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  • Tue, Jul 10 2012
  • 9:58 AM » MBIA Says NY Regulator Hasn't Approved Payment on Surplus Note - Bloomberg
    Published Tue, Jul 10 2012 9:58 AM by Bloomberg
    MBIA Says NY Regulator Hasn't Approved Payment on Surplus Note Bloomberg MBIA Inc., the bond insurer that split its business in 2009, said the New York State Department of Financial Services hasn't decided whether it will allow a unit that backed soured mortgage debt to make a debt interest payment.
  • 8:40 AM » Banks' Defenses to Potential Trillions in Libor Claims Fail
    Published Tue, Jul 10 2012 8:40 AM by The Big Picture
    All 3 Libor Defenses Fail The big banks have been manipulating the world's central economic indicator - Libor - for decades, harming homeowners, students, credit card holders, small businesses, cities and many others. The sums involved were huge. As the Economist notes: The sums involved might have been huge. Barclays was a leading trader of [...]
    Click Here to Read the Full Article

    Source: The Big Picture
  • 8:39 AM » Insight: Fed knew of Libor issue in 2007-08, proposed reforms
    Published Tue, Jul 10 2012 8:39 AM by Reuters
    (Reuters) - The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. Following an inquiry with British banking group Barclays Plc in the spring of 2008, it shared proposals for reform of the system with British authorities.
  • 8:39 AM » Bank living-will plans center on fire sale hopes
    Published Tue, Jul 10 2012 8:39 AM by Market Watch
    Living will plans submitted by nine of the world's biggest banks last week at their core are blueprints for firesales that many outside experts say are implausible.
  • 8:38 AM » Treasurys slip; yields rise from 5-week low
    Published Tue, Jul 10 2012 8:38 AM by Market Watch
    NEW YORK (MarketWatch) -- Treasury prices fell slightly on Tuesday, pushing yields up from their lowest level in about five weeks ahead of the government's sale of 3-year notes - the first of three big auctions this week. Yields on 10-year notes , which move inversely to prices, rose 1 basis point to 1.52%. They fell to 1.50% earlier, their lowest level since June 1. Yields on 10-year bonds erased an increase to trade little changed at 2.62%.
  • 8:33 AM » Realtors Continue to Report Rising Rents for Residential Properties
    Published Tue, Jul 10 2012 8:33 AM by National Association of Realtors
    Higher residential rents were reported by 54 percent of Realtors®, as reported in the May Realtors® Confidence Index. Lower rents were reported by 11 percent of Realtors®. Constant rents were reported by 16 percent of Realtors®. In recent months the majority of respondents are reporting annual rent increases, with lower rents becoming much less common. [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 8:30 AM » Diamond to Receive Severance of Up to 2 Million Pounds: Reports
    Published Tue, Jul 10 2012 8:30 AM by CNBC
    The former CEO of Barclays Bob Diamond is set to receive 1.5 to 2 million pounds in severance pay, according to media sources.
  • 8:30 AM » Shares to Open Higher; Spain Bailout Ratified
    Published Tue, Jul 10 2012 8:30 AM by CNBC
    U.S. stock index futures pointed to a stronger open on Wall Street on Tuesday, tracking European shares higher after euro zone ministers ratified the terms of a bailout agreement for Spain's banking sector and as traders speculated that Germany's top court would approve the EU's permanent bailout fund.
  • Mon, Jul 9 2012
  • 8:43 PM » California Mortgage Seizures Could Affect $7 Billion in Bonds, Fitch Says
    Published Mon, Jul 09 2012 8:43 PM by WSJ
    The contemplated seizure of residential loans by three California municipalities puts returns on roughly $7 billion in mortgage-backed securities at risk if a proposal is adopted, according to a Fitch Ratings report on Monday.
  • 8:37 PM » Japan's MUFG suspends two over Libor case: report
    Published Mon, Jul 09 2012 8:37 PM by Market Watch
    LOS ANGELES (MarketWatch) -- Mitsubishi UFJ Financial Group Inc.'s core banking unit has suspended two traders suspected of prior involvement in the manipulation of the London interbank offered rate, the Nikkei business daily reported Tuesday. While MUFG is involved in the setting of the U.S. dollar Libor rate, the report said the two Bank of Tokyo-Mitsubishi UFJ employees allegedly took part in rate-manipulating while working at Dutch financial-services provider Rabobank Group.
  • 4:39 PM » As Foreclosures Ramp Up, New Roadblocks Ahead
    Published Mon, Jul 09 2012 4:39 PM by CNBC
    As Foreclosures Ramp Up, New Roadblocks Ahead<br/>http://www.cnbc.com/id/48124623?__source=realestate%7Cnews%7C&par=realestate
  • 4:38 PM » Know Before You Owe: Introducing our proposed mortgage disclosure forms
    Published Mon, Jul 09 2012 4:38 PM by CFPB
    With something as important as a mortgage, you ought to be able to get up-front, easy-to-understand information that lets you compare different offers and find the one that's best for you. The Dodd-Frank Act requires us to combine the disclosures that present this information into newer, simpler disclosures. After more than a year of research, testing, writing, and review, we're proposing a rule to create new, easier-to-use mortgage disclosures. Learn more. See the results.
  • 4:38 PM » William H. McDavid Named General Counsel Of Freddie Mac
    Published Mon, Jul 09 2012 4:38 PM by Freddie Mac
    MCLEAN, Va., July 9, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today announced that William H. McDavid has been named executive vice president, general counsel and corporate secretary. He wi...
  • 3:32 PM » Libor Unveiled a London 'Cesspit,' Bank of England's Tucker Says - Bloomberg
    Published Mon, Jul 09 2012 3:32 PM by Bloomberg
    Libor Unveiled a London 'Cesspit,' Bank of England's Tucker Says Bloomberg Bank of England Deputy Governor Paul Tucker said the Libor investigation unveiled a "cesspit" in the City of London and called for regulators to scrutinize all benchmarks that aren't based on real transactions. and more »
  • 3:31 PM » Consumer Credit in US Jumped by $17.1 Billion in May, Fed Says - Bloomberg
    Published Mon, Jul 09 2012 3:31 PM by Bloomberg
    Consumer Credit in US Jumped by $17.1 Billion in May, Fed Says Bloomberg Consumer credit climbed more than forecast in May, led by the biggest jump in credit-card debt in almost five years that may signal Americans are struggling to make ends meet.
  • 1:12 PM » Low Housing Inventory Is NOT A Sign of Housing Recovery
    Published Mon, Jul 09 2012 1:12 PM by Google News
    I wrote “The Decline In Inventory Right Now is NOT a Good Sign” back in February, but there has been a more refined discussion about low inventory recently. Back then my orientation was more about the “robo-signing” scandal causing a... Read More
  • 1:11 PM » NAR Profile of Home Buyers and Sellers: For-Sale-by-Owner (FSBO) Sellers
    Published Mon, Jul 09 2012 1:11 PM by National Association of Realtors
    The share of home sellers who sold their home without the assistance of a real estate agent was 10 percent. Forty percent of those sellers knew the buyer prior to home purchase. The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 12:23 PM » California passes mortgage servicing and foreclosure mitigation legislation
    Published Mon, Jul 09 2012 12:23 PM by National Housing Conference
    by Sarah Jawaid, National Housing Conference California legislators passed a set of bills ( SB900 and AB278 ) July 2 that aim to stop abusive mortgage servicing practices and help homeowners avoid foreclosure. The bills, expected to be signed by Governor Jerry Brown soon, make dual tracking unlawful, a process used by servicers to expedite the foreclosure process even if families are in talks with the servicer to modify their mortgage. They also make "robo-signing," or signing foreclosure documents without review, illegal. California is one of the hardest hit states in the country, and these bills are a state-level effort building on the national mortgage settlement earlier this year. An opposing view comes from the California Mortgage Bankers Association in their "Call to Action" , where they warned that "in order to for the real estate market and our national economy to recover, it is vital that we support efforts to restore certainty to the mortgage market while avoiding an overreaction that causes harm down the road. Unfortunately, these bills work contrary to that goal, and would harm the California economy by sharply curtailing consumer choice and costing the state jobs." Read the full story from Reuters for more information.
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 12:21 PM » The Fed: Fed's Williams sounds alarm on outlook
    Published Mon, Jul 09 2012 12:21 PM by Market Watch
    An influential Fed official sounds the alarm on the economy, suggesting the central bank may be forced from the sideline to once again prop up growth.
  • 10:51 AM » Bond Report: U.S. Treasurys drift up as Spain fears rekindled
    Published Mon, Jul 09 2012 10:51 AM by Market Watch
    U.S. Treasurys edged higher Monday, pushing yields down, as a rise in Spanish bond yields over 7% reflected fresh investor concern about Europe's debt problems.
  • 10:29 AM » 84 Metros Listed As Improving Housing Markets in July
    Published Mon, Jul 09 2012 10:29 AM by NAHB
    Press Release
  • 10:01 AM » Don't Quit the Dream: A Vision for Homeownership Beyond 2012
    Published Mon, Jul 09 2012 10:01 AM by The Huffington Post
    After years marked by stalemate and indecision, 2012 has delivered a glimmer of hope for families and the housing market. The Department of Justice k... Read more: Richard Cordray , 2012 NCLR Annual Conference , Hud , NCLR's Wealth-Building Policy Project , Shaun Donovan , Nclr , Home Foreclosures , Latino Voices News
    Click Here to Read the Full Article

    Source: The Huffington Post
  • 9:59 AM » Next Bank Woe? Home-Equity Loans
    Published Mon, Jul 09 2012 9:59 AM by WSJ
    U.S. banks may be hit with a new round of mortgage losses over the next five years as borrowers who took out home-equity loans a decade earlier face increased monthly payments, the Office of the Comptroller of the Currency warned.
  • 9:52 AM » Speech Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
    Published Mon, Jul 09 2012 9:52 AM by www.ecb.europa.eu
    Speech Mario Draghi: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament<br/>http://www.ecb.europa.eu/press/key/date/2012/html/sp120709.en.html
    Click Here to Read the Full Article

    Source: www.ecb.europa.eu
  • 9:50 AM » Mass. Man Pays Off Mortgage With 800 lbs of Pennies
    Published Mon, Jul 09 2012 9:50 AM by National Association of Realtors
    By now many of you have heard of a Boston man who paid off his final mortgage payment by bringing to bank a box of pennies weighing 800 pounds and worth a grand total of $620. Turning in the very last mortgage check is one of those eventful moments in life. Congratulations are well deserved, [...]
    Click Here to Read the Full Article

    Source: National Association of Realtors
  • 9:46 AM » Fannie Mae: Optimism Stalling Despite Underlying Continued Confidence in the Housing Market
    Published Mon, Jul 09 2012 9:46 AM by Fannie Mae
    Americans' Optimism About the Economy and Personal Finances Stalling Despite Underlying Continued Confidence in the Housing Market. ...
  • 8:28 AM » Plan sees ECB policing biggest banks: WSJ
    Published Mon, Jul 09 2012 8:28 AM by Market Watch
    FRANKFURT (MarketWatch) -- The euro zone's largest banks would be policed by a new agency created within the European Central Bank under a framework for the creation of a single bank regulator for the region being put together by senior euro-zone officials, The Wall Street Journal reported Monday. Citing unnamed officials, the report said talks were focusing on the idea of creating an ECB agency that would have sole supervision of approximately 25 of the region's largest banks, while smaller banks would remain under the supervision of national regulators. National regulators, however, would be under the control of the euro-zone supervisor, which would be based in Brussels rather than Frankfurt, where the ECB is headquartered, the report said. The regulator, which was agreed to by EU leaders last month as a prerequisite for allowing euro-zone rescue funds to directly recapitalize ailing banks, would likely be operational in the second half of next year, the report said.
  • 8:24 AM » Shares to Open Lower; Euro Zone Meeting Eyed
    Published Mon, Jul 09 2012 8:24 AM by CNBC
    U.S. stock index futures pointed to a lower open on Wall Street on Monday, continuing in negative territory after a disappointing jobs report on Friday left investors concerned about a slowdown in the economy and ahead of a meeting of euro zone finance ministers in Brussels.
  • Sun, Jul 8 2012
  • 10:24 PM » European Union to Act as Libor Scandal Escalates
    Published Sun, Jul 08 2012 10:24 PM by CNBC
    European Union to Act as Libor Scandal Escalates<br/>http://www.cnbc.com//id/48114149
  • 10:17 PM » Federal agencies could induce private lenders to ease restrictions on home loans
    Published Sun, Jul 08 2012 10:17 PM by Washington Post
    Two federal agencies with far-reaching influence over the mortgage market are working on a problem that could affect the ability of many consumers to obtain a home loan: How to encourage private lenders to ease up on their underwriting restrictions that go beyond what the agencies themselves require for mortgage approvals. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:16 PM » Deutsche Bank suspends two over Libor: report
    Published Sun, Jul 08 2012 10:16 PM by Reuters
    FRANKFURT (Reuters) - Two Deutsche Bank employees have been suspended after it used external auditors to examine whether staff were involved in manipulating interbank lending rates, German magazine Der Spiegel reported, citing no sources.
  • 10:16 PM » Barclays Chairman Shocked by Public Outcry, Financial Mail Says - Bloomberg
    Published Sun, Jul 08 2012 10:16 PM by Bloomberg
    Barclays Chairman Shocked by Public Outcry, Financial Mail Says Bloomberg Barclays Plc Chairman Marcus Agius is shocked by the public outcry over the bank's Libor-rigging scandal, the Financial Mail said, citing an interview with the 65-year-old executive.
  • 10:12 PM » If housing is recovering, where are the construction jobs?
    Published Sun, Jul 08 2012 10:12 PM by Washington Post
    The housing market appears to be on the mend , as new home sales, construction spending, and new home construction have all improved in 2012. But construction jobs have shown only anemic growth: the entire construction industry added a mere 2,000 jobs in June, and jobs in residential housing construction have been scraping along bottom for the past two years. Read full article >>
    Click Here to Read the Full Article

    Source: Washington Post
  • 10:12 PM » Economy 'vulnerable' to shocks: Fed's Rosengren
    Published Sun, Jul 08 2012 10:12 PM by Market Watch
    WASHINGTON (MarketWatch) -- The global economy remains "quite vulnerable" to financial shocks, as recent data from the U.S. and China are consistent with a slowdown and it looks like Europe is in a recession, Boston Fed President Eric Rosengren said at a banking forum in Bangkok, Thailand, according to a transcript of his remarks. Rosengren, who isn't a voting member this year on the Federal Open Market Committee, said the vulnerability highlights "why it is particularly important at this time to reduce the probability, and mitigate the severity, of any potential financial shock." A serious financial shock would make it "quite likely" that there would be a large impact on financial and broader stocks that could impact households and businesses on both sides of the Atlantic and cause a significant retrenchment by European financial institutions operating in the U.S. Rosengren says he is more pessimistic than his Fed colleagues, on concerns about the economic and financial conditions in Europe and restrained state and federal government spending.
  • 10:11 PM » Fed: Financial Crises, and the Future of Global and Asian Banking
    Published Sun, Jul 08 2012 10:11 PM by Boston Fed
    Remarks at the Sasin Bangkok Forum on "Asia in Transformation"
  • Fri, Jul 6 2012
  • 6:26 PM » Wall Street Predicts Greater Chance of Fed Action
    Published Fri, Jul 06 2012 6:26 PM by CNBC
    Wall Street Predicts Greater Chance of Fed Action<br/>http://www.cnbc.com//id/48099211
  • 6:26 PM » Rate-Rigging Probe Escalates in UK and Germany
    Published Fri, Jul 06 2012 6:26 PM by CNBC
    Rate-Rigging Probe Escalates in UK and Germany<br/>http://www.cnbc.com//id/48100265
  • 6:23 PM » Bank Failure: Montgomery Bank Trust, Ailey, Georgia
    Published Fri, Jul 06 2012 6:23 PM by content.govdelivery.com
    Press Release Ameris Bank, Moultrie, Georgia, Assumes All of the Deposits of Montgomery Bank & Trust, Ailey, Georgia   FOR IMMEDIATE RELEASE July 6, 2012 Media Contact: LaJuan Williams-Young Office: 202-898-3876 Email:  lwilliams-young@fdic.gov   Montgomery Bank & Trust, Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of Montgomery Bank & Trust. The two branches of Montgomery Bank & Trust will reopen on Monday as branches of Ameris Bank. Depositors of Montgomery Bank & Trust will automatically become depositors of Ameris Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Montgomery Bank & Trust should continue to use their existing branch until they receive notice from Ameris Bank that it has completed systems changes to allow other Ameris Bank branches to process their accounts as well. This evening and over the weekend, depositors of Montgomery Bank & Trust can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual. As of March 31, 2012, Montgomery Bank & Trust had approximately $173.6 million in total assets and $164.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase approximately $12.4 million in assets, comprised mainly of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition. Customers with questions about today's...
    Click Here to Read the Full Article

    Source: content.govdelivery.com
  • 2:19 PM » Hearing to Examine Dodd-Frank Act's Effects on Job Creators, Consumers and Investors
    Published Fri, Jul 06 2012 2:19 PM by House Financial Services
    A Financial Services Subcommittee hearing on Tuesday, July 10 will focus on how the Dodd-Frank Act's rules and red tape make it harder for American companies to raise capital, hedge risks and obtain credit - activities that are necessary for businesses to grow and hire workers. The hearing before the Capital Markets and Government Sponsored Enterprises Subcommittee will focus particularly on the impact the Act's derivatives provisions and Volcker Rule will have on job creators, consumers and investors. Financial Services Committee Chairman Spencer Bachus noted that while the Dodd-Frank Act was portrayed by its supporters as "Wall Street reform," the law is having an impact on businesses and individuals far from Wall Street. "If businesses find it harder to borrow, it will be harder for them to make capital investments and create jobs; if consumers have less access to credit, it will be harder for them to care for their families; and if the value of the assets held by savers and investors declines, people will find it harder to save for a new home, for college or retirement," Chairman Bachus said. Capital Markets and Government Sponsored Enterprises Subcommittee Chairman Scott Garrett said, "In order to get people back to work and the economy humming again, our financial institutions must be able to raise capital and consumers and small businesses must have access to credit. This hearing will examine the stranglehold Dodd-Frank and its regulations are having on America's job creators and consumers." At Tuesday's hearing, the Subcommittee will examine how the derivatives provisions of Dodd-Frank will affect thousands of non-financial businesses across the nation.  Derivatives are used by the country's leading non-financial companies, by farmers and ranchers, as well as by state and local governments, to manage risks.  For example, farmers use derivatives to lock in the prices of their crops for the coming...
    Click Here to Read the Full Article

    Source: House Financial Services
  • 2:13 PM » Know Before You Owe: How we learned to build a better mortgage disclosure
    Published Fri, Jul 06 2012 2:13 PM by CFPB
    This is the post second in a series. Yesterday, we looked at the origins of the Know Before You Owe project for simplifying mortgages. Today, we look back at how the project unfolded. Very soon, we'll issue a new proposed rule to make mortgage disclosure more effective and easier to use. Hear from us when [...]
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