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  • Tue, Dec 16 2014
  • 10:30 AM » Fed to Remove 'Considerable Time': FOMC Survey - Bloomberg
    Published Tue, Dec 16 2014 10:30 AM by Bloomberg
    Fed to Remove 'Considerable Time': FOMC Survey Bloomberg Federal Reserve officials are gearing up for a 2015 interest rate increase by dropping the "considerable time" language from their statement and replacing it with a different term, according to 68 percent of 56 economists in a Bloomberg News survey. Once the ... and more »
  • 9:21 AM » U.S. housing starts, permits fall; trend points to recovery
    Published Tue, Dec 16 2014 9:21 AM by Reuters
    WASHINGTON, (Reuters) - U.S. housing starts and permits fell in November, but the underlying trend remained
  • 9:15 AM » Weidmann Rejects Sovereign-Bond Buying Even If Deflation Emerges - Bloomberg
    Published Tue, Dec 16 2014 9:15 AM by Bloomberg
    Weidmann Rejects Sovereign-Bond Buying Even If Deflation Emerges Bloomberg Jens Weidmann said there's no need for the European Central Bank to expand monetary stimulus, and argued that sovereign-debt purchases aren't a solution even if slumping oil prices cause deflation. "Such a development initially requires no monetary ...
  • 9:13 AM » New measure shows mortgage denial rate is triple traditional estimates.
    Published Tue, Dec 16 2014 9:13 AM by Google News
    For more than three decades, researchers and policymakers have used the mortgage denial rate as a measure of general mortgage credit availability and of racial and ethnic disparities in access. But the traditional way of calculating the denial rate doesn't distinguish between two very different sources of change in access to mortgage credit: the mix […]
  • 9:13 AM » A Look Back at Five Predictions for 2014
    Published Tue, Dec 16 2014 9:13 AM by Freddie Mac
    By Chief Economist Frank E. Nothaft 'Tis the season to look back at the year, reflect, and, of course, make a list (sometimes checking it twice). In keeping with the spirit of the season, we decided to take the lead from the late Ed Koch, former mayor of New York City, who was known for asking his constituents, "How'm I doin'?" This month we look back at consensus projections for five key housing and mortgage indicators in 2014 and ask "How'd we do?" Read More
  • 9:13 AM » Freddie Mac December U.S. Economic and Housing Market Outlook
    Published Tue, Dec 16 2014 9:13 AM by freddiemac.mwnewsroom.com
    Freddie Mac December U.S. Economic and Housing Market Outlook
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 9:13 AM » Ocwen faulted by watchdog for compliance with servicing settlement
    Published Tue, Dec 16 2014 9:13 AM by Reuters
    WASHINGTON, Dec 16 (Reuters) – Ocwen Financial Corp’s mortgage servicing operations were criticized on Tuesday by a watchdog who questioned the independence of an internal audit group, adding to previous concerns from regulators. Ocwen is subject to the watchdog’s oversight because it had acquired mortgage servicing rights from a unit of Ally Financial Inc. That […]
  • Mon, Dec 15 2014
  • 9:07 PM » Russia raises key rate to 17%, effective Tuesday
    Published Mon, Dec 15 2014 9:07 PM by CNBC
    Please check back for further updates.
  • 9:04 PM » Russia Boosts Interest Rates To 17 Percent Amid Currency's Slide
    Published Mon, Dec 15 2014 9:04 PM by www.npr.org
    The central bank says the move to raise rates from 10.5 percent is aimed at limiting the ruble's slide and curbing inflation. The ruble is the world's worst-performing major currency this year.
  • 9:03 PM » China Factory Gauge Declines to Seven-Month Low in December - Bloomberg
    Published Mon, Dec 15 2014 9:03 PM by Bloomberg
    China Factory Gauge Declines to Seven-Month Low in December Bloomberg A Chinese factory gauge fell to a seven-month low in December, suggesting further stimulus is needed to halt a slowdown in the world's second-largest economy. The preliminary Purchasing Managers' Index from HSBC Holdings Plc and Markit Economics ...
  • 9:03 PM » Lawler: Updated Table of Distressed Sales and Cash buyers for Selected Cities in November
    Published Mon, Dec 15 2014 9:03 PM by Calculated Risk Blog
    Economist Tom Lawler sent me the updated table below of short sales, foreclosures and cash buyers for a few selected cities in November. On distressed: Total "distressed" share is down in these markets mostly due to a decline in short sales (the Mid-Atlantic and Orlando were unchanged). Short sales are down significantly in these areas. Foreclosures are up in several areas (working through the logjam). The All Cash Share (last two columns) is declining year-over-year. As investors pull back, the share of all cash buyers will probably continue to decline.   Short Sales Share Foreclosure Sales Share Total "Distressed" Share All Cash Share Nov-14 Nov-13 Nov-14 Nov-13 Nov-14 Nov-13 Nov-14 Nov-13 Las Vegas 9.5% 21.0% 8.7% 7.0% 18.2% 28.0% 32.8% 43.7% Reno*             26.5% N/A Omaha             21.1% 21.6% Memphis*     15.1% 20.5%         Springfield ILSingle Family Only ***GAMLS
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 5:01 PM » China's Treasury Holdings Decline to Lowest Since February 2013 - Bloomberg
    Published Mon, Dec 15 2014 5:01 PM by Bloomberg
    China's Treasury Holdings Decline to Lowest Since February 2013 Bloomberg China's holdings of U.S. Treasuries fell to a 20-month low in October, as yuan appreciation indicated less of an impetus to buy the government securities. China held $1.25 trillion in U.S. debt as of October, a $13.6 billion drop from September, the Treasury ...
  • 5:01 PM » Lawler: Early Read on Existing Home Sales in November (look for big dip)
    Published Mon, Dec 15 2014 5:01 PM by Calculated Risk Blog
    From housing economist Tom Lawler Based on local realtor/MLS reports from across the country, I estimate that US existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of about 4.93 million in November, down 6.3% from October's preliminary pace but up 2.1% from last November's pace . On the inventory front, the vast majority of local reports showed a larger monthly decline in listings this November compared to last November, and I estimate that the inventory of existing homes for sale as measured by the NAR for the end of November will be 2.12 million, down 4.5% from October and up 3.4% from a year ago. Finally, a median existing SF home sales price for November that was up about 4.7% from last November would be consistent with local realtor/MLS reports. On this latter point, I should note that the YOY increases shown in the NAR's median sales prices for the last several months have been higher than local realtor/MLS reports would have suggested. CR Note: Existing home sales will be released next week on Monday, December 22nd.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:57 PM » Bill Gross: Disinflation may stop Fed from 2015 rate hike
    Published Mon, Dec 15 2014 3:57 PM by Market Watch
    NEW YORK (MarketWatch) -- The Federal Reserve might hold back from hiking interest rates in 2015 because of a lack of inflation, said bond guru Bill Gross in a CNBC interview on Monday. When asked to say whether or not the U.S. central bank will raise rates, Gross refused to say "yes" or "no," instead just saying "close." He added: "Why would the Federal Reserve raise interest rates in order to slow economic growth if inflation in fact was moving lower?" Gross, the Pimco founder who made a much-discussed move in September to Janus Capital , said the market isn't respecting the inflation part of the Fed's mandate.
  • 3:57 PM » Draghi Will Win on Economic Stimulus - Bloomberg
    Published Mon, Dec 15 2014 3:57 PM by Bloomberg
    Bloomberg Draghi Will Win on Economic Stimulus Bloomberg The battle over whether to start quantitative easing in the euro region is all but won, economists say. More than 90 percent of respondents in Bloomberg's monthly survey predict the European Central Bank will begin large-scale buying of government bonds ... and more »
  • 2:40 PM » For the Holidays: Wells Fargo Donates Homes to Veterans
    Published Mon, Dec 15 2014 2:40 PM by www.wellsfargo.com
    Wells Fargo is donating six homes to veterans for the holidays
    Click Here to Read the Full Article

    Source: www.wellsfargo.com
  • 2:36 PM » November Southland Home Sales Press Release
    Published Mon, Dec 15 2014 2:36 PM by DataQuick
    Southern California November Home Sales Fall Sharply; Median Sale Price Holds Steady Again December 15, 2014 CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its November Southern California housing market report. Home sales dropped to the lowest level for the month of November in seven years, the result of a relatively low number of days for recording deals, as well as fewer investor purchases and other market factors. There were also more signs of home prices flattening out: The region's median sale price has changed little over the last three months and November marked the sixth consecutive month in which the median had a single-digit year-over-year gain, following 22 months of double-digit increases. A total of 15,643 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November 2014. That was down 18.8 percent from 19,271 sales in October, and down 9.5 percent from 17,283 sales in November 2013, according to CoreLogic DataQuick data. On average, Southern California sales have fallen 8.4 percent between October and November since 1988, when CoreLogic DataQuick data began. It's likely that this November's sales decline from October was especially sharp because of a calendar issue: There were only 17 days on which home sales could be recorded at county recorders' offices this November, compared with 22 or 23 days in October, depending on the county. Over the last decade, there has been an average of about 19 days for such recordings in the month of November. November home sales have ranged from a low of 13,173 in 2007 to a high of 31,987 in 1988. November 2014 sales were 26.7 percent below the November average of 21,340 sales. Between January and November of this year, home sales were down 9.8 percent from the same 11-month period in 2013. "Southern California home sales are closing on a low note...
  • 1:24 PM » Early Glimpses at New-Home Sales Show Buyers Still Hesitant
    Published Mon, Dec 15 2014 1:24 PM by WSJ
    Early gauges of new-home sales in November point to a lackluster, if not disappointing, result as consumers remain hesitant despite the improving economy.
  • 1:23 PM » Blame technicals for Monday's wild market ride
    Published Mon, Dec 15 2014 1:23 PM by CNBC
    It didn't take long for the market to erase Monday's rally and turn sharply lower, with strategists pointing to oil and technicals for the wild ride.
  • 1:23 PM » Playing the interest rate 'Groundhog Day' next year
    Published Mon, Dec 15 2014 1:23 PM by CNBC
    Another year almost here and yet again it seems we are looking at lower interest rates despite the Federal Reserve's best efforts.
  • 11:42 AM » ECB May Have to Buy Sovereign Bonds, Nowotny Says
    Published Mon, Dec 15 2014 11:42 AM by WSJ
    With its key interest rates as low as they can go, the ECB may have to buy sovereign bonds if the inflation rate remains low and economic growth weak over the long term, a member of the governing council said.
  • 11:41 AM » This Wasn't Written by an Algorithm, But More and More Is
    Published Mon, Dec 15 2014 11:41 AM by WSJ
    Robots have conquered assembly lines. Now they're going after the wordsmiths.
  • 10:14 AM » Wells Fargo/Gallup: Investor Optimism Holds Steady at Seven-Year High
    Published Mon, Dec 15 2014 10:14 AM by www.wellsfargo.com
    The Wells Fargo/Gallup Investor and Retirement Optimism Index registered at +48 in November and is now the highest it has been since 2007.
    Click Here to Read the Full Article

    Source: www.wellsfargo.com
  • 10:13 AM » Home builders content with slow recovery
    Published Mon, Dec 15 2014 10:13 AM by CNBC
    Home builders seem resigned to the fact that their business is recovering at a slower-than-expected pace.
  • 9:29 AM » U.S. manufacturing output surges in November
    Published Mon, Dec 15 2014 9:29 AM by Reuters
    WASHINGTON (Reuters) - U.S. manufacturing output recorded its largest increase in nine months in November as production expanded across the board, pointing to underlying strength in the economy.
  • 8:45 AM » Slowdown signs emerge for oil states
    Published Mon, Dec 15 2014 8:45 AM by CNBC
    Some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices.
  • 8:42 AM » When Grandma's House Is Home: The Rise Of Grandfamilies
    Published Mon, Dec 15 2014 8:42 AM by www.npr.org
    In a shift driven partly by culture and largely by the economy, the number of grandparents living with their grandchildren is up sharply. About 1 in 10 kids is living with a grandparent.
  • 8:42 AM » NY manufacturing activity lowest in 2 years: NY Fed
    Published Mon, Dec 15 2014 8:42 AM by CNBC
    Manufacturing activity in New York state contracted for the first time in nearly two years, a New York Federal Reserve survey showed on Monday.
  • 8:41 AM » Treasury's New Homeowner Aid Prompting Republican Ire - Bloomberg
    Published Mon, Dec 15 2014 8:41 AM by Bloomberg
    Treasury's New Homeowner Aid Prompting Republican Ire Bloomberg Treasury Secretary Jacob Lew's decision to give more help to homeowners who have already gotten mortgage assistance has sparked opposition from Republicans aiming to end President Barack Obama's foreclosure prevention program. The Treasury ...
  • Sun, Dec 14 2014
  • 11:42 PM » Home Buyers Are Optimistic but Not Wild-Eyed
    Published Sun, Dec 14 2014 11:42 PM by rss.nytimes.com
    While recent expectations for home-price appreciation are optimistic, they are still nowhere near those of the bubble a decade ago.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 10:39 PM » Eight ways the big new government spending bill affects your personal taxes
    Published Sun, Dec 14 2014 10:39 PM by Washington Post
    The $1.1 trillion spending bill that Congress passed late Saturday will keep the government open until next September, funding a host of government agencies and extending dozens of tax breaks. Most of those tax breaks affect corporations, but eight are especially valuable for individuals. These are nowhere near as significant as previous battles over income tax rates, but for specific groups of people -- teachers, residents of certain states, people underwater on their mortgage, parents with kids in college -- they can be especially meaningful. The following eight tax breaks would have expired if Congress didn't pass the new law.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:39 PM » Global Bond Yields Approach Record Low as Inflation Outlook Dips - Bloomberg
    Published Sun, Dec 14 2014 10:39 PM by Bloomberg
    Global Bond Yields Approach Record Low as Inflation Outlook Dips Bloomberg A gauge of global bond yields approached a record low, reflecting the declining outlook for inflation as oil prices tumble and the dollar trades near a five-year high. Bonds in the Bank of America Merrill Lynch Global Broad Market Sovereign Plus Index yielded ... and more »
  • 10:39 PM » Draghi's QE Battle Almost Won as Economists See Action - Bloomberg
    Published Sun, Dec 14 2014 10:39 PM by Bloomberg
    Draghi's QE Battle Almost Won as Economists See Action Bloomberg The battle over whether to start quantitative easing in the euro region is all but won, economists say. More than 90 percent of respondents in Bloomberg's monthly survey predict the European Central Bank will begin large-scale buying of government bonds ... and more »
  • 10:37 PM » New mortgage incentives 'a little risky': Shiller
    Published Sun, Dec 14 2014 10:37 PM by CNBC
    Could new programs that boost first=time homebuyers lead to another crisis? Robert Shiller sees some risk of that.
  • Fri, Dec 12 2014
  • 4:54 PM » Fed's Stanley Fischer Discusses Big-Bank Political Influence
    Published Fri, Dec 12 2014 4:54 PM by WSJ
    Did the political influence of big Wall Street banks wane after the financial crisis? Not according to the vice chairman of the Federal Reserve.
  • 2:38 PM » Foreclosure help for troops to be permanent
    Published Fri, Dec 12 2014 2:38 PM by Market Watch
    Senate passes measure that protects service members, particularly National Guard and reservists, from foreclosure for up to one year after their active duty period concludes.
  • 2:38 PM » Merrill and Nomura: FOMC Preview
    Published Fri, Dec 12 2014 2:38 PM by Calculated Risk Blog
    From Lewis Alexander et al at Nomura: We expect the December FOMC meeting to give us additional insight into the future path of monetary policy. We will receive another round of FOMC forecasts for the first time since September, which will incorporate significant new data. The drop in energy prices will likely lead the FOMC to lower its inflation forecasts, and the Committee will likely have to lower its unemployment rate forecasts, due to the faster-than-expected declines in the unemployment rate. Moreover, we expect the FOMC to make changes to its forward guidance. Given recent Fed speak and improvement in US economic momentum, we now think it is more likely than not that the FOMC will drop the "considerable time" language in its December policy statement. However, we expect them to replace this with some statement that suggests that rate hikes are not imminent. From Michael Hanson at Merrill Lynch: Next week's FOMC meeting will feature updated forecasts (including the dot plot) and a press conference from Fed Chair Janet Yellen. But most market discussion of late has focused on the "considerable time" phrase: will it stay or will it go? Our base case is that the Fed will replace it with language emphasizing patience, but it is a close call versus keeping the current text. Whether or not that language is changed, we expect Chair Janet Yellen to signal a patient and gradual evolution of policy in a data-dependent context in her post-meeting press conference. The Fed likely wants to gradually guide the markets toward liftoff, not shock them. ... What is almost certain is that the Fed will not simply drop "considerable time" without any substitute. ... as New York Fed President Bill Dudley reiterated this past week, to be a bit too late than to be too early. Additional reasons for patience include the limited set of policy options should the Fed have to ease further, as well as the hit to credibility of having to soon reverse a hiking...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:47 PM » What Wall Street won from Congress in budget deal
    Published Fri, Dec 12 2014 1:47 PM by CNN
    To critics, the changes to banking regulations lawmakers slipped into a spending bill is nothing more than a giveaway to banks. And the losers will be taxpayers, who'll be on the hook for future bailouts.
  • 1:40 PM » Bill Gross: The Fed Should Keep Rate Expectations Low - Bloomberg
    Published Fri, Dec 12 2014 1:40 PM by Bloomberg
    Bloomberg Bill Gross: The Fed Should Keep Rate Expectations Low Bloomberg Oil's falling, financial markets are in turmoil and the Federal Reserve shouldn't make the situation worse, Bill Gross says. Gross, who in September abruptly resigned his post heading the world's largest bond fund, told Bloomberg Radio's Tom Keene the Fed ... and more »
  • 11:58 AM » Fed's Kocherlakota will step down in 2016
    Published Fri, Dec 12 2014 11:58 AM by Market Watch
    WASHINGTON (MarketWatch) - Narayana Kocherlakota, the president of the Minneapolis Fed, and a leading dove on the U.S. central bank, will step down once his current term ends early in 2016, the regional bank announced Friday. In a brief statement, Kocherlakota did not give a reason for deciding not to seek reappointment. Kocherlakota became president of the Minneapolis Fed in 2009.
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