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  • Thu, Jul 17 2014
  • 11:17 PM » News Release - Fannie Mae Prices Fourth Capital Markets ...
    Published Thu, Jul 17 2014 11:17 PM by Fannie Mae
    Fannie Mae today announced that it priced its fourth, and largest, credit risk sharing transaction under its Connecticut Avenue Securities (C-deals) series ...
  • 11:17 PM » Why Student Loan Rhetoric Doesn't Match the Facts
    Published Thu, Jul 17 2014 11:17 PM by
    The hysteria surrounding much of the public discussion around student loan debt does not have a strong basis in reality.  In a recent report , Beth Akers and I show that education debt levels have increased markedly over the last two decades, driven in large part by rising tuition levels and Americans obtaining more education (especially graduate degrees).  But the typical household with debt is no worse off today than a generation ago, with increases in lifetime earnings more than offsetting increases in debt, and monthly payment burdens kept manageable by longer repayment periods. Why then is the rhetoric on student loans so far removed from reality?  If the economic position of college-educated households has improved over the last 20 years, despite large increases in debt, why have commentators and policymakers become more concerned about student debt?  One possibility is that public attention to student loans may have as much to do with who borrows as with how much they borrow. In a previous post, Beth Akers and I showed that high-income households hold a disproportionate share of education debt.  Might the recent surge in attention paid to student loans stem in part from increases in debt among affluent households, similar to the attention Congress paid to sequestration when federal budget cuts led to flight delays out of New York and other major cities? I tackle this question by examining whether increases in debt have been concentrated among the affluent, measured using both the income of students’ families and their own income as young adults. The figure below shows average borrowing (per academic year) for undergraduate students who are financially dependent on their parents, based on inflation-adjusted data from the nationally representative National Postsecondary Student Aid Study (NPSAS).  In 1990, students from lower-income families borrowed a bit over $1,000 per year of college (in 2012 dollars...
    Click Here to Read the Full Article

  • 4:11 PM » With jumbo mortgages, borrowers in no rush to change
    Published Thu, Jul 17 2014 4:11 PM by Market Watch
    Demand for refinancing may be beginning to dry up among high-end homeowners, thanks to low incentives and shifting rates.
  • 3:49 PM » Israel launches Gaza ground offensive
    Published Thu, Jul 17 2014 3:49 PM by CNBC
    Israeli Prime Minister Netanyahu has instructed the country's military to launch a ground offensive in Gaza, his office said in an official statement.
  • 2:07 PM » Fannie Mae Faces Higher Costs in Risk-Sharing-Debt Sale - Bloomberg
    Published Thu, Jul 17 2014 2:07 PM by Bloomberg
    Fannie Mae Faces Higher Costs in Risk-Sharing-Debt Sale Bloomberg Bond investors are seeking to be paid more to potentially bear some of the losses on mortgages guaranteed by Fannie Mae in the biggest sale of a type of risk-sharing debt it began offering last year. The government-backed mortgage giant may pay a floating ... and more »
  • 2:07 PM » San Francisco median home price hits $1 million
    Published Thu, Jul 17 2014 2:07 PM by CNBC
    According to DataQuick, the median home price in San Francisco hit the seven-figure mark for the first time in June.
  • 2:05 PM » Russia seen facing condemnation
    Published Thu, Jul 17 2014 2:05 PM by CNBC
    The downing of a airliner over Ukraine brought immediate condemnation of Russia, and it's likely to get stronger.
  • 2:02 PM » Fed's Bullard: Fed May Need Rate Rises ‘Sooner Rather Than Later'
    Published Thu, Jul 17 2014 2:02 PM by WSJ
    Federal Reserve Bank of St. Louis President James Bullard said Thursday said if the economy continues to grow around its current pace, the central bank may have to raise short-term interest rates "sooner rather than later."
  • 1:08 PM » BofA sees a correction coming in...
    Published Thu, Jul 17 2014 1:08 PM by CNBC
    Another prominent market bull has joined the growing ranks of Wall Street strategists who think a correction is not far away.
  • 12:15 PM » Paulson: Buying a home best investment
    Published Thu, Jul 17 2014 12:15 PM by CNBC
    Billionaire money manager John Paulson still thinks buying a home to live in is the best investment possible.
  • 11:07 AM » White House sees labor force dropouts getting back into the game
    Published Thu, Jul 17 2014 11:07 AM by Reuters
    WASHINGTON (Reuters) - The White House said on Thursday it expects America's strengthening economy will temporarily halt the troubling decline in the share of workers who have jobs or are looking for one.
  • 11:06 AM » Mortgage Rates Tick Down Slightly
    Published Thu, Jul 17 2014 11:06 AM by
    Mortgage Rates Tick Down Slightly
    Click Here to Read the Full Article

  • 11:06 AM » Forecast Says U.S. Home Prices Are Overvalued, Will Peak In 2016
    Published Thu, Jul 17 2014 11:06 AM by WSJ
    The U.S. home price rebound has nearly run its course, and Americans should prepare for several years of home prices that don't increase much, if they rise at all, according to a report published by bond strategists at Bank of America Merrill Lynch.
  • 9:46 AM » All in the Family Home: Record 57 Million Americans Living in Multi-Generational Households
    Published Thu, Jul 17 2014 9:46 AM by WSJ
    A record 57 million Americans-or 18.1% of the population-lived in multi-generational households in 2012, The rate has been on a steady march upward since its post-World War 11 low in 1980, when just 12.1% of the population utilized these arrangements.
  • 8:40 AM » US claims drop as housing starts plunge
    Published Thu, Jul 17 2014 8:40 AM by CNBC
    U.S. jobless claims fell unexpectedly--but housing starts did as well, data showed.
  • 8:30 AM » 8 big first-time homebuyer mistakes
    Published Thu, Jul 17 2014 8:30 AM by CNBC
    Home sales are surging, and summer is a big season for deals. Here are eight mistakes that homebuyers need to avoid.
  • 8:29 AM » Foreclosure activity at lowest level in 8 years
    Published Thu, Jul 17 2014 8:29 AM by CNBC
    Foreclosures in June hit the lowest level since July 2006, before the housing price bubble burst.
  • 8:29 AM » Risk aversion on Russia pushes US bonds higher
    Published Thu, Jul 17 2014 8:29 AM by CNBC
    U.S. government bonds traded higher on Thursday, after the announcement of fresh sanctions against Russia boosted risk aversion.
  • Wed, Jul 16 2014
  • 11:45 PM » Justice Department, Bank of America remain at odds over mortgage settlement
    Published Wed, Jul 16 2014 11:45 PM by Washington Post
    A top official at the Justice Department took a swipe at Bank of America amid renewed negotiations to resolve an investigation into the bank's sale of faulty mortgage securities. The government has been in protracted talks with the second largest U.S. bank over its role in the housing meltdown that sparked the 2008 financial crisis. Negotiations stalled last month after the two sides could not agree on the structure of the deal. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 11:40 PM » June California Home Sale Press Release
    Published Wed, Jul 16 2014 11:40 PM by DataQuick
    California June Home Sales July 16, 2014 An estimated 39,254 new and resale houses and condos sold statewide in June. That was up 4.0 percent from 37,734 in May, and down 4.3 percent from 41,027 sales in June 2013, according to San Diego-based DataQuick. June sales have varied from a low of 35,202 in 2008 to a high of 76,669 in 2004. Last month's sales were 19.8 percent below the average of 48,929 sales for all the months of June since 1988, when DataQuick's statistics begin. California sales have not been above average for any particular month in more than eight years. The median price paid for a home in California last month was $393,000, up 1.8 percent from $386,000 in May and up 11.6 percent from $352,000 in June 2013. Last month's median was the highest for any month since December 2007, when it was $402,000. Last month was the 28th consecutive month in which the state's median sale price rose year-over-year. In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009. Of the existing homes sold last month, 5.8 percent were properties that had been foreclosed on during the past year. That was down from a revised 5.9 percent in May and down from 9.8 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009. Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 5.2 percent of the homes that resold last month. That was down from an estimated 6.3 percent the month before and 13.9 percent a year earlier. The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,530, up from $1,508 the month before and up from $1,356 a year earlier. Adjusted for inflation, last month's payment was 35.1 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 47.4 percent below the current cycle's peak in June 2006. It was 62.9 percent above the...
  • 4:43 PM » In U.S., Quality Jobs Outlook Best in More Than Six Years
    Published Wed, Jul 16 2014 4:43 PM by
    In the U.S., 35% say that now is a good time to find a quality job. This represents a seven-percentage-point increase since June, and is the highest since December 2007, the first month of the Great Recession.
    Click Here to Read the Full Article

  • 4:19 PM » Yellen's big mistake
    Published Wed, Jul 16 2014 4:19 PM by
    Is “substantially stretched” the new “irrational exuberance”? Anyway, MKM Partners economist Mike Darda thinks Fed boss Yellen made a big mistake yesterday: Fed Chair Yellen threw a bone to the financial stability hawks yesterday by specifically mentioning "stretched" valuations in small … read more >
    Click Here to Read the Full Article

  • 4:19 PM » Fed Unveils a New Job-Market Index
    Published Wed, Jul 16 2014 4:19 PM by
    Once upon a time, when the Federal Reserve talked about the labor market, it was almost always talking about the unemployment rate or the change in the number of jobs. But the world has grown more complicated, and Fed Chairwoman  Janet Yellen  has pointed to a host of other labor-market measures. But these different indicators often point in different directions, which can make it hard to tell if the labor market is getting better or getting worse. So four Fed staff economists have come to the rescue with a new “labor markets conditions index” that uses a statistical model to summarize monthly changes in 19 labor-market into a single handy gauge. The new index–described  in a post  on the Fed’s web site in May – makes its public debut in the Fed’s semi-annual  monetary policy report  to Congress. When the line is above zero, the job market is improving. When it’s below – as it was during the recession – the job market is deteriorating. So how’s the Fed reading the latest wiggle? It “suggests that labor market conditions have strengthened further this year,” the Fed says. “While increases in the index slowed a touch at the beginning of this year, partly reflecting the effects of unseasonably cold and snowy weather this winter, the pace has picked up again in recent months.” In her testimony to Congress this week, Ms. Yellen said that “significant slack remains in the labor markets” and noted that wages are rising very slowly, all of which points to an economy which has not yet fully recovered from the Great Recession and still needs the sustenance of low interest rates. The new index includes familiar government metrics – the unemployment rate, the fraction of the population working or looking for work, the length of the average work week, the number...
    Click Here to Read the Full Article

  • 4:19 PM » Fed risks doing more harm than help: Jim Paulsen
    Published Wed, Jul 16 2014 4:19 PM by CNBC
    Investment strategist Jim Paulsen said he believes the Fed should accelerate its exit strategy, and may be forced to do so by the market.
  • 3:30 PM » We Read It So You Don't Have To: 12 Beige Book Gems
    Published Wed, Jul 16 2014 3:30 PM by WSJ
    Despite its bland title, there are often lots of interesting nuggets tucked within the Fed's beige book report.
  • 3:30 PM » BlackRock Fund Said to Be Seller in Mortgage-Bond Auction - Bloomberg
    Published Wed, Jul 16 2014 3:30 PM by Bloomberg
    BlackRock Fund Said to Be Seller in Mortgage-Bond Auction Bloomberg BlackRock Inc. (BLK) is winding down one of the biggest wagers made on bonds backed by souring U.S. mortgages during the financial crisis. The world's largest money manager sold $3.7 billion of the $22 billion of securities it bought from UBS AG six years ... and more »
  • 3:30 PM » U.S. official warns banks of lawsuits over mortgage misconduct
    Published Wed, Jul 16 2014 3:30 PM by Reuters
    WASHINGTON, July 16 (Reuters) – A U.S. Department of Justice official on Wednesday told banks under investigation in connection with mortgage securities sold before the financial crisis to admit to misconduct and pay substantial penalties or face lawsuits from the agency. The warning from No. 3 Justice official Tony West comes after a $7 billion […]
  • 2:49 PM » Largest Banks Rank Highest On Fed Risk Data
    Published Wed, Jul 16 2014 2:49 PM by WSJ
    Last month, the Federal Reserve released new data shedding some light on how to answer that question. The Fed is the main U.S. agency in charge of keeping the financial system stable, so the Journal looked deeper the numbers.
  • 2:03 PM » Beige Book: Expansion at moderate to modest pace
    Published Wed, Jul 16 2014 2:03 PM by CNBC
    During congressional testimony on Tuesday and Wednesday, Fed Chair Janet Yellen said she was "optimistic" on the slowly growing economy.
  • 1:18 PM » The surprising impact of reinvestment QE
    Published Wed, Jul 16 2014 1:18 PM by Market Watch
    The effects of the end of QE on the U.S. economy and stock market are many, but with the opposite action taking place in Europe, one place one might not have realized its impact is on the dollar.
  • 12:57 PM » China, Japan Add Treasuries on U.S. Yield Advantage - Bloomberg
    Published Wed, Jul 16 2014 12:57 PM by Bloomberg
    China, Japan Add Treasuries on U.S. Yield Advantage Bloomberg China and Japan, the two largest foreign buyers of Treasuries, increased their holdings of the debt in May as U.S. yields that were higher than those of Germany and most other large sovereign issuers boosted demand. The two countries, which held a total of ...
  • 12:22 PM » Yellen Says Fed Won't Rule Out Broker Support in Banking Crisis - Bloomberg
    Published Wed, Jul 16 2014 12:22 PM by Bloomberg
    Yellen Says Fed Won't Rule Out Broker Support in Banking Crisis Bloomberg Federal Reserve Chair Janet Yellen said she wouldn't rule out expanding access to the central bank's discount window to broker-dealers and other non-banks under certain circumstances during a financial crisis. "It depends what the circumstances are," ... and more »
  • 12:22 PM » Fed's Fisher sees rate hikes early next year, or sooner
    Published Wed, Jul 16 2014 12:22 PM by Reuters
    LOS ANGELES (Reuters) - The Federal Reserve should allow its massive balance sheet to begin to shrink in October, a move that would signal a start to interest-rate hikes early next year, if not before, a top Fed official said on Wednesday.
  • 11:31 AM » Colorado AG Charges State's Largest Foreclosure Law Firm with Fraud
    Published Wed, Jul 16 2014 11:31 AM by
    DENVER - Colorado Attorney General John Suthers today announced the filing of civil law enforcement actions against the two largest foreclosure law firms in Colorado.  In separate filings, the Attorney General's Consumer Protection Section charged The Castle Law Group, its principals and affiliated foreclosure-related businesses, as well as Aronowitz & Mecklenburg, its principals and affiliated foreclosure-related businesses with violating the Colorado Consumer Protection Act, the Colorado Antitrust Act, and the Colorado Fair Debt Collection Practices Act. Attachments:  News Release Castle Complaint Aronowitz Complaint Aronowitz Proposed Final Consent Judgment Aronowitz Joint Motion for Consent Judgment read more
    Click Here to Read the Full Article

  • 11:31 AM » Yellen weighs in on US equities, debt
    Published Wed, Jul 16 2014 11:31 AM by CNBC
    Yellen said there were signs of a production and spending rebound in the second quarter, but "this bears close watching."
  • 11:29 AM » BofA offers $13 billion to settle mortgage probe: WSJ
    Published Wed, Jul 16 2014 11:29 AM by Reuters
    (Reuters) - Bank of America Corp has offered $13 billion to settle a probe into mortgage securities sold by the bank, the Wall Street Journal reported, citing people familiar with the matter.
  • 10:45 AM » JPM's Erdoes: Bond inflows 'gives me great pause'
    Published Wed, Jul 16 2014 10:45 AM by CNBC
    Mary Callahan Erdoes of J.P. Morgan Asset Management, is concerned about retail investors continuing to invest in bonds despite the growing risks.
  • 10:06 AM » Home builders buoyed by better jobs picture
    Published Wed, Jul 16 2014 10:06 AM by CNBC
    A National Association of Home Builders' monthly index jumped 4 points in July and finally crossed into positive territory.
  • 8:46 AM » U.S. producer prices rise more than expected in June
    Published Wed, Jul 16 2014 8:46 AM by Reuters
    WASHINGTON (Reuters) - U.S. producer prices rose more than expected in June with gains across most categories, indicating some inflation at the factory gate.
  • 8:45 AM » Rising Demand for 15-Year Mortgage Debt
    Published Wed, Jul 16 2014 8:45 AM by Bloomberg
    Zero-Rate Calm Belied by Demand for 15-Year Mortgage Debt Bloomberg Federal Reserve Chair Janet Yellen reiterated to lawmakers yesterday that "a high degree of monetary policy accommodation remains appropriate" to combat persistent weakness in the nation's economy. Close. Federal Reserve Chair Janet Yellen reiterated ... and more »
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Mortgage Rates:
  • 30 Yr FRM 4.15%
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  • 15 Yr FRM 3.30%
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  • Jumbo 30 Year Fixed 3.99%
MBS Prices:
  • 30YR FNMA 4.5 107-28 (0-00)
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  • 30YR FNMA 5.0 110-08 (-0-02)
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  • 30YR FNMA 5.5 111-06 (-0-06)
Recent Housing Data:
  • Mortgage Apps 1.90%
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  • Refinance Index 0.38%
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  • FHFA Home Price Index 0.67%