Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
28,899
# of Forum Posts
Select a Date
Use the calendar to view news headlines from a specific date.
Today  |  Yesterday  |  Random
Bottom Right Default
State Name: New Jersey
State Name underscore: New_Jersey
State Name dash: New-Jersey
State Name lower underscore: new_jersey
State Name lower dash: new-jersey
State Name lower: new jersey
State Abbreviation: NJ
State Abbreviation Lower: nj
Suggest a Story
Paste the URL of the story below to submit for editorial review and possible inclusion in ATW.
Please add 7 and 4 and type the answer here:
Leave this field blank.
What is Around the Web?
It is a continuously updated stream of news from around the web
Visit throughout the day for the latest breaking news.
» Click any link below to read more.
  • Wed, May 16 2012
  • 8:23 AM » REALTORS® Report Local Banks as Largest Source of Finance Capital
    Published Wed, May 16 2012 8:23 AM by National Association of Realtors
    Lending conditions continue to remain tight for commercial real estate investments. This is especially pertinent for small businesses and investors looking for properties in secondary and tertiary markets. In the wake of the post 2008-09 recession shakeout, large banks have been reluctant to underwrite commercial real estate investments. According to the 2012 Commercial Lending Survey, [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 8:23 AM » Mortgage refinancing applications jump; rates fall: MBA
    Published Wed, May 16 2012 8:23 AM by Reuters
    NEW YORK (Reuters) - Applications for U.S. home mortgages surged last week, driven by increased demand for refinancing as interest rates hit fresh lows, an industry group said on Wednesday.
  • Tue, May 15 2012
  • 5:16 PM » IKB Sues Bank of America Over Mortgage-Backed Securities
    Published Tue, May 15 2012 5:16 PM by Bloomberg
    IKB Sues Bank of America Over Mortgage-Backed Securities Bloomberg IKB Deutsche Industriebank AG (IKB) sued Bank of America Corp. in New York state court over losses related to more than $200 million in mortgage-backed securities that it purchased. The Dusseldorf, Germany-based bank contends Bank of America, ...
  • 5:16 PM » Ally Pays $750 Million in ResCap Bankruptcy to 'Avoid the Noise'
    Published Tue, May 15 2012 5:16 PM by Bloomberg
    Ally Pays $750 Million in ResCap Bankruptcy to 'Avoid the Noise' Bloomberg Ally Financial Inc. (ALLY) contributed $750 million to cover legal claims on soured loans tied to its bankrupt mortgage unit, even though the firm calls them meritless, "to avoid the noise," according to its leader. The payment to Residential Capital ... and more »
  • 5:16 PM » ResCap Junior Notes Projected to Get 105 Cents on the Dollar
    Published Tue, May 15 2012 5:16 PM by Bloomberg
    ResCap Junior Notes Projected to Get 105 Cents on the Dollar Bloomberg Residential Capital LLC, the bankrupt mortgage unit of Ally Financial Inc. (ALLY), could pay 105 cents on the dollar to junior secured guaranteed note holders under in the company's bankruptcy plan announced yesterday. The 9.625 percent notes due 2015 ...
  • 5:16 PM » The Economist Who Changed the Way We Think About Housing
    Published Tue, May 15 2012 5:16 PM by Bloomberg
    Bloomberg The Economist Who Changed the Way We Think About Housing Bloomberg John M. Quigley, who died last week, was a pioneering economist who helped change the way we think about housing. He devised statistical models of housing quality and the risks inherent in mortgage-backed securities, documented the discrimination that ...
  • 5:16 PM » BofA hiking relocation aid for troubled homeowners
    Published Tue, May 15 2012 5:16 PM by Reuters
    (Reuters) - Bank of America Corp said on Tuesday it had launched a nationwide program that offers increased relocation payments to delinquent mortgage customers who complete qualifying short sales.
  • 5:15 PM » CNBC: More Good Housing Data Today
    Published Tue, May 15 2012 5:15 PM by CNBC
    The overall economic data was okay today: CPI was in-line, Retail Sales were in-line, Empire State index was big upside (but the outlook was weak). And perhaps most importantly, the NAHB Housing Market Index was well above expectations. Sales, traffic, and future prospects were all better.
  • 1:48 PM » Foreclosures Fall...And That's a Bad Thing?
    Published Tue, May 15 2012 1:48 PM by CNBC
    A new report came out this morning with a curious headline: "Foreclosure Activity Declines, Hurting Investors." I read it twice. You would think declines in foreclosure activity would be a good thing, that is, would help, not hurt. Not in this bizarre housing market.
  • 11:45 AM » MBIA Restructuring Approval Involved 'Error,' Lawyer Says
    Published Tue, May 15 2012 11:45 AM by Bloomberg
    MBIA Restructuring Approval Involved 'Error,' Lawyer Says Bloomberg The approval of MBIA Inc. (MBI)'s restructuring involved an "error of law," a lawyer for banks seeking to overturn the restructuring said in opening arguments in New York state court in Manhattan. New York State Supreme Court Justice Barbara Kapnick is ...
  • 11:44 AM » US Said to Start Probe of $2 Billion JPMorgan Loss
    Published Tue, May 15 2012 11:44 AM by Bloomberg
    US Said to Start Probe of $2 Billion JPMorgan Loss Bloomberg The US Department of Justice has begun a criminal investigation of JPMorgan Chase & Co.'s $2 billion trading loss, a person familiar with the matter said. To contact the reporter on this story: Patricia Hurtado in New York at pathurtado@bloomberg.net ...
  • 11:10 AM » Federal Reserve Board issues enforcement action against Grand Bankshares
    Published Tue, May 15 2012 11:10 AM by Federal Reserve
    Federal Reserve Board issues enforcement action against Grand Bankshares
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 11:05 AM » Fed governor: Rule uncertainty impeeds lending
    Published Tue, May 15 2012 11:05 AM by Market Watch
    WASHINGTON (MarketWatch) - Lenders are being overly conservative when they decide on what loans to make -- a situation that is being driven largely by regulatory uncertainty, Federal Reserve Governor Elizabeth Duke said in a speech Tuesday. "Regardless of what the final contours of the rules are, I think the mortgage market will benefit from having them decided so that business models can be set and investments calibrated," Duke said. "Collectively, these uncertainties about the future are likely contributing significantly to the tight lending standards in the mortgage market today." Uncertainties around litigation risk, mortgage servicing standards, capital requirements and compensation of loan servicers are all contributing to the tightened lending, she said. Duke cited rules being drafted about what mortgages will be exempt from new rules as contributing to the uncertainty. Specifically, a consumer watchdog bureau is in the process of adopting a rule that would identify the criteria and characteristics for "qualified mortgages," those deemed by the sweeping Dodd-Frank bank reform law that assures a borrower has a reasonable ability to repay the loan.
  • 11:04 AM » Duke Says Status of Fannie Mae, Freddie Mac Hurts Credit
    Published Tue, May 15 2012 11:04 AM by Bloomberg
    Duke Says Status of Fannie Mae, Freddie Mac Hurts Credit Bloomberg Federal Reserve Governor Elizabeth Duke said the unresolved status of government-sponsored mortgage firms Fannie Mae and Freddie Mac is restraining the recovery in the housing market by contribution to a choked off supply of credit. and more »
  • 11:03 AM » Legislation to Protect Servicemembers from "improper foreclosures, evictions, and other negative financial consequences of military service"
    Published Tue, May 15 2012 11:03 AM by House Oversight
    Plan to Offer Bill as Amendment to National Defense Authorization Act Washington, DC (May 15, 2012)-Today, the Ranking Members of three House Committees-Rep. Elijah E. Cummings of the Oversight and Government Reform Committee, Rep. Bob Filner of the Committee on Veterans' Affairs, and Rep. Adam Smith of the Armed Services Committee-joined several other Members in introducing legislation to enhance the Servicemembers Civil Relief Act (SCRA), a law intended to protect against improper foreclosures, evictions, and other negative financial consequences of military service. "Our troops fighting overseas in Iraq or Afghanistan should not have to fight here at home just to keep a roof over the heads of their loved ones," Cummings said. "This bill will expand current law to protect more of our brave men and women in uniform from losing their homes while they protect our freedoms abroad." "Our servicemembers protect our country, our way of life and our homes," said Filner. "We can do no less to protect their homes against mortgage foreclosure.  I applaud my colleague Representative Cummings for fashioning a bill making important improvements to the Servicemembers Civil Relief Act and for including language from my bill, H.R. 1263, to extend protections to surviving spouses of servicemembers whose death is service-connected.  I call on all Members of Congress to join us in moving forward with this important legislation that will give servicemembers better protections against mortgage foreclosure." "Our servicemembers and their families act selflessly to protect our country and ensure national security, sometimes making the ultimate sacrifice," said Smith. "The last thing they should have to worry about while they serve is the financial security of their families and their homes.  This bill takes a much-needed step toward protecting deployed servicemembers and their families, discharged veterans...
    Click Here to Read the Full Article

    Source: House Oversight
  • 10:18 AM » After a Dip, Homebuilder Sentiment Surges Again
    Published Tue, May 15 2012 10:18 AM by CNBC
    Builder confidence jumped five points in May, which is a sign that the nation's homebuilders are feeling far better again, after an unusually warm winter wreaked havoc with the usual traffic and sales trends.
  • 9:52 AM » Fed: Duke, Prescriptions for Housing Recovery
    Published Tue, May 15 2012 9:52 AM by Federal Reserve
    Speech at the National Association of Realtors Midyear Legislative Meetings and Trade Expo, Washington, D.C.
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 7:26 AM » Attorney General DeWine Sues Cleveland-Area Foreclosure Rescue Company
    Published Tue, May 15 2012 7:26 AM by Google News
    (CLEVELAND, Ohio) – Attorney General Mike DeWine today announced a lawsuit against K&R Marketing LLC, doing business as Fix My Mortgage Problem. The lawsuit charges the business and its owner with multiple violations of Ohio’s consumer laws, including failure to deliver. “This company was misleading consumers,” Attorney General DeWine said. “Consumers said they paid fees for loan modification help, but never received assistance. Homeowners who are trying to prevent foreclosure on their homes should avoid businesses that charge up-front fees for their services.”  
  • 7:25 AM » Lawmaker Calls for Jamie Dimon to Leave NY Fed Board
    Published Tue, May 15 2012 7:25 AM by WSJ
    J.P. Morgan Chase & Co.'s chief executive should step down from his position on the New York Fed's Board of Directors, Sen. Bernie Sanders (I., Vt.) said.
  • 7:24 AM » Court refuses to delay BofA, Merrill settlement case
    Published Tue, May 15 2012 7:24 AM by Reuters
    (Reuters) - A federal judge in New York on Monday refused to delay the approval process for a controversial $20 million settlement between Bank of America Corp directors and shareholders who accused the bank of overpaying for Merrill Lynch & Co.
  • 7:20 AM » ResCap Judge Says Request for Bankruptcy Loan 'Unfair'
    Published Tue, May 15 2012 7:20 AM by Bloomberg
    ResCap Judge Says Request for Bankruptcy Loan 'Unfair' Bloomberg (Corrects million to billion in first paragraph.) A federal judge told Residential Capital LLC, the bankrupt mortgage company indirectly owned by the US government bailout, to "rethink" its request for immediate approval of a $1.45 billion loan ...
  • 7:20 AM » First FHFA Case to Be Tried Next Year, U.S. Judge Says
    Published Tue, May 15 2012 7:20 AM by Bloomberg
    First FHFA Case to Be Tried Next Year, U.S. Judge Says Bloomberg The first of 16 suits by the Federal Housing Finance Agency against banks over mortgage-backed securities will be tried in New York next year, with the rest to follow in 2014, a federal judge said. US District Judge Denise Cote set out a proposed ...
  • 7:19 AM » ResCap Wins Interim Approval for $1.45 Billion Barclays Loan - Bloomberg
    Published Tue, May 15 2012 7:19 AM by Bloomberg
    ResCap Wins Interim Approval for $1.45 Billion Barclays Loan Bloomberg Residential Capital LLC, the bankrupt mortgage company indirectly owned by the US government, won interim approval to borrow $1.45 billion to help fund the company's operations. US Bankruptcy Judge James Peck in Manhattan agreed to approve the loan ...
  • 7:15 AM » FHFA Releases Draft Strategic Plan for Public Comment
    Published Tue, May 15 2012 7:15 AM by FHFA
    May 14, 2012: FHFA Releases Draft Strategic Plan for Public Comment
  • 7:11 AM » Time Running Out for Treasury Market Rally: Gross
    Published Tue, May 15 2012 7:11 AM by CNBC
    The time where investors are no longer willing to accept negative yields on U.S. Treasurys is near, Bill Gross, manager of the world's largest bond fund for Pimco warned.
  • Mon, May 14 2012
  • 5:59 PM » Moody's downgrades 26 Italian banks
    Published Mon, May 14 2012 5:59 PM by Market Watch
    SAN FRANCISCO (MarketWatch) -- Moody's Investor Services lowered the ratings for 26 Italian banks by one to four notches late Monday on the country's relapse into recession and increasingly adverse operating conditions. Moody's cut UniCredit SpA's standalone credit assessment to Baa2 from Baa1, and Intesa Sanpaolo SpA.'s standalone bank financial strength rating to C- from C+. Those two banks make up one-third of Italy's banking sector alone. "The ratings for Italian banks are now amongst the lowest within advanced European countries, reflecting these banks' susceptibility to the adverse operating environments in Italy and Europe," Moody's said in a statement. Other banks with lowered ratings included Banca Monte Dei Paschi , Banco Popolare , and Unione di Banche Italiane .
  • 4:29 PM » Charlie Gasparino on breaking up the big banks
    Published Mon, May 14 2012 4:29 PM by blog.american.com
    Charlie is no socialist or friend of Big Government or Occupy radical. But he’s had enough: No amount of rules, regulation and smarts (Dimon is the smartest guy in banking today) can prevent banks from sometimes losing money. And the bigger these banks are, the more likely they are to have losses with severe economic [...]
    Click Here to Read the Full Article

    Source: blog.american.com
  • 4:28 PM » Ally Financial Announces Key Strategic Actions to Strengthen Company and Accelerate Ability to Repay U.S. Treasury
    Published Mon, May 14 2012 4:28 PM by media.ally.com
    Ally Financial Announces Key Strategic Actions to Strengthen Company and Accelerate Ability to Repay U.S. Treasury<br/>http://media.ally.com/index.php?s=43&item=543
    Click Here to Read the Full Article

    Source: media.ally.com
  • 4:27 PM » Wells Fargo names new chief compliance officer
    Published Mon, May 14 2012 4:27 PM by Reuters
    (Reuters) - Wells Fargo & Co named Yvette Hollingsworth as its chief compliance officer, replacing Tim Marrinan who announced his retirement last year.
  • 4:16 PM » Subcommittee to Vote on HUD Subpoena
    Published Mon, May 14 2012 4:16 PM by House Financial Services
    The Oversight and Investigations Subcommittee will vote Wednesday on whether to subpoena documents from the Department of Housing and Urban Development related to the agency's administration of the HOME Investment Partnership Program. The HOME program is the nation's largest federal public housing construction program and has received more than $30 billion from the taxpayers. Over the course of the last year, the Subcommittee has uncovered waste, fraud and abuse in the program. The subpoena would direct HUD to provide documents related to the agency's ability to monitor and verify the status of HOME construction projects.  The Subcommittee first asked for these documents in November 2011.  Despite repeated requests by the Subcommittee for the information and the Subcommittee's agreement to reduce the number of documents it is seeking, HUD has been unwilling to cooperate. "The documents we have requested are essential to our ongoing investigation to weed out waste, fraud, and abuse and see whether the HOME Program can be better run. For the last six months, we gave HUD every opportunity to voluntarily provide these documents and yet they have been anything but cooperative. The documents we are requesting are important to maintain the integrity of our investigation and ensure that taxpayer dollars are not wasted," said Subcommittee Chairman Randy Neugebauer. The Subcommittee will meet to vote on issuing the subpoena at 2 p.m. in room 2220 Rayburn House Office Building.
    Click Here to Read the Full Article

    Source: House Financial Services
  • 4:15 PM » FDIC General Counsel Michael H. Krimminger Leaves the FDIC
    Published Mon, May 14 2012 4:15 PM by content.govdelivery.com
    Press Release FDIC General Counsel Michael H. Krimminger Leaves the FDIC FOR IMMEDIATE RELEASE May 14, 2012 Media Contact: Andrew Gray (202) 898-7192 Email: angray@fdic.gov   Federal Deposit Insurance Corporation (FDIC) General Counsel Michael H. Krimminger announced that he will be leaving the agency later this month to join the law firm of Cleary Gottlieb Steen & Hamilton as a partner in its Washington, D.C., office. He was appointed Acting General Counsel in November 2010 and as General Counsel in February 2011 by former FDIC Chairman Sheila C. Bair. "Mike has been instrumental in developing major policy initiatives during the most challenging time in the FDIC's history, including the FDIC's new Orderly Liquidation Authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act," said Acting Chairman Martin J. Gruenberg. "His leadership and extensive expertise in banking and financial institution crisis and resolution, mortgage finance, international coordination, capital markets, and legal issues have been invaluable to the FDIC during his many years of public service at the agency." Before becoming General Counsel, Mr. Krimminger served as Special Advisor for Policy and then Deputy for Policy to former Chairman Sheila C. Bair and the Board of Directors from 2006 to 2011. Prior to that, he served three years as an advisor in the Office of the Chairman at the FDIC and more than ten years in other senior policy and management positions at the agency. Before joining the FDIC in 1991, Mike practiced banking law and litigation in Los Angeles and Washington, D.C. He is a graduate of the University of North Carolina and received his J.D., with Distinction, from Duke University School of Law, where he served on the Editorial Board of the Duke Law Journal. Mr. Krimminger's last day at the FDIC will be May 25, 2012. After his departure, Richard Osterman, Deputy General Counsel, will serve as Acting General Counsel...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 1:50 PM » FAQ: What happened at JP Morgan? And should you care?
    Published Mon, May 14 2012 1:50 PM by Washington Post
    What was the trade? As Michael Hiltzik of the Los Angeles Times writes , we don't need to get too technical here. "Leaving aside the sophistication of the transactions themselves, JPMorgan's trader, a London-based derivatives expert whose portfolio was so outsized he became known in the markets as the London Whale, essentially bet that corporate debt was becoming less risky as corporations were getting stronger -- in trading parlance, he was long corporate debt. But he did so in a way that even a tiny hiccup in the index he was trading could be exploited by rival traders. And that's what happened." If you want to get technical, however, FT Alphaville has you covered . Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:36 PM » Putting JPMorgan Chase's $2 Billion Loss in Context
    Published Mon, May 14 2012 12:36 PM by webfeeds.brookings.edu
    The $2 billion pre-tax trading loss announced last night by JPMorgan Chase will have a significant effect on the tone of the debate on financial regulation, especially the “Volcker Rule” that was part of the Dodd-Frank financial reform legislation. The loss smoothes the path for those who wish to seriously limit the trading operations of banks and makes it more difficult for others to raise the myriad objections, many of them quite valid, about the specific proposals. Although I am disturbed by the loss, both as a citizen and as a former employee of JPMorgan, it is also important to keep the loss in context. $2 billion is a large number, but it represents less than a tenth of last year's pre-tax earnings for the company, roughly a hundredth of the $189 billion of the firm's net worth, and about one-thousandth of its $2.3 trillion of assets. We will learn more about the details of the "egregious errors" which CEO Jamie Dimon admitted were made by the bank, which may change my perspective. At this point, though, it appears that neither the Volcker Rule nor former Kansas City Fed President Hoenig's proposal to split trading off from commercial banking would have affected the activities that led to the losses. JPMorgan has indicated that these activities were "hedges," meaning they were undertaken to reduce the total risk of the bank. We want banks to hedge and all the proposals are careful to try to allow banks to continue their hedging activities. These particular hedges were poorly executed and went spectacularly wrong. However, the incompetence of the execution would not have impacted whether they fell under the rules. In sum, this is not a loss large enough to come close to shaking the financial markets and it may not even have many analytical implications for the Volcker Rule and related proposals, but it will certainly affect the tone of the political debate. Expect the implementation of the Volcker Rule to be more...
    Click Here to Read the Full Article

    Source: webfeeds.brookings.edu
  • 12:36 PM » More Americans Have FICO Scores of 800+
    Published Mon, May 14 2012 12:36 PM by moneyland.time.com
    Could this be a light at the end of the credit crisis tunnel? According to new research from Fair Isaac Corporation, the company responsible for FICO scores, the percentage of Americans with top-notch credit scores is the best it’s been since 2008. In addition, the number of people in the bottom tier of the credit [...]
    Click Here to Read the Full Article

    Source: moneyland.time.com
  • 12:25 PM » Fed Maiden Lane Demand May Slow Start of QE3, BofA Says
    Published Mon, May 14 2012 12:25 PM by Bloomberg
    Fed Maiden Lane Demand May Slow Start of QE3, BofA Says Bloomberg Demand for the Federal Reserve's sales of mortgage debt assumed in the 2008 government bailout of American International Group Inc. may add to reasons the central bank won't soon expand its balance sheet again, according to Bank of America Corp.
  • 12:21 PM » Genworth to pay ex-CEO Fraizer $2.25 million lump sum
    Published Mon, May 14 2012 12:21 PM by Reuters
    (Reuters) - Life and mortgage insurer Genworth Financial Inc will pay former Chief Executive Michael Fraizer a lump sum of $2.25 million as part of a separation agreement reached on Monday.
  • 11:09 AM » OCC: Agencies Finalize Large Bank Stress Testing Guidance
    Published Mon, May 14 2012 11:09 AM by OCC
    The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.
  • 11:01 AM » Freddie Mac: More Than 95 Percent Of Refinancing Borrowers Choose Fixed-Rate Mortgages
    Published Mon, May 14 2012 11:01 AM by Freddie Mac
    MCLEAN, Va., May 14, 2012 /PRNewswire/ -- In the first quarter of 2012, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the Freddie Mac (OTC: FMCC) Quarterly ...
  • 10:59 AM » Treasury Says ResCap Filing Unfortunate, Taxpayers Gain
    Published Mon, May 14 2012 10:59 AM by Bloomberg
    Treasury Says ResCap Filing Unfortunate, Taxpayers Gain Bloomberg US Assistant Treasury Secretary for Financial Stability Timothy G. Massad said today that while Residential Capital LLC's Chapter 11 bankruptcy filing is unfortunate, the "action puts taxpayers in a stronger position to continue recovering their ... and more »
  • 10:59 AM » J.P. Morgan executive to retire after trading loss
    Published Mon, May 14 2012 10:59 AM by Market Watch
    The woman who ran J.P. Morgan Chase & Co.'s chief investment office, which incurred a $2 billion loss, has decided to retire - the first high-ranking casualty of the trading scandal that has dented the bank's reputation and prompted fresh calls for tighter regulation of large financial institutions.
Did you know?
You can see a list of all comments on MND by clicking the 'Read the Latest Comments' option under the 'Community' menu.
 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.42%
  • |
  • 15 Yr FRM 2.76%
  • |
  • Jumbo 30 Year Fixed 3.52%
MBS Prices:
  • 30YR FNMA 4.5 109-05 (0-03)
  • |
  • 30YR FNMA 5.0 110-24 (0-02)
  • |
  • 30YR FNMA 5.5 112-12 (-0-02)
Recent Housing Data:
  • Mortgage Apps 4.66%
  • |
  • Refinance Index 9.92%
  • |
  • Purchase Index -3.60%