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  • Wed, Apr 11 2012
  • 1:59 PM » Strategic Defaults Not Going Away Anytime Soon
    Published Wed, Apr 11 2012 1:59 PM by FICO
    I've been blogging about results from our latest quarterly survey of US bank risk officers - specifically how they expect loan delinquencies to drop and credit availability to expand. Today, I'll focus on survey results from the housing sector. Notably, nearly 2/3 of respondents think strategic defaults will be as big a problem - or even bigger - in 2012 than in 2011. Some 46 percent expect the volume of strategic defaults to increase in 2012, while another 19 percent expect the number to stay the same.After five years of a brutal housing market, many people view their homes more objectively and with less sentimentality. That isn't surprising when as many as 1 in 4 homeowners are underwater. Regardless of legal or ethical issues around strategic defaults, mortgage lenders and servicers must account for this risk. It's clear that many homeowners who find themselves upside down on mortgages consider strategic default as an acceptable exit strategy. Concerns about strategic defaults were also reflected in response to a survey question about the consumer payment hierarchy. When we asked if the current generation of homeowners considers their mortgage to be their most important credit obligation, 49 percent of bankers said no. Only 29 percent said yes.Despite worries about strategic defaults, other signs in our survey point to a growing sense of stability in the housing market. Twenty-six percent of respondents expect mortgage delinquencies to decline in the coming months. While this isn't great, it is higher than at any previous time in the two years we've been conducting the survey. Furthermore, 53 percent said the housing market will improve by the end of 2012, compared to 24 percent who said the market will deteriorate.Ultimately, when bankers are truly convinced that the housing market is back, we should see a strong uptick in the supply of mortgage financing. I don't think we're quite there yet. A majority of survey respondents (56 percent...
  • 1:59 PM » Stress Tests Create "False Sense of Security": Fed's George
    Published Wed, Apr 11 2012 1:59 PM by CNBC
    It's not every day that a bank regulator argues that financial regulations and monetary policy contributed to the near collapse of the financial system.
  • 10:13 AM » Freddie Mac to sell new 7-year notes Thursday: IFR
    Published Wed, Apr 11 2012 10:13 AM by Reuters
    (Reuters) - Freddie Mac is planning to sell new seven-year reference notes on Thursday, April 12, said IFR, a Thomson Reuters service.
  • 10:12 AM » Housing group files bias complaint against Wells Fargo
    Published Wed, Apr 11 2012 10:12 AM by Reuters
    WASHINGTON (Reuters) – A nonprofit group on Tuesday filed a discrimination complaint with the U.S. government accusing Wells Fargo & Co. of a failure to maintain foreclosed homes in minority neighborhoods compared with those vacant properties it owns in white areas. The complaint was filed by the National Fair Housing Alliance with the U.S. Department [...]
  • 10:11 AM » CoreLogic Releases April MarketPulse Report
    Published Wed, Apr 11 2012 10:11 AM by www.corelogic.com
    MEDIA ADVISORY -Report Reveals Potential Size of REO Rental Market in 2012 Is More Than $100 Billion Dollars- CoreLogic ® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its April CoreLogic MarketPulse report. The monthly economic publication provides insight into the current and future health of the U.S. economic climate with particular focus on housing and mortgage metrics. Chief Economist Mark Fleming and Senior Economist Sam Khater authored the articles and commentary. The April MarketPulse report: Indicates "now is a good time to buy," with housing affordability at its highest level ever (as of February 2012), and shows many of the key housing metrics are holding steady through the typically slow winter season. Reports the single-family rental market is strong and vibrant with high and stable rents, low months' supply and a healthy pace of signed rental leasings. The report reveals what markets offer the best return for single-family rental investors. "The potential size of the rental market for REOs this year (and annually over the next few years) is over $100 billion dollars," said Khater in the report. Shows capitalization rates for single-family rental properties in 26 geographically diverse markets. Capitalization rates are the most common metric for determining the profitability of an investment property. Provides a chart of the rent-to-mortgage ratio for Miami, Fla. The chart indicates the point in time when it became cheaper to buy than to rent, providing insight to investors buying and holding rental properties, as well as to new first-time home buyers. For a complete copy of the April CoreLogic MarketPulse report, including a complete set of data and charts, visit http://www.corelogic.com/downloadable-docs/MarketPulse_2012-April.pdf . About CoreLogic CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business...
    Click Here to Read the Full Article

    Source: www.corelogic.com
  • 10:10 AM » Edward DeMarco's Unforgiving Stance on Troubled Homeowners - Bloomberg
    Published Wed, Apr 11 2012 10:10 AM by Bloomberg
    Edward DeMarco's Unforgiving Stance on Troubled Homeowners Bloomberg A new analysis shows allowing Fannie Mae and Freddie Mac to forgive a portion of a troubled borrower's outstanding home loan may actually save the mortgage giants $1.7 billion. That still may not be enough to convince Federal Housing Finance Agency ... and more »
  • 10:09 AM » NY pushes objection to BofA $8.5 billion mortgage pact
    Published Wed, Apr 11 2012 10:09 AM by Reuters
    (Reuters) - Bank of America Corp's proposed $8.5 billion mortgage bond settlement received fresh opposition on Tuesday from New York's attorney general, who said the accord appears unfair to investors who may deserve to recover more.
  • 9:55 AM » AIG planning real estate investments: report
    Published Wed, Apr 11 2012 9:55 AM by Market Watch
    NEW YORK (MarketWatch) -- American International Group Inc. plans to return to investing in U.S. property, after years of downsizing its real estate business, The Wall Street Journal reported on Wednesday. Citing unnamed people familiar with the matter, the newspaper reported that AIG is beginning to make plans for new investments across the U.S. later this year. A real estate unit of AIG has contacted developers of new apartment buildings in major metropolitan markets, the newspaper reported. AIG had been selling off a real estate portfolio that was once valued at $24 billion in order to pay back U.S. government loans made during the 2008 financial crisis.
  • 9:50 AM » KC Fed's George attacks too-big-to-fail policies
    Published Wed, Apr 11 2012 9:50 AM by Market Watch
    WASHINGTON (MarketWatch) -- Kansas City Fed President Esther George on Wednesday said the most important step in restoring market discipline to the financial system would be to eliminate too-big-to-fail policies, including taking advantage of a provision in the Gramm-Leach-Bliley Act that would force divestitures or termination of new activities within 180 days if a financial holding company isn't well managed or capitalized. Speaking at the 21st annual Hyman P. Minsky Conference in New York, she also said bank capital standards, in particular leverage requirements tied to equity capital, need to be strengthened as she fretted about the lengthy transition period of Basel III. She worries about risk-based capital standards because banks are quick to arbitrage whatever standards there are and because it is hard to say risk weights have been accurate measures of risk. She said she supported the implementation of the Volcker Rule and added there may be more financial activities that are incompatible with public safety nets.
  • 9:50 AM » Lenders Again Dealing Credit to Risky Clients
    Published Wed, Apr 11 2012 9:50 AM by CNBC
    Lenders Again Dealing Credit to Risky Clients<br/>http://www.cnbc.com//id/47014808
  • 9:48 AM » NAFCU urges FHFA against principal forgiveness
    Published Wed, Apr 11 2012 9:48 AM by NAFCU
    Principal forgiveness on loans guaranteed by Fannie Mae and Freddie Mac would ultimately hurt the housing market and "cost credit unions and their members greatly," NAFCU President and CEO Fred Becker said in a letter Tuesday to Ed DeMarco, acting director of the Federal Housing Finance Agency.
  • 9:46 AM » Most Luxurious Golf Homes
    Published Wed, Apr 11 2012 9:46 AM by CNBC
    The team at Top Ten Real Estate Deals has just compiled the annual list of the most luxurious golf homes on the market, so they dug up information on a few of the private estates of professional golfers. For the rest of this list, they sought out high-end properties located on award-winning golf courses across North America. The resulting ten homes reflect styles from Antebellum to modern. They range from a reproduction of a 17th century British palace to a couple of homes situated on the 18th hole.
  • 9:44 AM » What the proposed mortgage servicing rules could mean for you
    Published Wed, Apr 11 2012 9:44 AM by CFPB
    Delinquencies. Defaults. Foreclosures. Let's face it: before the housing crisis, these and many other terms were foreign to many of us. Since 2008, however, they've become much more commonplace across America. There's no doubt that the mortgage servicing market can be confusing for the average consumer to understand and navigate. And it's even more overwhelming [...]
  • Tue, Apr 10 2012
  • 4:14 PM » Minutes of Board discount rate meetings from February 6 through March 12, 2012
    Published Tue, Apr 10 2012 4:14 PM by Federal Reserve
    Minutes of Board discount rate meetings from February 6 through March 12, 2012
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 4:13 PM » Debate Rages Over Principal Forgiveness at Fannie and Freddie
    Published Tue, Apr 10 2012 4:13 PM by CNBC
    The man at the center of the controversy over writing down mortgage principal on Fannie Mae and Freddie Mac loans isn't wavering. He may be reconsidering previous loss formulas, factoring in new government subsidies for principal write-down, but his opinion seems largely unchanged.
  • 4:11 PM » ABA Statement on FHFA's Principal Reduction Analysis
    Published Tue, Apr 10 2012 4:11 PM by American Bankers Assoc.
    Washington, April 10, 2012 -- We appreciate FHFA's thoughtful analysis of principal reductions and agree with Acting Director Edward DeMarco's conclusion that reductions are not 'some huge difference-making program that will rescue the housing market,' yet carry costs with many unintended consequences.
    Click Here to Read the Full Article

    Source: American Bankers Assoc.
  • 11:24 AM » Where we've been and where we're headed in housing: Interview with Shaun Donovan
    Published Tue, Apr 10 2012 11:24 AM by National Housing Conference
    by Ethan Handelman, National Housing Conference C-SPAN's Newsmakers hosted a thoughtful interview of HUD Secretary Shaun Donovan by Nick Timiraos of the Wall Street Journal and Margaret Chadbourne of Reuters. Both reporters provide frequent and nuanced coverage of housing issues, and it shows in their questions. A few highlights from the conversation: Principal write-downs. FHFA Acting Director Ed DeMarco is currently studying the question of whether to allow Fannie Mae and Freddie Mac to write down principal on underwater loans. Donovan made no specific predictions as to what the Administration would do if DeMarco maintained his opposition to write-downs, but he did suggest FHFA might have a legal obligations to allow write-downs.   Evaluating the responses to the housing crisis. Donovan's message was clear on this point-we're better off than we were when the Obama Administration took office. Basically a true observation, but also hardly a surprising message in an election year.   The goal to aim for. Donovan outlined the desired state of housing markets, in other words, what we're aiming for. It's not just making sure that housing is affordable to Americans, but also that they it as a safe investment. That confidence is essential to getting many housing markets stabilized, beyond just the few that are bouncing back or have remained somewhat resilient during the crisis. The post-interview commentary from Timiraos and Chadbourne is worth sticking around for after the interview. Watch the full interview on C-SPAN .
    Click Here to Read the Full Article

    Source: National Housing Conference
  • 11:23 AM » Housing busts take 5 years for recovery: IMF
    Published Tue, Apr 10 2012 11:23 AM by Market Watch
    WASHINGTON (MarketWatch) -- Housing busts and recessions preceded by run-ups in household debt result in slumps for at least five years, according to a study released by the International Monetary Fund ahead of the world economic outlook. The study looked at advanced economies over the past three decades. The report suggested transfer payments and monetary easing can limit the impact, and targeted household debt restructuring policies can deliver significant benefits.
  • 11:23 AM » Fed's Daniel Tarullo Defends Bank Stress Tests
    Published Tue, Apr 10 2012 11:23 AM by CNBC
    Federal Reserve Governor Daniel Tarullo defended the importance of stress tests and capital plans in ensuring the safety and soundness of the U.S. financial system.
  • 11:22 AM » Bernanke says banks need bigger capital buffer
    Published Tue, Apr 10 2012 11:22 AM by Reuters
    STONE MOUNTAIN, Georgia (Reuters) - Federal Reserve Chairman Ben Bernanke said on Monday banks need to have more capital at hand in order to ensure the financial system is stable.
  • 11:22 AM » FHFA chief talks down housing program he may adopt
    Published Tue, Apr 10 2012 11:22 AM by Market Watch
    Facing pressure from Congress and the White House, the regulator for government-seized mortgage buyers Fannie Mae and Freddie Mac on Tuesday talked down the benefits of adopting a principal reduction program.
  • 11:21 AM » Monitor begins work overseeing U.S. mortgage pact
    Published Tue, Apr 10 2012 11:21 AM by Reuters
    April 9 (Reuters) – The man charged with making sure U.S. banks comply with a $25 billion mortgage settlement has a website, one employee and subleased space in a Raleigh, North Carolina, office tower. But after a judge’s approval of the pact last week, Joe Smith said on Monday he will move quickly to add [...]
  • 11:21 AM » Operating Performance For U.S. Homebuilders Is On The Mend, But Risks Remain
    Published Tue, Apr 10 2012 11:21 AM by S&P/Case Shiller
    Operating conditions for U.S. homebuilders have improved over the past six months, and the sector’s overall credit quality has steadied as a result. Standard & Poor’s Ratings Services maintains a cautiously stable outlook for the builders it rates, but we acknowledge that trends could turn negative in the second half of 2012 if our baseline [...]
    Click Here to Read the Full Article

    Source: S&P/Case Shiller
  • 11:19 AM » Freddie Homes In on CEO
    Published Tue, Apr 10 2012 11:19 AM by WSJ
    The former CEO of E*Trade has emerged as the front-runner for the top job at Freddie Mac, according to people familiar with the matter.
  • 8:18 AM » Bernanke Calls on Regulators to Limit Risks of Shadow Banking - Bloomberg
    Published Tue, Apr 10 2012 8:18 AM by Bloomberg
    Bernanke Calls on Regulators to Limit Risks of Shadow Banking Bloomberg Federal Reserve Chairman Ben S. Bernanke called for new steps to curb "shadow banking" operating beyond standard oversight while saying the economy has far to go before fully recovering from the credit crisis. "The heavy human and economic costs of the ... and more »
  • 8:18 AM » DeMarco Expected to Release New Mortgage Forgiveness Analysis - Bloomberg
    Published Tue, Apr 10 2012 8:18 AM by Bloomberg
    DeMarco Expected to Release New Mortgage Forgiveness Analysis Bloomberg The acting director of the Federal Housing Finance Agency is expected to release an analysis today showing that payments from the Treasury Department would make it more financially feasible for Fannie Mae and Freddie Mac to forgive debt on some ... and more »
  • 8:18 AM » Treasuries Snap Gain Before 3 Sales Totaling $66 Billion - Bloomberg
    Published Tue, Apr 10 2012 8:18 AM by Bloomberg
    Bloomberg Treasuries Snap Gain Before 3 Sales Totaling $66 Billion Bloomberg Treasuries snapped a rally on speculation yields that slid to a four-week low will curb demand as investors prepared to bid for $66 billion of notes and bonds at three auctions starting today. Yields on 10-year notes were 81 basis points below the rate ...
  • 8:14 AM » Freddie Mac homes in on next CEO: WSJ
    Published Tue, Apr 10 2012 8:14 AM by Reuters
    (Reuters) - The former chief executive of online brokerage E*Trade Financial Corp has emerged as a favorite for the top job at Freddie Mac , the Wall Street Journal said, citing people familiar with the matter.
  • 8:14 AM » Consumer bureau to crack down on mortgage servicers
    Published Tue, Apr 10 2012 8:14 AM by CNN
    The Consumer Financial Protection Bureau will announce Tuesday that it's considering new rules aimed at mortgage servicers to help protect consumers against "costly surprises."
  • 8:14 AM » Banks' Reluctance to Lend to Each Other Falls to Eight-Month Low - Bloomberg
    Published Tue, Apr 10 2012 8:14 AM by Bloomberg
    Banks' Reluctance to Lend to Each Other Falls to Eight-Month Low Bloomberg European banks' reluctance to lend to one another fell to the lowest in eight months, according to a money-market indicator. The Euribor-OIS spread, the difference between the euro interbank offered rate and overnight indexed swaps, was 41 basis points ... and more »
  • 8:12 AM » Bernanke, Fostering Financial Stability
    Published Tue, Apr 10 2012 8:12 AM by Federal Reserve
    Speech at the 2012 Federal Reserve Bank of Atlanta Financial Markets Conference, Stone Mountain, Georgia
    Click Here to Read the Full Article

    Source: Federal Reserve
  • 8:10 AM » Inflation Fears Dent Small Business Optimism: Survey
    Published Tue, Apr 10 2012 8:10 AM by CNBC
    After six months of rising optimism, small business owners came back to earth in March, expressing concerns with inflation and rising prices in the latest Small Business Optimism Index survey from the National Federation of Independent Business.
  • Mon, Apr 9 2012
  • 4:04 PM » Community Banks Raise US Small Business Lending, Treasury Says - Bloomberg
    Published Mon, Apr 09 2012 4:04 PM by Bloomberg
    Community Banks Raise US Small Business Lending, Treasury Says Bloomberg Most banks in its Small Business Lending Fund increased loans by more than 10 percent, the US Treasury Department reported. Banks in the program boosted their small-business lending by $1.3 billion over the prior quarter and a majority of the ...
  • 4:04 PM » What if you can't sell your home?
    Published Mon, Apr 09 2012 4:04 PM by Reuters
    NEW YORK (Reuters) - When Brent Moreland and his wife, Amanda, put their first home on the market last fall, they tried everything to make the Knoxville, Tennessee, two-bedroom townhouse look good to...
  • 4:04 PM » FICO: Bankers getting ready to loosen the purse strings
    Published Mon, Apr 09 2012 4:04 PM by FICO
    In my last post, I discussed the optimism of US bankers regarding loan delinquencies in our latest quarterly risk survey. On another positive note, survey respondents also indicated that access to credit was likely to improve.When asked about credit availability over the next six months, the majority of respondents expect supply to meet or exceed consumer demand for all loan types except mortgages. For car loans, 77% of respondents expect credit supply to satisfy demand, while 71% felt this would hold true for credit cards. Optimism wasn't as high for small business and student loans. Only 52% of respondents expect credit supply to satisfy demand for small business loans, and 58% expect supply to meet or exceed demand for student loans. These results are consistent with general sentiment that delinquencies will be less of a problem over the next six months. As lending risk declines, it's natural to see credit availability expand-which would be welcome news to consumers and businesses alike, since it's such a critical driver of economic growth.Unfortunately, a credit gap is expected to persist in housing. With many bankers still unsure about the real estate sector, 56% of survey respondents believe credit supply would not meet demand for residential mortgages. It will be interesting to see if this sentiment changes later this year, particularly if the job market continues trending in a positive direction.
  • 4:04 PM » Rising Optimism in Housing Doesn't Compute
    Published Mon, Apr 09 2012 4:04 PM by CNBC
    Thirty-three percent of respondents to Fannie Mae's monthly housing survey said they expect home prices to rise, and rise an average 0.9 percent over the next 12 months. That's the highest percentage of believers in over a year, and up a full five percentage points from February.
  • 4:03 PM » Secretary Donovan on Morning Joe and C-SPAN Newsmakers
    Published Mon, Apr 09 2012 4:03 PM by blog.hud.gov
    Secretary Shaun Donovan appeared on C-SPAN's Newsmakers to discuss the recently court approve Obama Administration advances - including expansion of HAMP and the success of HARP 2.0 homeowners. The joint state-federal mortgage servicing Administration have forwarded significant steps toward housing market recovery and an America built HUD Secretary Shaun Donovan's interviews are below: Secretary Donovan on [...]
  • 3:58 PM » In foreclosures, Occupy groups see a unifying cause
    Published Mon, Apr 09 2012 3:58 PM by Reuters
    (Reuters) - Mercedes Robinson-Duvallon turned 83 in February, but there was little time for celebration.
  • 3:57 PM » Banks Sue MBIA Over Insurance Disclosures
    Published Mon, Apr 09 2012 3:57 PM by CNBC
    Banks Sue MBIA Over Insurance Disclosures<br/>http://www.cnbc.com//id/46996049
  • 2:18 PM » Thomas J. Curry Takes Office as the 30th Comptroller of the Currency
    Published Mon, Apr 09 2012 2:18 PM by OCC
    Thomas J. Curry today took office as the 30th Comptroller of the Currency, following confirmation by the U.S. Senate on March 29, 2012.
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