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  • Wed, Mar 18 2015
  • 12:12 PM » Ocwen Financial's stock bounces after deal to sell $9.6 billion portfolio announced
    Published Wed, Mar 18 2015 12:12 PM by Market Watch
    NEW YORK (MarketWatch) -- Ocwen Financial Corp.'s stock erased most of its earlier losses in midday trade Wednesday, after the mortgage-servicing company announced an agreement to sell a $9.6 billion portfolio of mortgage servicing rights to Walter Investment Management Corp. subsidiary Green Tree Loan Servicing. The portfolio consists of about 55,500 largely performing loans owned by Freddie Mac . The sale is expected to close by the end of April. The stock was down 0.4% after a trading halt was lifted. Prior to the halt, which was set before Ocwen announced the portfolio sale, the stock was down 4.6%. The stock has now lost 58% in the past three months, while the S&P 500 has gained 0.3%. Meanwhile, Walter Investment Management's stock surged 18%. Earlier Wednesday, Ocwen delayed the filing of its annual report, again, as it continues to review the ability of its Home Loan Servicing Solutions business to fund new servicing advances.
  • 10:49 AM » What's behind the growing share of bank portfolio lending?
    Published Wed, Mar 18 2015 10:49 AM by Google News
    The Housing Finance Policy Center's (HFPC) March Chartbook (page 8), released today, reveals that portfolio loans - which are held on lender balance sheets and are not government-backed - accounted for roughly 27 percent of total 2014 originations, the highest level in a decade. Three reasons explain this trend, which could potentially lead to government-sponsored […]
  • 10:49 AM » Flexible Fed to Keep an Eye on Data
    Published Wed, Mar 18 2015 10:49 AM by Bloomberg
    Bloomberg Flexible Fed to Keep an Eye on Data: Joe Weisenthal Bloomberg March 18 (Bloomberg) -- Bloomberg's Joe Weisenthal examines the arguments for and against the Federal Reserve raising rates and previews today's statement and press conference from Fed Chair Janet Yellen. He speaks on "In The Loop." (Source: ... and more »
  • 10:49 AM » The Wall Street Journal: Ocwen delays financial report - again
    Published Wed, Mar 18 2015 10:49 AM by Market Watch
    Mortgage-servicing company still reviewing Home Loan's ability to fund new advances.
  • 10:49 AM » AIA: Architecture Billings Index increases slightly in February
    Published Wed, Mar 18 2015 10:49 AM by Calculated Risk Blog
    Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment. From the AIA: Architecture Billings Index Improves in February After its first negative score in ten months, the Architecture Billings Index (ABI) showed a nominal increase in design activity in February, and has been positive ten out of the past twelve months. 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. The American Institute of Architects (AIA) reported the February ABI score was 50.4, up slightly from a mark of 49.9 in January . This score reflects a minor increase in design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 56.6, down from a reading of 58.7 the previous month. "The health of the institutional market has been the key factor for positive business conditions for the design and construction industry in recent months, and it is encouraging to see that sector remain on solid footing," said AIA Chief Economist Kermit Baker, Hon. AIA, PhD. "However, we're seeing some slowing in the other major construction sectors . Design billings for residential projects had its first negative month in over three years , and commercial design billings have seen only modest growth in recent years." emphasis added Click on graph for larger image. This graph shows the Architecture Billings Index since 1996. The index was at 50.4 in February, up from 49.9 in January. 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.   The multi-family residential was negative for the first time in over three years - and might be indicating a slowdown for apartments. (just one month) According...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:48 AM » News Release - MLSS Results Show Optimistic Mortgage ...
    Published Wed, Mar 18 2015 10:48 AM by Fannie Mae
    Fannie Mae's first quarter 2015 Mortgage Lender Sentiment Survey reveals an improving outlook among mortgage lenders regarding their lending activities ...
  • 9:02 AM » Staying Close to Home, No Matter What
    Published Wed, Mar 18 2015 9:02 AM by The Atlantic
    Fewer than half of Americans say they're likely to relocate, even if they think their town is headed in the wrong direction.
  • 9:01 AM » Middle-class families on decline
    Published Wed, Mar 18 2015 9:01 AM by CNBC
    This factor has dealt a blow to the middle-class American family. NBC News reports.
  • 8:56 AM » Mortgage applications fall 3.9% despite drop in rates
    Published Wed, Mar 18 2015 8:56 AM by CNBC
    A tiny pullback in interest rates did nothing to improve mortgage application volume. The total tally fell 3.9 percent for the week ending March 13th from the previous week, according to the Mortgage Bankers Associations (MBA). The numbers are seasonally adjusted.
  • 8:45 AM » Housing Waits–and Waits–on Millennials
    Published Wed, Mar 18 2015 8:45 AM by WSJ
    Still, home building--especially construction of single-family stand-alone residences--has not rebounded as might be expected given ultralow mortgage rates and good affordability. One reason is the absence of younger home buyers.
  • 12:45 AM » DataQuick: Southern California February Home Sales down 3% Year-over-year
    Published Wed, Mar 18 2015 12:45 AM by Calculated Risk Blog
    From DataQuick: Southern California Home Sales Dip Year Over Year Again; Median Price Edges Higher CoreLogic® ... today released its February 2015 Southern California housing market report, which shows the number of homes sold rose slightly from January but hit the lowest level for a February in seven years. ... A total of 13,650 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in February 2015. That was up 0.7 percent month over month from 13,560 sales in January 2015, and down 2.7 percent year over year from 14,027 sales in February 2014, according to CoreLogic DataQuick data. "This feels a lot like early 2014, with home sales off to a slow start as many would-be home buyers struggle with inventory constraints, credit hurdles and reduced affordability," said Andrew LePage, data analyst for CoreLogic DataQuick. "And just like a year ago, one of the big questions hanging over the market is whether we'll see a sizeable jump in inventory this spring and summer . A nearly three-year stretch of price appreciation has given many more owners enough equity to sell their homes and buy another. Recent job growth has helped fuel housing demand and if that's met with only a modest rise in the supply of homes for sale it will put upward pressure on prices. Of course, the direction of mortgage rates, among other factors, will also play a role in determining how the housing market shapes up this year." ... Foreclosure resales represented 6.0 percent of the resale market in February . That was up from a revised 5.7 percent in January 2015 and down from 6.7 percent in February 2014. 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...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 12:43 AM » Fannie, Freddie could need another bailout as risks rise: watchdog
    Published Wed, Mar 18 2015 12:43 AM by Reuters
    WASHINGTON (Reuters) - U.S. housing finance companies Fannie Mae and Freddie Mac could require more bailouts from U.S. taxpayers as risks are rising due to shrinking reserves, an internal watchdog for the firms' regulator said on Wednesday.
  • 12:43 AM » Wednesday: Fed Day!
    Published Wed, Mar 18 2015 12:43 AM by Calculated Risk Blog
    From Jon Hilsenrath at the WSJ: Fed to Markets: No More Promises Ahead of their policy meeting that ends Wednesday, Fed officials have signaled they want to drop the latest iteration in a succession of low-rate promises-a line in their policy statement pledging to be "patient" before deciding to raise rates. The move could be a test for investors. In theory, less-clear-cut interest-rate guidance from the Fed should lead to more volatility in financial markets. That's because investors will be left less certain about a key variable in every asset-valuation model: the cost of funds. Wednesday: • 7:00 AM ET, the Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index . • During the day: the AIA's Architecture Billings Index for February (a leading indicator for commercial real estate). • At 2:00 PM, the FOMC Meeting Announcement . The FOMC is expected to make no change to policy, however the word "patient" will probably be removed from the statement opening the possibility of a rate hike as early as June. • At 2:00 PM, the FOMC Forecasts . This will include the Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate along with the quarterly economic projections. • At 2:30 PM, Fed Chair Janet Yellen holds a press briefing following the FOMC announcement.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Tue, Mar 17 2015
  • 4:26 PM » 5 Things to Watch in the Feds March Meeting
    Published Tue, Mar 17 2015 4:26 PM by WSJ
    The Feds policy making committee issues its statement and new economic projections Wednesday at 2 p.m. ET, followed by Chairwoman Janet Yellens press conference at 2:30 p.m. Here are a few things to keep an eye on.
  • 4:22 PM » Let Building Permits Tell the Tale of February Home Construction
    Published Tue, Mar 17 2015 4:22 PM by WSJ
    The Commerce Departments data for February home starts, released Tuesday, is an anomaly born of harsh weather in many parts of the U.S. last month. Residential building permits provide a better view of the markets trajectory.
  • 4:16 PM » JPMorgan Said to Buy $45 Billion of Servicing Rights From Ocwen - Bloomberg
    Published Tue, Mar 17 2015 4:16 PM by Bloomberg
    JPMorgan Said to Buy $45 Billion of Servicing Rights From Ocwen Bloomberg (Bloomberg) -- JPMorgan Chase & Co., the second-largest servicer of U.S. mortgages, is buying the right to handle $45 billion of home loans from Ocwen Financial Corp., according to a person familiar with the transaction. Ocwen said March 2 that it had ... and more »
  • 2:57 PM » Expect a hawkish Yellen: Analysts
    Published Tue, Mar 17 2015 2:57 PM by CNBC
    Investors should expect Fed Char Janet Yellen to be more hawkish than in the past, two analysts said.
  • 2:56 PM » Comments on February Housing Starts
    Published Tue, Mar 17 2015 2:56 PM by Calculated Risk Blog
    As always, we we shouldn't let one month of data influence us too much. For February it appears housing starts were impacted by the weather, especially in the Northeast. Here is a table showing starts in the four Census Bureau regions.  Starts in the Northeast were down 46% year-over-year: Housing Starts (000)   Feb-15 Feb-14 YoY Change Northeast 47 87 -46.0% Midwest 97 122 -20.5% South 514 502 2.4% West 239 217 10.1% Total 897 928 -3.3% However, even if starts had increased year-over-year in February at the rate in the South and the West, housing starts would still have been below expectations.  So overall this was a disappointing report. Note: It is also possible that the West Coast port slowdown impacted starts a little.  The labor situation was resolved in February, so any impact should disappear quickly. Click on graph for larger image. This graph shows the month to month comparison between 2014 (blue) and 2015 (red). Even with the weak February, starts are running 8.4% ahead of 2014 through February. Below is an update to the graph comparing multi-family starts and completions. Since it usually takes over a year on average to complete a multi-family project, there is a lag between multi-family starts and completions. Completions are important because that is new supply added to the market, and starts are important because that is future new supply (units under construction is also important for employment). These graphs use a 12 month rolling total for NSA starts and completions. The blue line is for multifamily starts and the red line is for multifamily completions. The rolling 12 month total for starts (blue line) increased steadily over the last few years, and completions (red line) have lagged behind - but completions have been catching up (more deliveries), and will continue to follow starts up (completions lag starts by about 12 months). Note that the blue line (multi-family starts) might be starting to move more sideways...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:50 PM » February Southland Home Sales Press Release
    Published Tue, Mar 17 2015 2:50 PM by DataQuick
    Southern California Home Sales Dip Year Over Year Again; Median Price Edges Higher March 17, 2015 CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its February 2015 Southern California housing market report, which shows the number of homes sold rose slightly from January but hit the lowest level for a February in seven years. Also according to the report, the median price paid for a home, which hasn't changed much since last fall, inched up from January and rose year over year for the 35th consecutive month. A total of 13,650 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in February 2015. That was up 0.7 percent month over month from 13,560 sales in January 2015, and down 2.7 percent year over year from 14,027 sales in February 2014, according to CoreLogic DataQuick data. On average, Southern California home sales have increased 0.7 percent between the months of January and February since 1988, when CoreLogic DataQuick data began. Sales have fallen on a year-over-year basis in 15 out of the last 17 months. February home sales have ranged from a low of 10,777 in 2008 to a high of 26,587 in 2004. February 2015 sales were 21.6 percent below the February average of 17,420 sales since 1988. "This feels a lot like early 2014, with home sales off to a slow start as many would-be home buyers struggle with inventory constraints, credit hurdles and reduced affordability," said Andrew LePage, data analyst for CoreLogic DataQuick. "And just like a year ago, one of the big questions hanging over the market is whether we'll see a sizeable jump in inventory this spring and summer. A nearly three-year stretch of price appreciation has given many more owners enough equity to sell their homes and buy another. Recent job growth has helped fuel housing demand and if that's met with only a modest rise in the...
  • 12:17 PM » Millions of 'underwater' homeowners are trapped
    Published Tue, Mar 17 2015 12:17 PM by CNBC
    Temperatures are warming and potential homebuyers are coming out to shop, but they are finding precious little for sale.
  • 12:16 PM » ECB QE Working More Than Expected
    Published Tue, Mar 17 2015 12:16 PM by Bloomberg
    Bloomberg ECB QE Working More Than Expected: Papadia Bloomberg Former ECB Director of Monetary Operations Francesco Papadia weighs in on the ECB's government bond buying program. He speaks on "Market Makers." (Source: Bloomberg). Related. Ford vs. GM: Which Has Built a Better Balance Sheet? Most Recent ... and more »
  • 10:28 AM » If Fed loses 'patience'-June rate hike?
    Published Tue, Mar 17 2015 10:28 AM by CNBC
    If the Fed loses its "patience," that could mean a June rate hike, says Ron Insana - using Janet Yellen's logic.
  • 10:00 AM » CoreLogic: "1.2 Million US Borrowers Regained Equity in 2014, 5.4 Million Properties Remain in Negative Equity"
    Published Tue, Mar 17 2015 10:00 AM by Calculated Risk Blog
    From CoreLogic: CoreLogic Reports 1.2 Million US Borrowers Regained Equity in 2014 CoreLogic ... t oday released new analysis showing 1.2 million borrowers regained equity in 2014 , bringing the total number of mortgaged residential properties with equity at the end of Q4 2014 to approximately 44.5 million or 89 percent of all mortgaged properties. Nationwide, borrower equity increased year over year by $656 billion in Q4 2014. The CoreLogic analysis also indicates approximately 172,000 U.S. homes slipped into negative equity in the fourth quarter of 2014 from the third quarter 2014 , increasing the total number of mortgaged residential properties with negative equity to 5.4 million, or 10.8 percent of all mortgaged properties. This compares to 5.2 million homes, or 10.4 percent, that were reported with negative equity in Q3 2014, a quarter-over-quarter increase of 3.3 percent. Compared to 6.6 million homes, or 13.4 percent, reported for Q4 2013, the number of underwater homes has decreased year over year by 1.2 million or 18.9 percent. ... Of the 49.9 million residential properties with a mortgage, approximately 10 million, or 20 percent, have less than 20-percent equity (referred to as "under-equitied") and 1.4 million of those have less than 5-percent equity (referred to as near-negative equity). Borrowers who are "under-equitied" "under-equitied" may have a more difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near negative equity are considered at risk of moving into negative equity if home prices fall. In contrast, if home prices rose by as little as 5 percent, an additional 1 million homeowners now in negative equity would regain equity. ... " The share of homeowners that had negative equity increased slightly in the fourth quarter of 2014, reflecting the typical weakness in home values during the final quarter of the year ...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 10:00 AM » The Great Global Sovereign Bond Shortage
    Published Tue, Mar 17 2015 10:00 AM by The Big Picture
    Expectations of economists and pundits notwithstanding, interest rates are falling around the world. Despite the end of quantitative easing in the U.S., and the possibility that the Federal Reserve will raise rates later this year, the long-feared economy-killing yield spike has yet to appear. During the past few months, I have been discussing this with... Read More
    Click Here to Read the Full Article

    Source: The Big Picture
  • 9:08 AM » When Yellen Gets Less Predictable She's Getting Back to Normal
    Published Tue, Mar 17 2015 9:08 AM by Bloomberg
    When Yellen Gets Less Predictable She's Getting Back to Normal Bloomberg Should the Federal Reserve this week jettison a promise to remain "patient" about raising interest rates, as anticipated by economists, the omission will mark the end of an era in Fed communications policy and could usher in a period of greater market ...
  • 9:07 AM » The Fed: What's your question for Janet Yellen?
    Published Tue, Mar 17 2015 9:07 AM by Market Watch
    Help up pose a question to Federal Reserve Chairwoman Janet Yellen when she holds a press conference after the Federal Open Market Committee decision.
  • 8:44 AM » Housing starts drop in Feb., weather likely factor
    Published Tue, Mar 17 2015 8:44 AM by CNBC
    U.S. housing starts plunged to their lowest level in a year in February likely as harsh weather kept builders at home.
  • 12:20 AM » News Release - Fannie Mae Prices $1.06 Billion Multifamily ...
    Published Tue, Mar 17 2015 12:20 AM by Fannie Mae
    Fannie Mae priced its third Multifamily DUS REMIC in 2015 totaling $1.06 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae ...
  • 12:20 AM » Sacramento Housing in February: Total Sales up 12% Year-over-year
    Published Tue, Mar 17 2015 12:20 AM 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 February, 14.8% of all resales were distressed sales. This was down from 16.6% last month, and down from 19.1% in February 2014. Since distressed sales happen year round, but conventional sales decline in December and January, the percent of distressed sales bumps up in the winter (seasonal). The percentage of REOs was at 8.3%, and the percentage of short sales was 6.5%. Here are the statistics for February. 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 13.9% year-over-year (YoY) in February.  In general the YoY increases have been trending down after peaking at close to 100%.  This is the smallest YoY increase in inventory since May 2013. Cash buyers accounted for 16.8% of all sales (frequently investors). Total sales were up 11.6% from February 2014, and conventional equity sales were up 17.6% compared to the same month last year. Summary: This data suggests a healing market with fewer distressed sales, more equity sales, and less investor buying.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • Mon, Mar 16 2015
  • 4:03 PM » What to Make of the Dramatic Fall in GSE Profits
    Published Mon, Mar 16 2015 4:03 PM by www.urban.org
    The government-sponsored enterprises, or GSEs, had a remarkable 2013: Fannie Mae reported profitsof $84 billion and Freddie Mac profits of $49 billion. For perspective, Apple reported profits in the same year of $37 billion, just shy of its most lucrative year on record. These numbers gave many such a sense of confidence in Fannie and Freddie that talk began to shift from winding them down to releasing them from conservatorship, taking much of the wind out of the sails of the already flagging push for overhauling the housing finance system. All reform involves risk, after all, and these numbers suggested that we were risking an increasingly healthy system.
    Click Here to Read the Full Article

    Source: www.urban.org
  • 2:27 PM » 'Taper tantrum' II hitting bonds
    Published Mon, Mar 16 2015 2:27 PM by CNBC
    With the Fed nearing its first rate increase in about 6½ years, bond investors are bracing for the shock.
  • 1:02 PM » Treasuries Rise on Factory Weakness Before Fed Rate Decision
    Published Mon, Mar 16 2015 1:02 PM by Bloomberg
    Treasuries Rise on Factory Weakness Before Fed Rate Decision Bloomberg (Bloomberg) -- Treasuries rose as reports showed below-forecast manufacturing output, giving Federal Reserve policy makers meeting this week more information to weigh as they consider when to raise interest rates. U.S. debt gained for a second day as ... and more »
  • 1:02 PM » This is the U.S. dollar's fastest rise in 40 years
    Published Mon, Mar 16 2015 1:02 PM by CNN
    The U.S. dollar is incredibly strong again, but no one predicted it would beef up this quickly.
  • 12:11 PM » US debt to hit legal limit...again
    Published Mon, Mar 16 2015 12:11 PM by CNBC
    The coming debt limit fight could be even worse than usual, Politico's Ben White says.
  • 12:09 PM » There's Not Much Yellen Can Do to Stop Dollar Rally, SocGen Says
    Published Mon, Mar 16 2015 12:09 PM by Bloomberg
    There's Not Much Yellen Can Do to Stop Dollar Rally, SocGen Says Bloomberg (Bloomberg) -- Kit Juckes, a global strategist at Societe Generale SA in London, says there's not much that can halt the U.S. dollar's ascent. The greenback is rallying because the rest of the world is doing poorly in comparison. Yet any sign of U.S. weakness ...
  • 10:19 AM » NAHB: Builder Confidence decreased to 53 in March
    Published Mon, Mar 16 2015 10:19 AM by Calculated Risk Blog
    The National Association of Home Builders (NAHB) reported the housing market index (HMI) was at 53 in March, down from 55 in February. Any number above 50 indicates that more builders view sales conditions as good than poor. From Reuters: Builder Confidence Drops Two Points in March Builder confidence in the market for newly built, single-family homes in March fell two points to a level of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released today. "Even with this slight slip, the HMI remains in positive territory and we expect the market to improve as we enter the spring buying season," said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo. "The drop in builder confidence is largely attributable to supply chain issues, such as lot and labor shortages as well as tight underwriting standards," said NAHB Chief Economist David Crowe. "These obstacles notwithstanding, we are expecting solid gains in the housing market this year, buoyed by sustained job growth, low mortgage interest rates and pent-up demand." Two of the three HMI components posted losses in March. The component gauging current sales conditions fell three points to 58 while the component measuring buyer traffic dropped two points to 37. The gauge charting sales expectations in the next six months held steady at 59. emphasis added Click on graph for larger image. This graph show the NAHB index since Jan 1985. This was below the consensus forecast of 56.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:37 AM » El-Erian: Fed 'linguistic gymnastics'
    Published Mon, Mar 16 2015 9:37 AM by CNBC
    Mohamed El-Erian predicts the Fed will remove the word "patient" but could open up another can of worms.
  • 9:36 AM » Manufacturing output takes surprise dip in February
    Published Mon, Mar 16 2015 9:36 AM by Reuters
    WASHINGTON (Reuters) - U.S. manufacturing output fell in February for the third straight month as automobile production tumbled, pointing to slower economic growth in the first quarter.
  • 9:35 AM » Is US Housing Becoming a Millennials' Market?
    Published Mon, Mar 16 2015 9:35 AM by Bloomberg
    Bloomberg Is US Housing Becoming a Millennials' Market? Bloomberg Nela Richardson, chief economist at Redfin, discusses the growing number of millennials entering the U.S. housing market as first-time home buyers. She speaks on "In The Loop." (Source: Bloomberg) ... and more »
  • 8:41 AM » US bond markets gear up for Fed statement
    Published Mon, Mar 16 2015 8:41 AM by CNBC
    The U.S. Treasury curve flattened on Monday, with yields falling most on longer-dated notes, while two-year yields rose.
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