month high yesterday. They may climb further as companies rush for cash to settle trades and buttress their balance sheets at year-end. ``This could be the mother of year-ends,'' said Brian Sack, vice president of Macroeconomic Advisers LLC in Washington, who used to serve as head of monetary and financial market analysis at the Fed. ``The markets will need extraordinary actions to get through it.'' One option is for banks and brokers to increase the loans they take out directly with the Fed; the central bank reports on the figures today. Officials could also offer options on its biweekly loan auctions or introduce special repurchase agreements to straddle the end of the year, economists said. When policy makers sought to head off a potential funding crunch with the year 2000 changeover, they auctioned liquidity options to the primary dealers of U.S. Treasuries.... Traders in the forward markets, where financial instruments are sold for future delivery, are pricing three-month cash from December to March at 90 basis points over expectations for the federal funds rate. That's up from 85 basis points at the start of the week and an average of 7 basis points in 2006. ``If banks are unwilling to lend to other banks, then they are unwilling to lend to you and me,'' says Stan Jonas, chief executive officer at Axiom Management...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 5:24 PM » Slope Of Bailouts Is Slippery And Expensive
    Published Thu, Sep 11 2008 5:24 PM by feeds.feedburner.com
    Inquiring minds are asking "What has Paulson Wrought?" That's a good question. So let's see what we can find starting with a look at the unintended consequences of the Fannie Mae (FNM) and Freddie Mac (FRE) taxpayer sponsored bailout forced down our throats by Treasury Secretary Paulson. Unintended Consequences Bloomberg is reporting . Treasury Secretary Henry Paulson's takeover of Fannie Mae and Freddie Mac is roiling the market for preferred securities. Prices of fixed-rate preferred stock fell an average of 11 cents to 69.8 cents on the dollar this week, including the biggest one-day drop in a decade on Sept. 8, according to Merrill Lynch & Co. index data. Paulson's "actions have damaged the preferred market," said Thomas Hayden, the investment strategist for Liberty Bankers Life Insurance in Dallas. "Somebody is going to be looking at an issue of Fannie or Freddie preferred shares that were rated AA up until a few months ago. The takeover was "unambiguously bad" for preferred investors and "likely set a precedent for any future rescue transactions," Kathleen Shanley, an analyst at bond research firm Gimme Credit LLC in Chicago, wrote in a Sept. 7 report. Preferred shares of Washington-based Fannie and Freddie of McLean, Virginia were cut to the second-lowest rating by Standard & Poor's and Moody's Investors Service on Sept. 7. The grades were slashed 11 levels by S&P to C and 10 rankings to Ca by Moody's. Moody's rated their preferred stock Aa3, the fourth- highest grade, until July. "In the primary market it's going to be much more difficult for financials across the board," Hayden said. "If Lehman Brothers thought they needed to go to the market and had any chance at all of issuing preferred stock to raise capital, it is now three times more difficult than it was last Friday." Investors will be "gun-shy" about buying preferred shares, said...
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:28 PM » Senators Seek Fannie, Freddie Foreclosure Freeze
    Published Thu, Sep 11 2008 4:28 PM by www.thetruthaboutmortgage.com
    Several U.S. Senate Banking Committee members have urged failed government enterprises Fannie Mae and Freddie Mac to put the freeze on foreclosures, according to a letter obtained by Bloomberg. In the letter sent to the two companies and their new regulator, the Federal Housing Finance Agency, Senators Charles Schumer and Robert Menendez, along with other panel [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 4:19 PM » Preferred Backlash to GSE Bailout Grows
    Published Thu, Sep 11 2008 4:19 PM by feeds.feedburner.com
    Holders of preferred equity in both Fannie Mae (FNM: 0.7509 +1.47%) and Freddie Mac (FRE: 0.5831 -11.65%) aren’t likely to take the Treasury’s weekend move to place both mortgage finance giants into conservatorship lying down, sources suggested to HW on Thursday. The move has roiled preferred securities on both GSEs, as well as other preferred [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 4:01 PM » Democrats Push for Foreclosure Freeze at Fannie, Freddie
    Published Thu, Sep 11 2008 4:01 PM by feeds.feedburner.com
    Four Democratic Senators, led by Charles Schumer (D-NY), are pushing federal regulators and new chief executives at Fannie Mae (FNM: 0.7492 +1.24%) and Freddie Mac (FRE: 0.60 -9.09%) to freeze all foreclosures on loans they own for 90 days. Numerous news outlets reported on the move Thursday afternoon, citing a letter sent by Schumer, Sherrod [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 3:40 PM » California Homebuyers Taking Their Time
    Published Thu, Sep 11 2008 3:40 PM by www.thetruthaboutmortgage.com
    Historically low interest rates and falling home prices have encouraged Californians to buy homes, but not without plenty of research, according to the California Association of Realtors “2008 Survey of California Home Buyers,” released today. Sixty-nine percent of all homebuyers and 77 percent of first-time homebuyers reported that lower home prices played a key role in [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 12:44 PM » Mortgage Lending Slid 25 Percent in 2007 as Stated Loans Lost Steam
    Published Thu, Sep 11 2008 12:44 PM by www.thetruthaboutmortgage.com
    A new report released today by the Federal Financial Institutions Examination Council found that mortgage lending slumped in 2007 as high-risk programs were phased out, Reuters reported. The group, which includes a number of agencies such as the FDIC, OCC, and OTS, utilized HMDA data from 8,610 financial institutions to analyze home lending statistics and promote [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 12:13 PM » We Have a Winner, and His Name is Bill Gross
    Published Thu, Sep 11 2008 12:13 PM by feeds.feedburner.com
    Say what you will about the man, but PIMCO fund manager Bill Gross has clearly proven adept at getting his way throughout this credit crisis — and investors in his funds are reaping the rewards. The UK Telegraph reported earlier this week that the U.S. Treasury’s move to place Fannie Mae (FNM: 0.75 +1.35%) and [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:40 AM » Fixed Mortgage Rates See Improvement from GSE Bailout
    Published Thu, Sep 11 2008 11:40 AM by www.thetruthaboutmortgage.com
    As expected, fixed mortgage rates saw marked improvement this week after the Fannie and Freddie bailout restored (forced) confidence in the secondary market. The benchmark 30-year fixed-rate mortgage fell to 5.93 percent during the week ending September 11, down from 6.35 percent a week earlier and 6.31 percent a year ago, according to mortgage financier Freddie [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 11:24 AM » Reverse Mortgage Co. Revamps Name, Brand
    Published Thu, Sep 11 2008 11:24 AM by feeds.feedburner.com
    Reverse mortgage are hot — so much so that companies in the space are realizing they should put the word “reverse” in their corporate names. The latest is OmniHome Financing, which said Thursday it had rebranded itself as Omni Reverse, and moved into new headquarters in Mission Viejo, Calif. Omni Reverse is ranked as the [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 11:09 AM » Rates Fall Dramatically in Wake of GSE Bailout
    Published Thu, Sep 11 2008 11:09 AM by feeds.feedburner.com
    While investors are still grappling with the fallout from a Treasury-led bailout of both Freddie Mac (FRE: 0.6259 -5.17%) and Fannie Mae (FNM: 0.78 +5.41%), borrowers are clearly benefiting as mortgage rates have fallen dramatically since Sunday’s takeover of the twin mortgage giants. Freddie Mac’s weekly rate survey found that rates on a 30-year fixed-rate [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:52 AM » Hope Hotline: California Most Counseled State
    Published Thu, Sep 11 2008 10:52 AM by www.thetruthaboutmortgage.com
    At-risk California homeowners have been taking advantage of foreclosure prevention efforts extended by the Hope Hotline, according to a promotional flyer from the Homeownership Preservation Foundation. Between January and August of this year, the famed hotline has received 167,924 calls from California homeowners, resulting in 38,894 counseling sessions. That’s up from 84,215 calls and 12,699 counseling sessions [...]
    Click Here to Read the Full Article

    Source: www.thetruthaboutmortgage.com
  • 10:38 AM » Markit Looks to Past for Latest ABX Addition
    Published Thu, Sep 11 2008 10:38 AM by feeds.feedburner.com
    Markit, the financial information services company that owns the Markit ABX.HE inde — commonly referred to as the ABX, for short — said Wednesday that it plans to launch an ABX.HE 05-2 index on Oct. 2. The ABX.HE is a tradable synthetic index of U.S. sub-prime asset-backed securities. The addition of the new index, following a [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:37 AM » Targeting Valuation of Subordinate Loan Pools
    Published Thu, Sep 11 2008 10:37 AM by feeds.feedburner.com
    After sister organization First American CoreLogic rolled out a solution earlier this week to help lenders and investors identify hidden second liens tied to their first lien positions, First American Subordinate Lien Outsourcing — another member of title insurance giant The First American Corporation (FAF: 28.77 -1.47%) — said Wednesday that the company had rolled [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 10:21 AM » Hedge Fund USA
    Published Thu, Sep 11 2008 10:21 AM by feeds.feedburner.com
    In HW’s initial coverage of the Fannie/Freddie bailout, we wrote that the move essentially made the Treasury into the world’s largest hedge fund: The Treasury said it will appoint two independent asset managers as financial agents of the U.S. government to manage the a government portfolio of MBS with the goal of “promoting stabiliity and protecting [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 8:45 AM » NAR's Chief Economist: Totally Clueless
    Published Thu, Sep 11 2008 8:45 AM by Seeking Alpha
    submits: If you want to see how clueless the NAR's Chief Economist is (as are many in the Real Estate Industry), look no further than the recent home sales report: (From the NY Times): "The National Association of Realtors said its seasonally adjusted index of pending sales for existing homes fell 3.2 percent to a reading of 86.5 from an upwardly revised June reading of 89.4. The index was 6.8 percent below year-ago levels.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:29 AM » GSEs Are 'Safe' - But What's Next?
    Published Thu, Sep 11 2008 8:29 AM by Seeking Alpha
    submits: By Eric Roseman Just in case you didn't hear, the government finally jumped into the mortgage business over the weekend when the politicians officially nationalized Fannie (FNM) and Freddie (FRE).
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:29 AM » Donaldson Company: A Boring Stock That Knows How to Deliver Earnings
    Published Thu, Sep 11 2008 8:29 AM by Seeking Alpha
    submits: I wanted to mention Donaldson ’s (DCI) earnings report from last week when I was out. () This is a boring stock but it certainly knows how to deliver earnings. For the July quarter, which is the company’s fiscal fourth quarter, Donaldson earned compared with 53 cents for last year's fourth quarter. That’s a pretty nice increase although the 60 cents a share was a penny below Wall Street’s consensus. If we want to split hairs, the EPS came in at 60.26 so we’re not talking about a huge miss.
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:29 AM » Housing Sales: Another Take On Modeling and Forecasting
    Published Thu, Sep 11 2008 8:29 AM by Seeking Alpha
    submits: We are taking a new slant on modeling and forecasting. At the risk of over-simplifying, let us start with two schools of thought: The professionals take classes in various modeling methods, learn techniques in real-life situations, and then go into the world to predict, to explain, and to advise. The naysayers disparage the work of the professionals. They point out the errors in the forecasts, without seeming to make any of their own. They proclaim that all models include errors. This represents a clear divergence of thought and a challenge for investors. If there is no expertise involved in modeling and forecasting, than anyone's opinion (or anecdote) is as good as anyone else's. It is the Wild West democracy of the blogosphere. Great fun, but is it profitable?
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • 8:29 AM » Housing on the Slide
    Published Thu, Sep 11 2008 8:29 AM by Seeking Alpha
    has a good post about home prices, looking at prices from several different angles. All angles suggest that prices have a ways further to go before reaching "normal." Of course, there's no reason to expect any time series to get back to normal, but it's a good first guess. Why should housing prices be above their long-run normal ratio to something (rental rates, income)?
    Click Here to Read the Full Article

    Source: Seeking Alpha
  • Wed, Sep 10 2008
  • 4:18 PM » Expect the Real Rally by Mid-2009
    Published Wed, Sep 10 2008 4:18 PM 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
  • 3:30 PM » GSEs Should Be Directly on Treasury’s Books: CBO
    Published Wed, Sep 10 2008 3:30 PM by feeds.feedburner.com
    For all of the press the Treasury/Federal Housing Finance Agency bailout of Fannie Mae (FNM: 0.8676 -12.36%) and Freddie Mac (FRE: 0.7635 -13.24%) has received, it’s the nuances that are now starting to come into clearer view that will determine the future course of mortgage lending in the United States. The Congressional Budget Office opened [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 2:58 PM » WaMu Tanks as As Buyers Run Scared
    Published Wed, Sep 10 2008 2:58 PM by feeds.feedburner.com
    A shake-up at the top has apparently done little to quell investor unrest over the future of Washington Mutual (WM: 2.77 -16.06%), the nation’s largest thrift. Share prices fell for the third straight day despite a move on Monday to replace long-time CEO Kerry Killinger with a company outsider, and were down more than 20 [...]
    Click Here to Read the Full Article

    Source: feeds.feedburner.com
  • 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
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  • |
  • Jumbo 30 Year Fixed 3.80%
MBS Prices:
  • 30YR FNMA 4.5 105-07 (0-00)
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  • 30YR FNMA 5.0 107-02 (0-01)
  • |
  • 30YR FNMA 5.5 107-32 (0-01)
Recent Housing Data:
  • Mortgage Apps 0%
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  • Refinance Index 0%
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  • Purchase Index 0%