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  • Thu, Jan 15 2015
  • 8:39 AM » Jobless Claims in U.S. Unexpectedly Climb to Four-Month High - Bloomberg
    Published Thu, Jan 15 2015 8:39 AM by Bloomberg
    Jobless Claims in U.S. Unexpectedly Climb to Four-Month High Bloomberg More Americans unexpectedly filed applications for unemployment benefits last week, indicating companies let go of seasonal workers following the holidays. Jobless claims climbed by 19,000 to 316,000 in the week ended Jan. 10, the most since early ... and more »
  • 8:36 AM » Swiss National Bank scraps euro cap
    Published Thu, Jan 15 2015 8:36 AM by Reuters
    ZURICH (Reuters) - The Swiss National Bank unexpectedly scrapped its cap on the franc on Thursday, sending the safe-haven currency crashing through the 1.20 per euro limit it set more than three years ago.
  • 8:36 AM » Bank of America shares fall as profit, revenue decline
    Published Thu, Jan 15 2015 8:36 AM by Market Watch
    NEW YORK (MarketWatch) -- Bank of America Corp. shares fell 2.1% in premarket trade after the bank reported lower fourth-quarter profit and revenue. The bank said it had net income of $3.1 billion, or 25 cents a share, in the quarter, down from $3.4 billion, or 29 cents a share in the year-earlier period. The results included adjustments that lowered per-share earnings by 7 cents, the bank said in a statement. However, about $720 million of the decline was due to lower gains from the sale of debt securities and equity investment income, as well as lower mortgage banking income and lower trading profits. Revenue fell to $19 billion from $21.7 billion. The FactSet consensus was for EPS of 31 cents and revenue of $21.079 billion. Shares have gained 1.9% in the last three months, while the S&P 500 has gained about 8%.
  • 8:36 AM » Home Loans Seen Rebounding After 2014 Collapse in U.S. - Bloomberg
    Published Thu, Jan 15 2015 8:36 AM by Bloomberg
    Home Loans Seen Rebounding After 2014 Collapse in U.S. Bloomberg The U.S. mortgage market hit bottom in 2014. Chief economists at Fannie Mae and Moody's Analytics Inc. as well as the Mortgage Bankers Association all predicted a turnaround this year after a record decline in 2014. "The worst is over," said Mark Zandi at ... and more »
  • Wed, Jan 14 2015
  • 10:09 PM » ECB QE priced into market: Pros
    Published Wed, Jan 14 2015 10:09 PM by CNBC
    The ECB will likely begin quantitative easing next week, two pros told CNBC, but they think the market has already discounted it.
  • 10:07 PM » Treasuries Show Investors Curb Forecasts for Fed Rate Increase - Bloomberg
    Published Wed, Jan 14 2015 10:07 PM by Bloomberg
    Treasuries Show Investors Curb Forecasts for Fed Rate Increase Bloomberg Treasuries show investors are scaling back forecasts for the Federal Reserve to raise interest rates as plunging oil costs curb inflation. Two-year yields tumbled for eight days through yesterday, the longest run since 2010. They're among the most sensitive to ...
  • 4:52 PM » Exclusive: JPMorgan presses its managers to cut costs - source
    Published Wed, Jan 14 2015 4:52 PM by Reuters
    NEW YORK (Reuters) - Senior executives at JPMorgan Chase & Co are pressuring managers across the bank to cut costs, after the bank's disappointing revenue growth has prevented the profit gains the bank expected, a person familiar with the matter told Reuters.
  • 4:50 PM » Blackstone Said to Market First Rental-Home Securities of 2015 - Bloomberg
    Published Wed, Jan 14 2015 4:50 PM by Bloomberg
    Blackstone Said to Market First Rental-Home Securities of 2015 Bloomberg Blackstone Group LP (BX) is offering the first securities of 2015 tied to rental homes, the start of what Morgan Stanley analysts predict may be a more than doubling of issuance this year in the nascent market for such debt. Blackstone's Invitation Homes is ...
  • 4:50 PM » DataQuick: Southern California December Home Sales up 4% Year-over-year
    Published Wed, Jan 14 2015 4:50 PM by Calculated Risk Blog
    From DataQuick: Southern California Home Sales and Median Sale Price Rise The number of homes sold increased sharply from the month of November and rose modestly from the same time a year earlier , marking one of just two months in 2014 to post a year-over-year gain in sales. ... A total of 19,205 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in December 2014. That was up month over month 22.8 percent from 15,643 sales in November 2014, and up year over year 4.3 percent from 18,415 sales in December 2013, according to CoreLogic DataQuick data. "One month doesn't make a trend, but December's uptick in home sales might indicate renewed interest in housing thanks to lower mortgage rates and job growth in recent months," said Andrew LePage, data analyst for CoreLogic DataQuick. " The gain came despite a continued decline in the share of homes sold to investors and cash buyers . If demand continues to build we'll need more supply to keep up with it. One of the big questions hanging over the housing market is whether higher demand and home values will lead to a lot more people listing their homes for sale, as well as more new-home construction, which remains well below average." ... Foreclosure resales represented 5.0 percent of the resale market in December . That was down from a revised 5.5 percent in November 2014 and down from 5.8 percent in December 2013. In recent months the foreclosure resale rate has been the lowest since early 2007. In the current cycle, foreclosure resales hit a high of 56.7 percent in February 2009. Foreclosure resales are purchased homes that have been previously foreclosed upon in the prior 12 months. Short sales made up an estimated 6.2 percent of resales in December , down from a revised 6.4 in November 2014 and down from 10.2 percent in December 2013. Short sales are transactions in which the sale price fell short of what was owed on the...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 3:40 PM » Part 1: EHS in 2014 by the Numbers – Popular Closing Dates
    Published Wed, Jan 14 2015 3:40 PM by National Association of Realtors
    This blog post was written by Danielle Hale, Director of Housing Statistics, and Hua Zhong, Data Analyst. You probably know that home closings predominate on Fridays and the end of the month. Here is the data to back up your intuition: As we start the New Year, this is a good time to take a […]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 3:40 PM » EHS in 2014 by the Numbers – Part 2 – Least Common Closing Dates
    Published Wed, Jan 14 2015 3:40 PM by National Association of Realtors
    This blog post was written by Danielle Hale, Director of Housing Statistics, and Hua Zhong, Data Analyst. You probably know that home closings slow down during the holidays and earlier part of the week. Here is the data to back up your intuition: As we start the New Year, this is a good time to […]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 2:46 PM » Fed's Beige Book: Economic Activity Expanded at "modest" or "moderate" Pace
    Published Wed, Jan 14 2015 2:46 PM by Calculated Risk Blog
    Fed's Beige Book "Prepared at the Federal Reserve Bank of San Francisco and based on information collected on or before January 5, 2015. " Reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand during the reporting period of mid-November through late December, with most Districts reporting a "modest" or "moderate" pace of growth . In contrast, the Kansas City District reported only slight growth in December. However, most of their contacts, along with those of several other Districts, expect somewhat faster growth over the coming months. ... And on real estate: Single-family residential real estate sales and construction were largely flat on balance across the Districts . Sales declined somewhat on a year-over-year basis in the Boston, Cleveland, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas Districts. In the Philadelphia District, year-over-year existing home sales finished lower in November, but pending December sales in some areas were up notably over December 2013. However, builders of new homes in the Philadelphia District reported weak traffic for prospective buyers and fewer contract signings. San Francisco reported that overall home sales picked up in December. Richmond reported a modest increase in housing market activity. Home prices increased modestly, on balance, in the Boston, Philadelphia, Cleveland, Atlanta, Chicago, and Dallas Districts. The Cleveland, Atlanta, Chicago, Minneapolis, and Kansas City Districts all reported slightly slower single-family residential construction activity. However, the pace of single-family home construction increased in some areas of the San Francisco District. Commercial real estate activity expanded in most Districts . The Philadelphia District reported a modest pace of growth for commercial real estate leasing activity, and Boston reported improving conditions in commercial real estate markets overall. Commercial real estate...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:45 PM » Devil May Be in the Details on European Central Bank Bond Buying
    Published Wed, Jan 14 2015 2:45 PM by rss.nytimes.com
    The bank and its president must finesse the details of any quantitative easing plan while leaving no doubt about kick-starting the eurozone economy.
    Click Here to Read the Full Article

    Source: rss.nytimes.com
  • 2:45 PM » It's time to take bonds seriously
    Published Wed, Jan 14 2015 2:45 PM by Market Watch
    The move in Treasurys today is one that should not be taken lightly, as the flow of institutional money into the traditional safe haven is a warning sign that all may not be well in the economy.
  • 2:06 PM » Sacramento Housing in December: Total Sales up 1.5% Year-over-year, First YoY increase since Oct 2012
    Published Wed, Jan 14 2015 2:06 PM by Calculated Risk Blog
    During the recession, I started following the Sacramento market to look for changes in the mix of houses sold (equity, REOs, and short sales). For some time, not much changed. But over the last 2+ years we've seen some significant changes with a dramatic shift from foreclosures (REO: lender Real Estate Owned) to short sales, and the percentage of total distressed sales declining sharply. This data suggests healing in the Sacramento market and other distressed markets are showing similar improvement.  Note: The Sacramento Association of REALTORS® started breaking out REOs in May 2008, and short sales in June 2009. In December 2014, 12.8% of all resales were distressed sales. This was up from 11.5% last month, and down from 18.8% in December 2013. The percentage of REOs was at 6.7%, and the percentage of short sales was 6.1%. Here are the statistics for November. Click on graph for larger image. This graph shows the percent of REO sales, short sales and conventional sales. There has been a sharp increase in conventional (equity) sales that started in 2012 (blue) as the percentage of distressed sales declined sharply. Active Listing Inventory for single family homes increased 32.2% year-over-year (YoY) in November.  In general the YoY increases have been trending down after peaking at close to 100%. Cash buyers accounted for 15.4% of all sales, down from 19.5% in December 2013 (frequently investors).  This has been trending down, and it appears investors are becoming much less of a factor in Sacramento. Total sales were up 1.5% from December 2013, and conventional equity sales were up 8.9% compared to the same month last year. Summary: Distressed sales down, conventional sales up and less investor buying.  This is what we'd expect to see in a healing market.  As I've noted before, we are seeing a similar pattern in other distressed areas.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:06 PM » Deep Dive: Here's why Wells Fargo will continue to outperform J.P. Morgan
    Published Wed, Jan 14 2015 2:06 PM by Market Watch
    Wells Fargo has a simpler business model and isn't subject to political attacks and higher capital requirements, says Phil van Doorn.
  • 1:18 PM » House moves to ease Dodd-Frank rules
    Published Wed, Jan 14 2015 1:18 PM by CNBC
    Lawmakers are moving toward altering the Dodd-Frank law, which brought strict rules for banks after the 2008 financial crisis.
  • 11:19 AM » Bond Market's Biggest Bull Says 30-Year Gains Far From Over - Bloomberg
    Published Wed, Jan 14 2015 11:19 AM by Bloomberg
    Bond Market's Biggest Bull Says 30-Year Gains Far From Over Bloomberg The bond market's most unwavering bull, who has ignored conventional wisdom in the relentless pursuit of long-term U.S. debt, is undeterred by yields at record lows. "We're in the money-management business, we're not in the mind-changing business," said ... and more »
  • 11:18 AM » Fannie and Freddie Directed to Aid Underserved Borrowers in 2015 - Bloomberg
    Published Wed, Jan 14 2015 11:18 AM by Bloomberg
    Fannie and Freddie Directed to Aid Underserved Borrowers in 2015 Bloomberg Fannie Mae and Freddie Mac's (FMCC) main priorities this year include expanding credit to underserved borrowers and trying to help homeowners who are delinquent on their mortgages, the companies' federal overseer said. Melvin L. Watt, the director of the ... and more »
  • 10:25 AM » Investors confused about Fed: Trader
    Published Wed, Jan 14 2015 10:25 AM by CNBC
    Trader Jim Iuorio says the sharp negative reaction to December retail sales was due to confusion about the Fed.
  • 10:25 AM » 5 Takeaways From the ECJ's Thumbs-Up for ‘Whatever It Takes'
    Published Wed, Jan 14 2015 10:25 AM by WSJ
    An adviser to the Luxembourg-based European Court of Justice (ECJ) has delivered a tentative thumbs-up to an ECB bond plan unveiled in September 2012 that was aimed at countering euro break-up fears.
  • 8:46 AM » Retail Sales in U.S. Slumped in Broad-Based December Retreat - Bloomberg
    Published Wed, Jan 14 2015 8:46 AM by Bloomberg
    Retail Sales in U.S. Slumped in Broad-Based December Retreat Bloomberg Retail sales in the U.S. slumped in December by the most in almost a year, reflecting a broad-based retreat that will probably prompt economists to cut growth forecasts. The 0.9 percent drop, the biggest since January 2014, followed a 0.4 percent gain in ...
  • 8:43 AM » Press release Comments by Yves Mersch, Member of the Executive Board, on the legal opinion of the Advocate General of the European Court of Justice in the OMT case
    Published Wed, Jan 14 2015 8:43 AM by www.ecb.europa.eu
    Press release Comments by Yves Mersch, Member of the Executive Board, on the legal opinion of the Advocate General of the European Court of Justice in the OMT case<br/>https://www.ecb.europa.eu/press/pr/date/2015/html/pr150114.en.html
    Click Here to Read the Full Article

    Source: www.ecb.europa.eu
  • 8:43 AM » Grand Central: Court Decision Paves Way for ECB Bond Buys
    Published Wed, Jan 14 2015 8:43 AM by WSJ
    The Wall Street Journal's Daily Report on Global Central Banks for Wednesday, January 14, 2015. Brian Blackstone explains how a decision by an adviser to the European Court of Justice allows the ECB to proceed with quantitative easing.
  • 8:38 AM » Mortgage applications post biggest gain in six years
    Published Wed, Jan 14 2015 8:38 AM by CNBC
    A sharp drop in rates, combined with lower costs for the most popular mortgage products, sent mortgage applications soaring.
  • 8:37 AM » Foreclosures down but leveling off
    Published Wed, Jan 14 2015 8:37 AM by CNBC
    Completed foreclosures continued to fall in November, with 41,000 borrowers losing their homes, says CoreLogic.
  • 8:36 AM » Wells Fargo profit rises slightly
    Published Wed, Jan 14 2015 8:36 AM by Reuters
    (Reuters) - Wells Fargo & Co, the biggest U.S. mortgage lender, reported a slight increase in quarterly profit as net interest income rose.
  • Tue, Jan 13 2015
  • 10:42 PM » Commercial Mortgage-Backed Securities Make Comeback
    Published Tue, Jan 13 2015 10:42 PM by WSJ
    A hunt for yield and a gradually improving property market are bolstering a key engine of U.S. commercial property lending, helping borrowers to refinance but also reigniting fears the market is getting overheated.
  • 10:30 PM » Fed's Kocherlakota Does Not Like What's Brewing In The Bond Market
    Published Tue, Jan 13 2015 10:30 PM by WSJ
    Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said Tuesday rock-bottom borrowing costs in the bond market are not a positive vote on the economic outlook.
  • 4:50 PM » Bank of England's Mark Carney Joins Fed in Nudging European Central Bank to Action
    Published Tue, Jan 13 2015 4:50 PM by WSJ
    The Bank of England has joined the U.S. Federal Reserve in endorsing new measures by policy makers at the European Central Bank to stimulate the eurozone economy.
  • 4:50 PM » ECB's Nowotny Warns of Contagion Effects of Greek Exit From Eurozone
    Published Tue, Jan 13 2015 4:50 PM by WSJ
    Greece's exit from the eurozone would have unknown contagion effects on the other members of the currency union, said Ewald Notwotny, a member of the European Central Bank Governing Council.
  • 4:50 PM » Weakness Overseas May Delay Fed Rate Increase, World Bank Says
    Published Tue, Jan 13 2015 4:50 PM by WSJ
    A darker growth outlook overseas is likely to push back the U.S. Federal Reserve's first rate increase in eight years, the World Bank said Tuesday.
  • 4:47 PM » Ocwen says cooperating with California, expects to resolve action
    Published Tue, Jan 13 2015 4:47 PM by Market Watch
    NEW YORK (MarketWatch) -- Ocwen Financial Corp. said Tuesday it is fully cooperating with the California Department of Business oversight to resolve an action dating back to October. "Ocwen believes it has effective controls in place to ensure compliance with the California Homeowners Bill of Rights and all single point of contact requirements under federal and state laws," the mortgage servicer said in a statement. The company's shares tumbled more than 36% Tuesday on concerns that California was seeking to suspend its business license in the state, its largest market. The LA Times had reported that California was mulling a move because the company had failed to provide records requested as part of a routine examination. Ocwen said it expects to resolve the DBO's concerns. Shares have fallen 66% in the last three months, while the S&P 500 has gained 7.9%.
  • 3:12 PM » HUD Homeownership Push to Heed Lessons From Crisis, Castro Says - Bloomberg
    Published Tue, Jan 13 2015 3:12 PM by Bloomberg
    HUD Homeownership Push to Heed Lessons From Crisis, Castro Says Bloomberg Now that regulators have fixed the worst abuses of the 2008 credit crisis, it's time to start promoting homeownership again, according to the top U.S. housing official. The Department of Housing and Urban Development will do its part, spending this year ...
  • 3:12 PM » Fed: Q3 Household Debt Service Ratio near Record Low
    Published Tue, Jan 13 2015 3:12 PM by Calculated Risk Blog
    The Fed's Household Debt Service ratio through Q3 2014 was released two weeks ago: Household Debt Service and Financial Obligations Ratios . I used to track this quarterly back in 2005 and 2006 to point out that households were taking on excessive financial obligations. These ratios show the percent of disposable personal income (DPI) dedicated to debt service (DSR) and financial obligations (FOR) for households. Note: The Fed changed the release in Q3 2013. The household Debt Service Ratio (DSR) is the ratio of total required household debt payments to total disposable income. The DSR is divided into two parts. The Mortgage DSR is total quarterly required mortgage payments divided by total quarterly disposable personal income. The Consumer DSR is total quarterly scheduled consumer debt payments divided by total quarterly disposable personal income. The Mortgage DSR and the Consumer DSR sum to the DSR. This data has limited value in terms of absolute numbers, but is useful in looking at trends. Here is a discussion from the Fed: The limitations of current sources of data make the calculation of the ratio especially difficult. The ideal data set for such a calculation would have the required payments on every loan held by every household in the United States. Such a data set is not available, and thus the calculated series is only an approximation of the debt service ratio faced by households. Nonetheless, this approximation is useful to the extent that, by using the same method and data series over time, it generates a time series that captures the important changes in the household debt service burden. Click on graph for larger image. The graph shows the Total Debt Service Ratio (DSR), and the DSR for mortgages (blue) and consumer debt (yellow). The overall Debt Service Ratio decreased in Q3, and is near the record low set in Q4 2012.  Note: The financial obligation ratio (FOR) is also near a record low  (not shown) Also the DSR for mortgages...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:25 PM » REITs may be running too hot
    Published Tue, Jan 13 2015 2:25 PM by CNBC
    An interest rate drop has been a boon to real estate investment trusts, but some are questioning how high these stocks can fly.
  • 2:20 PM » Outlook for big banks pretty dismal
    Published Tue, Jan 13 2015 2:20 PM by CNBC
    As big U.S. banks approach earnings, they're taking a page from a familiar playbook: Under-promise and over-deliver.
  • 1:06 PM » Ocwen Drops Most Ever on Report California May Suspend License - Bloomberg
    Published Tue, Jan 13 2015 1:06 PM by Bloomberg
    Ocwen Drops Most Ever on Report California May Suspend License Bloomberg Ocwen Financial Corp. (OCN), one of the biggest U.S. mortgage servicers, fell the most ever after a newspaper reported that California is seeking to suspend its license. Ocwen plunged 36 percent to $7.82 at 10:50 a.m. in New York, the biggest drop since the ... and more »
  • 1:06 PM » KB Home shares tumble 12%; execs see dropping gross margins
    Published Tue, Jan 13 2015 1:06 PM by Market Watch
    WASHINGTON (MarketWatch) -- Shares of home builder KB Home fell 12% Tuesday as company executives said softer demand in the fourth quarter hit gross margins, which will continue to lag prior-year results for some time. "We are projecting our first quarter 2015 gross margin will drop significantly from the first quarter of 2014 hitting the low point for the year before improving sequentially for the remaining three quarters of 2014," Chief Executive Jeffrey Mezger said on a conference call after the company released quarterly financial results. He said there was a "softening in demand" in some markets during the fourth quarter, more sales incentives, and pressures from construction, labor and material costs.
  • 11:24 AM » Job Openings Rise Near 14-Year High In November
    Published Tue, Jan 13 2015 11:24 AM by WSJ
    Job openings rose to their highest level in nearly 14 years at the end of November, the Labor Department said on Tuesday.
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