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  • Wed, Jul 22 2015
  • 2:15 PM » Fannie Mae Releases Enhanced Single-Family Loan Performance Dataset
    Published Wed, Jul 22 2015 2:15 PM by Fannie Mae
    Information will prepare market for actual loss credit risk sharing transactions later in 2015.
  • 2:15 PM » Mortgage bankers predict $71B more in volume for '15
    Published Wed, Jul 22 2015 2:15 PM by CNBC
    Loan volume is now expected to rise to $801 billion in 2015, an upward revision from the $730 billion bankers had forecast.
  • 12:46 PM » AIA: Architecture Billings Index increased in June, "Multi-family housing design showing signs of slowing"
    Published Wed, Jul 22 2015 12:46 PM by Calculated Risk Blog
    Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Institutional Project Demand Drives Architecture Billings Index to Highest Mark Since 2007 Paced by continued demand for projects such as new education and healthcare facilities, public safety and government buildings, the Architecture Billings Index (ABI) increased in June following fluctuations earlier this year. As a leading economic indicator of construction activity, the ABI reflects the approximate nine to twelve month lead time between architecture billings and construction spending. T he American Institute of Architects (AIA) reported the June ABI score was 55.7 , up substantially from a mark of 51.9 in May. This score reflects an increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 63.4, up from a reading of 61.5 the previous month. "The June numbers are likely showing some catch-up from slow growth earlier this year. This is the first month in 2015 that all regions are reporting positive business conditions and aside from the multi-family housing sector, all design project categories appear to be in good shape," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. " The demand for new apartments and condominiums may have crested with index scores going down each month this year and reaching the lowest point since 2011 ." ... Sector index breakdown: institutional (59.1), mixed practice (54.7), commercial / industrial (51.6) multi-family residential (47.0) emphasis added Click on graph for larger image. This graph shows the Architecture Billings Index since 1996. The index was at 55.7 in June, up from 51.9 in May. Anything above 50 indicates expansion in demand for architects' services. Note: This includes commercial and industrial facilities like hotels and office buildings, multi-family residential, as well as schools, hospitals and other institutions.  ...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:15 AM » Existing Home Sales in June: 5.49 million SAAR, Highest Pace in Eight Years
    Published Wed, Jul 22 2015 10:15 AM by Calculated Risk Blog
    The NAR reports: Existing-Home Sales Rise in June as Home Prices Surpass July 2006 Peak Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®. ... Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. Sales are now at their highest pace since February 2007 (5.79 million), have increased year-over-year for nine consecutive months and are 9.6 percent above a year ago (5.01 million). ... Total housing inventory at the end of June inched 0.9 percent to 2.30 million existing homes available for sale, and is 0.4 percent higher than a year ago (2.29 million). Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May. Click on graph for larger image. This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1993. Sales in June (5.49 million SAAR) were 3.2% higher than last month, and were 9.6% above the June 2014 rate. The second graph shows nationwide inventory for existing homes. According to the NAR, inventory increased to 2.30 million in June from 2.28 million in May.   Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer. The third graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory. Inventory increased 0...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:00 AM » Condos Left Behind in Housing Rebound
    Published Wed, Jul 22 2015 9:00 AM by www.realtor.com
    Construction of single-family homes and multifamily rentals is rebounding-but not condos. Tough new rules on condo mortgages are among the reasons. The post Condos Left Behind in Housing Rebound appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:53 AM » Freddie Mac July 2015 U.S. Housing Market Insight & Outlook
    Published Wed, Jul 22 2015 8:53 AM by freddiemac.mwnewsroom.com
    Freddie Mac July 2015 U.S. Housing Market Insight & Outlook
    Click Here to Read the Full Article

    Source: freddiemac.mwnewsroom.com
  • 12:46 AM » Yellen's Gradual Policy Path Backed by Slumping Inflation View
    Published Wed, Jul 22 2015 12:46 AM by Bloomberg
    Yellen's Gradual Policy Path Backed by Slumping Inflation View - Bloomberg ... Bloomberg Janet Yellen's emphasis on a gradual path to higher U.S. interest rates is getting support from a slump in investors' inflation expectations. The 10-year break-even rate, derived from the difference between nominal and index-linked bonds, fell to 1.83 ...
  • 12:45 AM » Wednesday: Existing Home Sales, Architecture Billings Index
    Published Wed, Jul 22 2015 12:45 AM by Calculated Risk Blog
    Wednesday: • At 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • At 9:00 AM, FHFA House Price Index for May 2015. This was originally a GSE only repeat sales, however there is also an expanded index. The consensus is for a 0.4% month-to-month increase for this index. • At 10:00 AM, Existing Home Sales for June from the National Association of Realtors (NAR). The consensus is for sales of 5.40 million on seasonally adjusted annual rate (SAAR) basis. Sales in May were at a 5.35 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 5.45 million SAAR. • During the day: the AIA's Architecture Billings Index for June (a leading indicator for commercial real estate).
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Tue, Jul 21 2015
  • 4:50 PM » Citi ordered to pay $770 million over credit card practices
    Published Tue, Jul 21 2015 4:50 PM by Reuters
    (Reuters) - Citigroup Inc's consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said.
  • 4:48 PM » Fannie Mae Issues $14.5 Billion of Multifamily MBS
    Published Tue, Jul 21 2015 4:48 PM by Fannie Mae
    Fannie Mae announced today that the company issued $14.5 billion1 of multifamily MBS in the second quarter of 2015, primarily through its Delegated ...
  • 3:19 PM » Dodd-Frank Act Leaves America Less Stable, Less Prosperous, Less Free
    Published Tue, Jul 21 2015 3:19 PM by House Financial Services
    WASHINGTON - House Financial Services Committee Chairman Jeb Hensarling (R-TX) will deliver remarks today at the American Enterprise Institute on the fifth anniversary of the Dodd-Frank Act becoming law.  The following is the embargoed text of his speech as prepared for delivery: Thank you, Peter [Wallison], for your kind words. You know, there are those on the left who have abandoned all pretense to truth. For them, story-telling has replaced truth-telling. Not Peter. His work on the real causes of the financial meltdown of 2008 is a paradigm of scholarship "speaking truth to power." We need more solid research like that if this nation is to follow the right path to prosperity and freedom in the future. I am sorry Arthur Brooks could not be with us today. I love the title of Arthur's new book, The Conservative Heart. It is intentionally ironic.  After all, conventional wisdom is that conservatives have no heart and liberals have no brain. There is very little then Arthur can do about the liberals, but he has set out to change this misperception of conservatives and create-or restore-a conservative language that speaks to the heart and not just the head. The Founders of America were deeply conservative, yet they spoke a powerful language of personal worth and happiness. They sparked a revolution of equal rights and liberty under law that is still transforming the world.  Conservatism lays down the foundations for meaningful work, family, community, and faith-the institutions that make it possible for every human being to pursue the God-given right to happiness. This is Arthur's eleventh book. He writes them much faster than I can read them! But I look forward to learning from his latest as I have from the others. Thank you for inviting me to speak here at American Enterprise Institute. Ladies and gentlemen: something is changing in America. The "animal spirits" of free enterprise, entrepreneurial risk-taking and...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 2:12 PM » This Is What Raising the Minimum Wage Did to Jobs in 11 States
    Published Tue, Jul 21 2015 2:12 PM by Bloomberg
    This Is What Raising the Minimum Wage Did to Jobs in 11 States - Bloomberg ... Bloomberg In economic circles, the minimum wage causes maximum debate. New data suggest that's unlikely to change anytime soon. Of 11 states that increased the minimum wage at the beginning of 2015 through either legislation or ballot initiatives, payroll gains ...
  • 1:05 PM » Mapped: The oldest and youngest states in America
    Published Tue, Jul 21 2015 1:05 PM by Washington Post
    A few generations ago, most people lived out their lives in the places where they were born. Today, Americans are used to moving, often due to the pull of economic opportunity. Teenagers move across the country to go to college, 20- and 30-somethings flock to cities for jobs, and white-haired "snow birds" head to Florida or Arizona to escape the winter.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 1:05 PM » Will the dollar foil the Fed's plans?
    Published Tue, Jul 21 2015 1:05 PM by CNBC
    The Fed is signaling that a rate hike could be coming soon. But will the dollar put a glitch in the plan?
  • 1:03 PM » DOT: Vehicle Miles Driven increased 2.7% year-over-year in May, Rolling 12 Months at All Time High
    Published Tue, Jul 21 2015 1:03 PM by Calculated Risk Blog
    People are driving more! The Department of Transportation (DOT) reported : Travel on all roads and streets changed by 2.7% (7.3 billion vehicle miles) for May 2015 as compared with May 2014. Travel for the month is estimated to be 275.1 billion vehicle miles. The seasonally adjusted vehicle miles traveled for May 2015 is 262.1 billion miles, a 3.4% (8.7 billion vehicle miles) increase over May 2014. It also represents a 0.2% change (0.6 billion vehicle miles) compared with April 2015. The following graph shows the rolling 12 month total vehicle miles driven to remove the seasonal factors. The rolling 12 month total is moving up, after moving sideways for several years. Click on graph for larger image. In the early '80s, miles driven (rolling 12 months) stayed below the previous peak for 39 months. Miles driven (rolling 12) had been below the previous peak for 85 months - an all time record - before reaching a new high for miles driven in January. The second graph shows the year-over-year change from the same month in the previous year.  In May 2015, gasoline averaged of $2.80 per gallon according to the EIA .  That was down significantly from May 2014 when prices averaged $3.75 per gallon. Gasoline prices aren't the only factor - demographics is also key. However, with lower gasoline prices, miles driven - on a rolling 12 month basis - is at a new high.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:03 PM » Greece: Next steps before it can get bailout
    Published Tue, Jul 21 2015 1:03 PM by CNN
    There are many hoops that Greece has to pass through before it can actually get its bailout.
  • 11:31 AM » Controversial Op-Ed in NYT on Fannie and Freddie
    Published Tue, Jul 21 2015 11:31 AM by www.nytimes.com
    FTER the financial crisis of 2008, there was one thing that almost everyone agreed on. The government-sponsored mortgage giants, Fannie Mae and Freddie Mac, had to go. While shareholders and executives reaped the profits from Fannie and Freddie in good times, taxpayers were stuck with the bill in a crisis. President Obama described their dysfunctional business model as "Heads we win, tails you lose." But here we are, seven years after the crisis, and nothing has changed.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 9:15 AM » America's most affordable—and least affordable—beach towns
    Published Tue, Jul 21 2015 9:15 AM by www.realtor.com
    We've identified the top beach towns in the U.S. where you can still afford to buy a home-for now. Also, take a look at the least affordable beach towns, just for fun. The post America’s most affordable-and least affordable-beach towns appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 8:54 AM » How to navigate the tightest housing market in years
    Published Tue, Jul 21 2015 8:54 AM by Washington Post
    Emboldened by low interest rates, rising rent prices and a stronger sense of job security, more people are making the leap into home ownership. But as they do, many face fierce competition, limited choices and the pressure to act quickly.Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 8:49 AM » Fed takes tough stance on bond liquidity, downplays market fears
    Published Tue, Jul 21 2015 8:49 AM by Reuters
    NEW YORK/WASHINGTON (Reuters) - While Wall Street frets over the ability of bond markets to absorb an approaching interest rate rise, the U.S. Federal Reserve has a message for the industry: deal with it.
  • 8:48 AM » ECB Gets Cash, and Lessons, from Defunct Bond Plan
    Published Tue, Jul 21 2015 8:48 AM by WSJ
    The Wall Street Journal's Daily Report on Global Central Banks for Tuesday, July 21, 2015. Brian Blackstone considers the lessons for the ECB and other central banks from the failure of a bond-buying program.
  • 8:48 AM » Fed on bonds: What liquidity issue?
    Published Tue, Jul 21 2015 8:48 AM by CNBC
    While Wall Street frets over the ability of bond markets to absorb a rate rise, the Federal Reserve has a message for the industry: deal with it.
  • 12:15 AM » WSJ: "Bidding Wars Return to Home Market"
    Published Tue, Jul 21 2015 12:15 AM by Calculated Risk Blog
    From Kris Hudson at the WSJ: Bidding Wars Return to Home Market Bidding wars, a hallmark of last decade's housing boom, are making a comeback in a number of metro areas across the U.S. But while the earlier wars reflected enthusiasm fueled by easy-money mortgages, the current froth stems from a market short of homes for sale. The reasons for the scant supply are myriad, including a much-slower-than-expected recovery in home construction. Yet an equally significant problem is that millions of people aren't listing their homes for sale because they suspect they can't qualify for a new mortgage, can't afford the costs associated with a sale or fear that they won't prevail in the scrum for the few houses available. At the end of May, there were 2.3 million existing U.S. homes for sale, enough supply to last 5.1 months at the current sales pace. That is below the six to seven months of supply that the National Association of Realtors says is needed for a balanced market. But in more than one-third of the 300 largest metropolitan areas tracked by Realtor.com, homes listed for sale in June had been on the market for a median of less than two months. A low median figure indicates rapid turnover in inventory as demand for homes exceeds supply. There are number of reasons inventory is still low, even with higher prices. People shouldn't overlook the obvious impact of investor buying on inventory. Three years ago I wrote : One key is the substantial increase in investor owned single family homes. These are not "flippers", but cash flow investors - and these investors will not sell just because prices have risen a few percent (I've talked with some of these investors, and they many are making 8% to 12% cash-on-cash after expenses - and they have no intention of selling in the near term). Economist Tom Lawler discussed this back in February, and concluded that a significant "share of the decline in the share of homes for sale reflects the...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Mon, Jul 20 2015
  • 11:53 PM » Subprime Auto-Loan Titan Defends Longer Terms as New Normal
    Published Mon, Jul 20 2015 11:53 PM by Bloomberg
    Subprime Auto-Loan Titan Defends Longer Terms as New Normal - Bloomberg Business Bloomberg The man who created one of the biggest U.S. subprime lenders says there's nothing dangerous about borrowers being given longer car loans. When Thomas Dundon helped start the lender that's become Santander Consumer USA Holdings Inc. in the 1990s, ... and more »
  • 4:24 PM » A comment on Interest Only Mortgage Loans
    Published Mon, Jul 20 2015 4:24 PM by Calculated Risk Blog
    Some people incorrectly blame "subprime" for the financial crisis. Others blame interest only loans. Neither are toxic if underwritten correctly. From Diana Olick at CNBC: Interest-only mortgages: They're baaack They were the villains of the housing crash. Federal regulators called them toxic. Now interest-only mortgages are making a comeback, but these are not the loans of yesteryear or yester-housing booms. "I think it's opening the door back to responsible lending, giving people choices," said Mat Ishbia, president and CEO of Michigan-based United Wholesale Mortgage, the second-largest lender through brokers in the nation. The company announced Monday it is now offering interest-only loans through brokers, with significant safeguards. Borrowers must put 20 percent down, ensuring that they have the "skin in the game" that so many did not during the heady days of the housing boom. They must have at least a 720 FICO credit score, which is well above average, and they must qualify on what the payments will be once they're adjusted higher, not at the starter rate. There were several problems with mortgage lending in the mid-2000s. There was widespread use of subprime and Alt-A loans with risk layering. Risk layering might have included qualifying at a teaser rate, 100%+ loan-to-value financing, negative amortizing loans, interest only, and/or, self-underwritten loans - so-called stated income loans. A subprime or interest only loan, underwritten properly, is a reasonable mortgage product (such as described in the article).  However if the lender starts layering risk, then the product could be dangerous. If you want to understand Subprime and Alt-A, here are two great posts from my former co-blogger Tanta: What Is "Subprime"? Reflections on Alt-A
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 4:24 PM » Spending on Home Remodeling Is (Slowly) Improving
    Published Mon, Jul 20 2015 4:24 PM by www.realtor.com
    Americans are spending more on home improvements, but at a slower pace than a year ago-and that could be bad news for the housing market. The post Spending on Home Remodeling Is (Slowly) Improving appeared first on Real Estate News and Advice - realtor.com .
    Click Here to Read the Full Article

    Source: www.realtor.com
  • 1:38 PM » Interest-only mortgages: They're baaack
    Published Mon, Jul 20 2015 1:38 PM by CNBC
    Once considered toxic during the housing crash, interest-only mortgages are making a comeback, but these are not the loans of yesteryear.
  • 1:36 PM » Signs of Overheating in the Single-Family Rental Market
    Published Mon, Jul 20 2015 1:36 PM by WSJ
    The single-family rental market has grown dramatically after some 7 million families lost their homes during the foreclosure crisis and its aftermath. But there are signs that rents in some markets may be unsustainable, a new report finds.
  • 12:13 PM » CoreLogic: Southern California June Home Sales up 18% Year-over-year
    Published Mon, Jul 20 2015 12:13 PM by Calculated Risk Blog
    From the LA Times: Southern California home sales soar in June; prices climb 5.7% On Thursday, fresh evidence of that trend emerged in a report from CoreLogic. Home sales posted a sizable 18.1% pop in June from a year earlier ... The sales increase, the largest in nearly three years, put the number of sales just 9.6% below average, CoreLogic said. A year ago, sales were nearly 24% below average. Notably, it appears more families are entering the market as the economy improves. Although still elevated in comparison to long-term averages, the share of absentee buyers - mostly investors - slid to 21.1%, the lowest percentage since April 2010, CoreLogic said. ... Leslie Appleton-Young, chief economist for the California Assn. of Realtors, cautioned that the market still has too few homes for sale and that prices have risen to a point where many can't afford a house. Unless that changes, sales are unlikely to reach levels in line with historical norms, she said. "I am not saying the housing market isn't robust," she said. "I think housing affordability is a big issue...." emphasis added The NAR will release existing home sales for June on Wednesday at 10:00 AM ET. The consensus is for sales of 5.40 million on seasonally adjusted annual rate (SAAR) basis, up about 8% from June 2014.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:32 AM » Fed's Bullard says better than 50 pct chance of Fed hike in September: Fox
    Published Mon, Jul 20 2015 10:32 AM by Reuters
    (Reuters) - There is a better than 50 percent chance that the Federal Reserve will raise interest rates in September, a top Fed official told the Fox Business network on Monday.
  • 10:31 AM » After Five Years, Dodd-Frank Is a Failure
    Published Mon, Jul 20 2015 10:31 AM by House Financial Services
      By Jeb Hensarling Click here to read article Tuesday will mark five years since President Obama's signing of the Dodd-Frank law, the most sweeping rewrite of the country's financial laws since the New Deal. Mr. Obama told the country that the legislation would "lift our economy." The statute itself declared that it would "end too big to fail" and "promote financial stability." None of that has come to pass. Too-big-to-fail institutions have not disappeared. Big banks are bigger, small banks are fewer, and the financial system is less stable. Meanwhile, the economy remains in the doldrums. Dodd-Frank was based on the premise that the financial crisis was the result of deregulation. Yet George Mason University's Mercatus Center reports that regulatory restrictions on financial services grew every year between 1999-2008. It wasn't deregulation that caused the crisis, it was dumb regulation. Among the dumbest were Washington's affordable-housing mandates, beginning in 1977, that led to a loosening of underwriting standards and put people into homes they couldn't afford. The Federal Reserve played its part in the 2008 financial crisis by keeping interest rates too low for too long, inflating the housing bubble. Washington not only failed to prevent the crisis, it led us into it. Dodd-Frank was supposedly aimed at Wall Street, but it hit Main Street hard. Community financial institutions, which make the bulk of small business loans, are overwhelmed by the law's complexity. Government figures indicate that the country is losing on average one community bank or credit union a day. Before Dodd-Frank, 75% of banks offered free checking. Two years after it passed, only 39% did so-a trend various scholars have attributed to Dodd-Frank's "Durbin amendment," which imposed price controls on the fee paid by retailers when consumers use a debit card. Bank fees have also increased due to Dodd-Frank, leading...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 10:31 AM » Jeb Bush vows Washington culture shake-up
    Published Mon, Jul 20 2015 10:31 AM by Reuters
    (Reuters) - U.S. Republican presidential hopeful Jeb Bush will vow on Monday to shake up Washington's culture if he reaches the White House, saying an "era of excuses" in the nation's capital must end.
  • 10:31 AM » GDP contractions aside, recovery continues in most metro areas
    Published Mon, Jul 20 2015 10:31 AM by webfeeds.brookings.edu
    The first quarter of 2015 saw U.S. GDP contract for the first time in nearly five years, prompting new concerns about the durability of a recovery—nominally underway since 2009—that seems yet to have reached a predictable trajectory. As the latest Brookings Metro Monitor interactive shows, the national-level slowdown was felt unevenly across the country’s 100 largest metropolitan areas—the places where over 70 percent of Americans live and work. GDP growth in four-fifths of the country’s largest metro areas followed the national economy into negative territory. The one-fifth of metro areas where output continued to expand unabated could nearly all be found in the West and South. These metro areas escaped the severe weather that contributed to the declines elsewhere, but those in the West in particular also tended to specialize in the tech-oriented sectors that have proven most resilient in this recovery. GDP is of course only one economic indicator. The other three indicators of economic vitality tracked by Brookings’ Metro Monitor —employment growth, house price growth, and the unemployment rate—revealed slow but steady gains in overall economic health across the country. Mountain region metro areas, spanning Arizona, Colorado, Idaho, Nevada, New Mexico, and Utah, saw nearly uniform progress on all indicators . In that region, only Albuquerque saw a reduction in its output during the quarter while Las Vegas also saw its unemployment rate edge slightly higher. The housing and job growth picture looked consistently better nationwide. Only two places—Syracuse, N.Y., and McAllen, Tex.—saw average house prices decline between the end of 2014 and the beginning of 2015. Metro areas in Florida and other states in the South and Mid-Atlantic chalked up the biggest increases in housing prices, with Deltona and Cape Coral, Fla. ranking first and second respectively for quarterly...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 10:30 AM » Barney Frank bashes critics of Dodd-Frank, including some Democrats
    Published Mon, Jul 20 2015 10:30 AM by Market Watch
    Barney Frank dismisses Dodd-Frank critics; J.P. Morgan Chase settles lawsuit over crisis-era mortgage securities; and companies fear consequences of reporting control weaknesses.
  • 8:50 AM » CFPB launches monthly complaint report
    Published Mon, Jul 20 2015 8:50 AM by www.cfpbmonitor.com
    Scott M. Pearson The CFPB has issued a complaint report which it describes as “the first in a new series of monthly reports to highlight key trends from consumer complaints submitted to the Bureau.” In addition to providing overall data on complaint volume, each monthly report will spotlight a particular product and geographic location. The July 2015 report... More >
    Click Here to Read the Full Article

    Source: www.cfpbmonitor.com
  • 8:49 AM » US Treasurys start week on back foot
    Published Mon, Jul 20 2015 8:49 AM by CNBC
    U.S. Treasury prices started the week on the back foot, with signs that the crisis in Greece may be abating dimming the appeal of safe-haven bonds.
  • 8:48 AM » Rules for Signing Mortgages Online Boosts Black Knight
    Published Mon, Jul 20 2015 8:48 AM by Bloomberg
    Bloomberg Rules for Signing Mortgages Online Boosts Black Knight - Bloomberg Business Bloomberg Black Knight Financial Services Inc. is benefiting from new banking regulations that push mortgage lenders to use automation software, sending the company's shares surging since its initial public offering two months ago. Banks are racing to comply ...
  • Sun, Jul 19 2015
  • 9:25 PM » Schedule for Week of July 19, 2015
    Published Sun, Jul 19 2015 9:25 PM by Calculated Risk Blog
    The key reports this week are June New Home sales on Friday, and June Existing Home Sales on Wednesday. ----- Monday, July 20th ----- No economic releases scheduled. ----- Tuesday, July 21st ----- 10:00 AM ET: Regional and State Employment and Unemployment for June. 10:00 AM: The Federal Reserve will release the Annual revision for Industrial Production and Capacity Utilization ----- Wednesday, July 22nd ----- 7:00 AM: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . 9:00 AM: FHFA House Price Index for May 2015. This was originally a GSE only repeat sales, however there is also an expanded index.  The consensus is for a 0.4% month-to-month increase for this index. 10:00 AM: Existing Home Sales for June from the National Association of Realtors (NAR). The consensus is for sales of 5.40 million on seasonally adjusted annual rate (SAAR) basis. Sales in May were at a 5.35 million SAAR. Economist Tom Lawler estimates the NAR will report sales of 5.45 million SAAR. A key will be the reported year-over-year change in inventory of homes for sale. During the day: The AIA's Architecture Billings Index for June (a leading indicator for commercial real estate). ----- Thursday, July 23rd ----- 8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for claims to decrease to 279 thousand from 281 thousand. 8:30 AM ET: Chicago Fed National Activity Index for June. This is a composite index of other data. 11:00 AM: the Kansas City Fed manufacturing survey for July. ----- Friday, July 24th ----- 10:00 AM: New Home Sales for June from the Census Bureau. This graph shows New Home Sales since 1963. The dashed line is the April sales rate. The consensus is for an increase in sales to 550 thousand Seasonally Adjusted Annual Rate (SAAR) in June from 546 thousand in May.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:04 PM » In Greek crisis, one big unhappy EU family
    Published Sun, Jul 19 2015 9:04 PM by Reuters
    BRUSSELS (Reuters) - The latest paroxysm of Greece's debt crisis has exposed growing rifts in the euro zone which, unless addressed soon, could lead to the break-up of European monetary union, the EU's most ambitious project.
  • 9:03 PM » JPMorgan reaches $388 million settlement in mortgage securities case
    Published Sun, Jul 19 2015 9:03 PM by Reuters
    (Reuters) - JPMorgan Chase & Co agreed to pay $388 million to settle a suit by investors claiming that the largest U.S. bank had misled them about the safety of $10 billion worth of residential mortgage-backed securities it sold before the financial crisis.
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