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  • Fri, Sep 7 2012
  • 11:27 AM » How Paul Volcker Misread Fannie Mae
    Published Fri, Sep 07 2012 11:27 AM by WSJ
    Paul Volcker is known these days as the inspiration behind the Volcker rule. Two decades ago, however, the former Federal Reserve chairman helped Fannie Mae evade tighter regulatory restraints.
  • 11:27 AM » Mortgage-Bond Spreads Fall to Five-Year Low on Bets Fed Will Buy
    Published Fri, Sep 07 2012 11:27 AM by Business Week
    Mortgage-Bond Spreads Fall to Five-Year Low on Bets Fed Will Buy Businessweek A measure of relative yields on Fannie Mae and Freddie Mac mortgage securities that guide home- loan rates tumbled to the lowest in five years after a report showed U.S. payrolls rose less than projected in August, raising the odds of a new round of bond ...
    Click Here to Read the Full Article

    Source: Business Week
  • 11:20 AM » NAR: Latest Housing Affordability Index
    Published Fri, Sep 07 2012 11:20 AM by National Association of Realtors
    The recent Existing Home Sales release published showed a 5th consecutive month of home prices higher than a year ago. What does this mean for affordability? The answer may surprise you. The July Existing Home Sales release published in late August showed a strong rise in home prices from a year ago – 9.4 percent [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 11:20 AM » SIFMA: Eminent Domain Will Cause Irreparable Damage to Recovering Housing Market
    Published Fri, Sep 07 2012 11:20 AM by SIFMA
    SIFMA: Eminent Domain Will Cause Irreparable Damage to Recovering Housing Market<br/>http://www.sifma.org/news/news.aspx?id=8589940215
  • 10:03 AM » More refinances in 2012 than in all of 2011: FHFA
    Published Fri, Sep 07 2012 10:03 AM by Market Watch
    WASHINGTON (MarketWatch) - More mortgages were refinanced through an Obama administration program in the first seven months of 2012 than in all of 2011, according to data released by a major housing regulator on Friday. The Federal Housing Finance Agency reported that more than 519,000 mortgages for borrowers who have no equity in their home were refinanced in the first seven months of 2012 through the program to current low interest rates as long as their mortgage is backed by Fannie Mae and Freddie Mac, the government-controlled housing giants. That number is up from the 400,024 mortgages refinanced through the program in 2011. These borrowers can't refinance to current low rates using traditional means. The program was expanded in late 2011 into one that allows a greater segment of underwater borrowers to participate. FHFA estimates that by the end of 2013, HARP refinances will double.
  • 9:40 AM » FHFA: HARP Refinances Continue Strong Pace in July
    Published Fri, Sep 07 2012 9:40 AM by FHFA
    September 7, 2012: HARP Refinances Continue Strong Pace in July
  • 9:02 AM » ECB Moves to 'Save' Euro-but Is It Too Late for Greece?
    Published Fri, Sep 07 2012 9:02 AM by CNBC
    European markets may have breathed a sigh of relief on Thursday after the European Central Bank announced its new unlimited bond-buying program, but some economists have said that it won't help Greece get out of its "debt trap." Indeed, one economist told CNBC that Greeks fear that in the process of "saving" the euro zone Greece itself will be sacrificed.
  • 8:01 AM » Fitch May Lower Ratings on 15% of US Prime Mortgage Securities
    Published Fri, Sep 07 2012 8:01 AM by Business Week
    Fitch May Lower Ratings on 15% of US Prime Mortgage Securities Businessweek Fitch Ratings said that it may lower about 15 percent of its credit grades on securities backed by U.S. prime mortgages, typically those too large for government- tied programs when they were issued. More than 90 percent of the bonds under review were ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 8:00 AM » UBS sued by U.S. regulator over sale of mortgage-backed securities
    Published Fri, Sep 07 2012 8:00 AM by Reuters
    (Reuters) - A U.S. regulator has sued UBS, accusing the Swiss bank of violating federal and state laws through misrepresentations in the sale of mortgage-backed securities to two credit unions that later failed, according to a court filing.
  • 7:58 AM » Four Regional Banks Discuss Settlement Over Foreclosures
    Published Fri, Sep 07 2012 7:58 AM by Business Week
    Four Regional Banks Discuss Settlement Over Foreclosures Businessweek U.S. state attorneys general are pressing four regional banks to accept a legal settlement over botched foreclosures similar to a deal reached with larger competitors earlier this year, according to three people briefed on the matter. U.S. Bancorp (SFBC), PNC ...
    Click Here to Read the Full Article

    Source: Business Week
  • 7:48 AM » The Snag in the ECB's New Bond Buying Plan
    Published Fri, Sep 07 2012 7:48 AM by CNBC
    Thursday was a big day for the euro. European Central Bank (ECB) president Mario Draghi unveiled a plan that could see the central bank buying up unlimited amounts of bonds in a move he believes makes the euro irreversible and will draw a line under the euro zone debt crisis. Markets reacted positively to the news, but as always with the euro zone debt crisis, there is a snag.
  • Thu, Sep 6 2012
  • 4:53 PM » Boston Fed: Foreclosure Externalities: Some New Evidence
    Published Thu, Sep 06 2012 4:53 PM by Boston Fed
    In a recent set of influential papers, researchers have argued that residential mortgage foreclosures reduce the sale prices of nearby properties. We revisit this issue using a more robust identification strategy combined with new data that contain information on the location of properties secured by seriously delinquent mortgages and information on the condition of foreclosed properties We find that while properties in virtually all stages of distress have statistically significant, negative effects on nearby home values, the magnitudes are economically small, peak before the distressed properties complete the foreclosure process, and go to zero about a year after the bank sells the property to a new homeowner. The estimates are very sensitive to the condition of the distressed property, with a positive correlation existing between house price growth and foreclosed properties identified as being in "above average" condition. We argue that the most plausible explanation for these results is an externality resulting from reduced investment by owners of distressed property. Our analysis shows that policies that slow the transition from delinquency to foreclosure likely exacerbate the negative effect of mortgage distress on house prices.
  • 4:49 PM » Bank of America to Reap Mortgage Windfall: Analyst
    Published Thu, Sep 06 2012 4:49 PM by CNBC
    Bank of America to Reap Mortgage Windfall: Analyst<br/>http://www.cnbc.com//id/48928272
  • 2:26 PM » 'Underwater Mortgage' Make the Merriam Webster Dictionary
    Published Thu, Sep 06 2012 2:26 PM by FICO
    It's official... the term "underwater"-as applied to a mortgage loan-has made this year's list of new words added to the Merriam Webster Dictionary. It not only reflects a mainstream recognition of this unfortunate trend, but is also sobering reminder of today's economic reality: homeowners' equity has been halved since 2005, leaving more than 15 million consumers underwater on their mortgages, and more than 6.5 million of those 30% or more underwater. The rub, of course, is that underwater consumers are significantly more likely to consider defaulting on their mortgage. FICO research has found that up to 30% of mortgage defaults are likely to have been strategic decisions to default, given the lack of incentive to continue to keep the mortgage current. Greater incidences of default, including strategic default, affect consumers, in terms of lower credit scores and less access to affordable credit, as well as mortgage lenders, in terms of losses and increased cost to service the loans. But there are also broader implications, as we've seen all too well. It's economics 101: foreclosures on a broad scale will further depress house prices and consumer confidence, which in turn affects spending, job growth and credit performance. We need to break from this downward cycle. The answer is to get ahead of the problem, and have lenders and communities work with consumers to find alternative solutions to foreclosure. FICO continues to work with lenders and servicers to tackle default risk proactively. For instance, we're using predictive analytics to help identify consumers at imminent risk of default-including potential strategic defaulters-early and take appropriate action to avoid the high cost of foreclosure. By acting early and optimizing the remediation treatment for each borrower, lenders can significantly reduce both default and re-default rates, resulting in a 40% improvement over a traditional waterfall approach to loan modifications...
  • 2:25 PM » NAR: Generational Low Mortgages
    Published Thu, Sep 06 2012 2:25 PM by National Association of Realtors
    We all know about the current historic low mortgage rates. Today's report from Freddie Mac survey indicated a 3.55 percent average on a 30-year fixed rate mortgage. Sometimes it is worth reviewing past data, particularly for the younger generation, to check just how low the rates are today. This is the rate one would lock-in [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 2:21 PM » Italy's Democratic Party Says Draghi Aid Wouldn't Work
    Published Thu, Sep 06 2012 2:21 PM by Bloomberg
    Italy's Democratic Party Says Draghi Aid Wouldn't Work Bloomberg An Italian request for aid from the European Central Bank wouldn't help the economy because it would bring extra requirements for budget austerity, said the economic spokesman for the nation's Democratic Party, or PD. "What further restrictive measures will ... and more »
  • 2:19 PM » Chairman Bachus Says Treasury Action Makes It Less Likely Taxpayers Will Be Repaid for $200 Billion GSE Bailout
    Published Thu, Sep 06 2012 2:19 PM by House Financial Services
    Financial Services Committee Chairman Spencer Bachus issued the following statement about the Treasury Department's decision on Friday to reduce the dividend rate paid to the Secretary of the Treasury on Senior Preferred Stock of Fannie Mae and Freddie Mac: "The Administration took its first step toward GSE reform in nearly four years today. Unfortunately, rather than announcing steps to wind down Fannie Mae and Freddie Mac, the Administration opted to create a permanent, off-budget source of funding for housing that it will control.   "Eliminating the dividend that is owed to taxpayers irresponsibly benefits speculators and pre-conservatorship GSE stockholders at the expense of the American public.  The dividend was designed to guarantee that taxpayers would be fully repaid and that Fannie and Freddie would not be reincorporated after their conservatorship as private companies with public charters and missions.  Today's announcement makes it less likely that taxpayers will ever be paid back for their $200 billion bailout and blunts efforts to reform Fannie and Freddie by fostering the false impression they are healthy institutions that should be restored to their previous status," Chairman Bachus said.   Last year, the House Financial Services Committee passed H.R. 2436 by voice vote to codify the September 2008 agreement between the Treasury Department and the GSEs and to ensure that the taxpayers' investment in Fannie Mae and Freddie Mac will be repaid
    Click Here to Read the Full Article

    Source: House Financial Services
  • 1:26 PM » Goldman must face mortgage debt claims: U.S. appeals court
    Published Thu, Sep 06 2012 1:26 PM by Reuters
    (Reuters) - A federal appeals court in New York has revived a lawsuit accusing Goldman Sachs Group Inc of misleading investors about the risks associated with mortgage securities offerings.
  • 1:25 PM » Bernanke:Small banks mostly exempt from Dodd-Frank
    Published Thu, Sep 06 2012 1:25 PM by Market Watch
    WASHINGTON (MarketWatch) - Federal Reserve Chairman Ben Bernanke on Thursday sought to assure U.S. community banks that the vast majority of provisions in the 2008 financial crisis response Dodd-Frank Act do not apply to them. Responding to concerns by small banks about the changing regulatory environment, Bernanke said: "I think it is important to emphasize that the vast majority of the provisions of the Dodd-Frank Act do not apply to community banks at all." In a new Fed publication about community banks, Bernanke said prudential standards for larger banks are not meant to apply to small banks. He denied that more stringent requirements for big banks may be intended to apply to small banks at some point in the future. "This is not our intent" and the Fed will "work to ensure that it does not happen," he said. The Fed has issued guidance to make clear that stress tests for big banks do not apply to small banks, he added.
  • 1:25 PM » Bernanke's ultra-low mortgage rate
    Published Thu, Sep 06 2012 1:25 PM by CNN
    Federal Reserve Chairman Ben Bernanke refinanced his mortgage last year, taking advantage of low interest rates influenced by the central bank.
  • 1:10 PM » ABA Nominates Officers, Board for 2012-2013
    Published Thu, Sep 06 2012 1:10 PM by American Bankers Assoc.
    Washington -- The American Bankers Associationâ??s Nominating Committee has selected the official slate of candidates for ABA officers for election at the associationâ??s annual convention to be held in San Diego October 14-16.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 11:45 AM » Hovnanian Has Surprise Profit as Home Orders Increased
    Published Thu, Sep 06 2012 11:45 AM by Business Week
    Hovnanian Has Surprise Profit as Home Orders Increased Businessweek Hovnanian Enterprises Inc. (HOV), the largest homebuilder in New Jersey, reported an unexpected profit for its fiscal third quarter as orders jumped and it recorded a tax benefit. Net income for the three months ended July 31 was $34.7 million, or 25 cents a ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 11:45 AM » Bernanke Discloses Assets of as Much as $2.28 Million
    Published Thu, Sep 06 2012 11:45 AM by Business Week
    Bernanke Discloses Assets of as Much as $2.28 Million Businessweek Federal Reserve Chairman Ben S. Bernanke reported assets of as much as $2.28 million last year while refinancing into a cheaper 30-year mortgage. Bernanke, 58, and his family owned financial assets valued between $1.07 million and $2.28 million, ...
    Click Here to Read the Full Article

    Source: Business Week
  • 11:32 AM » NAHB: Apartment and Condominium Market Shows Continued Improvement in Second Quarter
    Published Thu, Sep 06 2012 11:32 AM by NAHB
    Press Release
  • 10:16 AM » Freddie Mac: Mortgage Rates Change Little, Remain Near Record Lows
    Published Thu, Sep 06 2012 10:16 AM by Freddie Mac
    MCLEAN, Va., Sept. 6, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates declining or remaining the ...
  • 10:15 AM » Home Builders Don't Have Enough Workers to Meet New Demand
    Published Thu, Sep 06 2012 10:15 AM by CNBC
    After losing 70 percent of their business in the housing crash, the nation's home builders are breaking ground again. New orders for homes are rebounding strongly - unfortunately, in some areas, the workers to build these homes are not.
  • 8:56 AM » ECB Press release Monetary policy decisions
    Published Thu, Sep 06 2012 8:56 AM by www.ecb.europa.eu
    ECB Press release Monetary policy decisions<br/>http://www.ecb.europa.eu/press/pr/date/2012/html/pr120906.en.html
    Click Here to Read the Full Article

    Source: www.ecb.europa.eu
  • 8:51 AM » ECB to Buy Sovereign Bonds in New Program
    Published Thu, Sep 06 2012 8:51 AM by CNBC
    European Central Bank chief Mario Draghi said the "euro is irreversible" as he announced a new bond buying program at a press conference in Frankfurt after the central bank decided to keep the benchmark interest rate on hold.
  • Wed, Sep 5 2012
  • 10:43 PM » Goldman Sachs Sued by BayernLB Over Mortgage Securities
    Published Wed, Sep 05 2012 10:43 PM by Bloomberg
    Goldman Sachs Sued by BayernLB Over Mortgage Securities Bloomberg Goldman Sachs Group Inc. (GS) was sued in New York by Bayerische Landesbank over investments in mortgage- backed securities, according to a court filing. To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.
  • 10:43 PM » Democrats Silent on Housing at the Convention
    Published Wed, Sep 05 2012 10:43 PM by Business Week
    Though the housing market is improving, Democrats will have a tough time demonstrating their success at helping homeowners
    Click Here to Read the Full Article

    Source: Business Week
  • 10:43 PM » Democratic Convention Draws Troubled Homeowners
    Published Wed, Sep 05 2012 10:43 PM by www.npr.org
    As Democrats gather for their national convention in Charlotte, N.C., troubled homeowners have also converged on the city. They have come to voice their dissatisfaction with how the Obama administration and the nation's big banks have handled the foreclosure crisis.
  • 10:39 PM » 'Horrible Idea to Break Up Banks': Ex-JPM Official
    Published Wed, Sep 05 2012 10:39 PM by CNBC
    The creation of big banks wasn't an unnatural act in the 1990s and it makes no sense to break them up now, William Harrison, former Chairman of JPMorgan Chase told CNBC's "Closing Bell."
  • 10:36 PM » Judgment Day for ECB: What the Experts Expect
    Published Wed, Sep 05 2012 10:36 PM by CNBC
    It's make or break time for the European Central Bank, which will outline on Thursday just how it plans to end a debt crisis in the euro zone. Here's what analysts have been telling CNBC on Thursday about what they expect from the highly-anticipated meeting.
  • 4:13 PM » Greek Government and Public at Odds Over New Cuts
    Published Wed, Sep 05 2012 4:13 PM by www.nytimes.com
    Greece is running out of cash while international lenders push through austerity measures. The required cuts may force a confrontation between Athens and the public.
    Click Here to Read the Full Article

    Source: www.nytimes.com
  • 3:13 PM » Citigroup Sued in New York Over $137 Million in Mortgage Bonds
    Published Wed, Sep 05 2012 3:13 PM by Bloomberg
    Citigroup Sued in New York Over $137 Million in Mortgage Bonds Bloomberg Citigroup Inc. (C) was sued in New York by IKB Deutsche Industriebank AG over $137.4 million in mortgage-backed securities, according to a court filing. To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net ...
  • 3:13 PM » SEC Investigating ResCap for Possible Mortgage Fraud
    Published Wed, Sep 05 2012 3:13 PM by Mortgage Crisis Watch
    The U.S. Securities and Exchange Commission is investigating bankrupt Ally Financial mortgage unit Residential Capital, LLC, for possible misconduct and misrepresentation in its mortgage lending and underwriting practices. The SEC disclosed in court documents on Monday that it formerly commenced an investigation in February of this year to probe possible fraud in the offer and... Continue Reading
    Click Here to Read the Full Article

    Source: Mortgage Crisis Watch
  • 3:09 PM » Banks Are Underestimating Regulatory Requirements, CIBC CEO Says
    Published Wed, Sep 05 2012 3:09 PM by Business Week
    Banks Are Underestimating Regulatory Requirements, CIBC CEO Says Businessweek Banks around the world are underestimating the regulatory requirements that will be imposed on financial firms, Canadian Imperial Bank of Commerce Chief Executive Officer Gerald McCaughey said. "I think that people are underestimating globally how far ...
    Click Here to Read the Full Article

    Source: Business Week
  • 3:06 PM » BofA Right to Fire Broker Who Mooned His Boss: Court
    Published Wed, Sep 05 2012 3:06 PM by CNBC
    You almost have to admire Jason Selch. Back in 2005, Selch ended a meeting with his bosses at Bank of America by pulling down his pants and mooning them.
  • 11:49 AM » NAR: Homes Selling More Quickly, Time on Market Down with Tighter Supplies
    Published Wed, Sep 05 2012 11:49 AM by Google News
    WASHINGTON (September 5, 2012) – A new measure shows the typical amount of time it takes to sell a home is shrinking, and for traditional sellers is now in the range of historic norms for a balanced market, well below the cyclical peak reached in 2009, according to the National Association of Realtors® . The median time a home was listed for sale on the market 1 was 69 days in July, down 29.6 percent from 98 days in July 2011.  The median reflects a wide spectrum; one-third of homes purchased in July were on the market for... Read More
  • 10:49 AM » 'This Guy Hates Us': Why Wall Street Turned Against Obama
    Published Wed, Sep 05 2012 10:49 AM by The Atlantic
    Bankers supported the president in 2008, but financiers I spoke with have decided that the man who rescued the economy isn't the right one to lead its recovery. (They also think he's a little mean.)
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