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  • Mon, Oct 29 2012
  • 12:13 AM » US Insurance Regulators Tighten Capital Rule on Mortgage Bonds
    Published Mon, Oct 29 2012 12:13 AM by Business Week
    US Insurance Regulators Tighten Capital Rule on Mortgage Bonds Businessweek U.S. State regulators approved new guidelines for mortgage bonds that will require insurers to set aside more capital as the watchdogs evaluate how economic stress would affect the firms' investments. Insurers will need to hold about 0.5 percentage point ...
    Click Here to Read the Full Article

    Source: Business Week
  • 12:12 AM » The Oddest Revelation From the Bank of America Fraud Suit
    Published Mon, Oct 29 2012 12:12 AM by Bloomberg
    The Oddest Revelation From the Bank of America Fraud Suit Bloomberg There is something very weird about the civil complaint the Justice Department filed this week against Bank of America Corp. (BAC) for allegedly defrauding Fannie Mae and Freddie Mac. Prosecutors are suing under a statute called the False Claims Act, ... and more »
  • 12:11 AM » UBS to cut up to 10,000 jobs: source
    Published Mon, Oct 29 2012 12:11 AM by Reuters
    NEW YORK (Reuters) – Swiss bank UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) is expected to cut up to 10,000 jobs, or 16 percent of its workforce, as it contends with shrinking revenue and rising capital requirements, a source familiar with the matter said, in what would be one of the largest layoffs by [...]
  • 12:07 AM » Draghi Says 'Unlimited' Bond Buying Doesn't Mean 'Uncontrolled'
    Published Mon, Oct 29 2012 12:07 AM by Business Week
    Draghi Says 'Unlimited' Bond Buying Doesn't Mean 'Uncontrolled' Businessweek European Central Bank President Mario Draghi sought to alleviate German concerns about the ECB's bond-purchasing program by pledging that it would not engage in "uncontrolled" market interventions. "We take the worries of the people very seriously," ...
    Click Here to Read the Full Article

    Source: Business Week
  • 12:06 AM » JPMorgan remorse on Bear Stearns prompts question: Were crisis mergers worth it?
    Published Mon, Oct 29 2012 12:06 AM by Washington Post
    Four years ago, in an attempt to save the nation's crumbling financial system, the government played matchmaker by pushing ailing institutions into the arms of healthier rivals. JPMorgan Chase scooped up the remnants of failed financial giant Bear Stearns at the behest of the Federal Reserve. Bank of America picked up crippled brokerage Merrill Lynch with billions in taxpayer dollars. And Wells Fargo snagged Wachovia after regulators urged the beleaguered bank to agree to a sale. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 12:06 AM » Bust To Boom: Why Housing Matters, Economically
    Published Mon, Oct 29 2012 12:06 AM by www.npr.org
    The presidential candidates won't let up on their economic talk, but job creation has stolen housing's thunder. Energizing the housing market could drive economic recovery, but a number of economic and political potholes lie ahead.
  • 12:05 AM » Why Does the SEC Protect Banks' Dirty Secrets?
    Published Mon, Oct 29 2012 12:05 AM by Bloomberg
    Why Does the SEC Protect Banks' Dirty Secrets? Bloomberg Remember Richard Bowen? He is the former senior executive at Citigroup Inc. who in November 2007 issued a clarion call to his colleagues and Citi's board that a major credit-quality problem loomed for the bank. Bowen was the chief underwriter in the ...
  • Sun, Oct 28 2012
  • 10:10 PM » SIFMA Early Market Close Recommendations for Hurricane Sandy in the US Markets
    Published Sun, Oct 28 2012 10:10 PM by SIFMA
    SIFMA Early Market Close Recommendations for Hurricane Sandy in the US Markets<br/>http://www.sifma.org/news/news.aspx?id=8589940819
  • 10:09 PM » NYSE to Trade Electronically Monday, Shut Floor
    Published Sun, Oct 28 2012 10:09 PM by CNBC
    The New York Stock Exchange will close its trading floor Monday as Hurricane Sandy barrels its way up the Northeast, but Big Board trading will continue electronically.
  • 10:09 PM » Berlusconi Threatens to Bring Down Monti Government
    Published Sun, Oct 28 2012 10:09 PM by CNBC
    Former Prime Minister Silvio Berlusconi said on Saturday his center-right bloc may withdraw its support from the government of Mario Monti, a move that could throw Italy into political chaos ahead of next April's national elections.
  • Fri, Oct 26 2012
  • 2:43 PM » Home Prices Rise, but Analysts See Pressure Ahead
    Published Fri, Oct 26 2012 2:43 PM by CNBC
    While sales of existing homes are still on a bumpy road to recovery, home prices are seeing steady gains.
  • 2:43 PM » NHC joins other housing stakeholders in comments on Basel III rule
    Published Fri, Oct 26 2012 2:43 PM by National Housing Conference
    by Ethan Handelman, National Housing Conference NHC joined with many other housing stakeholders to call for changes that would protect the affordability and availability of housing from disruption by the proposed Basel III rule. Simply put, the rule implementing Basel III capital standards for banks affects how expensive it would be for regulated financial institutions to invest in home mortgages, multifamily housing, and other housing assets. In two separate comment letters, NHC and its partners called for specific changes: A joint letter from the National Association of Realtors, Mortgage Bankers Association, and National Association of Home Builders, NHC, and others calls for maintaining existing risk weights (which determine the capital charge banks must pay to hold specific assets) for home mortgages and give credit in risk weighting for mortgage insurance. Read the letter . A letter written by the Mortgage Finance Working Group of the Center for American Progress (on which NHC serves) which advocates several changes to support sustainable home lending at LTVs below 20%, encourage modifications of troubled loans, protect loans for multifamily affordable housing, and to protect small banks, community lenders, and Community Development Financial Institutions from disruptive changes. Read the letter. The Basel III rule is just one of several regulatory actions that could seriously disrupt the affordability and availability of housing. When combined with the qualified mortgage rule, the qualified residential mortgage rule, and the future uncertainty around the entire housing finance system, this rule-making has far-reaching implications for housing options (or the lack thereof) for years to come.
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 12:42 PM » Fed Delays Program To Simplify Reserve Requirements
    Published Fri, Oct 26 2012 12:42 PM by Bloomberg
    Fed Delays Program To Simplify Reserve Requirements Bloomberg The Federal Reserve will delay by five months the implementation of its program to simplify the administration of reserve requirements. The central bank issued a final rule in April to "reduce administrative and operational costs for depository institutions," the ...
  • 11:47 AM » Ally Bank to Explore Strategic Alternatives for Remaining Agency Mortgage Assets
    Published Fri, Oct 26 2012 11:47 AM by media.ally.com
    Ally Bank to Explore Strategic Alternatives for Remaining Agency Mortgage Assets<br/>http://media.ally.com/2012-10-26-Ally-Bank-to-Explore-Strategic-Alternatives-for-Remaining-Agency-Mortgage-Assets
    Click Here to Read the Full Article

    Source: media.ally.com
  • 11:45 AM » Housing Goes From Drag to Lift in GDP
    Published Fri, Oct 26 2012 11:45 AM by WSJ
    Friday's report on U.S. economic growth confirms two emerging trends about the long-ailing housing sector: It is finally delivering a lift to the economy, but it is not delivering anywhere near the kind of boost that it traditionally has during a period of economic expansion.
  • 11:39 AM » FHFA Updates Projections of Potential Draws for Fannie Mae and Freddie Mac
    Published Fri, Oct 26 2012 11:39 AM by FHFA
    October 26, 2012: FHFA Updates Projections of Potential Draws for Fannie Mae and Freddie Mac
  • 11:17 AM » Why Are Obama and Romney Greeting the Housing Recovery With Silence?
    Published Fri, Oct 26 2012 11:17 AM by The Atlantic
    Neither campaign is addressing the one issue that's both the culprit of the financial crisis and the key to our recovery
  • 11:16 AM » Ally May Divest Mortgage Servicing, Business Lending Units
    Published Fri, Oct 26 2012 11:16 AM by Business Week
    Ally May Divest Mortgage Servicing, Business Lending Units Businessweek Ally Financial Inc. (ALLY), the auto lender that's selling assets to repay a U.S. bailout, said its bank subsidiary may divest its portfolio of agency mortgage servicing rights and business-lending operations. The firm wants to focus on customer deposits and ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 10:16 AM » Boston Fed: Competitive Incentives - Working Harder or Working Smarter?
    Published Fri, Oct 26 2012 10:16 AM by Boston Fed
    Almost all jobs require a combination of cognitive effort and labor effort. This paper focuses on the effect that competitive incentive schemes have on the chosen combination of these two types of efforts. We use an experimental approach to show that competitive incentives may induce agents to work harder but not necessarily smarter. This effect was stronger for women.
  • 10:15 AM » NAR: Home Prices Projected to Increase By 3 Percent in Forthcoming Year
    Published Fri, Oct 26 2012 10:15 AM by National Association of Realtors
    Recently released research data project rising residential prices in 2013. The October 2012 Economic Survey by the Wall Street Journal panel of economists forecasted home prices as increasing at an annual rate of 3.25 percent in the forthcoming year. A similar National Association of Business Economists survey projected a 2.8 percent increase in home prices [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 9:12 AM » FHFA's DeMarco may be out if Obama reelected
    Published Fri, Oct 26 2012 9:12 AM by NAFCU
    An Oct. 24 report in the Financial Times says Ed DeMarco's tenure as acting director of the Federal Housing Finance Agency may come to an end if President Obama wins a second term in November.
  • 9:08 AM » Study: New Mortgage Rules Could Shrink Lending by 20%
    Published Fri, Oct 26 2012 9:08 AM by WSJ
    Pending mortgage regulations could lock today's tight lending standards in place and result in nearly 20% fewer mortgages being issued in the coming years, restraining home sales and construction, according to a new study.
  • 9:03 AM » ECB cannot solve root causes of banking crisis: Praet
    Published Fri, Oct 26 2012 9:03 AM by Reuters
    MILAN (Reuters) - The European Central Bank can alleviate some pressure on banks struggling to cope with capital shortfalls and funding strains, but a wider policy response is needed to tackle the underlying structural problems, ECB policymaker Peter Praet said on Friday.
  • 9:01 AM » Fed's Lacker Says New Bond Buying Won't Work and Risks Inflation
    Published Fri, Oct 26 2012 9:01 AM by Business Week
    Fed's Lacker Says New Bond Buying Won't Work and Risks Inflation Businessweek Federal Reserve Bank of Richmond President Jeffrey Lacker said he opposed a decision by policy makers this week to press on with additional bond buying because the effort is ineffective and may speed up inflation. "Further monetary stimulus now is ... and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 8:54 AM » Jamie Dimon: CEOs Already Cutting Back Due to 'Fiscal Cliff'
    Published Fri, Oct 26 2012 8:54 AM by CNBC
    The U.S. economy is on the mend and has been getting better, but JPMorgan CEO Jamie Dimon says chief executives he has spoken to have told him they are already making decisions to protect their companies from a looming "fiscal cliff."
  • 12:19 AM » BofA employees could face charges in U.S. fraud case: prosecutor
    Published Fri, Oct 26 2012 12:19 AM by Reuters
    NEW YORK (Reuters) - Bank of America Corp employees could face civil fraud charges as part of a federal lawsuit accusing the bank of causing taxpayers more than $1 billion in losses by selling toxic mortgage loans to Fannie Mae and Freddie Mac , a prosecutor said on Thursday.
  • 12:18 AM » Libor probe widens to include nine new banks: WSJ
    Published Fri, Oct 26 2012 12:18 AM by Market Watch
    LOS ANGELES (MarketWatch) -- A widening of the probe into manipulation of the key London interbank offered rate (Libor) has resulted in state subpoenas to nine more banks, The Wall Street Journal reported late Thursday, citing an unnamed source. The report identified the banks as Bank of America Corp. , Mitsubishi UFJ Financial Group Inc.'s Bank of Tokyo Mitsubishi UFJ, Credit Suisse Group AG , Lloyds Banking Group PLC , Rabobank Groep, Royal Bank of Canada , Societe Generale SA , The Norinchukin Bank and West LB. The new subpoenas, issued in August and September, bring the total number of banks named in the probe to 16.
  • 12:14 AM » Colony Spends $1.5 Billion on Homes as Next REIT Boom
    Published Fri, Oct 26 2012 12:14 AM by Bloomberg
    Colony Spends $1.5 Billion on Homes as Next REIT Boom: Mortgages Bloomberg Colony Capital LLC founder Tom Barrack is betting $1.5 billion that single-family homes caught in the U.S. "butcher factory" of foreclosures are the basis for a new class of real estate investment. Colony, Blackstone (BX) Group LP, Starwood Capital Group LLC ...
  • 12:07 AM » Why Barney Frank Is Wrong About JPM Lawsuit
    Published Fri, Oct 26 2012 12:07 AM by CNBC
    Many intelligent people are not at all enthusiastic about the recent lawsuits various government operatives are filing against the banks that survived the financial crisis. The correct response is approximately this: not enthusiasm but reluctant support.
  • Thu, Oct 25 2012
  • 4:47 PM » DataQuick: September Phoenix Home Sales Report
    Published Thu, Oct 25 2012 4:47 PM by DataQuick
    Phoenix Area September Home Sales Phoenix region home sales fell in September amid a continuing decline in foreclosure resales and sub-$200,000 transactions. The median sale price inched up from August and approached a four-year high, the result of affordability driven demand meeting a tight supply of homes for sale, as well as a sharp rise in mid- to high-end deals, a real estate information service reported. In September, buyers paid a median $155,000 for all new and resale houses and condos sold in the combined Maricopa-Pinal counties metro area - the highest level since the median was $162,984 in November 2008. The September median rose 0.6 percent from August and rose 24.1 percent from September 2011. It was the tenth consecutive month with a year-over-year gain, according to San Diego-based DataQuick, which tracks real estate trends nationally via public property records. The September median was 41.3 percent below the Phoenix area's all-time peak of $264,100 in June 2006, but it was 31.0 percent higher than the median's post-peak trough of $118,347 in August 2011. The region's relatively large year-over-year gains in the median sale price in recent months - ranging from 13.8 percent to 30.2 percent - reflect several trends. Prices have risen as greater demand has met a relatively low supply of homes for sale. But the median has also been pushed higher by a big shift in the types of homes selling this year compared with last. More are higher-cost move-up homes and fewer are lower-cost foreclosed properties. If lenders eventually move more aggressively to clear their backlogs of distressed properties, then the inventory of homes on the market would rise, putting downward pressure on home prices. Regardless, if demand remains high and prices continue to rise, the market will eventually respond with a larger supply of homes for sale, which would tame price appreciation. More would-be sellers who've so far been reluctant to put their homes on the market...
  • 4:19 PM » Foreclosed Home Robbed After Craigslist Ad Offering Giveaway
    Published Thu, Oct 25 2012 4:19 PM by The Huffington Post
    No good deed goes unpunished. And Michael Vercher and his family are finding that out the hard way. The Verchers of Woodstock, Georgia, were set t... Read more: Video , Foreclosure Break In , Foreclosure Crisis , Foreclosure Giveaway , Craigslist , Mortgage Crisis , Foreclosure , Foreclosure Vandalism , Theft , Craigslist Fail , Business News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 3:51 PM » BofA Suit: New Look at 'Lincoln Law'
    Published Thu, Oct 25 2012 3:51 PM by CNBC
    The False Claims Act is sometimes known as the Lincoln Law because it was enacted during the Civil War to crack down on those who tried to perpetrate fraud while selling supplies to the Union army.
  • 2:02 PM » The Surprises in the $1 Billion Bank Suit
    Published Thu, Oct 25 2012 2:02 PM by Business Week
    The Surprises in the $1 Billion Bank Suit Businessweek Among the many lessons of financial crisis is that the real troubles may come once the music's already stopped, an idea that seems to be evident in the new civil suit by federal prosecutors alleging Bank of America perpetrated $1 billion in mortgage fraud. and more »
    Click Here to Read the Full Article

    Source: Business Week
  • 2:02 PM » Fed Releases 2013 Reserve Requirements
    Published Thu, Oct 25 2012 2:02 PM by WSJ
    Banks won't need to stash away reserves with the Fed on the first $12.4 million of their net transaction accounts in 2013, the central bank said Thursday in its annual re-calculation of reserve requirements.
  • 2:00 PM » Why Today's Housing Report Spooked Investors So Much
    Published Thu, Oct 25 2012 2:00 PM by CNBC
    We know we're coming off the bottom of the housing crash, but over the summer it felt to some like we were rocketing off the bottom. Now, not so much.
  • 12:15 PM » Banks warned of risks from home-equity loans
    Published Thu, Oct 25 2012 12:15 PM by Market Watch
    Home-equity lines of credit represent a heightened risk to banks and borrowers that many people haven't focused on yet, a top official at the nation's national bank regulator said.
  • 11:34 AM » SEC Approves Mortgage Trade Disclosure Rules for Finra's Trace
    Published Thu, Oct 25 2012 11:34 AM by Bloomberg
    SEC Approves Mortgage Trade Disclosure Rules for Finra's Trace Bloomberg The U.S. Securities and Exchange Commission approved rules intended to increase transparency in a corner of the market for mortgage- and asset-backed bonds. The SEC agreed to a plan by the Financial Industry Regulatory Authority to create public ...
  • 11:30 AM » Home Prices Push Low-Wage Workers Out of Cities
    Published Thu, Oct 25 2012 11:30 AM by CNBC
    Home Prices Push Low-Wage Workers Out of Cities<br/>http://www.cnbc.com//id/49551180
  • 10:32 AM » HAHB: Remodeling Market Index Climbs Five Points, Returns to 2005 Levels
    Published Thu, Oct 25 2012 10:32 AM by NAHB
    Press Release
  • 10:18 AM » Freddie Mac: Mortgage Rates Relatively Unchanged
    Published Thu, Oct 25 2012 10:18 AM by Freddie Mac
    MCLEAN, Va., Oct. 25, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving slightly higher wh...
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Mortgage Rates:
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  • 15 Yr FRM 3.25%
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  • Jumbo 30 Year Fixed 4.24%
MBS Prices:
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  • 30YR FNMA 5.0 109-10 (-0-03)
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Recent Housing Data:
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  • Refinance Index 10.47%
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  • Purchase Index -0.82%