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  • Thu, Oct 9 2014
  • 3:16 PM » The Wall Street Journal: State attorneys general weight group to examine JP Morgan data breach
    Published Thu, Oct 09 2014 3:16 PM by Market Watch
    AGs from California, Rhode Island, Connecticut and Illinois to review whether the bank followed state disclosure laws.
  • 2:20 PM » Meet Edward Quince, the Secret Federal Reserve Chairman in 2008
    Published Thu, Oct 09 2014 2:20 PM by WSJ
    Edward Quince was arguably the most powerful person in the world in the fall of 2008, with the fate of financial markets resting on his high-stakes decisions at the Federal Reserve. It turns out he didn't actually exist.
  • 2:19 PM » A Victory for a Fairer Housing Market
    Published Thu, Oct 09 2014 2:19 PM by blog.hud.gov
    When we hear that a mother is on maternity leave, most of us smile and realize it's a special time in that family's life. But what HUD has found is that often banks hear something else-they hear something that in a steady stream of cases has led lenders to deny, stall or question the home […]
  • 2:19 PM » WSJ Survey: Most Economists Confident in Fed's Exit Tools
    Published Thu, Oct 09 2014 2:19 PM by WSJ
    Most economists surveyed by the Wall Street Journal are comfortable with the Federal Reserve's toolkit for eventually raising interest rates.
  • 2:19 PM » Housing: Appears Inventory build is Slowing in Previous Distressed Markets
    Published Thu, Oct 09 2014 2:19 PM by Calculated Risk Blog
    Watching existing home "for sale" inventory is very helpful. As an example, the increase in inventory in late 2005 helped me call the top for housing. And the decrease in inventory eventually helped me correctly call the bottom for house prices in early 2012, see: The Housing Bottom is Here . And at the beginning of this year I argued house price increases would slow in 2014 because of the increase in inventory. I don't have a crystal ball, but watching inventory helps understand the housing market.   If inventory kept increasing rapidly in certain markets, then we would eventually see price declines.  However it now appears the inventory build is slowing in some former distressed markets.   The table below shows the year-over-year change for non-contingent inventory in Las Vegas, Phoenix and Sacramento (September not available yet).  Inventory declined sharply through early 2013, and then inventory started increasing sharply year-over-year. It now appears the inventory build is slowing in these markets. This makes sense.  Prices increased rapidly in these markets in 2012 and 2013 (bouncing off the bottom with low inventory).  Higher prices attracted more people to list their homes.  But now that prices have flattened out - and there is plenty of inventory - potential sellers aren't as motivated to list their homes.  Unlike following the housing bubble, most of these potential sellers probably don't need to sell, so listings will not grow to the moon! I still expect overall inventory to continue to increase, but this is something to watch. Year-over-year Change in Active Inventory Month Las Vegas Phoenix Sacramento Jan-13 -58.3% -11.7% -61.1% Feb-13 -53.4% -8.5% -51.1% Mar-13 -42.1% -5.2% -37.8% Apr-13 -24.1% -4.9% -10.3% May-13 -13.2% -2.1% 5.3% Jun-13 3.7% -1.6% 18.3% Jul-13 9.0% -1.6% 54.3% Aug-13 41.1% 2.4% 46.8% Sep-13 60.5% 7.8% 77.3% Oct-13 73.4% 15.7% 93.2% Nov-13 77...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:18 PM » Supreme Court of Delaware Upholds Validity of MERS' Assignee
    Published Thu, Oct 09 2014 2:18 PM by MERS
    FOR IMMEDIATE RELEASE CONTACT: Janis Smith Phone: 703-738-0230 Email: janiss@mersinc.org Reston, Virginia, October 9, 2014 -MERSCORP Holdings, Inc. today announced that the Delaware Supreme Court issued an order affirming a foreclosure judgment for BAC Home Loan Servicing, LP and in doing so finds that the assignment of mortgage executed by MERS complies with Delaware law. In Albertson v. BAC Home Loan Servicing, LP , the plaintiff borrowers alleged that the assignment of their mortgage from MERS to BAC was invalid. In the Supreme Court's order, Justice Henry DuPont Ridgely held that the Court would "assume without deciding that the Albertsons had standing to challenge the assignment at issue" because regardless of standing, the Albertsons' claims regarding the assignment "lacked merit." The assignment by MERS complied with the requirements of Delaware law to have one creditable witness and was notarized. The Court found that the record indicates that "MERS was properly designated as the assignor of the mortgage, and [] BAC assumed the authority to enforce the mortgage upon the execution of the assignment." "We are pleased that the Supreme Court of Delaware has affirmed the lower court's findings and upheld the validity of the MERS assignment," said MERSCORP Holdings Vice President for Corporate Communications, Janis Smith. For descriptions of cases and other materials pertaining to MERS' business model and role in U.S. housing, please visit www.mersinc.org . ### MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products. It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions. Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of...
  • 2:14 PM » Obamacare could delay a Fed rate hike
    Published Thu, Oct 09 2014 2:14 PM by CNBC
    Obamacare and the tax hit some may face next year could delay a rate hike by the Fed, says ex-Treasury official Stephen Myrow. Here's why.
  • 2:13 PM » Fed's Tarullo: New bank rule stricter
    Published Thu, Oct 09 2014 2:13 PM by CNBC
    Fed Governor Tarullo said a new rule for big banks will will be stricter on long-term debt, Dow Jones reported.
  • 2:09 PM » Fed Fischer: Rate hike likely somewhere in middle of 2015
    Published Thu, Oct 09 2014 2:09 PM by Market Watch
    WASHINGTON (MarketWatch) - The Federal Reserve is likely to hike rates somewhere in the middle of next year but the timing depends on the data, said Stanley Fischer, the Fed's vice chairman, on Thursday. "Capital markets have it more or less right," Fischer said during a question and answer session on the sidelines of the International Monetary Fund annual meeting. Fischer said he didn't like the phrase "liftoff" for the first hike because it suggested rates would rocket higher and the Fed may move relatively slowly. But in the end, he stressed that the path of rates would depend on the economy. Asked for his definition of the Fed's "considerable time" guidance, Fischer joked "sometime between 2 months and a year."
  • 11:17 AM » ECB's Draghi says expects lending to pick up soon in 2015
    Published Thu, Oct 09 2014 11:17 AM by Reuters
    WASHINGTON (Reuters) - European Central Bank President Mario Draghi said on Thursday he expects bank lending, a key impediment to growth in the euro zone at the moment, to pick up early next year.
  • 11:17 AM » Janus's Gross: The global economy is slowing down
    Published Thu, Oct 09 2014 11:17 AM by CNBC
    This is a breaking news story.
  • 11:17 AM » Germany's Schaeuble says fiscal stimulus can't fix Europe
    Published Thu, Oct 09 2014 11:17 AM by Reuters
    WASHINGTON (Reuters) - German Finance Minister Wolfgang Schaeuble said on Thursday the euro zone's weak growth could not be fixed by more fiscal stimulus and dismissed the prospect of recession for Europe's biggest economy.
  • 10:10 AM » Bond Report: 10-year Treasury yield touches fresh 16-month low
    Published Thu, Oct 09 2014 10:10 AM by Market Watch
    Treasury prices gain, sending benchmark yields to a fresh 16-month low.
  • 10:04 AM » Jobless claims fall, as labor market shows muscle
    Published Thu, Oct 09 2014 10:04 AM by CNBC
    The number of new claims for unemployment benefits fell last week to nearly its lowest level since before the 2007-09 recession.
  • 10:04 AM » San Francisco housing: Time for a correction?
    Published Thu, Oct 09 2014 10:04 AM by CNBC
    San Francisco's housing market may see a slight dip but limited supply and the tech economy continue to bolster the region.
  • 10:00 AM » The ECB and the Eurozone: A Conversation with Mario Draghi
    Published Thu, Oct 09 2014 10:00 AM by webfeeds.brookings.edu
    Event Information October 9, 2014 11:00 AM - 12:00 PM EDT Falk Auditorium The Brookings Institution 1775 Massachusetts Ave., NW Washington, DC This event has reached capacity and registration to attend is now closed. Media may contact  DJ Nordquist  for more information.  The European Central Bank has been at the center of an economic, financial and political storm in the eurozone, the union of 18 (soon to be 19) sovereign nations that share a common currency and which still suffers from high unemployment, slow growth, and inflation below the ECB's target. Its President, Mario Draghi, has on numerous occasions taken initiatives that have come to frame and define the policy debate in Europe, as he did with his recent address in Jackson Hole. How much more can monetary policy achieve in Europe? What lessons have been learned from this extraordinary period? Can the world's central banks do better at maintaining financial stability than they have in the recent past? On October 9, the Hutchins Center on Fiscal and Monetary Policy at Brookings will host a presentation by the ECB President Mario Draghi on the latest developments in Europe and in global central banking. His remarks will be followed by a conversation between Mr. Draghi and Stanley Fischer, vice chair of the Federal Reserve Board. After the discussion, both officials will take audience questions. The event will be live webcast.   Join the conversation on Twitter at #HutchinsECB                
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 8:12 AM » New York Fed Needed a Culture Change, Columbia Professor Says
    Published Thu, Oct 09 2014 8:12 AM by WSJ
    Watch Jon Hilsenrath interview Columbia professor David Beim about the culture of Wall Street and its regulators and read excerpts from the interview.
  • 8:09 AM » Home Equity Lending Surges in U.S. to Five-Year High
    Published Thu, Oct 09 2014 8:09 AM by Bloomberg
    Home Equity Lending Surges in U.S. to Five-Year High Bloomberg The 1960 Ray Charles lyric -- "Them that's got are them that gets" -- rings true today in the U.S. mortgage market. Lenders increased their origination of home equity lines of credit, or Helocs, by 21 percent in the 12 months ending in June, data firm RealtyTrac ... and more »
  • 8:08 AM » Banks Face Basel Clampdown on Risk-Model Variation
    Published Thu, Oct 09 2014 8:08 AM by Bloomberg
    Banks Face Basel Clampdown on Risk-Model Variation Bloomberg Global regulators are preparing to narrow banks' options for assessing credit risk in a bid to prevent the understatement of possible losses. The Basel Committee on Banking Supervision will publish a report by early November on "excessive" variability in the ...
  • 8:08 AM » U.S. Index Futures Rise After S&P 500's Biggest 2014 Gain
    Published Thu, Oct 09 2014 8:08 AM by Bloomberg
    U.S. Index Futures Rise After S&P 500's Biggest 2014 Gain Bloomberg U.S. stock-index futures rallied, indicating the Standard & Poor's 500 Index will rise for a second day after jumping the most in a year. Futures on the S&P 500 expiring in December added 0.3 percent to 1,967.9 at 9:08 a.m. in London. The Federal Reserve's ... and more »
  • 8:07 AM » Student loans double over the last two decades
    Published Thu, Oct 09 2014 8:07 AM by Market Watch
    American students borrow twice as much as they did two decades ago and the total student debt mountain has increased fourfold over that period.
  • 8:07 AM » Taper Tantrum Erased With Mortgage Yields at 16-Month Low
    Published Thu, Oct 09 2014 8:07 AM by Bloomberg
    Taper Tantrum Erased With Mortgage Yields at 16-Month Low Bloomberg In the market for U.S. mortgage bonds, it's almost as if the turmoil that became known as the taper tantrum never happened. Yields on government-backed securities that guide home-loan rates have dropped to the lowest in 16 months, erasing most of the ...
  • 8:07 AM » JPMorgan Hackers Said to Probe 13 Financial Firms
    Published Thu, Oct 09 2014 8:07 AM by Bloomberg
    JPMorgan Hackers Said to Probe 13 Financial Firms Bloomberg The hackers who raided the data banks of JPMorgan Chase & Co. (JPM) used computers now linked to possible attacks on at least 13 more financial companies, according to a person familiar with the investigation. More than a month after the JPMorgan hack ... and more »
  • 8:06 AM » Citi to return $16M in overcharged fees
    Published Thu, Oct 09 2014 8:06 AM by CNBC
    A unit of Citigroup has agreed to reimburse about $16 million to more than 31,000 customers, who were overcharged for fees, the New York AG said.
  • 12:27 AM » 1 in 4 millennials trust no one: Study
    Published Thu, Oct 09 2014 12:27 AM by CNBC
    Stressed about money and stumped about where to turn: This describes a good chunk of today's millennials.
  • 12:26 AM » After Fed minutes, focus is on earnings
    Published Thu, Oct 09 2014 12:26 AM by CNBC
    With Alcoa kicking off the unofficial earnings season, investor attention shifts from the Fed back to corporations.
  • 12:25 AM » Treasuries Are World's Best Bonds as Fed Cites U.S. Growth Risks - Bloomberg
    Published Thu, Oct 09 2014 12:25 AM by Bloomberg
    Treasuries Are World's Best Bonds as Fed Cites U.S. Growth Risks Bloomberg Treasuries were the best-performing sovereign bond market during the past month as U.S. inflation expectations slid and the Federal Reserve said it was concerned slowing global growth risked damping the recovery. U.S. government securities due in 10 ... and more »
  • Wed, Oct 8 2014
  • 4:12 PM » Major debt shift for millennials and seniors
    Published Wed, Oct 08 2014 4:12 PM by CNBC
    A TransUnion analysis shows debt among 20-somethings affects their ability to take on mortgages and debt levels for 60-plus consumers are increasing.
  • 3:16 PM » Wells Fargo employee to CEO: I need a raise
    Published Wed, Oct 08 2014 3:16 PM by Market Watch
    To fight inequality, a Wells Fargo employee asked the boss to give everyone at the company a raise.
  • 3:16 PM » Fed Leery Guidance Changes Might Be Misread
    Published Wed, Oct 08 2014 3:16 PM by WSJ
    Federal Reserve officials discussed altering their guidance on the likely path of interest rates at their September meeting, but decided against making any changes because of concerns they might be misinterpreted, minutes of the meeting showed.
  • 2:39 PM » Geithner: AIG losses were exceptional compared with other firms
    Published Wed, Oct 08 2014 2:39 PM by Reuters
    WASHINGTON (Reuters) - Former U.S. Treasury Secretary Timothy Geithner defended the 2008 bailout of American International Group Inc for a second day on Wednesday, struggling at times to respond to increasingly contentious questions about the government's efforts to rescue the insurance company as it stood minutes from bankruptcy.
  • 2:39 PM » Minutes of the Federal Open Market Committee, September 16-17, 2014
    Published Wed, Oct 08 2014 2:39 PM by Federal Reserve
    Minutes of the Federal Open Market Committee, September 16-17, 2014
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 2:38 PM » Fed minutes show dovish slant; Market rallies
    Published Wed, Oct 08 2014 2:38 PM by CNBC
    The Fed remained on its easy-money course at last month's meeting, allaying fears it might start raising rates sooner than expected.
  • 1:31 PM » Treasuries Fall as 10-Year Sale Bids Lowest in 1 Year Before Fed - Bloomberg
    Published Wed, Oct 08 2014 1:31 PM by Bloomberg
    Treasuries Fall as 10-Year Sale Bids Lowest in 1 Year Before Fed Bloomberg Treasuries extended losses as the U.S. sale of $21 billion in 10-year notes drew the weakest demand in more than a year before the Fed releases minutes of its latest policy meeting. The benchmark debt yielded 2.381 percent at the auction, compared with a ...
  • 12:15 PM » Here's the 'doomsday' bond scenario
    Published Wed, Oct 08 2014 12:15 PM by CNBC
    The fear is that an exodus for the door along the same lines as the "taper tantrum" could crush the market.
  • 11:35 AM » Deficit drops yet again - sharply
    Published Wed, Oct 08 2014 11:35 AM by CNN
    The federal budget deficit just keeps getting smaller.
  • 10:48 AM » Data leak at largest U.S. bond insurer left personal accounts visible via a Google search
    Published Wed, Oct 08 2014 10:48 AM by Washington Post
    A parade of headlines over the past year have warned of the dangers of cyberattacks, with big retailers and the financial industry falling victim to hackers who leave only faint digital trails in their wake. But sometimes, big data leaks or breaches are just the result of simple human errors. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:48 AM » Capitol Report: Fed should sell MBS at predictable pace during exit, Lacker says
    Published Wed, Oct 08 2014 10:48 AM by Market Watch
    Any Federal Reserve's exit strategy should include a plan to sell its $1.7 trillion in mortgage-backed securities holdings at a predictable pace, Richmond Fed President Lacker says.
  • 10:48 AM » What to Watch for in the Federal Reserve's September Meeting Minutes
    Published Wed, Oct 08 2014 10:48 AM by WSJ
    The Federal Reserve releases minutes of its Sept. 16-17 policy meeting at 2 p.m. ET on Wednesday. We already know what the Fed did last month: it said it would to end its bond-buying program after October; it updated its economic projections; and it laid out a technical plan for how to eventually raise interest rates. The Federal Reserve releases minutes of its Sept. 16-17 policy meeting at 2 p.m. ET on Wednesday. We already know what the Fed did last month: it said it would to end its bond-buying program after October; it updated its economic projections; and it laid out a technical plan for how to eventually raise interest rates. Now, Fed-watchers could get details of the discussions behind closed doors. They also could get clues about why the Fed retained several closely watched phrases in its policy statement.
  • 8:57 AM » Why Treasurys may be this quarter's best bet
    Published Wed, Oct 08 2014 8:57 AM by CNBC
    The market widely expects Treasury prices to fall as Fed tightening inches closer, but contrarian bets that bonds will continue to rise are emerging.
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